“I think that the baseline platform of telehealth adoption created a whole springboard opportunity for the plethora of digital health companies that are out there eager to get into the space and grow their businesses. I think the industry as a whole now is a whole lot more receptive to looking at things like that then they were eight weeks ago.”
Among those in the industry very open to digital health, digital therapeutics, precision medicine, and virtual care solutions in this time of covid19 is GuideWell, which counts Florida Blue and four other healthcare businesses among its subsidiaries.
The national healthcare company is looking to bring together health tech startups around five different kinds of healthcare challenges created by the coronavirus pandemic via its Covid-19 Innovation Collaborative. With the application deadline set for Friday, May 8, we caught up with GuideWell Innovation’s Executive Director, Kirstie McCool, about the details behind the unique model for the Collaborative, its non-dilutive funding awards, and what happens to the startups that are selected to participate. (Hello, other Blues plans!)
If the Collaborative’s areas of focus aren’t enough to clue you in on where the healthcare giant is interested in rounding out its own array of services as a payer, provider, and innovator, we asked Kirstie point-blank to tell us what she thinks is next in terms of supporting the traditional healthcare system with outside-in innovation. Tune in around the 15:20 mark for that part of the conversation, and a final word-to-the-wise for any startup looking to work with a large healthcare enterprise.
The ability to predict in healthcare is the utopia promised by every artificial intelligence for healthcare built, funded and tested in the last decade. Yet very few doctors, technologists, or investors would have imagined they would live to witness a pandemic of the scale we are currently experiencing. We are still getting our heads round the lives lost, the lives of the frontline workers at risk, the disruption and self-isolation, the less fortunate who will suffer the most, the companies in survival mode, and a battered global economy. It is a good time to reflect on what the future of health will look like after we recover. We need to get better at acting on the predictions that truly matter. In a booming health-tech market saturated with promises of predictions and diagnostic insights, it’s a shame we didn’t listen to the scientists who predicted this violent wave of viral disruption.
The future of healthcare investing needs to change
With the first case of the virus last December, everything changed, and there is so much more change to come, in healthcare, technology and in the way we all work. Like with policy and public health, the majority of players on the healthcare stage remain so far removed from the frontline. The perceived ‘market’ rarely truly represents the real one, and true intelligence is lacking the collective intelligence that should prioritise the needs of the healthcare systems and the populations they serve. Our values, motives and how we create the pitch-perfect melting pot of skills, expertise, and mindset needs readjustment. Somewhere between evidence- based decision making and patience; clinical impact aligned with economic impact should be the goal. More focus is needed on validation and less on valuations that are largely built on assumptions and unproven hypotheses. Given the amount of investment that has drowned the healthtech/biotech domains in the last decade, we must praise the advancements that have been made. We must also examine the failures, the wasted resources, and whether technology really is moving healthcare forward at a pace that matches the investment.
Catalyst @ Health 2.0 is excited to announce
the launch of two innovation challenges sponsored by The Robert Wood Johnson
The Emergency Response for the General Public Challenge is looking for health technology tools to support the needs of individuals whose lives have been affected by a large-scale health crisis (pandemic, natural disaster, or other public health emergency). The Emergency Response for the Health Care System Challenge is seeking digital tools that can support the health care system during a large-scale health crisis. Examples include but are not limited to tools that can support providers, government, and public health and community organizations.
“The mental health system was completely broken before COVID. The supply-demand imbalance was wildly upside down. Now, that’s just all exacerbated.”
On-demand mental health startup Ginger has watched usage of their app climb 130% over the last 4-week period. The conversations people are having with clinicians are growing more intense (there’s an internal metric for that) and amid all of this the late-stage startup has re-run its ‘Workforce Attitudes’ survey to find out what’s really going on with the mental health of the employee populations it serves.
CEO Russell Glass dives into some of the findings of that report, which are pretty revealing in terms of understanding how we as a population are dealing with our stress around COVID-19 when we’re seeking professional help with it. Nearly 70% of respondents confessed this was the most stressful period of their career — five times more stressful than the financial crash of 2008 — and there are some surprising differences with how this is all unfolding across gender lines, especially with working from home.
With inbound interest from employers up 4X over the past month, we get Russ’s input on whether or not the demand for telehealth will sustain once the crisis is over and if the temporary regulatory and reimbursement changes will become permanent. Says Russ: “This is like a great experiment of the efficacy of telehealth versus non-telehealth.”
