6 Questions


6 Questions on the Future of Healthcare with First Light Asset Management’s Matt Arens

November 26, 2018 | Tags: , , , , , , , , , , , , , , ,

6 Questions is a new interview series with Medical Alley leaders on the future of healthcare. Medical Alley Association’s membership includes leaders in healthcare delivery, payment, technology, and policy, which gives us – and in turn, you – access to diverse perspectives on how healthcare is changing and what lies ahead.

Medical Alley is the global epicenter of health innovation and care; 6 Questions, is meant to share insights and spark discussion. If you have a perspective on the future of healthcare, feel free to share it by reaching out to Frank Jaskulke, Vice President of Intelligence at fjaskulke@medicalalley.org

This interview with Matt Arens, CEO and Senior Portfolio Manager, has been lightly edited for clarity and length.

6 Questions Series

 

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Matt Arens has been fortunate to combine two distinct passions in his career: investments and life sciences. Since entering the investments field in 1997, Arens has followed small-cap stocks, with a particular focus on identifying companies with high growth potential in the health care sector.

Prior to founding First Light Asset Management in September 2013, Arens was president and senior portfolio manager at Kopp Investment Advisors. While at Kopp, he served as the sole portfolio manager for the firm’s health care-focused investment strategy.

Arens graduated from Purdue University with a bachelor of science degree in financial planning. He has been a keynote speaker at the PricewaterhouseCoopers CFO Forum, and has been featured in publications, such as BusinessWeekBarron’sPensions & InvestmentsInvestment NewsMinneapolis Star Tribune and St. Paul Pioneer Press.

Will the future of healthcare be most significantly defined by reining in costs or accelerating outcomes?

With U.S. health care expenditures projected to exceed $5.5 trillion by the middle of the next decade,1 there is nothing that will define healthcare more than our ability to rein in costs while simultaneously providing excellent patient care. The benefit of any medical advancement must be evaluated within the context of its cost to the healthcare system. If the system is unable to support a costly healthcare solution that can improve people’s lives, its benefits are largely lost. Fortunately, there are brilliant entrepreneurs who recognize this tremendous need and are advancing some amazing solutions that I believe will bend the cost curve and dramatically change the way health care is practiced in the United States.

What is the definition of value in healthcare today and what should it be?

People often relate value to saving money in the short term. However, I believe one has to consider the benefits a solution provides and its total cost when defining value in healthcare. For example, a vaccine to prevent a disease or a therapy to cure a disease may be viewed as expensive in the short term, but, over the life of a patient, the ability to provide medical preventions or cures can represent tremendous value when compared to the costs of simply treating a chronic disease.

What’s the biggest blind spot in healthcare today?

I believe one of the biggest blind spots in health care today is the “hand-off” as patients move from private insurance to Medicare. There are some incredible solutions on the horizon that can effectively prevent or cure disease, but until these two systems are aligned, the complete burden of cost will fall on private insurers who will — out of necessity — prevent access to these potentially game-changing therapies. I believe the way to achieve this alignment is by moving away from the current model, which is based on a massive one-time payment for treatment, toward a system that more closely resembles an annuity model agreed upon by all constituents. Only then can we cost-effectively advance treatments — such as organ transplant and gene therapy — that in the short term look expensive, but over a patient’s life may actually provide tremendous value.

What’s your company’s or sector’s biggest blind spot?

Many people may assume that because First Light invests solely in healthcare companies, our staff is full of MDs and PhDs. That is not the case.

We do have multiple team members who have been investing in the healthcare industry for more than 20 years. During that time, I and the other individuals have developed domain expertise and identified key areas for evaluating healthcare companies from a business perspective, including workflows, reimbursement, and intellectual property. These areas are second nature to us and, historically, we’ve been successful in approaching healthcare investing from a business and finance standpoint.

