Category Archive For "For Startups"
We spoke to Guidewell Innovation consultant Danielle Davis. Guidewell Innovation is a startup accelerator headquartered in Orlando Florida’s Lake Nona Medical City at the GuideWell Innovation CoRE (Collaborative Resources Ecosystem).
Give an overview of GuideWell Innovation and its focus.
GuideWell Innovation, a subsidiary of GuideWell Mutual Holding Corporation, drives collaborative innovation for the family of forward-thinking companies that make up GuideWell. They include the leading health insurance company in Florida, a number of healthcare delivery businesses, a consumer engagement company, a provider of administrative services to state and federal healthcare programs, and a leader in risk adjustment and population care management.
The Health+Accel 2017 program is focused on solutions for Aging Well; the idea that healthy living and increased longevity can be achieved without sacrificing independence or autonomy. Aging Well solutions allow individuals to age with dignity on their own terms and remain in the homes and communities of their choice for as long as possible.
Florida has one of the largest senior populations in the country and projections show the aging population dramatically increasing over the next several years, making the state a prime market for innovative Aging Well solutions. GuideWell is looking for innovative solutions to address the unique needs of this population to improve care and reduce costs. That said, GuideWell’s companies serve nearly 18 million people in 12 states, two U.S. territories and the District of Columbia.
Similarly, while our Health+Accel event is taking place in Florida at our GuideWell Innovation CoRE in Orlando. We are accepting applications from entrepreneurs across the country and even internationally. We hope to bring together the best, most innovative solutions with no limits on geography.
How does your program work and what do you hope to accomplish with companies going through it?
Health+Accel is a one-week intensive workshop taking place October 30 to November 3 at the GuideWell Innovation CoRE located in Orlando’s Lake Nona Medical City. During the first four days, entrepreneurs will obtain insight into the dynamic needs and relationships between insurers and providers, discover unique opportunities within the space and explore best practices from experienced industry leaders. Health+Accel will conclude on Friday, November 3, with a pitch competition where entrepreneurs will have an opportunity to pitch their aging well solutions to health executives, investors, and business leaders. A $20,000 cash prize will be awarded for the winning pitch.
Key Benefits of Participation:
- Present to GuideWell decision makers, key executives at Florida Blue, angel investors, and leaders in health care.
- One-on-one coaching with business experts in health care to fine-tune your business model.
- Personal introductions to key influencers and investors from health care companies such as Florida Blue.
- Introductions and coaching with entrepreneurs who have successfully entered the healthcare market.
- Easy application process and personal assistance completing your application.
- $20,000 cash prize and private session with GuideWell executive leadership for winner; travel stipend for everyone.
Since starting, what have you learned that works well and what doesn’t?
While simply getting on stage and pitching in front of investors does help provide visibility for healthcare startups, we have found that facilitating strong relationships with strategic executives within healthcare organizations leads to better outcomes. Relationships are critical for both entrepreneurs and the large healthcare organizations looking to solve complex business challenges. Our program hopes to provide both visibility and forge new relationships to create more business opportunity.
What is in store for you over the next 6 months?
We’re in the middle of our application process, which is phase one of the four phases of our program that ends in November.
- June – August 2017
- Application Process
- August – September 2017
- Participant Selection
- October 30 – November 2, 2017
- Health+Accel Workshop
- November 3, 2017
- Pitch Day
What is one piece of advice you can give to startups, given how many you meet and work with?
A strong value proposition is really important. Your value proposition should not be complicated, it should be simple and easy to understand.
Essentially, when you pitch your product to a potential customer or investor, you should be able to convey the value clearly in just a few sentences. Someone should be able to understand what the problem is you are trying to solve and how your product specifically solves the problem within the first few minutes of learning about your product.
VP Product/Information Security Officer
Close your next round by reaching the right audience with the right message. Focus your efforts by asking these questions about fundraising:
How good is your executive summary and storytelling?
Your pitch should be written to emotionally connect investors to your company. This can be a particular challenge for technical founders. How are you helping patients? Talk about it. Your company facts should be simple and clear. One page. In initial discussions, investors lack attention for details. The goal is to get to a second discussion — not close the deal.
How many discussions are you having with potential investors?
This is a numbers game and the more connections you make, the more chances you have to get engagement on your deal. If your conversion rates are low, your message is not resonating. Either improve the message or improve the company. Investor engagement is a proxy for the market. Connect your angelMD profile through social media and update the network weekly to get more physicians and investors talking about your company.
Are you measuring investor responses and learning from the NOs?
Track the number of pitches you make and resulting conversions. There is no magic formula, but qualified investors should invest in your deal 10% to 20% of the time if your idea and message are strong and clear.
Do you have good advocates?
