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Thoughts on Practice Fusion Raising $70 Million

Today, Practice Fusion announced that they have just closed a $70 million round of funding. This series D round of funding brings Practice Fusion’s total funding to $134 million and a valuation estimated at $700 million. The round was led by Kleiner Perkins Caufield & Byers, OrbiMed Advisors, and Deerfield Management Company.

We’d heard that this round was close almost 2 months ago. I’m not sure what took them so long to finally close the round. I also found it interesting in this Forbes article about the funding round that “Practice Fusion leads vendors this year in acquiring Allscripts’ former customers.” I have a feeling Aprima might have something to say about that.

In that same article, Practice Fusion declined to disclose revenues, but Ryan Howard suggested that he expects Practice Fusion revenues to triple next year. Then, it was suggested in the article that payments from labs connected to Practice Fusion customers would make up a significant source of revenue. You might remember that Practice Fusion lost one revenue stream when Kareo decided to launch their own free EHR. Practice Fusion has since rolled out 3 new billing companies and so they could have made up that revenue.

The article also suggests that revenue is available from Pharma for mining the Practice Fusion data for insights. Then, they’ve always talked about the potential for pharma advertising in the Free EHR. I also had someone suggest to me recently that Practice Fusion could be making money off of selling leads to the various healthcare education companies out there. Considering the number of emails I get from these healthcare education companies, they definitely have money to spend on targeted leads.

The question I’ve asked for many years isn’t whether Practice Fusion has created value. No doubt their current user base and data set has value. The question that remains is whether they’ve created a company that merits a $700 million valuation and whether the $134 million investment will yield a quality return. Plus, can Practice Fusion build the company’s revenue while still maintaining physicians’ trust in Practice Fusion. They now have $70 million in funding to find out.

September 24, 2013 I Written By

John Lynn is the Founder of the HealthcareScene.com blog network which currently consists of 15 blogs containing almost 6000 articles with John having written over 3000 of the articles himself. These EMR and Healthcare IT related articles have been viewed over 13 million times. John also manages Healthcare IT Central and Healthcare IT Today, the leading career Health IT job board and blog. John is co-founder of InfluentialNetworks.com and Physia.com. John is highly involved in social media, and in addition to his blogs can also be found on Twitter: @techguy and @ehrandhit.

2014 Health IT Spending to Pass $34 Billion

Healthcare IT spending will increase to more than $34.5 billion in 2014, according to a new report from a Hampton, N.H.-based research and consulting firm.

Technology Business Research Inc. says that the spending will come as payers and providers look to build infrastructure modernization that meets regulatory mandates such as Meaningful Use of electronic health records (EHRs) under the Health Information Technology for Economic and Clinical Health (HITECH) Act and the transition to ICD-10. -Source

We certainly all knew that health IT spending was up. I’m sure that much of the spending is driven by the various government programs like meaningful use and ICD-10. The article linked above had one survey respondent say that their ICD-10 budget was $2.5 million. I expect this health IT spending trend will continue. Although, we’re entering a different category of customer going forward.

I wonder how that spending is broken out between enterprise spending and consumer health IT.

August 30, 2013 I Written By

John Lynn is the Founder of the HealthcareScene.com blog network which currently consists of 15 blogs containing almost 6000 articles with John having written over 3000 of the articles himself. These EMR and Healthcare IT related articles have been viewed over 13 million times. John also manages Healthcare IT Central and Healthcare IT Today, the leading career Health IT job board and blog. John is co-founder of InfluentialNetworks.com and Physia.com. John is highly involved in social media, and in addition to his blogs can also be found on Twitter: @techguy and @ehrandhit.

Modernizing Medicine EHR Vendor Raises $14 Million

Modernizing Medicine®, the creator of the Electronic Medical Assistant® (EMA™), a cloud-based specialty-specific electronic medical record (EMR) system, announced today that it has received $14 million from Summit Partners, a global growth equity investor. -Source

I’ve been a big fan of Modernizing Medicine since I first came across them. Their approach to EHR is very smart and very different than many of the EHR software out there. They’re extremely focused on the specialties that work well with their visual method of documentation and that documentation method is something unique.

