Three Months in a Healthcare Accelerator

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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.

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Three Months in a Healthcare Accelerator

  1. 1. Three Months in a Healthcare AcceleratorTom Black / @blacktm Madison Health Tech Meetupabout.me/tomblack May 17, 2012 / Madison, WI
  2. 2. The Blueprint Health loft in NYC.
  3. 3. In January 2012, I joined Blueprint Health’s inauguralclass as a “floating founder,” which is like a tech founderin residence. (TechStars calls them “HackStars”)Check them out: www.blueprinthealth.org
  4. 4. As a coder (and part designer), I built lots of things for the teamsduring the program: websites, apps, graphics, etc.I also learned a lot abouthealthcare from the many mentors that came in to talk with us.
  5. 5. Here are some of the mostmemorable take aways duringour discussions with leading healthcare innovators.
  6. 6. “You’re solving meaningful problems. Don’t forget that.” Micah Rosenbloom CEO, Sample6 TechnologiesFounder & Partner, Founder Collective
  7. 7. “Healthcare in the U.S. is unsustainable.” Jonathan Gordon Director of Strategy NY Presbyterian Hospital
  8. 8. Reform = Access, Quality, CostEnhance collaborationInvest in IT, access to dataStandardize processes Jonathan Gordon, Director of Strategy, NY Presbyterian Hospital
  9. 9. or service“Bring a solution,not a technology” Jason Gorevic CEO, Teladoc
  10. 10. “The market isn’twaiting for reform.” Peter M. Hotz Group VP & President Take Care Health Systems Walgreens
  11. 11. 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
  12. 12. 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
  13. 13. “Be disruptive on theservice side. Shift risk tothe patient and provider.Change the cost curve.” Aran Ron Partner, Bessemer Ventures
  14. 14. “It’s never been a bettertime for... whatever this space is called.” Tom Rodgers Partner, ATV
  15. 15. The golden age for HIT, many tailwindsGenerational shifts in health professionalsAn industry invested in workaroundsNo continuity of care, broken hand-offsNo shortage of entrepreneurs to fund“Not so much about the business model,but who will pay and why?”“Who loses, and do they have politicalcapital? They can slow you down.” Tom Rodgers, Partner, ATV
  16. 16. What’s hot? Delivery models (communication platforms/tools) Moving data Helping docs get paid, grow revenue Tom Rodgers, Partner, ATV
  17. 17. “Healthcare defies logic.” Amir Kishon CEO, Wellness Layers
  18. 18. “The holy grail:medication adherence.” Todd Pietri Partner, Milestone Ventures
  19. 19. What’s hot? Clinical decision support Analytics Continuity of care, workflow Cost transparency Todd Pietri, Partner, Milestone Ventures
  20. 20. “Outcomes depend on the journey.” “Be religious about automation.” John de Souza Founder, MedHelp
  21. 21. “There are big egos in healthcare. Play on them.” Michelle Snyder Former SVP, Epocrates
  22. 22. Build a network, then monetizeDo one thing really wellTrust is the #1 thingSimplicity is critical Michelle Snyder, Former SVP, Epocrates
  23. 23. “Healthcare is wherefinancial services was 10 years ago.” Andrew Dunn Humana Innovation Team
  24. 24. “The goal: deliver the right care, at the right time, by the right person.” Ben Wade Director, Strategic Planning Montefiore
  25. 25. Looking for help from entrepreneurs: Coordinating care Patient access (e.g. ZocDoc) Service and satisfaction MD practice management Decision support analyticsAlso: “Healthcare is where financialservices was in the 1980’s.” Ben Wade, Director, Strategic Planning, Montefiore
  26. 26. “If it’s valuable, charge for it.” Chaim Indig Founder, Phreesia
  27. 27. Make your product small and simpleMaster 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.” Chaim Indig, Founder, Phreesia