One could argue we have a blind spot when it comes to understanding the deep science within healthcare. We work hard to avoid this issue by working extensively with outside resources — MDs, PhDs, and others who are world-renowned experts in their particular fields of study. Because healthcare is such a specialized and nuanced industry, we believe it is often critical to consult with experts in areas we are researching in order to be most effective in our work.

This approach allows us to combine our business insights with our expert network’s tremendous depth of knowledge around specific disease states and treatment approaches. We feel this collaborative model is critical in turning what could be a blind spot into an area of strength for First Light.

Why is a presence in Minnesota, known as the Medical Alley, critical to your company?

First Light’s presence in Minnesota is critical to our success. We benefit from the state’s tremendous healthcare ecosystem, composed of industry titans across the healthcare spectrum, incredible healthcare systems and innovative university programs. The ability to sit down in-person with people shaping the future of healthcare without having to get on a plane is invaluable and, we believe, a competitive advantage.

What is the one thing, other than time or money, you wish you had more of?

I believe the solutions to cure some of the biggest problems in healthcare exist today. Some may be in the very early stages of development in someone’s garage, some may be advancing through the regulatory process, and some are already being presented at scientific meetings.

Knowledge around, and awareness of, these opportunities is the lifeblood of investing in the healthcare space. While incredible innovations are introduced to us each week — from gene editing and genomic profiling technologies to ground-breaking new surgical robots and solutions for detecting cancer through a blood draw — the desire to learn more, see more, and understand more is always present.

 

1Centers for Medicare and Medicaid Services, (n.d.) National Health Expenditure Projections 2017-2026. Retrieved from http://www.cms.gov/Research-Statistics-Data-and-Systems/Statistics-Trends-and-Reports/NationalHealthExpendData/index.html

 

Want to learn more about First Light Asset Management?

Visit https://firstlightam.com/


6 Questions on the Future of Healthcare with Lemhi Ventures’ Jodi Hubler

November 12, 2018 | Tags: , , , , , , , , , , , , ,

6 Questions is a new interview series with Medical Alley leaders on the future of healthcare. Medical Alley Association’s membership includes leaders in healthcare delivery, payment, technology, and policy, which gives us – and in turn, you – access to diverse perspectives on how healthcare is changing and what lies ahead.

Medical Alley is the global epicenter of health innovation and care; 6 Questions, is meant to share insights and spark discussion. If you have a perspective on the future of healthcare, feel free to share it by reaching out to Frank Jaskulke, Vice President of Intelligence at fjaskulke@medicalalley.org

This interview with Jodi Hubler has been lightly edited for clarity and length. To see more, click the button below.

6 Questions Series

 

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Jodi Hubler is widely recognized for her keen insight, direct style of communication, and skillful stewardship of organizations from incubated startups to multibillion dollar corporations. She delivers a unique combination of executive leadership and venture capital investing expertise with direct experience in operations, governance, human capital, strategic planning and execution, culture change, and negotiations. As a strategic advisor and mentor to entrepreneurs and CEOs, she is especially adept at leading and governing in industries facing transformative change.

Jodi currently serves on the boards of Lemhi Ventures’ portfolio companies Bind, Digital Reasoning, PokitDok, and PlanSource, and serves as board chair of Recondo Technology. She previously served as a member or chair of seven additional Lemhi portfolio company boards. She also currently serves on the boards of CaringBridge, Central Logic, DHIT Global, and Medical Alley Association. Jodi is a frequent conference panelist and is a member of the Healthcare Executives Leadership Network and Women Business Leaders in Health Care Foundation.

Will the future of healthcare be most significantly defined by reigning in costs or accelerating outcomes?

Yes. That’s the interesting imperative of our time: It is no longer an “or” question, it’s an “and” imperative. For startups, the paradox is that the measure externally needs to be about achieving the triple aim of cost, quality and outcome all the while generating revenue, reducing risk, and increasing organizational resilience.

What is the definition of value in healthcare today and what should it be? 