You need lead investors and physician advocates that can tell your story and rally support through social proof. People invest alongside people they know and trust. angelMD can help your lead investors build and reach your audience.
Are you raising enough capital?
All too often companies raise too little money and are forced into perpetual fundraising mode which hampers progress. While dilution is a consideration, it’s rarely a concern if you can get to a successful inflection point. Make sure there is adequate fuel in the tank.
At the end of the day, raising capital is critical to success. It’s not tangential to the business. It’s core to the business. You have probably heard the phrase, “Always Be Closing.” Well there is one that comes before that: “Always Be Expanding” … your audience of potential investors.
Build your profile on angelMD today. More importantly, submit updates to show momentum and grow your audience.
It’s that beautiful time of year dreaded by many who suffer from grass pollen allergies. Grass pollen allergy creates symptoms of a runny or stuff nose, scratchy throat, and itchy or watery eyes, and can foster a dangerous environment for patients diagnosed with asthma or other breathing conditions. There are companies on angelMD, such as Sparo Labs, that seek to mitigate the dangers facing individuals with asthma. Sparo Lab’s Wing product allows its users to track their lung function on a digital health app using an FDA cleared and over the counter sensor, a feature that could help the precautions necessary for those with asthma during the season of grass pollen allergy.
Overall, this season can have a seismic impact on the allergy/immunology sector. Reportedly*, 1 in 5 Americans have allergy or asthma symptoms, and the average yearly cost of allergies to the health care system – and businesses – is $7.9 Billion. In total, 4 million workdays each year have been lost to hay fever, with the duration of pollen allergy season seemingly extending by 4 weeks over the past 10-15 years.
Whether you are an up and coming startup or a health care professional, these figures hold enough weight to influence your day to day business. According to a report distributed by Miltech, this is what the role of allergies could mean for the wider market:
North America has the largest market for allergy diagnostics, followed by Europe. This is due to the rise in number of people with allergies, better government support, improved medical insurance policies, increased health care expenditure, advanced diagnostic technologies, and good healthcare infrastructure in these regions. The allergy diagnostics market in Asia is expected to experience a high growth rate in the next few years due to developing health care infrastructures, increasing prevalence of allergic diseases, increasing disposable income, and aging population in the region. These factors, along with an alarming rise in pollution across the globe are expected to drive the global market for allergy diagnostics. Moreover, growing prevalence of lifestyle diseases, rise in healthcare expenditure, and rapidly increasing global population of children below 14 years of ages are the other factors driving this market. However, high capital requirement and strict regulations set by various governments are some major factors restraining the growth for the global allergy diagnostics market.
Increase in population and growth in economies in developing countries, such as India and China are expected to drive the allergy diagnostics market in Asia. Increase in the number of mergers and acquisitions, rise in the number of collaborations and partnerships, new product launches and increasing research and development activities are some of the latest trends that have been observed in the global allergy diagnostics market.
The major companies operating in this market worldwide are bioMérieux, Danaher Corporation, Hitachi Chemical Diagnostics, HOB Biotech Group Co., Ltd., HYCOR BioMedical, Inc., Omega Diagnostics Ltd., Stallergenes, Lincoln Diagnostics, Inc., Siemens Healthcare, and Thermo Fisher Scientific, Inc.
Physicians are at the core of healthcare. One way or another every life science startup can trace its business model to physician engagement, from Listen.MD‘s endeavor to offer doctors a machine learning solution to data entry, to Eko Devices‘ revolutionary digital stethoscope that changes the way many physicians conduct their daily practice. Biotechnology and pharmaceutical companies, such as Curtana Pharmaceuticals, Inc., work with physicians to develop treatments, therapies, and drugs.
It’s no secret that physician engagement is crucial to the success of healthcare startups. Physicians are the experts in the industry, and their knowledge is invaluable for functioning in the business. With thousands of physicians registered on our platform, angelMD is an unprecedented potential hub of medical expertise, a crucial resource for startups on our network.
As we continue our work of connecting the most promising life science startups with leading physician investors, here is some advice obtained from a conversation between Mayo Clinic CEO John Noseworth, MD and American Medical Association CEO James Madara, MD, originally published in Healthcare IT News.
“Show them value and they will come running to you,” said Mayo Clinic President and CEO John Noseworthy, MD, during a conversation with James Madara, MD, CEO and executive vice president of the American Medical Association. The two spoke Thursday at healthcare startup incubator Matter in Chicago.
“Physicians are slow to change,” Noseworthy acknowledged. “Just yelling at them will not get them to change,” he told a packed room of entrepreneurs and innovators. “They’re slow to change —until they see the data.”
Show practitioners data on how an innovation can improve their lives or their patients’ lives and they will be interested, according to the Mayo CEO.
