three months in a healthcare accelerator
DESCRIPTION
This is from a talk I gave at the Madison Health Tech Meetup on 5/17/12 about my experiences in the healthcare startup accelerator Blueprint Health and my top take aways from the mentors.TRANSCRIPT
Three Months in a Healthcare
Accelerator
Tom Black / @blacktmabout.me/tomblack
Madison Health Tech MeetupMay 17, 2012 / Madison, WI
The Blueprint Health loft in NYC.
In January 2012, I joined Blueprint Health’s inaugural class as a “floating founder,” which is like a tech founder
in residence. (TechStars calls them “HackStars”)
Check them out: www.blueprinthealth.org
As a coder (and part designer), I built lots of
things for the teams during the program: web sites, apps, graphics, etc.
I also learned a lot about healthcare from the many mentors that came in to
talk with us.
Here are some of the most memorable take aways during our discussions with leading
healthcare innovators.
“You’re solving meaningful problems.
Don’t forget that.”
Micah RosenbloomCEO, Sample6 Technologies
Founder & Partner, Founder Collective
“Healthcare in the U.S. is unsustainable.”
Jonathan GordonDirector of Strategy
NY Presbyterian Hospital
Reform = Access, Quality, Cost
Enhance collaboration
Invest in IT, access to data
Standardize processes
Jonathan Gordon, Director of Strategy, NY Presbyterian Hospital
“Bring a solution, not a technology”
Jason GorevicCEO, Teladoc
or service
“The market isn’t waiting for reform.”
Peter M. HotzGroup VP & President
Take Care Health SystemsWalgreens
Worries About:
Scaling EMRs
Backend analytics
Not enough PAs or NPs
Clinicians needing technology support
Peter M. Hotz, Group VP & President, Take Care Health Systems, Walgreens
On Selling:
Know the buying process
Don’t force, must be a good fit
Manage client expectations
Don’t delay bad news
Focus on the client’s goals
Be face-to-face when you can
Scale to the entire organization
Peter M. Hotz, Group VP & President, Take Care Health Systems, Walgreens
“Be disruptive on the service side. Shift risk to the patient and provider. Change the cost curve.”
Aran RonPartner, Bessemer Ventures
“It’s never been a better time for... whatever this
space is called.”
Tom RodgersPartner, ATV
Tom Rodgers, Partner, ATV
The golden age for HIT, many tailwinds
Generational shifts in health professionals
An industry invested in workarounds
No continuity of care, broken hand-offs
No shortage of entrepreneurs to fund
“Not so much about the business model, but who will pay and why?”
“Who loses, and do they have political capital? They can slow you down.”
What’s hot?
Delivery models(communication platforms/tools)
Moving data
Helping docs get paid, grow revenue
Tom Rodgers, Partner, ATV
“Healthcare defies logic.”
Amir KishonCEO, Wellness Layers
“The holy grail: medication adherence.”
Todd PietriPartner, Milestone Ventures
What’s hot?
Clinical decision support
Analytics
Continuity of care, workflow
Cost transparency
Todd Pietri, Partner, Milestone Ventures
“Outcomes depend on the journey.”
“Be religious about automation.”
John de SouzaFounder, MedHelp
“There are big egos in healthcare.Play on them.”
Michelle SnyderFormer SVP, Epocrates
Michelle Snyder, Former SVP, Epocrates
Build a network, then monetize
Do one thing really well
Trust is the #1 thing
Simplicity is critical
“Healthcare is where financial services was
10 years ago.”
Andrew DunnHumana Innovation Team
“The goal: deliver the right care, at the right time, by
the right person.”
Ben WadeDirector, Strategic Planning
Montefiore
Ben Wade, Director, Strategic Planning, Montefiore
Looking for help from entrepreneurs:
Coordinating care
Patient access (e.g. ZocDoc)
Service and satisfaction
MD practice management
Decision support analytics
Also: “Healthcare is where financial services was in the 1980’s.”
“If it’s valuable,charge for it.”
Chaim IndigFounder, Phreesia
Chaim Indig, Founder, Phreesia
Make your product small and simple
Master one area before moving to another(e.g. ZocDoc)
Focus on the playbook
“Your product will suck in the beginning. It just has to do the core thing.”