I’ll be interested to see if Modernizing Medicine plans to use this $14 million to expand beyond their current specialties or whether they plan to stay as a specialty specific EHR. I’m a big fan of specialty specific EHR software and so I hope that it’s the later. You have to compromise so many things when you expand an EHR to support so many different specialties. The number of doctors still not using Modernizing Medicine’s EMA EMR is still large enough for them to do very well.

August 20, 2013 I Written By

John Lynn is the Founder of the HealthcareScene.com blog network which currently consists of 15 blogs containing almost 6000 articles with John having written over 3000 of the articles himself. These EMR and Healthcare IT related articles have been viewed over 13 million times. John also manages Healthcare IT Central and Healthcare IT Today, the leading career Health IT job board and blog. John is co-founder of InfluentialNetworks.com and Physia.com. John is highly involved in social media, and in addition to his blogs can also be found on Twitter: @techguy and @ehrandhit.

Intuit Plans to Sell Intuit Health Group

I was really intrigued by the news today that Intuit was planning to sell off Intuit Health Group. Intuit had been making some big purchases in healthcare, so it’s amazing to see them doing an about face. Here’s an excerpt from their press release about the change of strategy:

“These decisions are the remaining foundational pieces that focus our organization on our biggest opportunities as we execute our global connected services strategy,” said Brad Smith, Intuit president and chief executive officer. “We’ve evolved from a portfolio of business units to an ecosystem of products and services with unique interdependencies. Working together, these assets create amazing opportunities to solve important customer problems while building durable competitive advantage.”

And here’s an excerpt that discusses their plans for the Intuit Health Group:

Intuit also plans to sell the Intuit Health Group. While Intuit had considered healthcare a potential growth opportunity, structural shifts in the market have evolved in such a way that the business no longer fits within the refocused strategy, Smith said. The Intuit Health assets will be a better fit for an organization with a stronger focus on the healthcare industry.

This announcement is also interesting in light of the recent announcement from Kareo that they’d partnered with an Intuit company DemandForce. It seems that Intuit will still have a healthcare presence, but only when their product works across all industries. This is actually my concern for the Kareo and DemandForce partnership. I think that DemandForce will likely be overwhelming for many practices. Plus, many will wonder why DemandForce has features that don’t make sense for healthcare. Yes, we’re a little particular in healthcare, aren’t we? Kareo says they have 20,000 medical providers, so they’ll realize pretty quickly if practices like DemandForce or not.

I’ll be interested to see which company purchases the Intuit Health Group. There are probably a lot of companies that would love it, but I’m not sure if Intuit’s going to be willing to offer a great price.

July 3, 2013 I Written By

John Lynn is the Founder of the HealthcareScene.com blog network which currently consists of 15 blogs containing almost 6000 articles with John having written over 3000 of the articles himself. These EMR and Healthcare IT related articles have been viewed over 13 million times. John also manages Healthcare IT Central and Healthcare IT Today, the leading career Health IT job board and blog. John is co-founder of InfluentialNetworks.com and Physia.com. John is highly involved in social media, and in addition to his blogs can also be found on Twitter: @techguy and @ehrandhit.

EHR Consolidation and EHR Investment News

A couple big announcements came out this week that are continuing to shake up the EHR market. Most people consider this a really good thing when you look at the 300+ EHR companies in the market today. Most see this as unhealthy and a real issue for healthcare. No doubt it causes problems, not the least of which is the paradox of choice.

The first announcement was that Vitera Healthcare Solutions acquired SuccessEHS. Vitera is the new name for the SAGE EHR which they bought from Sage Software in 2011 for those tracking the EHR histories.

In the press release it says that the combined organizations serve “more than 10,500 medical organizations and over 415,000 medical professionals nationwide — including more than 85,000 physicians.” I was also interested to see Vitera’s emphasis on expanding their customer base in CHCs, Student Health Centers, HIV/AIDS Clinics, and FQHC.