The definition of value is like beauty – it’s all in the eye of the beholder, and it is significantly dependent on where one sits within the value-stream map of healthcare. In our current system, it’s all too often defined by reimbursement which, on one hand, limits the rate of change and, on the other, has more recently accelerated the rate of change as consumers have been more willing to pay and insert themselves, actively demanding change in line with their view of value: cost and convenience. A consumer centric definition will increasingly become the norm.

What’s the biggest “blind spot” in healthcare today?

We still see a fair amount of denial in the system as to the rate of change– think Blockbuster vs. Netflix.

What’s the venture capital sector’s biggest “blind spot?” 

We have a math problem building. Massive amounts of funding having gone into a significant number of companies with disproportionately fewer number of exits. The system is at risk of having propagated our own hype curve.

Why is a presence in Minnesota, known as the Medical Alley, critical to your company?

Minnesta is in our roots as founders of Definity Health, and the ecosystem continues to prove to be a very strong market to start companies, particularly as it relates to talent.

What is the one thing, other than time or money, you wish you had more of? 

Wisdom.

 

To learn more about Lemhi Ventures visit https://lemhiventures.com/  


6 Questions on the Future of Healthcare with 4C Medical’s Katherine Kumar

November 5, 2018 | Tags: , , , , , , , , ,

6 Questions is an interview series with Medical Alley leaders about the future of healthcare. The Medical Alley Association’s membership includes leaders in healthcare delivery, payment, technology, and policy, which gives us – and in turn, you – access to diverse perspectives on how healthcare is changing and what lies ahead.

This series is meant to share insights from, and spark discussion within, this powerhouse healthcare community. If you have a perspective on the future of healthcare, feel free to share it by reaching out to Frank Jaskulke, Vice President of Intelligence at fjaskulke@medicalalley.org

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Dr. Katherine Kumar specializes in regulatory and clinical operations, as well as reimbursement and marketing functional areas of the business. Prior to 4C Medical, she was VP of Clinical and Regulatory Affairs at TVA Medical, Inc. (acquired by Becton, Dickinson and Company), VP of Clinical Affairs at Monteris Medical, Inc., and Sr. Director of Science & Clinical Affairs at Cardiovascular Systems, Inc. (CSI) where she led clinical study development and execution, all scientific activities, and the bridge between clinical and marketing activities. Prior to CSI, Dr. Kumar led clinical efforts at MEDRAD Interventional/Possis Medical (a business of Bayer HealthCare), American Medical Systems, and several startup companies.

Dr. Kumar earned her Master of Science and Ph.D in Mechanical Engineering degrees from the University of North Carolina at Charlotte. She also earned the Regulatory Affairs Certification (RAC) in 2009 and is a Harvard Business School alumni (Executive Education, General Management Program 2017).

This interview has been lightly edited for clarity and length.

Will the future of healthcare be most significantly defined by reigning in costs or accelerating outcomes?

This is tough question… We must have both…If you will lower costs, but not improve outcomes, your cost eventually will increase, and you will lose in both. At the same time, for you to have improved outcomes, you will have to spend. Both must be balanced.

What is the definition of value in healthcare today and what should it be?

On one hand, we are trying to look at health economics long term, but on the other, we are trying to reduce procedural costs. In my opinion, you may have to spend more upfront to get more valuable (and much better for patients) long-term results. We apply this logic in everyday life (e.g., buying better quality appliances so they last longer) but fail to do the same in healthcare.

What’s the biggest “blind spot” in healthcare today?

Trying to reduce cost! Let me try to elaborate:

We are trying to drive cost down: This may be reduction of manufacturing cost so that we can sell a device for lower cost to a hospital, reducing their cost, etc. We forget to ask “What does this really do for patients?” By reducing manufacturing costs, we save on features of the product, reduce sizes, etc. This will eventually lead to a less optimal outcome for patients. Eventually, patients will keep coming back to the hospital, driving the overall healthcare cost up

The solution is customization that costs more upfront but leads to optimal long-term results; great for patients’ quality of life as well as significant reduction in overall healthcare cost. But everyone fears it! If I will need a medical device or a drug, I would want those to be customized/personalized.

