We already have enough scorched earth in healthcare. Read the article by in MobiHealth News. What would be your ideal accelerator attributes that would allow something like this S. Carolina accelerator to attract high quality companies and then, more importantly, have success? The top of my list would be ready buyers (providers, plans, life sciences, etc.) who have virtually published an RFP for a key gap they want filled and are ready to step up to a true partnership with a startup. By far the most important thing for a startup is real customer traction. I'd like to see the accelerator put some skin in the game (beyond a pittance of $$) and align their interests more closely. For example, a real customer gets landed as a result of the accelerator. Then, and only then, the accelerator gets warrants. As a startup, that would be worth it.
What's your take?
If this is reported accurately, I can't imagine anyone other than desperate entrepreneurs taking this "deal". There are boatloads of great MDs that will gladly mentor a startup for much longer than 12 weeks -- e.g., bring them on as long-term advisor/mentors. Perhaps there is an amazing track record that I'm missing. Until a new accelerator gets a real track record, they need to back off on the onerous terms IMHO.
The unfortunate thing is they'll get 2nd & 3rd tier companies applying and there will be another cohort of burned investors. There is already enough scorched earth on investing in healthtech -- we don't need more.
What do you think would be a fair deal? The model I'm looking for is one where health orgs would earn equity (via warrants) when they make a decision to use a product. Real world usage has demonstrable value that I'd be open to with the right situation. That's in stark contrast to giving up 8% with a promise of delivery. I'd pass on that in a moment. I hope this accelerator thinks like a startup and iterates on its model.
Dave, I think you're right that EHR engineering teams that are struggling with MU stage 2 and 3 should partner up to get all the help they need. The problem is that the patient portal and engagement tool providers don't make it easy to do integration using APIs, SDKs, single sign-on, platform-approach, open source, white labeling, brand protection, and related requirements.
If patient portal providers were more focused on EHR integration benefits on the engineering side and marketing it properly to product managers, etc. at EHR firms then they would do quite well.
Hope this helps.
My perspective that Shahid responded to:
Naturally, I am biased towards an EHR-neutral, multi-provider patient portal (since that's an element of Avado's patient relationship management system) so you can take my comments with that bias in mind. I'll be interested in your more objective view.
The EHR companies have a choice. They can divert finite engineering resources to develop, at best, a me-too patient portal that perpetuates the silo-ization of healthcare or they can position their clients for success in the accountable/coordinated era by picking a best-of-breed EHR-agnostic, portable patient relationship management system that addresses traditional patient portal features, MU requirements, provides a Collaborative Health Record while also addressing the myriad new requirements in the No Outcome, No Income era. Not surprisingly, we think they are better off partnering with a company such as Avado. Thus, it's central to our strategy to partner with EHR vendors. There are over 300 that have had providers attest to Stage 1. A small number have "unlimited" resources and will likely further the "Wang model" but with the others, companies such as Avado are a natural partner.
Naturally, we think the ONC is trying to usher in a new era that can lead to a wave of innovative new solutions. Avado is one example of what can be fostered. Much more important, it introduces more competition and choice for providers. This sort of thing coupled with efforts such as Automated Blue Button create the conditions for innovation in my opinion.
I would not be surprised if we see patient portal adoption of vendor neutral portal such as Avado mimic the Innovation Curve. You will see the early adopters who get it and see the robustness and advantages of what a product like Avado can do vs. their EHR patient portal and move in that direction from the start. Then a large group will take what they get from their EHR vendor initially but once they see the results and advantages of a patient relationship management system they will come in during the Early Majority and Late Majority stages. And once again we see the power of a vendor neutral solution that will allow them to make the switch and not be tied to one vendor.
We already have enough scorched earth in healthcare. Read the article by +jonah comstock in MobiHealth News. What would be your ideal accelerator attributes that would allow something like this S. Carolina accelerator to attract high quality companies and then, more importantly, have success? The top of my list would be ready buyers (providers, plans, life sciences, etc.) who have virtually published an RFP for a key gap they want filled and are ready to step up to a true partnership with a startup. By far the most important thing for a startup is real customer traction. I'd like to see the accelerator put some skin in the game (beyond a pittance of $$) and align their interests more closely. For example, a real customer gets landed as a result of the accelerator. Then, and only then, the accelerator gets warrants. As a startup, that would be worth it.
What's your take?
- RosetiumFounder, 2015 - presentRosetium focuses on the early years of high growth new businesses from go-to-market strategy guidance, new market exploration and all stages of funding. High growth ventures benefit from our experience having crowdfunded and bootstrapped at the early of a startup or conceiving of new ventures inside of well-established organizations. As they mature, ventures also benefit from our experience with venture funding and M&A. We have a passion for accelerating the shift to a higher value health ecosystem and have conceived of initiatives designed to accelerate the shift. [See image-links below for more on each] + 95 Theses for a New Health Ecosystem + Health Rosetta - an open source project + Documentary to highlight the latent potential to reinvent healthcare Recent speeches and consulting projects have been in the following areas: How to infuse startup energy and innovation into established companies Building market and thought leadership on a bootstrapper's budget Patient engagement Healthcare as an economic development differentiator Reinvention of health benefits Guiding principles for new healthcare products and services in Healthcare’s Age of Enlightenment
- Avado/WebMDCEO, Co-founder, 2010 - 2015Avado was acquired by WebMD in Q4 2013 to take Avado's platform to 156 million consumers and millions of clinicians
- WhatCountsVP Marketing & Sales, 2010 - 2011
- AccentureSenior Consultant, 1987 - 1991
- MicrosoftManaging Director, 1991 - 2003
- Altus AlliancePartner, 2004 - 2011
- Northwestern UniversityMarketingCourses in the Executive Management program
- University of Washington Business SchoolFinance & Mathematics
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