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Owen Tripp: Can Quality Data Mend Healthcare?
Written by Anne DeGheest // 31 August 2014 // Conferences, НealthTech Capital

Conference spotlight By Owen Tripp, Grand Rounds Health

At the Healthtech Conference on October 15, 2014, Owen Tripp, Co-Founder and CEO of Grand Rounds will be joining our much anticipated panel, “Business Lessons Learned from Winners,” along with Bryan Roberts of Venrock, Jeff Tangney of Doximity, Peter Hudson of iTriage and Jeff Arnold of ShareCare, WebMd.

What makes a winner? This panel will discuss how to build companies from the idea stage to a sustainable revenue model. HealthTech companies have high market risk and there are a number of factors to consider to ensure success. Who are the stakeholders? Who will pay? How do you best iterate, quickly, to define the right value proposition? Why is it one of the greatest challenges to explore new and unproven revenue models in a changing payment system? What is the best time to partner to scale up? What are the pitfalls and hard lessons learned in scaling up too quickly?

Mending healthcare using quality data by Owen Tripp, co-founder and CEO of Grand Rounds

When people ask me about my favorite career accomplishment to date, I think they expect me to talk about co-founding Reputation.com or pioneering eBay’s approach to big data. But what we’ve done with Grand Rounds, even in just the few short years that we’ve been in existence, is much more meaningful and important to me. Our healthcare system is broken, and although we haven’t fixed it yet--that will take years, and a lot more solutions than just Grand Rounds--we’re putting pieces of it back together every day. It’s a worthy cause, and I’m willing to devote my life to it.

As an entrepreneur, I want to solve the problems that really matter. Grand Rounds is about tackling one of the biggest challenges our country is facing: people’s inability to find and access the best medical care when they need it most. I’ve been more energized and received more satisfaction in figuring out how to knock down the enormous walls that separate people from the doctors they need than anything else I’ve done.

Right now, when people need a top medical specialist, they search online or ask friends and family. If they really want to take their lives in their hands, they’ll look on review sites—which is notoriously unreliable when it comes to specialty care (one Stanford study noted an inverse correlation between the scores on a well-known review site and surgical outcomes!). But now, due to the confluence of big data and the ability to use it, we can leverage a proprietary algorithm that scores medical specialists using many different factors, including institution, publication history and outcomes. In doing so, we’re able to truly demystify which doctors are practicing the best care. That helps our patients get to the right specialist at a critical moment in their healthcare cycle. This couldn’t have been done just a few years ago.

But it’s not just data we need--it’s services that make people feel as though that they have a fighting chance when they’re inside the healthcare system, instead of consistently feeling beaten down, misled, and dehumanized (haven’t we all felt like “a number” at some point?). There’s no reason that every person in the country shouldn’t have access to their own medical records, or be able to interact with the healthcare system under their own terms. We have to build these foundations with patients—ourselves, our friends, our families, our neighbors—in mind. We constantly hear from our patients that Grand Rounds was the only bright part of an otherwise difficult patient journey.

It’s been hugely rewarding to build a team of people that are as deeply passionate about solving these problems as I am. Our sense of mission pervades the organization, and drives everything we do. It’s not necessarily a problem that we’ll solve in our lifetimes, but that doesn’t detract from the immense pleasures of the journey.”

One of the main themes of HealthTech Conference 2014 is what really makes a winner? The answer is to build a sustainable business, not just a product. Successful HealthTech companies deliver a value proposition with a provable ROI for the customer. As our healthcare industry evolves, these disruptive companies continuously investigate customer unmet needs. The driver is to provide an ongoing solution for these critical pain points....technology is just the enabler.