What’s the venture capital sector’s biggest “blind spot?”

There is almost no difference today between VCs and banks… Hence, VCs today are really missing out on early opportunities in general.

Why is a presence in Minnesota, known as the Medical Alley, critical to your company?

I can answer this by giving you specific example. A while back, I accepted position with TVA Medical, a cardiovascular company based in Austin, TX. The CEO was friend of my friend and it appeared to be a good fit. I don’t mind travel, and if I could live in Minnesota, I was ok commuting. Shortly after starting, I came to realization that no one gets med devices… Yes, every state has engineers. But almost none of them have as much talent in medical device like Minnesota does. Eventually, we created a satellite office in MN and hired all local clinical and regulatory staff. Medical Alley is amazing as it provides unique opportunities, not only from training perspective, but also from collaboration.

What is the one thing, other than time or money, you wish you had more of?

From personal standpoint, most probably more time with my kids. They are growing too fast! From a business standpoint, easier ways to connect with different people… What I mean by that is when I went to Harvard Business School, there was such a diversity in industries, in countries, etc. – I learned so much from those interactions. Creativity is amazing and you get energized like there is absolutely nothing you cannot do!

Interested in Value-Based Care and the Future of Healthcare?

Attend the November 6th Leading the Conversation: Value-Based Care, taking place at The Hutton House in Minneapolis, MN.

Learn More & Register

6 Questions on the Future of Healthcare with Bright Health’s Kyle Rolfing

October 22, 2018 | Tags: , , , , , , , , , , , , ,

6 Questions is a new interview series with Medical Alley leaders on the future of healthcare. Medical Alley Association’s membership includes leaders in healthcare delivery, payment, technology, and policy, which gives us – and in turn, you – access to diverse perspectives on how healthcare is changing and what lies ahead.

Medical Alley is the global epicenter of health innovation and care; 6 Questions, is meant to share insights and spark discussion. If you have a perspective on the future of healthcare, feel free to share it by reaching out to Frank Jaskulke, Vice President of Intelligence at fjaskulke@medicalalley.org

This interview with Kyle Rolfing, President & Co-Founder of Bright Health, has been lightly edited for clarity and length.To see more, click the button below.

6 Questions Series

 

Will the future of healthcare be most significantly defined by reigning in costs or accelerating outcomes? 

Both, and the key to both reigning in costs and improving outcomes will be addressing waste and redundancy. That’s one of the things we’re most proud about at Bright Health. Addressing waste and redundancy is at the center of the Bright Health Care Partner Health Plan model.  By partnering with one health system per market, we are able to streamline the process of approvals and referrals, reduce duplicate and/or unnecessary testing, and ultimately enhance our providers’ ability to deliver coordinated care across their systems. This next generation health plan cuts down on time and money while also delivering better healthcare.

What is the definition of value in healthcare today and what should it be?

In any other industry, value is defined by the consumer. In healthcare that hasn’t been the case for a long time. Consumers should be defining value in healthcare like any other industry, and we are beginning to see a shift in that direction.

For example, we know that affordability is a huge issue for consumers and healthcare is simply not affordable for many of them.  In addition, for the cost they are paying, they expect to have high quality, convenient service, and our fragmented healthcare system is a long way from delivering that. But there are signs we are headed in the right direction – finding ways to provide high-quality, more affordable healthcare to the majority of hard-working Americans is our priority #1 at Bright Health.

What’s the biggest “blind spot” in healthcare today?

The biggest “blind spot” is the lack of focus on the consumer as the customer. The fee-for-service relationship between payers and providers results in fragmented care that treats pieces and parts rather than the whole person.

