One of the primary things leaders in healthcare need to understand is complex financial models. We spoke with Root Valuation about their vision of healthcare innovation and who they serve:
Root Valuation is a healthcare focused valuation and financial advisory practice serving clients nationally. Our mission is to provide a consultative approach to valuation that helps clients navigate the complexities of healthcare transactions, particularly those that have Stark Law or Anti-kickback implications.
“Innovation is both about failing and succeeding. Sometimes you get more from the failures when they drive you to succeed. So you need to get out there and work and start doing.”
We believe that a hands-on, consultative approach is the best way to provide sound, defensible valuation advice while still providing actionable solutions that meet the needs of an ever-changing healthcare landscape. And with flexible fee structures and engagement models, Root Valuation’s expertise is accessible to both early stage innovators and established companies.
As new healthcare delivery models and technologies reshape the healthcare landscape, innovators are often faced with the difficult task of navigating a regulatory environment that has not kept pace with the rapid rate of change. When it comes to evaluating commercialization and provider alignment strategies it is important that innovators partner a valuation expert that can help design an economic model that avoids existing regulatory pitfalls while simultaneously providing practical and defensible solutions to navigate the unknown in a strategically viable manner.
Within the healthcare industry the term ‘Fair Market Value’ is defined for regulatory purposes with specific limitations designed to avoid consideration of the value or volume of referrals. Many investors and innovators seeking to bring change to the healthcare industry using solutions and experiences from other industries may be unaware of these limitations, placing their organization at significant risk of civil monetary penalties and other adverse regulatory intervention. At Root Valuation, our goal is to help innovators by providing practical (and compliant) economic advice so that new and effective solutions have the best chance of making a meaningful impact on our industry.
Catalyst Health-Tech Innovation is not just a first-of-its-kind building; it’s also a diverse community, and a radical idea to drive real, lasting change.
Mike Biselli was inspired to develop the industry integrator concept during his experience as a Board Member of Prime Health and a Senior Advisor to 10.10.10. He witnessed firsthand the tremendous power a determined community of clinicians, executives, technologists, entrepreneurs, academics, and investors could wield. In partnership with governmental, academic, non-profit, and commercial organizations, Mike Biselli and his team created Catalyst HTI, in order to quicken the pace of industry advancement by providing a welcoming, healthy, and informative environment where thought leaders can collaborate and innovate.
“I encourage change agents in healthcare to connect. See what we can create together. I come with a question: What are you passionate about? When we know what problems others are most motivated to solve, partnerships come naturally.”
Located in Denver’s River North District (RiNo), Catalyst HTI is a 180,000 square-foot industry integrator designed to bring health-tech start-ups and established health care entities together under one roof. The building covers an entire block, located on the west side of Brighton Boulevard between 35th and 36th Streets, and houses 50+ health-tech startups and Fortune 100s alike in the race to fix American healthcare.
“If you are passionate about reimagining healthcare, you have a seat at our table.” -Mike Biselli, TEDx RiNo
From established organizations to startups, from business accelerators to advocacy organizations, and from anchor tenants like UCHealth to global leading companies, everyone in Catalyst HTI works side-by-side to create, develop, refine and bring to market cutting edge innovations that will fundamentally transform healthcare as we know it.
Opened in July 2018, Catalyst HTI is now the home of such established names as Kaiser Permanente, Delta Dental, Hitachi, and MGMA. In addition to these healthcare companies and the dozens more startups who call Catalyst HTI home, this space will also house a diverse retail mix of restaurants & bars, on-site cafe, financial services, fitness, and more.
Prime Health is proud to be a part of this innovative community. If you’re truly passionate about changing the industry and improving people’s lives, Catalyst HTI wants to hear from you. What would you like to improve? Join the conversation in person and online, and together we can create a better Healthcare.
Prime Health is excited to share news from our Prime Health Challenge Winner. Epharmix is doing important work with patient monitoring and reaching patients who are difficult to reach. We asked them what they have been up to since the challenge and they shared their partnership with the STRIDE Community Health Center. A large part of their award from Prime Health was due to their ability to do important community work with Denver’s safety net providers.