Today on Health in 2 Point 00, we have a digital audience! Eugene Borukhovich and Jim Joyce join us as guests on Episode 121. Well actually we were invited on their show A Shot Of Digital Health, and we decided to launch a takeover! Jess asks me about a lot of movement in the telehealth space with Medici raising $24 million in a Series B, Tomorrow Health launching with a $7.5M seed round for in-home care, Decoded Health launching an AI telehealth app and IDC Telemed buying Ilum. Also HIMSS launches a new Digital Health Indicator to help hospitals judge their digital health readiness — and don’t get Jess started on their new definition of digital health. In fact everyone piled in on that!—Matthew Holt
As more people die every day from COVID-19 (we
were edging towards 20,000 casualties in the U.S. at the time this article was
written), the answers to what a cure could look like are waiting to be
discovered in EMRs and patients’ homes. We have the technology and business
models to turn this data into insights, but we are stalling… What seems to be the problem?
First this. It’s time to end the illusion that
patients do not pay for healthcare. Whether it is out of pocket, paycheck, or
taxes, U.S. citizens pay for 100% of the healthcare spend. It is indeed their healthcare. It follows logically
from this that patients should be allowed and empowered to lower the cost and
increase the quality of the care they receive. Receiving access to their own
medical records is one important way to accomplish this.
In 2017, when I asked the World Economic Forum
if there is a study on the cost of lack of interoperability in healthcare they
said – “That’s a good idea.”
Episode 7 of “The THCB Gang” was live-streamed on Thursday, April 30th at 1pm PT- 4pm ET! You can see it below. If you’d rather listen, the “audio only” version is preserved as a weekly podcast available on our iTunes & Spotify channels.
Joining me were regulars futurist Ian Morrison (@seccurve), patient advocate Grace Cordovano (@GraceCordovano), quality expert Michael Millenson (@MLMillenson), with guests Raj Aggarwal (@docaggarwal) head of innovation at Jefferson Health System, and our very own health tech “IT girl” Jessica DaMassa (@jessdamassa) from WTF Health. We had a great conversation about the present and future of care delivery and finance. — Matthew Holt
On Episode 120 of Health in 2 Point 00, Jess asks me about health data sharing company Particle Health raising $12 million in an A round, AliveCor and OMRON partnering in a remote monitoring play for combined EKG and blood pressure monitoring, and Compass Pathways scoring $80 million in a B round for psilocybin therapy for treatment-resistant depression. Also, Optum is reportedly acquiring AbleTo for $470 million which provides behavioral telehealth — looks like they’re slowly putting all the pieces together to become a big virtual Kaiser. —Matthew Holt
As healthcare systems around the world grapple with the coronavirus, ‘virtual-first healthcare’ is fast becoming the global response of private and public healthcare systems alike. In Australia, the federal government recently committed to investing $500M to built out its country’s ‘virtual-first’ healthcare infrastructure, so we caught up with Louise Schaper, CEO of the Australasian Institute of Digital Health (AIDH), to find out what that means for telehealth, remote monitoring, and digital health companies looking to capitalize on the market opportunity in Australia.
With a population of 25 million people (roughly the number of people in Florida) and a set of newly-minted reimbursement codes that makes telehealth available to all of them via the government-funded public healthcare system, the appetite for investing in new health tech solutions has grown ravenous.
Says Louise, “Anyone who has solutions that are already market-tested and approved, I’d actually expand your networks globally now. There’s not a section of the globe that hasn’t been impacted by [covid19] and we’re all needing to work out how to deliver healthcare differently.”
As in other parts of the world, the government codes reimbursing telehealth and other virtual-first services are temporary (Australia’s are set to expire September 30, 2020), but organizations like the AIDH, the Australian Medical Association, and others are advocating for their permanence and are optimistic.
The prevailing sentiment is that, like in the US, the benefits of virtual care to healthcare consumers and clinicians are going to be difficult for the government to ignore. Add to that the potential of linking virtual care to the Aussie government’s AUD$2 billion dollar build of its MyHealthRecord system — a centralized, cloud-based EMR that holds the healthcare data of 90% of all Australians — and the prospect grows even more appealing.
Join us as we talk through the basics of the Australian healthcare system and get an insider’s look at the demand for digital health, remote monitoring, and telehealth Down Under.
GuideWell has launched the COVID-19 Health Innovation Collaborative to identify and support solutions that can immediately increase the scope and scale of resources aimed at reducing the complex stress factors COVID-19 is bringing to bear on the U.S. health system.
There will be five categories of focus under
this collaborative, and proposed solutions must directly address at least one
of these categories:
Home-based self-testing solutions for the COVID-19 virus
Virtual, in-home care solutions for at-risk populations that have limited access to health care services
Solutions that reduce risk for health care providers in clinical settings, including approaches for increasing protection of clinical staff
Solutions focused on reducing social isolation due to COVID-19 diagnosis or social distancing
Solutions for delivering food and urgently needed supplies to at-risk populations and households with COVID-19 exposure or symptoms
The COVID-19 Collaborative’s overarching
objective is to source a diverse portfolio of innovative companies that
collectively have the potential to respond to the pandemic in the above
categories. For each category, a cohort of 3-5 companies will be selected to
work together to create a connected, high impact approach to addressing the