Pilot Health Tech NYC is a marketplace for digital health solutions. Administered by the New York City Economic Development Corporation, in partnership with Health 2.0 and Blueprint Health, the program connects technology companies and prospective clients through matchmaking, technical assistance, and competitive commercialization awards that can defray the costs of pilot projects.
First launched in 2013, Pilot Health Tech NYC is now a one-stop shop that allows hundreds of entrepreneurs, healthcare leaders and others to buy and sell digital health technologies that will improve clinical care, lower costs, boost consumer wellness and more. Through the program, NYCEDC and Health 2.0 will have facilitated over 500 introductions between tech companies and potential clients, creating over 110 jobs and collectively raising approximately $170 million.
You have the opportunity right now to apply for a commercialization award! Applications are due one month from today (12/18) and funds will be awarded to pairs of Hosts (hospitals, physician clinics, payers, pharma companies, etc.) and Innovators (health technology companies). $1,000,000 in commercialization awards will be available to winners over the next three years.Winners will also receive expert assistance, recognition, and the opportunity to be featured on the main stage of Health 2.0′s conference in front of a multitude of digital health leaders. If you are an innovator or a host company, make sure tosubmit the joint application form to apply to the Pilot Health Tech NYC Funding Program by December 18, 2015!
Pilot Health Tech NYC will be hosting a Q&A webinar on 12/1/15 at 12PM ET to answer your questions on the funding program and the joint application process. Make sure to register for the webinar.
With healthcare on the national agenda and New York City’s technology sector growing strong, there is tremendous opportunity for entrepreneurs and companies to use technologies to tackle healthcare issues and defray the costs of pilot projects. Pilot Health Tech NYC encourages innovators and host companies to submit joint applications by 12/18/15 and get ready to improve the healthcare system! Remember to register for the Q&A webinar for your chance to ask questions about the funding program and get details about the application process. You can also direct your questions to email@example.com.
Facilitated by Health 2.0 and POMIET, The Innovate Smarter Chicago Roundtable brought together a handful of select healthcare innovators in the Chicago region to share how health systems are creatively collaborating in the digital health space, developing and deploying new technologies, and effectively leveraging system resources to innovate from within.
It was a dynamic half-day of executive networking, learning, and experience sharing. The agenda included topics on Frameworks for Connecting Hospitals & Startups, Developing, Testing, & Deploying New Technologies for an Improved Experience, Challenges of Current EHR Systems, Using the Talent and Resources of a Health System to Innovate from Within, and Improving Health Outcomes: the New Business of Clinical Transformation.
Five themes transcended across these diverse discussions and are listed below. These themes can be used by leaders as a guide from real-world learnings to improve the outcomes of your next initiative.
1. Usability is key. Participants expressed concerns that many healthcare technology systems in place today are not sustainable. This is because they are not efficient from the perspective of maximizing a clinician’s time. There’s a lot to do in the process of practicing medicine, and every minute counts significantly towards the quality and cost of care delivered. Each individual second spent waiting for an application to load, or a search to reveal meaningful findings, or a clinician to click extraneous fields, quickly adds up to a notable block of unusable care delivery time—for each clinician, every shift. Therefore, it is safe to say that usability matters is a serious understatement in health IT.
2. The integration of clinicians into solution development process-early and ongoing- is required.
The key to making a healthcare system usable is integrating healthcare providers into the design and development process. Too often, technology solutions are developed outside of the healthcare setting and fail to seamlessly fit into the complexities of existing workflows, compliance requirements, legacy systems, and more. Early and ongoing partnerships with healthcare providers who are directly involved in aspects of the associated workflows, compliance, operations, and more, provide critical knowledge and insights. This information can then be applied to ensure new solutions deliver value where needed, and avoid adding cognitive burdens and adoption barriers that cripple progress. Clinicians are part of solution, and need to be actively engaged by innovators.
