$150,000 will be Awarded to “Shark-Tank” Style Competition Winners
On Oct. 19, six top healthcare innovations will compete for $150,000 and the opportunity to test their products with 15 leading healthcare organizations during one of the largest pitch competitions of its kind in the nation.
Prime Health, Colorado’s health innovation ecosystem, will convene over 500 attendees, including investors, entrepreneurs and executives from local community and national health organizations, to watch the “shark-tank” style competition on Oct. 19 at EXDO Event Center in Denver. In its first two years, the Prime Health Challenge has resulted in 12 pilot testing programs of health innovations and over $1 million has been invested in participating companies.
The Colorado Health Foundation funded the inaugural 2014 and 2015 Challenges, and is supporting the Prime Health Challenge for a third year as part of the organization’s efforts to invest in resources and create partnerships that will increase opportunities to improve the health of Coloradans.
“The Foundation is excited to support another year of the Prime Health Challenge and it’s work to bring cutting-edge health innovations into our state,” said Amy Latham, vice president of philanthropy at the Colorado Health Foundation. “This event, the partnerships fostered and results of pilot testing will help us to achieve our mission of improving health for Coloradans by increasing access to quality healthcare.”
Three of last year’s winners have already completed their pilots and are boasting exciting results. EMS Relay is speeding up registration in the ER so that patients can be seen faster. Test Appropriate has determined that cardiac test ordering can be improved in order to save on costs, and Radish Systems has discovered a big value-add by incorporating “Voice with Visuals” for phone and chat health coaching.
The 2016 finalists were selected from 30 initial contestants using Prime Health Qualify, an online evaluation tool designed specifically to assess health innovations. The contestants also received two months of mentoring and pitch coaching.
“The Challenge is the largest collection of healthcare organizations considering hosting pilot tests of health innovation products anywhere in the country. Our Prime Health Qualify process assures these innovations have been assessed and curated as the top companies and products. The Challenge is our galvanizing annual event. It brings together all stakeholders to quicken the pace of adopting new innovations. Every sector of healthcare is represented with our host institutions. We believe this is a key indicator we are building the leading health innovation ecosystem in the nation here in Colorado,” said Jeffrey Nathanson, chief executive officer of Prime Health.
The healthcare organizations participating in the 2016 Challenge include large hospital and healthcare systems such as HCA/HealthONE, National Jewish Health, Kaiser Permanente, Centura Health, Denver Health and SCL Health as well as community health organizations such as Northwest Colorado Health and Doctors Care (see complete list here).
The 2016 Prime Health Challenge is funded by the Colorado Health Foundation and the following sponsors: DaVita, Medical Group Management Association, Twentyseven Global, Physician Health Partners, Colorado Community Health Alliance, CGI, Garlic Media Group, Colorado Technology Association, Catalyst HTI, Anabliss and Valid Eval.