I asked the company if there were any plans to sunset one of the competing EHR software platforms. They responded that they “plan to keep both EHR systems and keep developing both of them.” Of course, the acquisition was just announced, so that doesn’t mean in 3-6 months they may compare the EHR systems and make a different decision in the future.

The second announcement was CareCloud EHR raising $20 million. That brings CareCloud’s total funding to $44 million. Ever since I first met Albert Santalo, CEO of CareCloud, he said that he wasn’t looking for the early exit. Instead, he wanted to build CareCloud into a long term company. I expect this extra $20 million will let him and CareCloud really swing for the fences.

Also, I literally just got an email from another EHR vendor that’s in the process of being acquired. I can’t say who the company is until it’s official, but it seems that EHR consolidation is happening. Either that or the companies are taking on funding to try and last for the long term.

June 18, 2013 I Written By

John Lynn is the Founder of the HealthcareScene.com blog network which currently consists of 15 blogs containing almost 6000 articles with John having written over 3000 of the articles himself. These EMR and Healthcare IT related articles have been viewed over 13 million times. John also manages Healthcare IT Central and Healthcare IT Today, the leading career Health IT job board and blog. John is co-founder of InfluentialNetworks.com and Physia.com. John is highly involved in social media, and in addition to his blogs can also be found on Twitter: @techguy and @ehrandhit.

VentureHealth Launches New Crowdfunding Platform for Healthcare

I was recently sent the press release (embedded below) about a new healthcare crowdfunding platform called VentureHealth. I’ve long thought that healthcare is one of the areas that could benefit from Crowdfunding the most. Largely because many patients (the crowd) have an interest in solving big problems in healthcare. So, the crowd could come together to help fund solutions to the world’s most deadly and pernicious diseases.

However, VentureHealth takes a bit of a different approach to Crowdfunding in Healthcare. Instead of focusing on patients funding healthcare entrepreneurs (which isn’t really possible yet because of crowdfunding laws), they are focused on enabling accredited investors who want to invest in healthcare startups. This is a smart idea because many doctors likely fit into the accredited investor category.

Unfortunately, having accredited investors is the only way to do crowdfunding today. However, I think this could be a good step for healthcare. If you can get a crowd of doctors backing innovation in healthcare, then you’re more likely to see success.

We’ll see how VentureHealth does over time, but it’s cool that they also announced in the press release below that the helped Channel Medsystems raise part of a series B round of funding. They also have a couple exits listed on their portfolio page including the popular BodyMedia. I’ll be interested to see how Venture Health does over time.

VentureHealth Launches New Model for Funding Healthcare Innovations 

Individual Investors Can Now Tap Into Previously Inaccessible Life Sciences Deals 

San Jose, Calif. – May 17, 2013 – VentureHealth, an online healthcare investment portal for accredited investors, today announced a new model for equity crowdfunding.  Focused on innovations that dramatically improve clinical outcomes, VentureHealth is the first equity crowdfunding portal founded by professional investors.  The investment platform offers qualified investors access to life sciences deals that traditionally were reserved for venture capitalists.

VentureHealth is led by a seasoned team with extensive success in the healthcare industry.  Mir Imran, Co-Founder and Managing Director, is a prolific medical innovator who has founded more than 20 life sciences companies and holds more than 200 patents.  Mir is also the founder of InCube Labs, a multi-disciplinary research lab that develops breakthrough medical technologies, and InCube Ventures, a life sciences venture fund.  Andrew Farquharson, Co-Founder and Managing Director of VentureHealth, is an investor and entrepreneur with two decades of experience building, restructuring and acquiring companies in life sciences.  A Harvard MBA, Andrew is also a founding member of InCube Ventures and an advisor to InCube Labs.  Talat Imran, the third Co-Founder and Managing Director, is an accomplished entrepreneur in the world of digital media.

“Venture capital for early stage life sciences companies has dried up in the last few years, and promising companies are always looking for investors.  VentureHealth has the potential to change how healthcare innovations are funded, which is a win for both entrepreneurs and investors,” said Mir Imran, Co-Founder and Managing Director.