Value-based care, which is the goal of the Bright Health model, does treat the whole person, optimizes health outcomes and is critical to redefining the system as consumer-centric.

What’s your company’s or sector’s biggest “blind spot?”

This answer is the same as above, and it captures why Bright Health is pioneering a new Care Partner Health Plan model. By working with one health system in each market, we remove the friction that has traditionally existed between payers and providers, resulting in an integrated, streamlined experience for the consumer.

Why is a presence in Medical Alley, critical to your company?

Talent is the most important factor in success. Our decision to be headquartered in Minneapolis was intentional because of the immense healthcare talent that exists here. Minnesota has healthcare industry leaders like Medtronic, Mayo Clinic, United Healthcare, and Boston Scientific, among others. In addition, you have companies like General Mills and Target who are at the intersection of healthcare and the consumer. Given the focus of our company – on providing the best consumer healthcare experience – we think being able to draw from these talent pools has been a huge contributor to our early success.

What is the one thing, other than time or money, you wish you had more of?

Speed. We have been fortunate with the great talent we’ve been able to attract as well as the strength of our Care Partners. This combination has allowed us to prove that our model works out of the gate. As a result, we’ve been able to attract top investors and have access to plenty of capital: we expanded from 1 market to 3 in the first year and are adding 12 new markets this year. But we really want to get this solution out to as many consumers as quickly as we can because we know it’s so needed in the marketplace.

Learn more about Bright Health by visiting their website at brighthealthplan.com

 

Curious About Value-Based Care?

Attend the November 6th Leading the Conversation: Value-Based Care, taking place at The Hutton House in Minneapolis, MN.

Learn More & Register

6 Questions with Noleus Technologies’ Dr. Swarna Balasubramaniam of gBETA Medtech

October 15, 2018 | Tags: , , , , , , , , ,

gener8tor, a nationally ranked accelerator program, has partnered with Boston Scientific to launch a healthcare-focused program in Medical Alley with additional support from the University of Minnesota and Mayo Clinic. Their first cohort wrapped up in June and the second cohort was announced in July.

Over the next few weeks, we will profile the second cohort of companies.

What does Noleus Technologies do?

Noleus designs and develops a disposable device that mitigates postoperative bowel swelling to accelerate patient recovery after abdominal surgery.

What difference does this make for patients?

Noleus will provide better patient care by addressing 1) faster bowel recovery, which means patients will be able to eat and drink sooner, and 2) earlier hospital discharge, thereby reducing the risk of hospital-acquired conditions.

What motivated you to take on this issue?

I have been frustrated by the problem of postoperative ileus (slow recovery of intestinal function) over the 20 years I have practiced as a colorectal surgeon. It leads to longer hospital stays and poorer outcomes. Recent developments have led to the understanding that the lack of bowel function is due to swelling. The opportunity to change the way we care for patients after abdominal surgery and improve outcomes is irresistible, and it drove me to develop this from an idea to early-stage start-up over 18 months.

What did you do before starting this company

I am a practicing board-certified colon & rectal surgeon with over 20 years of experience trained at the Mayo Clinic and the University of Southern California. I manage my own practice in addition to previously working in several other settings and am well versed in the business aspects of medicine in addition to clinical practice.

How can the Medical Alley community best support your work?

Medical Alley provides the right culture and ecosystem to bring together renowned clinicians and medical device experts to develop Noleus, a first-of-its-kind device.

And finally, Why participate in gBETA?

By partnering with gBETA, we develop a customized growth strategy for Noleus to ensure we deliver value efficiently and effectively to our customers. The program has an amazing network of experienced mentors that are essential in guiding and building Noleus.