Epharmix offers evidence-based patient engagement through SMS text messages and calls to monitor patients across 24 conditions, such as hypertension and diabetes. The new partnership will allow STRIDE care teams to use Epharmix’s technology to connect with difficult-to-contact patients with the aim of improving patient health outcomes such as what was seen in Epharmix’s trials – 50% improvement in blood pressure control in patients with hypertension over 12 weeks and a drop in A1c of 1.15, which is a significant improvement in blood sugar control, over 4 months in patients with diabetes.
The partnership with Epharmix will also alert STRIDE care teams when a patient reports poor health. Patients with chronic conditions and behavioral health needs will be able to communicate with their care teams, reducing avoidable Emergency Department visits.
“We know that over-utilization of the Emergency Department is a burden both on our patients and the hospital systems in our community,” said David Nuhfer, MD, Vice President of Community Health for STRIDE. “When we begin to keep patients engaged, we not only improve our patient’s health and healthcare experience, but we reduce the overall cost of care.”
As a Community Health Center, STRIDE addresses the need for affordable and accessible medical, behavioral health, and dental care among low-income, uninsured, and underserved populations residing outside the city and county of Denver. In 2018, 3 out of every 4 STRIDE patients identified at 150% or below the federal poverty level.
“We believe this partnership aligns with the STRIDE vision to empower individuals to live the lives they want through personalized, compassionate care. We are excited to see how this process improves our ability to partner with our patients to provide high-quality patient-centered care,” said Dr. Nuhfer.
Prime Health is looking forward to hearing more about our partners and about technology improving healthcare in the Colorado area. Our vision is to partner and drive innovation in Colorado, and the success of Colorado companies is something we should all celebrate. We look forward to sharing more success stories from innovators at our Innovation Summit on May 6th & 7th. Follow along online through the hashtag #innovationsummit19 and let us know what successes you are proud of!
To contact STRIDE directly, please reach out to:
Media Contact: Erika Oakvik, Erika.firstname.lastname@example.org
(303) 761-1977, Ext. 1120
UnitedHealthcare is dedicated to helping people live healthier lives and making the health system work better for everyone by simplifying the health care experience, meeting consumer health and wellness needs, and sustaining trusted relationships with care providers. In the United States, UnitedHealthcare offers the full spectrum of health benefit programs for individuals, employers, and Medicare and Medicaid beneficiaries, and contracts directly with more than 1.2 million physicians and care professionals, and 6,500 hospitals and other care facilities nationwide.
Innovation is at the heart of UnitedHealthcare’s commitment to helping provide people with more personalized, convenient and easier-to-use resources to simplify the health care experience. In fact, UnitedHealth Group is recognized as the top-ranking company in the insurance and managed care sector on Fortune’s 2018 “World’s Most Admired Companies” list.
UnitedHealthcare is helping to change the health care landscape with innovative programs and technology including: wearable device wellness programs, value-based care, online and mobile resources, and integrated care models. We have transformed how we work as an organization to enable our employees to take the time to understand our members’ needs and become a true partner in their care. To achieve that, we are putting consumer experience at the center of how we operate as a company and equipping people to become actively engaged health consumers is driving our innovation. Success for us means responding to each individual, every time, with compassion. One person at a time; millions of times.
According to Marc Neeley, a leader at UnitedHealthcare and speaker at our Innovation Summit: Advanced technologies and breakthrough treatments are redefining what can be achieved in health care today, and tomorrow. Increasingly, innovations in health care delivery are empowering people to more effectively and efficiently manage their own health and well-being, as well as create opportunities for more coordinated care and proactive clinical interventions. UnitedHealthcare is uniquely positioned to positively impact health care’s evolution, leveraging technology and data to help improve health outcomes and modernize the health system to solve important issues for consumers. That’s why UnitedHealthcare spends more than $3 billion annually on data, technology and innovation. Through these investments, we are helping empower people to take charge of their health care and create a health care system that works better for everyone.