3. Know the biggest and most important problems to solve.
According to Ward Detwiler, Associate Director of Henry Ford Health System Innovations, hospitals are a unique collection of amazing assets that we should unlock, organize, and innovate. Unlocking these assets is believed to be a powerful ingredient in how hospitals will survive and thrive over the next 100 years. Healthcare leaders need to be smart about where they choose to point these valuable assets. Dr. Jay Bhatt, Chief Health Officer with the Illinois Hospital Association, suggested we start with the problems that are hardest to solve and matter the most.
4. Filter out the noise. Prioritize opportunities and innovations that align with your needs and that you have the highest ability to operationalize.
There is an unprecedented level of noise in healthcare today. Changes in regulations, business models, technology, and other turbulences create new opportunities for innovating in healthcare. But, more opportunities are not necessarily better. Resources are already overburdened, and chasing isolated improvements can consume significant investments with minimal impact. Healthcare leaders need to bring focus to their organizations and define filters to cut through the distractions and unnecessary risks which erode momentum toward success. According the Dr. Jay Bhatt, Chief Health Officer with the Illinois Hospital Association, defining a framework to identity innovations that align with your organizations needs, solve important problems, and are operationally feasible provides a powerful starting point. If you can’t adopt it, it’s not a sustainable solution. This simple but disciplined formula delivers a focused and customized footprint from which healthcare organizations can support innovation that delivers broader impact.
Who can you impact the most? Healthcare leaders need to explore this question differently than how it has been answered in the past. Dr. Rishi Sikka, SVP of Clinical Transformation, Advocate Health, has seen his organization shift from a mostly fee-for-service model in 2010 to a majority value-based reimbursement model in 2014. According to Dr. Sikka, this transformation is not just about changing reimbursements. It’s changing the paradigms of the business of care. The journey to value-based reimbursements and population health has uncovered constructs at play, which are larger and broader than in-patient care/experiences. The concept of impact-ability is a critical component to exploring these larger constructs. According to Dr. Sikka, the top question to ask is: who can you impact the most? It is likely not the populations and patients traditionally focused on in the past, according to data and experience he shared. For example, the critical care pyramid doesn’t provide maximum impact (improving conditions and lowering costs) for those people who would not achieve that on their own—which surprisingly makes up a majority of people categorized as high spenders (Health Care Transformation Task Force white paper, “Proactively Identifying the High Cost Population”).
We can objectively look at the growing data and determine more effective practices to change the outcomes of outliers—or those people who do not have a similar level of wellness in comparison to others with similar conditions. Those will be the people we can impact the most.
Innovations that focus on these larger impacts will generate the highest improvements in wellness and cost containment.
We are at an exciting time in healthcare. Technology capabilities are now available to make significant improvements. Metrics and data are possible, like never before. We can learn from how we’ve gotten where we are now, and we can solve problems we’re facing in new and effective ways. There is high optimism that we can do better. It will be a marathon rather than a sprint, but we can start making strides today.
Part of an EU-funded program, the GET Funded service targeted European digital health SMEs looking for follow-up investments – typically between 0.5 and 2M € – and was designed to provide them with training, resources and networking opportunities with European investors. In two years, we worked with 50 start-ups, trained and placed over 30 of them on stage to pitch in front of investors. What did we learn?
The GET consortium started by identifying the European investors that were the most active in digital health: about a dozen dedicated funds plus a mix of corporate, health care, technology, and agnostic venture funds. We recruited about 40 we considered as ‘active’, a number that will grow as we witness the creation of new dedicated funds every year. 2015 saw the creation of one in particular that should be interesting to follow: AXA, already ahead of the game in terms of digital health reimbursements, now has a new dedicated investment fund.
By comparison, in the US Rock Health reported 344 dabbling investors in 2014 (one or two deals per year), compared to only 121 in 2011—a nearly 3X increase. They also identified a growing group of serial investors (three or more deals per year), with 55% of them in 2013 continuing to do 3+ deals in 2014.
Venture funding has been growing at such a rapid pace, it triggered talks of a bubble. Health 2.0 recorded annual venture funding in 2011 at $1.03 billion, which grew to $1.61 billion in 2012, and topped out at $2.18 billion in 2013. At the close of 2014, Health 2.0 tallied $4.36 billion in funding for digital health. We reported a slight investment slow-down in 2015 with mid-year totals at $2.2B, but a few major deals likely to happen before the end of the year may still reverse the curve.