"The HealthTech Conference uniquely brings together healthcare systems, payors, suppliers, entrepreneurs, and investors in practical engagement and conversation to advance innovation and technology for the betterment of humanity."
 –Amir Dan Rubin, President and CEO, Stanford Health Care

Among our many panels, we’ll also investigate the unmet needs of the key players in the evolving healthcare ecosystem. For startups and large corporation, understanding the unmet needs of ALL the stakeholder is essential. How important are these unmet needs for potential buyers and users? What will it take for them to pilot or buy new solutions? How do they fit in the existing clinical workflows? Are they conflicting with other stakeholders? Are they changing? Do they need to integrate with other solutions?

Join us at the HealthTech Conference where we bring the key healthcare stakeholders together:

  • Providers (Stanford hospitals, UCSF, Sutter Health, Cedars Sinai, Kaiser and VNA)
  • Employers (Chief medical officers from Target, Cognizant and Safeway)
  • Third party payers (CMS/Medicare, United Health/Optum, and Blue shield California)
  • Patients/Consumers ( AARP, Adidas, ShareCare, iTriage, HealthLinkNow, Omada Health)
  • Physicians (Doximity, Doctor on Demand, GrandRounds Health, MedHelp/Physicians Interactive)
  • Leading Investors (Canaan, Interwest, USVP, Venrock, Norwest, CHCF, Merck Global Innovation Fund)

Come collaborate with our 50 speakers on evaluating our progress in changing healthcare delivery and working together to build the new HealthTech economy. We are all counting on your input - every patient, entrepreneur, provider, payer, established corporation, service provider, and investor – to drive the exploding healthtech sector in the coming year.

Check our agenda at The HealthTech Conference 2014, and register before our September 15 price increase.

HealthTech Conference 2014: What new HealthTech companies will be the winners?
Written by Anne DeGheest // 30 August 2014 // Conferences, НealthTech Capital

HealthTech and Digital Health investment doubled in 2013 to over $2 billion. That’s enough to prove that the healthcare revolution of the century is definitely here bringing massive changes that are affecting healthcare providers and payers alike. You just have to look at the transition from fee for services to value-based healthcare delivery services to know we’ve arrived at the age of Retail Medicine with the growing empowerment of patients.

anne

Above: Anne DeGheest, Founder & Managing Director, HealthTech Capital

Recent healthcare IPOs by Castlight Health and Care.com have captured the curiosity of consumers, technologists, and investors. Without question, healthcare as an industry is gaining recognition as one of the hottest sectors for start-ups. This is how Anne DeGheest, Founder & Managing Director of HealthTech Capital, puts it:

 

“Right now, there is a tsunami of opportunities to create very disruptive healthcare companies. The country is re-shaping its largest industry, and it’s the biggest experiment we’ve ever done with the American economy.”

With other epic changes in our healthcare system — things such as accountable care organization and public or private health insurance exchanges — there are massive opportunities to develop new tools and services to provide better healthcare anywhere and at lower cost. The practical issues are how to successfully grow a sustainable HealthTech business.

This won’t just affect existing players: providers — providers, healthcare manufacturers, and payers — but also new entrants from big companies like Qualcomm, Apple and Samsung to a plethora of successful start-ups.

Along with these changes come new business models:

  • Investment Dynamics – Investments in HIT/digital health have been doubling every year. In Q2, 2014, Venture capital (VC) funding in the sector more than doubled with $1.8 billion raised in 161 deals — a 104 percent increase compared to the $861 million raised in Q1 2014. Ten of those deals were for more than $50 million each.This was the first billion dollar quarter for the sector. And the $2.6 billion raised so far this year has already exceeded the $2.2 billion raised in all of 2013. It was the first billion dollar fundraising quarter for the sector which has now raised almost $7 billion in venture funding since 2010. Healthcare IT funding rounds have now crossed 1,000. Some of the most active venture investors include the 2014 Healthtech conference panelists from Venrock, Canaan, Interwest, Norwest, HLM, USVP and Merck Global Health Innovation fund.
  • Diagnostics – The “Retail Medicine revolution” is being enabled by new business models where diagnostic technologies are being decentralized and brought directly to the consumer. Theranos now delivers disruptive blood diagnostic tests via Walgreens drug stores at a lower cost, requiring only a simple finger prick. Emerging Companies like Doctor On Demand and Grand Rounds bring the doctor expertise directly to the consumers when needed. There are an increasing number of higher medical-grade sensors and quantified-self technologies that are becoming more accurate or FDA-approved like AliveCor EGG mobile device.
  • Care Anywhere – Value-based care will replace Fee for Services volume-driven payment system. This realignment of incentives is opening a multitude of opportunities for providing care anywhere and identifying patients that could benefit from more proactive management of their chronic disease at home via technology enabled healthcare services. However, as we’re currently in the middle of a hybrid payment system, U.S. providers are still exploring new ways to understand and control their costs better via population management. These capitated business models are still being proven.
  • Aging at Home – This is one of the hottest area with new approaches using smart sensors at home, wearable technologies and smart analytics to trigger escalating alerts and intervention. These technology-enabled services are still validating their business models with multiple target customers: family/patients, capitated provider system, post discharged hospitals, and payers.
  • Digital Therapeutics – Omada Health is one of the pioneers in a new category of medicine: digital therapeutics to change chronic patient behavior in order to improve outcomes and reduce costs. By validating their effectiveness with clinical trials for pre-diabetic patients, they are engaging physicians to prescribe these therapeutic apps. Third-party payers and self-insured employers are actively looking for more cost-effective solutions with validated outcomes.

There’s nothing we want more in this innovation economy than new business models. But what makes the difference between a sustainable healthcare business and simply building a product?

Successful HealthTech companies will be those that deliver a value proposition with a proven ROI for the customer. As our industry evolves, these disruptive companies continuously investigate the customer’s unmet needs, and find ways to meet them.

Amir Dan Rubin, President and CEO, Stanford Health Care

Above: Amir Dan Rubin, President and CEO, Stanford Health Care

The key to success is to provide an ongoing solution for these critical pain points that a lot of people are willing to pay for. And technology is just the enabler.

HealthTech Conference is back on October 14 and 15, 2014 in San Mateo, CA — but this year with two full days of collaboration and workshops. Join the leaders in the healthcare industry as we discuss next steps in working together to grow successful businesses in the changing healthcare ecosystem.

“The HealthTech Conference uniquely brings together healthcare systems, payors, suppliers, entrepreneurs, and investors in practical engagement and conversation to advance innovation and technology for the betterment of humanity.” – Amir Dan Rubin, President and CEO, Stanford Health Care

Join us October 14-15 in San Mateo, Ca. Save 10% off with code VENTUREBEATHTC14.

Metrics for a Successful Startup is Revenue & Sustainability, Not How Much Money They Have Raised!
Written by Anne DeGheest // 29 June 2014 // startups, Angel funding

Digital Health funding is exploding. Last year, startups received more than $2 billion and that amount is expected to double this year. Please check my video interview at the Digital Health Summer Summit on How the HealthTech Conference on October 14 and 15, 2014 will address the Right Impact Metrics to build sustainable companies.

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Digital Health Summer Summit - Jill Gilbert and Anne DeGheest talk “Digital Health Markets to Watch”
Written by Anne DeGheest // 16 June 2014 // Conferences, digital health

As we ramp up for Digital Health Summer Summit 2014, Anne DeGheest, who will moderate the “Gaining Traction: The Markets to Watch” panel, shares answers to five burning digital health questions:

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Hearst Health Acquires CareInSync
Written by Anne DeGheest // 24 April 2014 // НealthTech Capital

On April 24, 2014, Hearst Corporation's healthcare group, Hearst Health, announced its acquisition of CareInSync, a software solutions company providing a real-time, mobile platform to improve patient care by enhancing communications between care providers and patients.

The company was succesfully sold to Zynx Health, a division of Hearst Health and had been funded by a syndicate led by HealthTech Capital in 2012.

MobiHealthNews article about the Hearst acquisition.

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