It was nearly six months ago when I first covered the announcement of the New York Digital Health Accelerator (NYDHA), and now at long last I am happy to share the eight startups who will constitute the inaugural session. They will begin the nine-month program immediately. The announcement was made earlier this week in New York at the Digital Health Conference hosted by the NY eHealth Collaborative
The NYDHA distinguishes itself from the other digital health accelerators by providing entrepreneurs with significantly more cash and greater access to patient data than other digital health accelerators. Even more strategically, the companies receive priority access to the electronic network that connects hospitals and doctors, the Statewide Health Information Network of New York (SHIN-NY). The SHIN-NY may be the most advanced public health information exchange (HIE) among the 50 states. This powerful combination of health entrepreneurs having access to a densely populated health data “highway” offers a glimpse of the future of digital health.
Each company receives $300K, structured as a convertible note, from a syndicate of leading venture capital and strategic investors. The accelerator also offers a mentor program similar to those offered by the other accelerators which facilitates interaction between the company founders and a network of healthcare leaders, successful entrepreneurs, and investors.
The companies were selected after probably the most intensive application/review process of all the digital health accelerators, which includes an initial application and a follow-up, in-person interview for applicants that make the first cut. This format clearly favors startups already located in New York, and as it happens, seven of the eight companies are in fact New York-based.
KnowMyMeds (@KnowMyMeds) out of Hartford, CT is a SaaS solution for team-based medication management and medication reconciliation for high-risk patients at the point of care. The platform enables all members of the care team to collaborate and participate in the treatment and the core technology has been validated in clinical trials. The company is focused on the high risk patient (think of your grandma with a zip lock bag full of prescriptions). Key to the KnowMyMeds solution is the abundance of clinical data used to support the medication reconciliation recommendations, including claims data. The application is web-based, so it can be accessed from standard browsers on a desktop, tablet or smartphone device.
Aidin (@myaidin) leverages Medicare data and patient experiences to match patients with quality acute care providers. By guiding patients through the process of choosing better providers Aidin enables hospitals to reduce re-admissions and collaborate more meaningfully with post-acute providers. Aidin was also a member of the inaugural class of digital health startups at the other prominent New York City-based digital health accelerator Blueprint Health.
Avado (@avado) is a Seattle-based patient relationship management system that allows doctors and patients to securely track, share, and manage medical information with each other and coordinate health issues outside the doctor’s office. Data is pulled into the Avado system from numerous sources, including EHRs and biomedical sensors. The company follows the motto that communication is the most important element of patient care. Avado was also recently selected as a member of the second class of Healthcare Transformers at Startup Health. Co-founder Dave Chase has emerged as one of the loudest and most widely published thought leaders in the digital health community as a regular contributor to Forbes, TechCrunch, the Wall Street Journal and other leading publications.
Cipher Health (@CipherHealth) is based in NYC and develops patient engagement tools aimed at reducing preventable re-admissions and improving HCAHPS scores. Cipher Health was founded as a direct result of the passage of the Affordable Care Act and is developing two core products; a telephone platform for post-discharge follow-up calls, analytics and reporting, as well as a bed-side tablet device for inpatients. The key value is in educating the patient about their condition and the treatment options as early in the care process as possible. The company views itself as a “triage platform” which systematically collects information from patients and then routes that information to the correct department within the care provider organization. Every element of the Cipher Health platform can be customized as a White Label solution for each provider client. This enables providers to focus on addressing the care points most important to their actual patients.
Cureatr (@cureatr) provides a secure group messaging system that all healthcare providers can use to communicate with each other both within and outside their organization. The objective is to provide physicians with a tool to provide actionable information at the point-of-care. It enables care managers to communicate with dialysis facility nurses, dietitians, nephrologists, primary care physicians, and outside consultants.
MedCPU (@medcpu) has developed a real-time advanced clinical decision support platform that plugs in on top of the organization’s EMR and assists the clinical staff. The company’s objective is to bring structure to the vast amounts of clinical data that currently exists in totally unstructured formats, including handwritten clinician notes. The technology is EMR agnostic and resides inside the EMR interface to enable one-click “medical text processing” that uses natural language processing, machine learning and clinical context to provide real-time clinical decision support to physicians. By running real-time comparisons between the patient record and the known standards of care the system can quickly/passively identify when a patient’s care has deviated from the expected or standard care model, based on their records, and alert the physician immediately.
Remedy Systems works with large healthcare companies to provide new product lines and creative solutions that can be rapidly brought to market and impact the most critical needs of payors, health IT vendors, and healthcare service providers. Remedy develops custom mobile apps for Health Information Exchanges (HIEs) that allow all stakeholders in the HIE to access/share information from their mobile device. The key value proposition is the ability to compile and visualize data from disparate sources. Another product developed by Remedy is Episode Connect, which is a care coordination platform and clinical information aggregation for ACOs and bundled care providers.
SpectraMD’s FOCUS Actionable Analytics Platform collects near real-time data to generate actionable analytics including Key Performance Indicators (KPIs), retrospective and predictive analytics, and financial impact analytics that drive performance improvement in hospital and ambulatory settings. Information collected and analyzed by the company’s SaaS platform includes financial, operational, clinical and satisfaction data. SpectraMD’s core value proposition will be in the use of predictive analytics to limit re-admissions.