About gBETA Medtech

gBETA Medtech is a free, seven-week accelerator that works with medical device, healthcare-related software, biotech and diagnostics startups. Part of gener8tor, a nationally ranked accelerator program, gBETA Medtech is in partnership with Boston Scientific and supported by the Mayo Clinic and the University of Minnesota. For more information visit https://www.gbetamedtech.com/

To learn more about Noleus Technologies visit Website: www.noleustechnologies.com 

Want to see all the gBETA cohort 2 companies’ demo? LiveBETA is October 10th – details here: https://livebetamedtechsummer2018.splashthat.com/


6 Questions on the Future of Healthcare with MGC Diagnostics CEO, Todd Austin

October 7, 2018 | Tags: , , , , , ,

6 Questions is a new interview series with Medical Alley leaders on the future of healthcare. Medical Alley Association’s membership includes leaders in healthcare delivery, payment, technology, and policy, which gives us – and in turn, you – access to diverse perspectives on how healthcare is changing and what lies ahead.

Medical Alley is the global epicenter of health innovation and care; 6 Questions, is meant to share insights and spark discussion. If you have a perspective on the future of healthcare, feel free to share it by reaching out to Frank Jaskulke, Vice President of Intelligence at fjaskulke@medicalalley.org

This interview with Todd Austin, CEO of MGC Diagnostics, has been lightly edited for clarity and length. Mr. Austin’s interview is the third interview in the series. To see more, click the button below.

6 Questions Series

Will the future of healthcare be most significantly defined by reigning in costs or accelerating outcomes?

I believe it will be a combination of both. The cost of providing healthcare, whether diagnostic, therapeutic or pharmacologic, will always be under pressure, thus manufactures will be continuously reducing cost of goods sold to maintain gross margin.

Healthcare recipients and providers will demand better outcomes, especially regarding economically burdensome chronic diseases.

Fundamentally, the US healthcare system will dictate the change – that is, if the system remains an ROI based business, then costs and delivery efficiencies will be the focus. If the US healthcare system transitions to value-based, then I believe improved clinical outcomes will drive change.

What is the definition of value in healthcare today and what should it be?

Value based healthcare needs to encompass the spectrum of disease, starting with early diagnosis and intervention, to the management of long-term chronic care effectiveness. To be most impactful, the shift to early diagnosis and intervention will yield the most dramatic long-term value.

What’s the biggest “blind spot” in healthcare today?

US Healthcare is market driven – identify the largest disease population, target the highest reimbursement schema associated with high volume disease and develop products and services aligned to the opportunity. US Healthcare is a business, not a social service. There are stakeholders, shareholders, investors, etc…the deliverable is earnings.

What’s your company’s or sector’s biggest “blind spot?”

MGC Diagnostics is an example of the ‘blind spot’ I reference above. We are a multinational capital equipment manufacture aligned to cardiorespiratory chronic disease and the ‘baby boomer’ population which warehouses the highest percentages of these chronic diseases.

Granted our devices are used to diagnose and manage disease, but at the most fundamental level, they are revenue generators whether in hospitals, clinics or private practices.

These devices are ideally aligned to provide population screening, early diagnosis, and monitor interventional therapies – however, there is little to no reimbursement for these activities when compared to outpatient testing of patients with chronic, comorbid diseases. As such, the incentive as a manufacturer it to develop products which deliver the highest return for both the company and the customer.

On the flipside, we intensively invest in education and sponsor research to support those healthcare providers focused on early diagnosis and interventional disease management.

Why is a presence in the Medical Alley Association critical to your company?

Medical Alley provides a valuable service to our company in the form of education, awareness, collaboration and political reform. Being able to network with other leaders, at the forums provided by Medical Alley, help me digest information and align our strategies to trends identified and shared by its diverse membership.

What is the one thing, other than time or money, you wish you had more of?

Access to policy makers and healthcare economics professionals. The closer I can be to the decision makers, the more I can help shape their focus and align our resources to drive change.