“We founded VentureHealth so that physicians and other accredited investors can invest in the most compelling biomedical innovations,” said Andrew Farquharson, Co-Founder and Managing Director. “This model gives individuals access to high-quality deals, investing on terms offered to professional VCs.  It’s a paradigm shift and, if we’re successful, this could change the landscape for biomedical financing.”

VentureHealth is also announcing today that it raised $875,000 as part of a Series B round for Channel Medsystems, a start-up developing next generation cryoablation technologies.

“We love this new approach,” said Dan Burnett, Founder of Channel Medsystems. “VentureHealth is very attractive for companies like ours because it creates new financing options, and makes the whole funding ecosystem less VC dependent. That is a very big deal to entrepreneurs.”

In launching the online portal, VentureHealth is able to expand the community of investors while offering a limited number of carefully selected investment opportunities at any given time.

Astro Tellerserial entrepreneur and scientist who oversees Google[x]Google’s audacious ideas lab and “moonshot factory,” is not affiliated with VentureHealth but sees the potential of the model.  “Democratizing access to private markets is a powerful concept, and VentureHealth gets us a step closer to this vision.  It’s opening doors for individual investors, giving them access to deals they wouldn’t be able to participate in otherwise.  Even more interesting, it’s giving these investors a forum to interact and engage with the community.  There’s no doubt that 100 qualified people evaluating a deal make a better decision than one individual investor.”

Registered potential investors can log into www.venturehealth.com to see the most current offerings and to sign up to receive notifications when new investments become available. Those seeking life science investment opportunities must understand the risks associated with equity investments and are encouraged to consider investment diversification.

# # #

About VentureHealth

VentureHealth is an online venture fund platform for accredited investors who want access to breakthrough opportunities in the $2.5 trillion US healthcare sector.  Based in Silicon Valley, the firm was founded by professional investors with strong track records, who are passionate about improving healthcare. The team vets investments based on its deep experience in company building, and is incentivized by the quality of deals, not quantity. The time has come for offline fundraising to move online. For more information please visit www.VentureHealth.com.

May 24, 2013 I Written By

John Lynn is the Founder of the HealthcareScene.com blog network which currently consists of 15 blogs containing almost 6000 articles with John having written over 3000 of the articles himself. These EMR and Healthcare IT related articles have been viewed over 13 million times. John also manages Healthcare IT Central and Healthcare IT Today, the leading career Health IT job board and blog. John is co-founder of InfluentialNetworks.com and Physia.com. John is highly involved in social media, and in addition to his blogs can also be found on Twitter: @techguy and @ehrandhit.

AthenaHealth (NASDAQ: ATHN) Acquires Epocrates (Nasdaq: EPOC)

It was just announced that AthenaHealth plans to acquire Epocrates. This is a big move by AthenaHealth and a really smart one. Here are the details of the agreement for AthenaHealth to acquire Epocrates from the press release:

The board of directors of each of athenahealth and Epocrates has agreed to a price of $11.75 per share, in cash, for an aggregate purchase price of approximately $293 million. The purchase price represents a 22 percent premium over the closing price per share of Epocrates on NASDAQ on Friday, January 4, 2013. This is an all-cash offer for all outstanding shares of Epocrates’ common stock, and athenahealth intends to finance this acquisition using available cash and funds available from its existing credit facility. The closing of the transaction is subject to the approval of Epocrates shareholders and other customary closing conditions and is currently expected to occur early in the second quarter of 2013. Epocrates shareholders representing approximately 17.5% of the outstanding common stock have agreed to vote their shares in favor of the transaction.

Of course, there are still a number of regulatory hurdles that must be overcome to make the transaction final, but this looks like it’s going to happen. Considering Epocrates stock price was so low after their initial IPO, this isn’t really a surprise. Plus, once Epocrates shut down their EHR business it presented a great opportunity for another EHR vendor to come in and capitalize on Epocrates relationships with the doctors. In fact, Jonathan Bush describes the value of the Epocrates brand really well:

“I have been an admirer of Epocrates since it first emerged and have watched the company grow consistently, one app download at a time, as it has cemented itself into the consciousness of America’s physicians. No other company has been able to replicate the brand awareness, familiarity, and trust that Epocrates has across the clinical mobile user base. We are confident that we can provide Epocrates with the stewardship and resources it needs to grow and develop within health care, and that Epocrates’ capabilities are going to mesh exceptionally well with athenahealth’s cloud-based physician and patient services.”

