MY HEALTHY ACCESS (MYHA)

Finding Value the Icahn Way

My Healthy Access (MYHA) provides an innovative approach to accessible, fast and affordable episodic healthcare services. Providing the convenience of healthcare treatment seven days a week, the accessibility of being open in your community and the efficient cost with or without insurance.

My Healthy Access (MYHA) is dedicated to providing timely and efficient healthcare to the underserved individual. Whenever there is a need for physician consultation, nurse practioners will contact physicians through our affiliated physician network or on their tele-health system.

Care is intended to supplement that provided in the patients’ medical home by their primary care provider (PCP). Permission to share information is to be routinely obtained from all individuals. Some smaller PCP offices may even choose to use My Healthy Access clinics services as after hours backup for vacation and other absences.

WHY INVEST IN MY HEALTHY ACCESS (MYHA)

• New CEO, Eddie Austin - turn around anticipated
• Intrepid Holdings, Inc. announced that it has changed its name to My Healthy Access, Inc.
• MYHA is currently in Wal-Mart stores – hope to see expansion
• MYHA has a “Tele-Medicine” outlet, believed to be the single saving service for walk in mini clinics.

KEY INVESTMENT DATA

• Reduce the number of walk-ins to break even
• Expand clinics outside Wal-Mart
• Expand clinics inside Wal-Mart
• Change Brand Name more aligned to industry and service
• Reduce overhead, move away from high salaries.
• Partner with Established Tele-Medicine service provider

WHY INVEST IN WALK IN MEDICAL CLINICS

Walk-in clinic operator CheckUps, the resident provider for Wal-Mart, (WMT) closed its doors last month. What does the company's demise tell us about the walk-in clinic industry, hitherto fertile ground for entrepreneurial small companies?

Walk-in clinics appeal to patients who want basic care without an appointment. Patients visit the clinics, most of which stay open seven days a week, for basic health screenings and treatment for routine ailments. Most clinics are busiest during evenings and weekends when doctors' offices are closed and emergency rooms are the only other treatment option.

Walk-in clinics tend to treat about 25 to 30 common ailments, which tend to be upper respiratory ailments in the winter and rashes in the summer, says Tine Hansen-Turton, executive director of the Convenient Care Association (CCA), which represents 95% of clinic operators. She estimates that about 30% of the walk-in clinic patients don't have a primary care physician.

There are currently a total of 920 walk-in medical clinics in U.S. drugstores and supermarkets, up from 160 last year, according to the CCA. The industry leader, MinuteClinic, dominates the market with 476 clinics, mostly housed inside CVS (CVS) drugstores.

Backed by private investors, CheckUps started running clinics out of Wal-Mart stores in August 2006. Last year CheckUps added 20 new clinics to stores in Alabama, Florida, Louisiana and Mississippi, but the company quickly ran out of cash and stopped paying its bills in December 2007.

For obvious reasons, consumers tend to be conservative about their healthcare choices. Successful clinic operators spend time educating consumers and medical professionals about how the walk-in model fits into the health care system.

MinuteClinic started out in 1999, running clinics based in Target (TGT) and CubFoods stories in Minnesota. In 2005 CVS approached the chain about operating clinics in its stores and decided to buy them the next year. In June 2005, MinuteClinic ran 19 clinics in two markets. Now it's in 25 states and 50 markets with 2,100 employees.

Economies of scale matter a great deal in the walk-in clinic industry. With experienced back office and construction teams, CVS quickly built out the clinics, which can cost up to $600,000 a year to run. Each clinic must serve 25 to 30 patients a day to cover its costs. MinuteClinic broke even at the 400-clinic mark.

MinuteClinic expects to open between 100 and 250 new clinics this year.

(Source: Fortune - Small Business)

KEY GORILLA ATTRIBUTES

Gorilla Advantages:

* With open architectures there is a far greater potential for products that can be tied to the gorilla's proprietary standard.

* The gorilla has the option to keep the high-margin work for itself, and to pass the lower-margin work on to other companies.

* As other companies that use the gorilla's product increase their sales, the gorilla increases its sales as well.

A Gorilla must have:

• Discontinuous innovation
• Proprietary open architecture
• High barriers to entry
• High switching costs
• Strong value chain formation
• Tornado market exists or foreseeable

"When blood is running in the streets, the way to make money is to buy assets." Learn more about Gorilla's in the weekly newsletter, Gorilla News!

Dominating an expanding technology market can make for a very high margin business with little or no debt and increasing global opportunity. You can imagine what happens to their stock prices! The authors call these companies "Gorillas" -- referring to the 800-pound gorilla domination of an industry.

High-tech products are built around architectures, which are the way the parts of a system work together. High-tech markets in particular have a need to standardize around these architectures.

Sometimes these architectures are proprietary, meaning they are under the control of a single company. Other times the architectures are public and all companies are free to use them.

Any company with control of a proprietary architecture has the beginnings of gorilla power. However, most companies with proprietary (not open) architectures will not achieve true gorilla status.