About MGC Diagnostics:

MGC Diagnostics® is a global medical technology company dedicated to providing cardiorespiratory health solutions. We develop, manufacture, and market non-invasive diagnostic systems for detecting, classifying and managing cardiorespiratory disease. That singular focus guides our strategy and defines our commitment to customers, employees and stakeholders. With more than 40 years of experience in the industry and product placement in more than 45 countries, MGC Diagnostics brings unmatched insight for solving today’s challenges and anticipating tomorrow’s opportunities.

To learn more visit https://mgcdiagnostics.com/

Hear From Thought Leaders

Hear from more leaders in health care by registering for Leading the Conversation: Value Based Care.

 


6 Questions with Morari’s Jeff Bennet of gBETA Medtech

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gener8tor, a nationally ranked accelerator program, has partnered with Boston Scientific to launch a healthcare-focused program in Medical Alley with additional support from the University of Minnesota and Mayo Clinic. Their first cohort wrapped up in June and the second cohort was announced in July.

Over the next few weeks, we will profile the second cohort of companies.

 

What does Morari do?

Morari is an early-stage medical device company that is developing an external device for the treatment of premature ejaculation (PE). Grounded in basic science and clinical study research, the Morari concept is intended to be a transdermal-based product using neuromodulation as a means of inhibiting the nerves of the penis, thereby delaying an ejaculation.

What difference does this make for patients?

It restores confidence in male sexual health by eliminating the embarrassment and frustration of PE.

What motivated you to take on this issue?

PE is the most prevalent male sexual dysfunction, estimated to affect 30 percent of men worldwide. It has a higher incidence than erectile dysfunction or an enlarged prostate, yet men rarely talk about it or seek treatment. We hope to create awareness for this medical condition and provide a better treatment option.

What did you do before starting this company?

I served as the Director of Marketing at IMRIS. Overall, I have over 20 years of sales and marketing experience with Vysis/Abbott, Medtronic, American Medical Systems, Boston Scientific, and IMRIS.

How can the Medical Alley community best support your work?

Continue to support events that bring together experts in the field on medical devices that are willing to help others. Also, generating awareness of sexual health and forums that provide discussion on this topic will help the overall community be more accepting of these conversations.

And finally, why participate in gBETA?

Starting a company can be a very intimidating process for someone who has never done it before. Being a part of gBETA, you are in an environment with others in the same position. These companies and individuals are a great resource for support and ideas on how to succeed. Also, the gBETA team has worked with hundreds of companies and can offer tips and tricks on what works and what doesn’t.

About gBETA Medtech

gBETA Medtech is a free, seven-week accelerator that works with medical device, healthcare-related software, biotech and diagnostics startups. Part of gener8tor, a nationally ranked accelerator program, gBETA Medtech is in partnership with Boston Scientific and supported by the Mayo Clinic and the University of Minnesota. For more information visit https://www.gbetamedtech.com/

To learn more about Morari visit www.morarimedical.com

Want to see all the gBETA cohort 2 companies’ demo? LiveBETA is October 10th – details here: https://livebetamedtechsummer2018.splashthat.com/


6 Questions with Lucia Health Guidelines’ Dr. Gil Ungab of gBETA Medtech

October 1, 2018 | Tags: , , , , , , ,

gener8tor, a nationally ranked accelerator program, has partnered with Boston Scientific to launch a healthcare-focused program in Medical Alley with additional support from the University of Minnesota and Mayo Clinic. Their first cohort wrapped up about a month ago and the second cohort was announced on in July.

Over the next few weeks, we will profile the second cohort of companies.

What does Lucia Health Guidelines do?

Lucia Health Guidelines has created a clinical decision support tool that leverages machine learning and the power of cloud computing to help maintain clinical guidelines at the point of care. Lucia is initially focused on Atrial Fibrillation (AFib) and ensuring proper treatment in the Emergency Department. Lucia’s technology will provide all clinicians a tool to confidently identify AFib on EKG and initiate guideline-recommended treatment to prevent strokes.

What difference does this make for patients?