One of the most influential aspects of health care today is the evolution of collaborative relationships between health plans and care providers, and cutting-edge partnerships between entrepreneurs and investors. The Innovation Summit provides an opportunity to highlight examples of this work and brainstorm other possibilities, all with the hope of improving the effectiveness of the health care system in meeting patients’ needs and encouraging better experiences and improved outcomes for everyone.
Epharmix, winner of the 2018 Prime Health Challenge recently signed contracts with Denver-based healthcare providers AllHealth Network and Metro Community Provider Network (MCPN).
Epharmix offers an evidence-based patient engagement platform that uses accessible SMS texts and calls to monitor patients across 24 conditions. The newly formed partnerships will bring Epharmix’s technology into the hands of care managers and providers helping them connect with hard-to-reach patients and improve patient health outcomes throughout Colorado.
As a Federally Qualified Health Center MCPN serves low-income, uninsured, and underserved populations residing outside the city and county of Denver.Epharmix will help MCPN stay connected to patients after they’ve left the doctor’s office and alert MCPN when the patient begins to report poor health. Patients with chronic conditions and mental health needs will be able to get the care they need, avoiding unnecessary Emergency Department visits.
AllHealth Network is a leading behavioral health and mental health provider serving clients of all ages in the Denver region. Epharmix will help AllHealth Network stay connected to clients struggling with behavioral and mental health conditions, providing convenient, accessible, and non-judgemental care.
Cynthia Grant, Chief Clinical Officer & Compliance Officer at AllHealth Network shared her vision for the partnership. “I think there is great potential for AllHealth Network to benefit from using the Epharmix platform with our clients. The communication will help us identify high-risk clients we can target and also (hopefully) keep clients engaged when they are just beginning care– a time period that is often characterized by a sense of urgency, impulsivity, and ambivalence,” she said.
Epharmix CEO, Blake Marggraff shared his excitement, “The Denver health community has been incredibly warm and welcoming. We’re so thrilled with the support and interest from the community and would like to recognize Dr. Ben Bynum of The Colorado Health Foundation, Mike Biselli of Catalyst HTI, and Nicole McNew of the Prime Health Challenge.”
Epharmix CEO Blake Marggraff won first place for his company at the 2018 Prime Health Challenge.
- Remote monitoring company Epharmix won the first place prize of $75,000.
- Telehealth provider Care on Location won the second place prize of $50,000.
- Symptom tracker Tela won the third place prize of $25,000.
Last Thursday, six health-tech startups took the stage at the EXDO event center to pitch their innovations. They were watched by a panel of payers and providers, as well as an audience of hundreds. The stakes were high. Each startup was competing for a chance to pilot their innovation with a Colorado healthcare organization, and to do so with a share of $150,000.
“I want to thank the Colorado Health Foundation,” said Nicole McNew, executive director of Prime Health. For the past five years, the Colorado Health Foundation has funded the Prime Health Challenge. “Over that time, we’ve awarded $550,000 to fund 19 pilots across the state of Colorado.”
“These pilots significantly contributed to Colorado being ranked one of the top 10 states for digital health.”
The six startups that presented at the 2018 Prime Health Challenge came from around the country. Prior to taking the stage, they had undergone months of rigorous vetting. Each had been chosen to pitch because their innovation offered to radically improve care for underserved patients.
“Innovation doesn’t come from us or big hospitals,” said Kim Bimestefer, executive director of the Colorado Department of Healthcare Policy and Financing. “It doesn’t come from big insurance companies. It comes from you.”
“You can come up with the innovations that continue to help people who are in the most difficult circumstances.”
Tela CEO Christie Menghir won second place for her company at the 2018 Prime Health Challenge.
The first entrepreneur to take the stage was Christie Menghir, CEO of Tela. Tela helps cancer patients track their symptoms, medication usage, and other health data. It then shares this data with providers to improve their care, and with researchers in the field of precision medicine.
According to Tela’s CEO, a recent study demonstrated that sharing such data with providers can increase a patient’s quality of life and improve their overall chance of survival. “This data outperformed all but a couple oncology drugs approved by the FDA that year,” said Menghir.
Tela won the third place prize of $25,000 in pilot funding. The startup received pilot offers from SCL Health and Health One.
TCARE CEO Ali Ahmadi describes the benefits of his company’s platform.