  28. 28. “Small companies (likeyours) will be solving our health problems.” Michael Monson SVP of Performance & InnovationThe Visiting Nurse Association of NY
  29. 29. What’s hot? Informatics Behavioral science (getting people to do stuff) Workflow management Referral relationships Low-tech devices (consumers, seniors) Alternative care models Michael Monson, SVP, The Visiting Nurse Association of NY
  30. 30. 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.
  31. 31. “Healthcare is where financial services was in the 1980’s.” What the hell does this mean anyways?Oh, thanks! Lots of unstructured data Fragmented systems Nothing talks to anything else Lots of potential
  32. 32. “Adherence and compliance.” Puneet SapraDirector, Biz Dev & Innovation Pfizer
  33. 33. On average, only 30% – 40% of patientsadhere to prescription regiments HUGE revenue opportunity moving from just 20% – 30% to a 40% adherenceWhy such a low rate? Cost, safety, feelings about the drug Much more than just forgetting Puneet Sapra, Director, Biz Dev & Innovation, Pfizer
  34. 34. Whats hot? Heath IT Analytics Efficiency Adherence Compliance Behavior Puneet Sapra, Director, Biz Dev & Innovation, Pfizer
  35. 35. “Get it live quick. Testand see if it’s viable.” Ben Wolin CEO & Co-Founder Everyday Health
  36. 36. Determine if there’s a marketYou can always optimize later,but you have to know first(easier on the consumer side)Distribution is always hard Ben Wolin, CEO & Co-Founder, Everyday Health
  37. 37. “This is the future of the economy.” Alan Blaustein Founder, CarePlanners
  38. 38. “Solve the problem at the smallest possible scale.” Oliver Kharraz, M.D. Founder & COO, ZocDoc
  39. 39. If it’s measurable, measure itTeam flatness = strengthPrototype at the lowest possible level “If you’re writing code, you will throw it out.”Don’t build things people don’t want Oliver Kharraz, M.D., Founder & COO, ZocDoc
  40. 40. “We focus on networks of engaged users.” Andy Weissman Partner, Union Square Ventures
  41. 41. No explicit verticals,but we can work within themHealthcare is the next vertical(Started with media, theneducation, now healthcare)Read anything from Yochai Benkler Andy Weissman, Partner, Union Square Ventures
  42. 42. “Right patient, right setting, right information.” Rachel WinokurHead of Strategic Diversification Aetna
  43. 43. Fastest growing business for Aetna? Accountable care solutions (Tools and analytics to manage it)“Analytics are only as good as the data.” Rachel Winokur, Head of Strategic Diversification, Aetna
  44. 44. “Pharma is the early adopter.” Isaac Ciechanover, M.D.Partner, Kleiner Perkins Caufield & Byers
  45. 45. Three big areas: 1. Telemedicine (e.g. Teladoc) 2. Engagement (adherence) 3. Analytics Isaac Ciechanover, M.D., Partner, Kleiner Perkins Caufield & Byers
  46. 46. Oh, and... “KPCB has more IPOs than any VC fund.” Isaac Ciechanover, M.D., Partner, Kleiner Perkins Caufield & Byers
  47. 47. ...and we’ve been on stage at an Apple keynote.
  48. 48. So there.
  49. 49. “Don’t be afraid of goodjunior people. They will fight for you.” David Tisch Managing Director, TechStars NYC Investor via BoxGroup
  50. 50. Time is always on the investor’s sideGet good at logistics:email, meetings, scheduling“Don’t star fuck. It’s common in NYC.” David Tisch, Managing Director, TechStars NYC; BoxGroup
  51. 51. “Show me the product. I want to touch it.” Ben Chodor CEO, Happtique
  52. 52. “Free doesn’t work in healthcare.”Charging is the way you make them use it Ben Chodor, CEO, Happtique
  53. 53. Phew!That’s a lotof mentors.Now to just makeit through demoday, raise a seed round, acquire customers, hiredevelopers, build
  54. 54. Suggestion:If you wantto learn howto innovate inhealth care,read this!(click bookto view onAmazon)
  55. 55. Another view of innovation... source: ideo.com/about
  56. 56. Thanks!Tom Black / @blacktm about.me/tomblack

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