I’ll be interested to see how AthenaHealth chooses to integrate the Epocrates knowledge base within its EHR and how they use the Epocrates relationship to sale their EHR to doctors. Will the Jonathan Bush cloud mantra take hold in the Epocrates culture? I’ll be interested to watch that transition.

January 7, 2013 I Written By

John Lynn is the Founder of the HealthcareScene.com blog network which currently consists of 15 blogs containing almost 6000 articles with John having written over 3000 of the articles himself. These EMR and Healthcare IT related articles have been viewed over 13 million times. John also manages Healthcare IT Central and Healthcare IT Today, the leading career Health IT job board and blog. John is co-founder of InfluentialNetworks.com and Physia.com. John is highly involved in social media, and in addition to his blogs can also be found on Twitter: @techguy and @ehrandhit.

ImagineMD EHR Closes Doors and Amazing Charts Acquired

A lot of activity lately in the EHR world and I think this is just the beginning. ImagineMD posted an “Important Notice” (quoted at the bottom of this post) on their website that said that they’re no longer providing ImagineMD services. The interesting thing is that a respected EHR consultant that I know absolutely loved the Imagine MD EHR. This guy had worked with hundreds of EHR software, so he knew the difference. Sadly, as often happens in business it’s not enough to have a great product. You also have to be able to market that product well. Looks like ImagineMD went out with their heads held high and didn’t leave their doctors high and dry. That’s always good since even an assisted transition is hard.

In other unrelated news, today it was also announced that Amazing Charts was acquired by Pri-Med. This is an interesting acquisition since Amazing Charts has a nice EHR footprint and Pri-Med wasn’t previously in the EHR space. Although, it does seem that Pri-Med’s physician connection could be really beneficial to Amazing Charts. I’m going to try and do an interview with Amazing Charts and Pri-Med which I’ll post on EMR and HIPAA or EMR and EHR.

ImagineMD is part of the EHR consolidation that everyone said is coming. We just can’t sustain 300+ EHR vendors. However, the Amazing Charts acquisition isn’t part of EHR consolidation. It’s similar to the ADP Acquisition of AdvancedMD where Neil Versel aptly pointed out wasn’t the expected EHR consolidation. Add these changes to large EHR vendors shutting down EHR software like MyWay and GE Centricity Advance and were slowly winnowing down the number of EHR vendors out there.

ImagineMD Client Notice:

Dear Clients of Imagine MD:

This notice is to inform you that as of September 30, 2012 (the “Effective Date”), we will no longer be providing Imagine MD Services as defined in the End User License Agreement – Terms of Use as set forth on our website at https://secure.imaginemd.com/Public/docs/terms.pdf (the “Services”). The Services may or may not include, without limitation, electronic prescribing “eRx”, meaningful use attestation services, and other related services. After the Effective Date, you will no longer have access to any of our Services and we will terminate all access codes that we have provided to you.

Following termination of Services we will return to you, or, upon your written instruction, transfer to another party, all patient records, including personal information you have provided to us or we have created and maintained on your behalf. Such information will be provided in an encrypted format. You will be contacted in the near future regarding this transfer of information. The files will include information through the period ending September 30, 2012, or the date as of which you request such data, whichever occurs first. Thirty days after the information is transferred, we will destroy all patient records and we will not retain a copy of the information. Additionally, we will provide you with a log of all relevant disclosures, if any, of protected health information that you may need to fulfill your obligations under the Health Insurance Portability and Accountability Act of 1996 with regard to the provisions and accounting of such disclosures.

We are terminating all of our services as we are in the process of exiting the business. All of us at Imagine MD thank you for using our services.

If you have any questions, please contact us by email at info@imagine-md.com or call us at (877) 394-7774.

eHealth Made EASY, LLC (a/k/a Imagine MD™)

Full Disclosure: Amazing Charts is an advertiser on this site.