Ali Ahmadi, CEO of TCARE, was next on the stage. According to Ahmadi, health insurers use his company’s platform to reduce caregiver burnout and keep patients out of the nursing home. In a recent two-year pilot, TCARE saved the state of Washington more than $20 million.
“In a cohort of 2,300 caregivers, TCARE was proven to reduce Medicaid-long term care service usage and enrollment by 20%,” said Ahmadi. “Average delayed placement in a nursing home was 21 months.”
TCARE received a pilot offer from the Boulder County Area Agency on Ageing.
Medicipher CEO Stephanie Gravenor addresses the judges of the 2018 Prime Health Challenge.
Medicipher CEO Stephanie Gravenor was the third entrepreneur to pitch. Her company’s platform allows emergency departments to lower staffing costs without sacrificing quality of care. Its predictive analytics also enable emergency departments to better manage patient volume.
“Research tells us that inadequate nurse staffing leads to increased rates of mortality, complications, and safety events,” said Gravenor. “It also leads to higher resource utilization because of the delays in care that increase hospital length of stay.”
Medicipher received a pilot offer from SCL Health.
Care on Location CEO Dr. Jonathon Savage won the second place prize for his company at the 2018 Prime Health Challenge.
Next was Dr. Jonathon Savage, CEO of Care on Location, a Denver-based telehealth services provider. Care on Location delivers quality care to patients using a convenient software platform. For those who need more than a telehealth visit, Care on Location connects them with nearby providers through its geolocation-based matching service.
“Imagine how it feels to be a Medicaid patient who is sick today, but can’t get an appointment for days or weeks,” said Dr. Savage. “Or how it feels to live in a rural community, and there’s no doctor for miles to listen to your concerns.”
“Or how it feels to be the mother of a sick child on a Friday evening, and you don’t know what to do or where to go.”
Care on Location won the second place prize of $50,000 in pilot funding. The startup received pilot offers from All Health Network, Doctor’s Care, and the Colorado Coalition for the Homeless.
Golden CEO Evan Ollinger describes the financial stress most American seniors feel.
Golden CEO Evan Ollinger was the fifth entrepreneur to present. Golden provides financial coaching for seniors, one of the most medically vulnerable populations in the U.S. Its program also checks to see if users qualify for government benefits and drug discounts.
“The fact is that money, or a lack of it, is a prime determinant for healthy aging,” said Ollinger.
Golden received a pilot offer from Denver Health.
Epharmix CEO Blake Marggraff pitches to a panel of payers and providers at the 2018 Prime Health Challenge.
The final entrepreneur to pitch at the Challenge was Blake Marggraff, CEO of Epharmix. A remote patient monitoring company, Epharmix increases engagement through phone and text messages. From these interactions, the company collects data on 23 chronic diseases.
“The patients who need the most help, who would benefit from often simple interventions, are often the most challenging to help,” said Marggraff. “Even when our safety net organizations are investing in fantastic and powerful solutions like case and care management.”
“Because care management as an analog solution is really tough. It involves cold calling. It involves patients that sometimes don’t need help. At the end of the day, it’s a major cost center for safety net institutions.”
Epharmix was awarded the first place prize of $75,000 in pilot funding. The startup received pilot offers from All Health Network, Metro Community Provider Network, Mental Health Center of Denver, and the Colorado Coalition for the Homeless.
About Prime Health
Prime Health is a business ecosystem of healthcare administrators, providers, technologists, academics, entrepreneurs and investors dedicated to improving healthcare delivery through health tech innovation. Prime serves as a community integrator, accelerating the adoption and implementation of evidence-based emerging technologies that enhance access to care, improve clinical outcomes and reduce costs. The organization operates Innovation programs and events that bring together community stakeholders to discuss industry needs, identify innovative solutions, and scale partnerships that drive meaningful outcomes. To learn more, visit: www.primehealthco.com.
About the Colorado Health Foundation
The Colorado Health Foundation is bringing health in reach for all Coloradans by engaging closely with communities across the state through investing, policy and advocacy, learning and capacity building. For more information, please visit www.coloradohealth.org.
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