NYDHA “Demo Day” to Feature 16 New Pilots Reinventing Healthcare in New York
New York, NY – Today, the New York Digital Health Accelerator, 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, featured seven early- and growth-stage health tech companies that are developing cutting-edge technology products for care coordination, patient engagement, predictive analytics and workflow management for healthcare providers.
The seven companies introduced 16 pilot projects developed during the Accelerator program to an audience of potential investors and healthcare senior executives. The pilots allowed the companies to validate on an initial basis both the clinical relevance and business viability.
The Accelerator, now in its second year, is unlike other accelerator programs in that it offers participating 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. As part of the NY Digital Health Accelerator, each chosen company also received up to $200,000 in investment capital.
“The Accelerator is a groundbreaking program that is helping some of brightest Health IT entrepreneurs take their ideas to the next level—whether they’re creating new software for patients to review hospitals in real time, or helping doctors reach at-risk patients,” said Maria Gotsch, President and CEO of the Partnership Fund. “By connecting innovative entrepreneurs and technology with New York’s healthcare providers, we are ensuring that New York’s health care sector will continue to be a leader in providing top notch health care while creating good jobs for New Yorkers in a growth tech sector.”
“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,” said Dave Whitlinger, Executive Director of the New York e-Health Collaborative. “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.”
“Continued support of innovation in health technology is essential to improving our delivery of health care,” said Acting New York State Health Commissioner Dr. Howard Zucker. “Here in New York, advancements in this field are giving doctors and patients the ability to access critical health data at the most crucial of times, which helps to not only reduce health care costs, but more importantly, save lives.”
“New York State has become the best choice for entrepreneurs in the tech industry to turn their ideas into success,” said Empire State Development President, CEO & Commissioner Kenneth Adams. “We have the resources, talent, and capabilities necessary to create an environment that produces innovative approaches to New York’s Health IT landscape, and we are excited to see groundbreaking ideas like these develop through the Accelerator program.”
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.
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 Accelerator has already proven successful. The inaugural class of eight companies graduated in May 2013 and raised a total of $25 million post-program, driving growth and significantly expanding their customer base. Two of the companies were acquired within six months of graduating. By facilitating 17 pilots in their organizations, participating healthcare providers helped to create over 120 jobs. NY Digital Health Accelerator was ranked the #1 Health IT Accelerator by the Rotman School of Business based on 21 other programs worldwide and has been lauded by Todd Park, Former Chief Technology Officer of the United States and the California Healthcare Foundation for its deep industry ties.
The seven companies participating in the program include:
- AllazoHealth – AllazoHealth is a predictive analytics company that solves the problem of medication non-adherence for ACOs, hospital systems, payers, and PBMs.
- Clinigence – 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 – Covertix empowers healthcare organizations to protect and control confidential data shared between patients, healthcare professionals, hospital networks and third party vendors.
- IQuartic – iQuartic’s 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 – Noom develops mobile software that helps people live healthier.
- Quality Reviews – Quality Reviews builds proprietary software to help healthcare provider organizations capture and analyze real-time patient feedback via its flagship product, RateMyHospital®.
- Sense Health – Sense Health is a healthcare technology company offering a mobile care management platform that engages patients through interactive care plans.
About the New York Digital Health Accelerator (NYDHA):
The New York Digital Health Accelerator is a program run by the New York eHealth Collaborative and the Partnership Fund for New York City for early- and growth-stage digital health companies that are developing cutting edge technology products in care coordination, patient engagement, analytics and message alerts for healthcare providers. www.digitalhealthaccelerator.com & #NYDHA
About The New York eHealth Collaborative (NYeC):
NYeC is a not-for-profit organization, working in partnership with the New York State Department of Health to improve healthcare for all New Yorkers through health information technology (health IT). Founded in 2006 by healthcare leaders, NYeC receives funding from state and federal grants to serve as the focal point for health IT in the State of New York. NYeC works to develop policies and standards, to assist healthcare providers in making the shift to electronic health records, and to coordinate the creation of the Statewide Health Information Network of New York (SHIN-NY), a network to connect healthcare providers statewide. www.nyehealth.org & @NYeHealth
About the Partnership Fund for New York City (Partnership Fund):
The Partnership Fund for New York City is the $110 million investment arm of the Partnership for New York City (www.pfnyc.org). The Fund’s mission is to engage the City’s business leaders to identify and support promising NYC-based entrepreneurs in both the for-profit and non-profit sectors to create jobs, spur new business and expand opportunities for New Yorkers to participate in the City’s economy. The Fund is governed by a Board of Directors co-chaired by Richard M. Cashin, Managing Partner of One Equity Partners, and Charles “Chip” Kaye, co-chief executive officer of Warburg Pincus. Maria Gotsch serves as President and CEO of the Fund.
