Today, the New York Digital Health Accelerator showcased their second class of seven early and growth stage health tech startups to an audience of potential investors and healthcare senior executives during their 2014 Demo Day. This class of startups are developing cutting-edge technology products for care coordination, patient engagement, predictive analytics and workflow management for healthcare providers. The accelerator is an intensive 5-month program created by the New York eHealth Collaborative and the Partnership Fund for New York City to foster New York’s growing health tech sector.
Now in its second year, the five month accelerator program offers selected companies the opportunity to engage directly with a broad network of providers in New York State including hospitals, long-term care providers, community health centers and primary care providers who could potentially be a ready market for their products. Each selected company receives up to $200k in investment capital.
During the program, the seven companies developed 16 pilot projects allowing companies the opportunity to validate on an initial basis both the clinical relevance and business viability. For startups, establishing pilots with healthcare providers can be extremely valuable to a startup’s success.
“We are giving Health IT companies what they need but cannot get anywhere else: access to major customers and product feedback from senior-level executives at New York’s top healthcare institutions. By providing these companies with direct mentorship to improve their technologies and business strategies, the Accelerator is quickly expanding New York’s Health IT landscape. We look forward to seeing what these companies accomplish after having completed our program,”said Dave Whitlinger, Executive Director of the New York e-Health Collaborative.
22 leading healthcare providers agreed to participate in the program including Central NY Health Home Network, Community Healthcare Network, FEGS Health and Human Services System, Greater Buffalo United Accountable Healthcare Network, Hospital for Special Surgery, Hudson River Health Care, Maimonides Medical Center, MediSys Health Network, Memorial Sloan Kettering Cancer Center, Montefiore Medical Center, Mount Sinai Medical Center, NYC Health and Hospitals Corporation, New York Hospital Queens, New York-Presbyterian Hospital, North Shore LIJ Health System, NYU Langone Medical Center, Onondaga Case Management Services, United Health Services, Unity Health System, Visiting Nurse Service of New York, Stony Brook University Medical Center, and Winthrop University Hospital. Aetna provided mentorship as a health plan.
The investment capital for the Accelerator was provided by a syndicate of investors, including Baxter Ventures, Deerfield Management Company, Milestone Venture Partners, New Leaf Venture Partners, the Partnership Fund for New York City and Safeguard Scientifics. Program sponsors include Genentech (a member of the Roche Group), Infor, Merck, and Pfizer, which provided funds for operations and pilots. The Empire State Development Corporation and NYeC also provided additional funds to operate the NYDHA.
NYDHA Inaugural Class Update
Key milestones for the inaugural class of eight companies graduated in May 2013 include:
– raised a total of $25 million post-program, driving growth and significantly expanding their customer base
– 2 of the companies were acquired within six months of graduating
– facilitated 17 pilots in their organizations, participating healthcare providers helped to create over 120 jobs.
– was ranked the #1 Health IT Accelerator by the Rotman School of Business based on 21 other programs worldwide
– lauded by Todd Park, Former Chief Technology Officer of the United States and the California Healthcare Foundation for its deep industry ties.
2014 NY Digital Health Accelerator Class
Here is a look at New York Digital Health Accelerator’s 2014 class of startups:
AllazoHealth is a predictive analytics company that solves the problem of medication non-adherence for ACOs, hospital systems, payers, and PBMs.
Clinigence provides transformational clinical business intelligence that empowers healthcare providers to successfully transform from volume to value-based payment through real-time measurement of clinical quality, patient outcomes and total cost.
Covertix empowers healthcare organizations to protect and control confidential data shared between patients, healthcare professionals, hospital networks and third party vendors.
iQuartic¹s technology systematically structures and exploits electronic health records (EHRs) for analytics to enable evidence based and outcome driven care, creating real-time feedback loops for providers.
Noom develops mobile software that helps people live healthier.
Quality Reviews builds proprietary software to help healthcare provider organizations capture and analyze real-time patient feedback via its flagship product, RateMyHospital.
Sense Health is a healthcare technology company offering a mobile care management platform that engages patients through interactive care plans.