November 19, 2012 I Written By

John Lynn is the Founder of the HealthcareScene.com blog network which currently consists of 15 blogs containing almost 6000 articles with John having written over 3000 of the articles himself. These EMR and Healthcare IT related articles have been viewed over 13 million times. John also manages Healthcare IT Central and Healthcare IT Today, the leading career Health IT job board and blog. John is co-founder of InfluentialNetworks.com and Physia.com. John is highly involved in social media, and in addition to his blogs can also be found on Twitter: @techguy and @ehrandhit.

$4.2 Million New York Digital Health Accelerator Announces Inaugural Class

Today at the Digital Health Conference, NYeC announced their inaugural class of companies for the New York Digital Health Accelerator. This is a big announcement just 5 months after they announced the creation of the Digital Health Accelerator.

As I said when I first wrote about this health IT accelerator, there are a number of health IT accelerators and incubators out there, but I think that the Digital Health Accelerator differentiates itself in a couple important ways. First, they offer $300k of investment in the company. Second, they have real tangible relationships with hospital systems. The second is likely the more important. There’s little of more value to a health IT startup company than actual customers giving you feedback on what you’re creating.

Here’s the full press release announcing the inaugural class including a list of companies:

NYeC, Partnership for New York City Fund and the DOH have Joined Forces to Create $4.2M Digital Health Accelerator Program, the Largest Program of its Kind, to Encourage Health IT Innovation and Create Jobs

New York, NY – Today the New York eHealth Collaborative (NYeC) and the Partnership for New York City Fund (Partnership Fund) revealed the inaugural class of the New York Digital Health Accelerator (NYDHA), a program that will make New York a hub for the emerging digital health technology industry. The partnership is the largest-funded health IT accelerator program in the United States, and the first to provide access to senior-level healthcare providers who are committed to the success of the eight growth-stage companies selected.

With its initial investment of $4.2 million, the NYDHA program will create approximately 1,500 jobs over five years. In addition, it is expected that the companies will attract upwards of $150 million to $200 million in investment from the venture capital community post-program.

The program has selected 8 early- and growth-stage companies that are developing cutting-edge technology products in care coordination, patient engagement, analytics and message alerts for healthcare providers. The program received 250 applications from companies located in 27 states and 10 countries.  Each chosen company is awarded up to $300,000 along with invaluable mentoring from senior-level executives at leading hospitals and other providers in New York for nine months. Each company has committed to opening an office in New York State.

“The Accelerator provides much-needed, valuable tools for providers in support of New York State’s Medicaid Redesign initiative,” New York State Health Commissioner Nirav R. Shah, M.D., M.P.H. said.  “The initiative, which promotes a shift from the costly fee-for-service model to a more effective and efficient managed care approach, is resulting in better care – at lower cost – for patients across the continuum of care.  The Accelerator is an essential first step to stimulate the market and nurture innovation within the entrepreneurial community.”

Tech companies accepted into the program are receiving direct mentorship and feedback from senior-level executives with the participating providers. Their coaching, testing, and feedback will help these companies create the most efficient tools that the medical community will want to use to streamline the sharing of electronic medical records and improve coordination of care.

In addition, companies have direct access to the technology platform that is connecting electronic health records across New York State, the Statewide Health Information Network of New York (SHIN-NY).

“We are creating the next generation of healthcare applications that will transform the healthcare delivery system,” said NYeC Executive Director David Whitlinger. “These companies are the first software development vendors to have direct access to the SHIN-NY, a secure platform that embodies all of the federal and state policies for usage of patient data by the community.”

“One of the biggest challenges for early stage health care companies is getting access to large customers” explains Maria Gotsch, President and CEO, Partnership for New York City Fund.  “This program not only provides that access but allows the eight companies to benefit from high level feedback, which will accelerate their growth and create good jobs in the important health IT sector in New York.”

The investment capital was provided by a syndicate of investors, including Aetna, Janssen Healthcare Innovation, Milestone Venture Partners, New Leaf Venture Partners, Partnership for New York City Fund, Quaker Partners, Safeguard Scientifics, and UnitedHealth Group. The Empire State Development Corporation, Health Research Inc., and NYeC have provided additional funds to operate the NYDHA.