A survey of our European investors helped us establish our SME recruitment criteria, focus our coaching activities, but also gave us a few insights into the European eHealth funding landscape.
The industry is still relatively young. We’ve just started seeing some inspiring examples (again mainly in the US) of successful investments and exit strategies. 2015 has witnessed several IPOs with Fitbit becoming the biggest consumer electronics one on record with $732M raised.After an observation period, European investors have started to seriously look into the space and made their first investments. A few recent notable raises in Europe include: Voluntis ($29M – one of the 10 biggest digital health investments of 2014), TrialReach ($13.5M), Medigo ($6.2M), and myTomorrows ($6M).
Why a slower ramp-up in Europe? First, VCs in the US have deeper pockets. From their point of view it’s also easier to imagine a company rapidly scaling up in a more unified market like the US, rather than in Europe where 27 different health systems all have their own reimbursement frameworks. Patients and individuals are also a lot more ready to become health consumers in the US while in Europe we too often believe everything related to our health should come for free.
The result is a little saddening: quite a few EU-born SMEs move to the US to grow and get funded. In Europe, they find themselves in a vicious circle: they need to demonstrate important commercial traction to get financed, while at the same time they need financing to get to this stage of development. At some point, investors need to take a leap of faith. So the first step is to get your pitch right. One of our surprises: SMEs need help with structuring their content.
Investors always ask ‘what makes your solution unique and better’? And SMEs’ answers are often vague and ignore competition. Is it a new and better technology running in the background? Is it the integration and support system already in place? Your chances of being the only digital solution addressing a health care challenge nowadays are very slim, so startups need to spend some time thinking about their unique value proposition.
The landscape is changing so rapidly, VCs are investing in teams as much as they are investing in technologies. So a pitch should say 3 things: we have a promising and scalable value proposition; we have identified our customer; we are the right team to drive this project to a successful exit.
Finally, looking for the right investor is like dating: it takes time to find your match. So start flirting early (VCs are more approachable than you think: it’s in their interest to identify talents as early as possible) but don’t expect a quick turnaround. It happens, but it’s rare.
The GET Consortium produced a comprehensive Practical Guide to Getting Funded and published a list of 250+ active investors in digital health around the world. These and additional resources for digital health start-ups are available here: http://www.get-ehealth.eu/
Do you remember the multiple choice logic questions where the trick answer was “not enough information to solve”? Primary care providers and public health officials often experience this conundrum in their line of work. Ironically, the data often exists – but is compartmentalized and inaccessible so that neither of these potential partners can connect the dots in ways that can benefit patients and communities. These groups have a shared interest in improving population health. By working together, they can fill the knowledge gaps and be empowered to create effective interventions.
Primary care providers work in environments rich with data that can be used to better understand the health of the local community. Public health professionals, supported by accurate data, can improve the health of local communities and support the work of primary care providers. Similarly, clinicians can treat an individual, but any community considerations are limited by a lack of social, neighborhood, and other relevant information that could be available when working with an individual patient. By working together, these groups can exchange useful data and develop strategies to improve the health of all Americans.
The Closing the Data Divide Challenge seeks technology-based solutions that facilitate the exchange of data and foster collaboration between primary care providers and public health professionals. This challenge, sponsored by the de Beaumont foundation, is an effort to develop new ways to support data exchange between public health professionals and primary care providers. Teams have until December 7, 2015 to submit their solutions and will compete for their share of $60,000 in total prizes.
This is an opportunity to develop technology to improve the infrastructure of healthcare and create tremendous positive impact at a local level in communities across the country. To learn more about the challenge and submit your solution, visit our website.
Chelsea Clinton got the 9th Annual Fall Conference on the right foot sharing the numerous successes of the Clinton Foundation including improving school lunches, providing antiretroviral therapy to millions of people living with HIV worldwide, and advancing women’s health.