“Physicians are, by and large, service-driven individuals,” Noseworthy noted. “Physicians go into the field to serve patients.”
Doctors were trained to do things a certain way, and they often can’t see beyond what their mentors taught them, according to Noseworthy. An innovation has to demonstrate how it might move physicians and their patients to a better place, Noseworthy said.
Some of this skepticism toward workflow changes comes from frustrations clinicians have experienced with electronic health records, Noseworthy suggested. “It’s not completely fair, but they see it as removing all the joy of work,” he said. That reality has turned physicians off when it comes to other technologies.
“This loss of meaning” is driving physician burnout, Madara added, citing a 2013 AMA-RAND Health study on physician satisfaction.
Madara recalled a panel discussion he took part in with Andy Slavitt at the J.P. Morgan Healthcare Conference in January. Slavitt, then in his final days as acting administrator of the Centers for Medicare and Medicaid Services, said the only thing that he was sure would improve the practice of medicine would be to give time back to physicians.
To that end, Madara and Noseworthy offered advice to startups looking to sell their wares to health systems and physicians.
Mayo has but one criterium driving all of its research and innovation: “What is the unmet need of the patient?” Noseworthy said.
This helps accelerate the movement of innovation from lab to clinic, something that is notoriously slow in healthcare.
Madara said that IT executives and entrepreneurs must understand the incentives they are offering to entice doctors to try something new. In medicine and other cognitive fields, the AMA CEO noted that people are moved by intrinsic incentives, such as time with patients.
But programs like Meaningful Use offered financial carrots — and later sticks — to adopt EHRs. Extrinsic rewards and penalties have a way of complicating the equation, Madara said.
“Classical economics got a hold of this field before behavioral economics came along,” he said.
But if an innovation can help clinicians produce better patient outcomes, it will find a market, Noseworthy suggested. “The work you’re doing, the output of the work you’re doing, we hope, will be rewarded,” Noseworthy said.
In health care, the pace of change has not been as fast as in the tech industry, but that is changing. We’re seeing a revolution toward meaningful personalization of therapies and services, new trends toward consumer-oriented care, transformational opportunities for population health and the convergence of social, mobile, analytics, cloud technologies and their mass adoption – Lee Ann Jarousse, Senior Editor, H&HN.
The health care landscape is transitioning from analog to digital. New innovation springs forward almost every day, aiding the actions of health care professionals and patients alike. Even the stethoscope, which in itself has remained the same for the past century, is becoming digitized by the efforts of Eko Devices. Telehealth abounds. In fact, angelMD has moved the process of raising early stage capital for life science startups from analog to digital, allowing the entire process to be facilitated on our platform.
Consumers are attaining more and more opportunities to become knowledgeable of their own health and well being, which could very well shift much of what we do in health care from diagnosing and treating to management and prevention. This is concept is described in further detail by Lee Ann Jarousse in thoughts originally published in Hospital and Health Networks Magazine.
Today, patient consumers are taking a more prominent role in managing their health, well-being and the way they interact with health care services. At no time in history have people been so intimately linked with technology nor have they been such prolific generators of personal data.
- Centralized to Distributed: A shift from hospital-centered care and doctor office visits to retail clinics, telemedicine and virtual visits.
- Cap-Ex to Op-Ex: Instead of paying for a comprehensive doctor’s visit you pay only for a flu shot. As evidenced by the U.S. health care system, we’re moving from fee-for-service to fee-for-value with improved outcomes.
- Static to Connected: Wearables, mobile phones and gadgets are recording ever movement. These troves of data can be leveraged with “algos” and a variety of analytics to pivot care to become smarter and more real time
Health care is shifting from diagnosing and treating to more active managing and preventing. Organizations are rethinking care models, channels and structures to design for life care. It used to be about sickness but, now and into the future, care will increasingly focus on one’s life and health span. As profit pools shift, what will matter is managing health span versus just life span.
A wave of new, digital companies are delivering convenient, seamless and personalized experiences focused on advanced 360-degree support, with an emphasis on social determinants and community-based health. These holistic approaches connect hospital to home through primary care, retail and telehealth.
In a community, population health strives to improve the social determinants that contribute to health span. An emphasis on the broader determinants of health, for example, — education, nutritional access, safety — ultimately benefit both the individual and the population in which that individual resides. The deluge of data is enabling businesses of all sizes to make more informed decisions and build solutions through real-time insights. Health care is soon to follow as the digitization of the field has been occurring over the last decade. The use of data and evidence-based protocols to predict and prevent disease and deliver health care in the most precise manner will represent a positive, disruptive use case for health care. Great advancement in imaging analytics, as well as the use of information technology and technology to improve productivity, will also be part of the industrialization of health care.
Featured image credit: Ted Eytan