The 8 selected companies include:

AdhereTx: KnowMyMeds web-based, interoperable software supports team-based medication management and reconciliation for high-risk patients at the point of care. KnowMyMeds enables healthcare practitioners to perform clinically validated, cost-effective medication review for high-risk patients, including “dual eligibles” and the chronically ill, to reduce their drug-related hospitalizations and readmissions. (www.adhertx.com)

Aidin: Aidin is a web-based referral platform for hospitals discharging patients to post-acute care.  Aidin collects hard data about how well post-acute providers perform and makes it easy for hospital staff to present that information to patients when they are choosing their post-acute provider – helping patients choose better providers for better outcomes. (www.myaidin.com)

Avado: Avado allows clinicians and patients to securely communicate, track, and manage health information. They centralize data from many EHR’s and make it usable for all stakeholders.  Providers can take comfort knowing that Avado exceeds Meaningful Use requirements for patient engagement while also addressing requirements for medical homes and accountable models. (www.avado.com)

CipherHealth: CipherHealth helps hospitals avoid government penalties by reducing preventable readmissions, improving outcomes, better coordinating care, and creating a positive patient experience.  CipherHealth reaches out over the phone, through tablets, via email, text, or the web, better engaging patients in their care and building stronger relationships between patients and providers. (www.cipherhealth.com)

Cureatr: Cureatr will improve how healthcare providers communicate and coordinate patient care. Their lightweight, user-friendly HIPAA-secure group messaging system integrates with existing directory, scheduling and paging systems, making it easy to use while coordinating care within or between organizations. (www.cureatr.com)

 MedCPU: MedCPU delivers accurate real-time clinical care advice through its revolutionary Advisor Button technology. It uniquely captures the complete clinical picture from clinicians’ free-text notes, dictations and structured documentation entered into any EMR, and analyzes it against a growing library of best-practice content, generating real-time precise prompts for best care consideration. (www.medcpu.com)

Remedy Systems: Remedy Systems leverages the power of mobile to lower the cost and improve the quality of healthcare via its flexible care coordination platform that enables physicians and nurses to concentrate on delivering the highest quality of care possible while fostering engagement from patients and family/friends. (www.remedysystems.com) 

SpectraMD: SpectraMD maximizes the value of data across the continuum of care with business intelligence solutions. Their FOCUS™ Actionable Analytics platform enables stakeholders in hospitals and ambulatory care settings to improve outcomes, increase revenues, succeed in quality-based initiatives including Reducing Preventable Readmissions and leverage analytics for the Health Home initiative. (www.spectramd.com)

22 leading healthcare providers are engaged in intense mentorship with the selected companies including:

Adirondack Health Institute Institute for Family Health
Albany Medical Center Maimonides Medical Center
Catholic Health System Mt Sinai Medical Center
Community Healthcare Network NYC Health and Hospitals Corporation
Continuum Health Partners New York Hospital Queens
Ellis Medicine New York-Presbyterian Hospital
FEGS Health and Human Services System North Shore LIJ Health System
Finger Lakes Community Health NYU Langone Medical Center
Hometown Health Centers Stony Brook University Medical Center
Hudson River Health Care Visiting Nurse Service of Schenectady and Saratoga Counties
Hudson Valley Initiative Winthrop University Hospital

Resources:

A new website at www.digitalhealthaccelerator.com provides updates and progress of the program.

About The New York eHealth Collaborative (NYeC): NYeC is a not-for-profit organization, working 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 a network to connect healthcare providers statewide. The goal of NYeC is that no patient, wherever they may need treatment within the State of New York, is ever without fast, secure, accurate, and accessible information. For more information about NYeC, visit www.nyehealth.org @NYeHealth on Twitter.