The 19th U.S. Surgeon General Vivek H. Murthy issued challenges to the tech industry to use innovation to improve the health of the nation by enabling prevention, making healthy choices easier, eliminating health disparities and making health care more collaborative and inclusive of family, caregivers and other sources of social support.
The co-founders of Health 2.0 kicked off the 9th Annual Fall Conference with an overview of trends in funding showing how the industry is maturing and debuts a new framework for understanding product development.
Later, Indu Subaiya delivered her keynote “Is Digital Health Becoming Its Own Industry” with live polling from the audience of more than 2000 innovators.
The pharmaceutical industry invests billions in R&D to produce spectacular medications. Yet patients don’t always achieve desired outcomes. Treatments can fail if just one step goes wrong. To support treatment management better and improve outcomes, e.g. adherence, it is key that we as an industry maximize the support we provide throughout the treatment pathway.
Morten Hjelmsoe, CEO & Founder of Agnitio took the stage yesterday to present Rainmaker and introduce a panel discussion on “Technology for Improved Patient Experiences and Outcomes” which promises big answers to a key challenge of our time.
Agnitio is showcasing Rainmaker at booth #206 at Health 2.0.
Gilles Frydman is a legend in the online patients’ world, but he has a lesser known side as an amazing photographer. He’ll be taking incredible portrait photos at Health 2.0, so if you want one (including printing at $500), please sign up here. What will you be getting? Something like this!
Dr. James Madara, EVP & CEO of the American Medical Association (AMA), provides perspective on how digital health will be integrated into health care systems. Matthew Holt, Co-Chairman of Health 2.0, had an opportunity to personally chat with Dr. Madara and find out what the AMA is up to now!
See AMA’s CEO and Executive Vice President James Madara at the 9th Annual Health 2.0 Fall Conference speaking about how to fix the clinical user experience. To attend the Health 2.0 conference, register here.
Matthew Holt: James Madara is the CEO of the American Medical Association, which he’s been for about four years now. Before that Jim, you were head of the University of Chicago Medical School. So, you know what it’s like to run a large, complex, and probably dysfunctional organization, I suspect!
Jim Madara: Well, they are very complex organizations and I have always been a complexity junky, so it satisfies me in both ways. But the AMA is really focused on the health of the nation and we began a long-term strategic plan about two-and-a-half years ago. The three elements of that plan, I would say, give insights on how we are thinking about technology in the future.
If you want the real story about whether a wellness program or health product worked, you want valid, accurate measures. Getting the real story is the topic of ourlively panel discussion at Health 2.0 hosted by the Validation Institute. By adhering to principles of objectivity and stringent validation processes, the Validation Institute provides healthcare industry consumers with sound and valid information, allowing them to evaluate companies with confidence.
I am a population health scientist with training in epidemiology, biostatistics, quality measures, and risk finance and I run Health Economy LLC.
I will moderate a discussion that will evaluate health and wellness interventions, apps, and medical devices and share how valid, science-based measurement can guide investors, customers, and insurers, as well as product managers. This frank and informative discussion will cover what, why and how of measuring impact, as well how accurate measures affect the credibility of the health marketplace.
Though virtually everyone wants to buy or invest using accurate data, invalid and exaggerated measures are everywhere. To determine if a product or service performs as it claims, do you have to try it to find out? And if you do, are you properly measuring the true impact? Does your competition exaggerate (invalidly state) their performance, to the detriment of your (validly) stated performance?
Imagine a world where every company measured its results properly and reported them accurately. All organizations involved in population health – from health plans to employers to vendors; and from start-ups to established companies – would adhere to the highest standards of validity. You could decide based on integrity and performance rather than hyperbole.
Find out more about getting the real story with valid measures, and how the real story can help you improve your product, attract investors, and serve your customers. Sign up today!
The head of Diaspark Healthcare, Vishnu Saxena, stopped by share the biggest challenges and opportunities for helping health care organizations achieve their journey toward interoperability with Health 2.0 co-founder Matthew Holt.