7Wire Ventures is a venture fund that invests in early-stage healthcare companies that are focused on connecting with the healthcare consumer — kind of like one of the most successful companies in its portfolio, Livongo, which went public in 2019. Robert Garber, a partner with the firm, stops by to share his point-of-view on where the consumer health tech market will be headed in 2020, if we’ll see more exits, and whether or not consumer health will be able to gain traction with healthcare’s established players like payers and health systems.
Filmed at J.P. Morgan Healthcare Conference in San Francisco, January 2020
“If we just shop for healthcare like we shop for everything else…we would take care of a lot of the problems…”
So says Glen Tullman, CEO of Livongo, a very hot startup with a chronic condition management platform that has been batting away IPO rumors since earlier this year when it closed a $52.M round funded by existing investors.
Glen has just literally written the book on consumerizing healthcare and stopped by to talk about it at the HIMSS TV set on location at Health 2.0’s Fall Conference (where I was guest hosting interviews!)
Called On Our Terms the book tries to push us toward thinking about the buying-and-selling of healthcare the same way we’d think about buying-and-selling anything else. Glen argues it’s possible if we start looking at healthcare as an ‘information business’ – and pivot our thinking and our business models accordingly to provide greater access to that information.
Are we as consumers ready for all this responsibility? Is the healthcare system ready for us and our purchasing power? Is anyone doing this right?? Glen fires back with some strong examples of where he already sees this working, and gets real about who’s in trouble if they don’t pivot and pivot fast. (We’re looking at you, payers.)
Bonus Intel: Will Glen take Livongo to an IPO like he did Allscripts? It’s a multi-million dollar question…
Get a glimpse of the future of healthcare by meeting the people who are going to change it. Find more WTF Health interviews here or check out www.wtf.health. Filmed at Health 2.0’s Fall Conference in Santa Clara, September 2018.
The phrase ‘consumer health’ doesn’t mean what it used to. And, when you really think about it, neither does the word ‘consumer.’ We’ve changed. Wielding the power of our smart phones, wearable devices, and proximity to CVS Minute Clinics – and armed with expectations of near-instant gratification thanks to the Amazons and Ubers of the world – we’re more demanding, exacting and impatient of the health system than ever before.
As all of this starts to change demand, supply, and (fingers crossed) our entire industry, it’s tempting to focus on what the new guys are doing. I’m as guilty as any for being fixated on the doings of the big tech companies and sexy little startups that are coming into our space. But, the reality is that the greatest amount of change will have to come from those stalwarts of the ‘healthcare establishment’ – the health systems and the payers that ARE the system in and of itself.
So, how are they thinking about the consumerization of healthcare? What does it mean to ‘empower consumers’ when your organization is bearing the risk associated with caring for their lives? Lucky for us, Dr. Rasu Shrestha, Chief Innovation Officer of health-system/payer-system giant UPMC can break it down.
Warning: This interview is long and heady, but, man, is it ever worth it. Rasu talks about the macroeconomics of shifting risk from insurers to providers and consumers, business model implications for all players involved, and how the ‘free the data’ movement feeds into all this. Last but not least, he talks about the kinds of startups he’s hoping will help payers and providers usher in this new consumer-driven era.
If you’re doing any kind of business in healthcare today, you’ll want to give this a listen. And, if Rasu wants to add another doctorate to his name, this interview analyzing ‘the macroeconomics and shifting risk environment of the consumerization of healthcare’ might be the start of his dissertation. We’ll look for our @wtf_health footnote.
Get a glimpse of the future of healthcare by meeting the people who are going to change it. Find more WTF Health interviews here or check out www.wtf.health. Filmed at the Bayer G4A Accelerator Launch in NYC, May 2018.
Investments in digital health have never been higher, with reports indicating that $5 Billion has been invested in health tech startups in 2014. Encouraged by the increasingly favorable changes being made to health policy in the U.S., many entrepreneurs have answered the call to action to solve problems related to health care delivery and access, disease management, and cost reduction. Venture capitalists recognize the value of innovation in health care through technology yet few of these tools have gained widespread adoption. Health care organizations and providers are wary of implementing new technologies that haven’t been tested for fear of disrupting their workflows and causing more problems than before.
Recognizing these high barriers to entry for digital health startups the Office of the National Coordinator for Health Information Technology (ONC) is hosting the Market R&D Pilot Challenge to bridge the gap between health care providers and innovators. This competition, which is administered by Health 2.0, may award pilot proposals in four different domains: clinical environments (e.g., hospitals, ambulatory care, surgical centers), public health and community environments (e.g., public health departments, community health workers, mobile medical trucks, and school-based clinics), consumer health (e.g., self-insured employers, pharmacies, laboratories) and research and data (e.g, novel ways of collecting data from patients).Continue reading…
Health 2.0 announces the inaugural event, WinterTech: The New Consumer Health Landscape on January 15th, 2015 during JP Morgan Week in San Francisco, CA. Industry leaders Walmart, Samsung, Target, Qualcomm Life, MyFitnessPal and many others will discuss major digital health themes in the marketplace such as: investing in consumer health, the new role of retail environments in health care, new platforms and interfaces for personal health, the informed health care consumer, and how consumer data is contributing to new clinical insights.
Participating organizations and speakers at WinterTech include:
Ben Wanamaker (Walmart)
Bakul Patel (United States Food and Drug Administration)
Rick Valencia (Qualcomm Life)
Tara Montgomery (Consumer Reports)
Karan Singh (Ginger.io)