“Small companies (like yours) will be solving our
health problems.”
Michael MonsonSVP of Performance & Innovation
The Visiting Nurse Association of NY
Michael Monson, SVP, The Visiting Nurse Association of NY
What’s hot?
Informatics
Behavioral science(getting people to do stuff)
Workflow management
Referral relationships
Low-tech devices (consumers, seniors)
Alternative care models
At the Early Progress Dinnerwith the mentors:
“Healthcare is where financial services was in the 1980’s.”
Yea...we know.
“I thought I was the only one saying that!”
Nope, you’re not.
“Healthcare is where financial services was in the 1980’s.”
What the hell does this mean anyways?
Lots of unstructured data
Fragmented systems
Nothing talks to anything else
Lots of potential
Oh, thanks!
“Adherence and compliance.”
Puneet SapraDirector, Biz Dev & Innovation
Pfizer
Puneet Sapra, Director, Biz Dev & Innovation, Pfizer
On average, only 30% – 40% of patients adhere to prescription regiments
HUGE revenue opportunity moving from just 20% – 30% to a 40% adherence
Why such a low rate?
Cost, safety, feelings about the drugMuch more than just forgetting
Puneet Sapra, Director, Biz Dev & Innovation, Pfizer
What's hot?
Heath ITAnalyticsEfficiencyAdherenceComplianceBehavior
“Get it live quick. Test and see if it’s viable.”
Ben WolinCEO & Co-Founder
Everyday Health
Ben Wolin, CEO & Co-Founder, Everyday Health
Determine if there’s a market
You can always optimize later,but you have to know first(easier on the consumer side)
Distribution is always hard
“This is the future of the economy.”
Alan BlausteinFounder, CarePlanners
“Solve the problem at the smallest possible scale.”
Oliver Kharraz, M.D.Founder & COO, ZocDoc
Oliver Kharraz, M.D., Founder & COO, ZocDoc
If it’s measurable, measure it
Team flatness = strength
Prototype at the lowest possible level
“If you’re writing code,you will throw it out.”
Don’t build things people don’t want
“We focus on networks of engaged users.”
Andy WeissmanPartner, Union Square Ventures
Andy Weissman, Partner, Union Square Ventures
No explicit verticals,but we can work within them
Healthcare is the next vertical(Started with media, then education, now healthcare)
Read anything from Yochai Benkler
“Right patient,right setting,
right information.”
Rachel WinokurHead of Strategic Diversification
Aetna
Rachel Winokur, Head of Strategic Diversification, Aetna
Fastest growing business for Aetna?
Accountable care solutions(Tools and analytics to manage it)
“Analytics are only as good as the data.”
“Pharma is the early adopter.”
Isaac Ciechanover, M.D.Partner, Kleiner Perkins Caufield & Byers
Isaac Ciechanover, M.D., Partner, Kleiner Perkins Caufield & Byers
Three big areas:
1. Telemedicine (e.g. Teladoc)
2. Engagement (adherence)
3. Analytics
Isaac Ciechanover, M.D., Partner, Kleiner Perkins Caufield & Byers
Oh, and...
“KPCB has more IPOsthan any VC fund.”
...and we’ve been on stage at an Apple keynote.
So there.
“Don’t be afraid of good junior people. They will
fight for you.”
David TischManaging Director, TechStars NYC
Investor via BoxGroup
David Tisch, Managing Director, TechStars NYC; BoxGroup
Time is always on the investor’s side
Get good at logistics:email, meetings, scheduling
“Don’t star fuck. It’s common in NYC.”
“Show me the product.I want to touch it.”
Ben ChodorCEO, Happtique
Ben Chodor, CEO, Happtique
“Free doesn’t work in healthcare.”
Charging is the way you make them use it
Phew!That’s a lot of mentors.
Now to just make it through demo day, raise a seed round, acquire customers, hire
developers, build out the product,
Suggestion:If you want to learn how to innovate in health care,read this!
(click book to view on Amazon)
source: ideo.com/about
Another view of innovation...
Thanks!
Tom Black / @blacktm
about.me/tomblack