About the Partnership for New York City Fund (Partnership Fund):The Partnership for New York City Fund (www.nycif.org) is the vision of Henry R. Kravis, founding partner of Kohlberg Kravis Roberts & Co., who serves as its Founding Chairman. The Fund has raised over $110 million to mobilize the city’s world financial and business leaders to help build a stronger and more diversified local economy. It has built a network of top experts from the investment and corporate communities who help identify and support New York City’s most promising entrepreneurs in both the for-profit and not-for-profit sectors. The Fund is governed by a Board of Directors co-chaired by Russell L. Carson, General Partner of Welsh, Carson, Anderson & Stowe; and Richard M. Cashin, Managing Partner of One Equity Partners. The Fund is the economic development arm of the Partnership for New York City (www.pfnyc.org), an organization of the leaders of New York City’s top corporate, investment, and entrepreneurial firms. They work in partnership with city and state government officials, labor groups, and the nonprofit sector to promote the interest of the city and its neighborhoods. The Partnership carries out research, policy formulation, and issue advocacy at the city, state, and federal levels, leveraging the resources and expertise of its CEO and Corporate partners.

About the Statewide Health Information Network of New York (SHIN-NY): The SHIN-NY (pronounced “shiny”) is coordinated by the New York eHealth Collaborative (NYeC) and functions similarly to a public utility, making electronic health records secure and accessible to healthcare providers statewide while improving patient care and lowering costs. SHIN-NY is a network of information transmitted between users. Like the Internet, as more users connect, it grows, evolves, and becomes more secure, efficient, and easy to use. As an increasing number of private practices, nursing homes, clinics and hospitals begin to digitize their records, they have the option to connect to information hubs in their region of the state. These Regional Health Information Organizations collect health record data from the healthcare providers in their area and, with patient consent, allow this information to be shared securely with other providers in the region. The SHIN-NY will connect these regional hubs to create a private and secure network spanning the entire State of New York. To see a video about how the SHIN-NY is transforming health information exchange in New York State visit http://nyehealth.org/what-we-do/statewide-network/.

October 15, 2012 I Written By

John Lynn is the Founder of the HealthcareScene.com blog network which currently consists of 15 blogs containing almost 6000 articles with John having written over 3000 of the articles himself. These EMR and Healthcare IT related articles have been viewed over 13 million times. John also manages Healthcare IT Central and Healthcare IT Today, the leading career Health IT job board and blog. John is co-founder of InfluentialNetworks.com and Physia.com. John is highly involved in social media, and in addition to his blogs can also be found on Twitter: @techguy and @ehrandhit.

Healthbox Expands to European Startups

Healthbox is known for helping new business startups by providing them with seed capital. The company has recently announced it would be expanding its services to London. In July, Healthbox began the search for health tech startups that will bring change to health care in Europe.

They hosted the first of many events across Europe to bring in potential startups, and the final selection was set to take place in September. The startups that were selected are set to receive £75,000 of seed capital, access to Healthbox’s mentors, wider industry network,  and access to Healthbox’s London offices.

Commenting on the launch of Healthbox’s accelerator in London, Nina Nashif, Founder of Healthbox, described why London was chosen to be the hub in Europe, and her feelings about the program:

London was the obvious place to come be part of the UK’s world-renowned academic institutions, science and tech traditions as well as being a gateway to the rest of Europe. It is the natural seedbed for new, passionate entreprenerus looking to grow their ideas. We are looking forward with some amazing people. Healthcare has traditionally been a challenging sector for innovation because by its very nature it has been risk averse. Healthbox has developed a new ecosystem and culture for stimulating change by bringing together early-stage companies with strategic organisations, individuals and investors who mutually benefit from working together on new ideas that transform health. We believe in the power of having a global network for exchange of ideas and learning.

There are several firms that are supporting the program, which include Bupa and Secro and Zone Digital, and there will be mentors from companies such as Care UK, Novo Nordisk, Dell, Deloitte, and DocCom.

October 12, 2012 I Written By

Katie Clark is originally from Colorado and currently lives in Utah with her husband and son. She writes primarily for Smart Phone Health Care, but contributes to several Health Care Scene blogs, including EMR Thoughts, EMR and EHR, and EMR and HIPAA. She enjoys learning about Health IT and mHealth, and finding ways to improve her own health along the way.