By getting patients on a proper treatment plan when AFib is first encountered we hope to prevent the devastating outcome of a stroke. A study last year by Dr. Xian of Duke University found that 58,000 to 88,000 strokes per year could be prevented by appropriately following guidelines.

What motivated you to take on this issue?

My father had a stroke from undiagnosed AFib. His strength and courage in dealing with his disability inspired me to become a Cardiac Electrophysiologist. I know firsthand how catastrophic a stroke can be for the patient and the whole family.

What did you do before starting this company?

I am a private practice Cardiac Electrophysiologist in San Diego, California. I have served on R&D advisory boards for many of the major device companies. I helped local San Diego healthcare startups and then co-founded my first healthcare software startup a few years ago.

How can the Medical Alley community best support your work?

Our healthcare system is complex, and I don’t always have the answer to my questions. An organization like yours provides the right resources for navigating that complexity and connecting to those willing to help. My time spent working with and visiting the device companies over the years has shown me what a great community exists in the Twin Cities area.

And finally, why participate in gBETA?

I did not participate in an accelerator with my first startup. There is so much more I can learn from a program like gBETA and the mentorship they provide.

About gBETA Medtech

gBETA Medtech is a free, seven-week accelerator that works with medical device, healthcare-related software, biotech and diagnostics startups. Part of gener8tor, a nationally ranked accelerator program, gBETA Medtech is in partnership with Boston Scientific and supported by the Mayo Clinic and the University of Minnesota. For more information visit https://www.gbetamedtech.com/

 

To learn more about Lucia Health Guidelines visit: www.luciaguidelines.com

Want to see all the gBETA cohort 2 companies’ demo? LiveBETA is October 10th – details here: https://livebetamedtechsummer2018.splashthat.com/


6 Questions with Mark Walinske of Revo Health

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6 Questions is a new interview series with Medical Alley leaders on the future of healthcare. Medical Alley Association’s membership includes leaders in healthcare delivery, payment, technology, and policy, which gives us – and in turn, you – access to diverse perspectives on how healthcare is changing and what lies ahead.

Medical Alley is the global epicenter of health innovation and care; 6 Questions, is meant to share insights and spark discussion. If you have a perspective on the future of healthcare, feel free to share it by reaching out to Frank Jaskulke, Vice President of Intelligence at fjaskulke@medicalalley.org

This interview with Mark Walinske of Revo Health, has been lightly edited for clarity and length. Mr. Walinske’s interview is the first interview in the series. To see more, click the button below.

6 Questions Series

 

Revo Health is a new business from Twin Cities Orthopedics and their Chief Growth Officer, Healthcare entrepreneur and executive, Mark Walinske, will participate in a panel on value-based care with Dr. Michael Tarnoff of Medtronic, during the November 6th Leading the Conversation: Value Based Care event from Medical Alley Association.

Medical Alley Association conducted a short interview with Mr. Walinske to get his perspectives on value-based care. You can register for the upcoming event to hear more from Mark, as well as share your perspective the future of healthcare.

Mark Walinske has over 34 years of early-stage entrepreneurial experience with 15 years being in healthcare.  Mr. Walinske has always had a deep passion for advancing organizations and technologies to reverse the rising costs in healthcare.  Prior to joining Revo Health, an organization focused on enabling value-based care, he was an executive at Optum in the Innovation R&D organization.  In addition to having been the CEO of three organizations, and co-founder of a successful healthcare non-profit, he has consulted to or been on the board of over two dozen Twin Cities-based healthcare start-up companies.  Mark’s interest in tackling complex healthcare problems is matched only by his passion for fly fishing.

To learn more about Revo Health visit their website at http://www.revohealth.com/

This interview has been lightly edited for length and clarity.

Would you describe Revo’s business? 

Enabling medical specialties, specifically independent practices, to deliver value-based care solutions to their stakeholders.

Will the future of healthcare be most significantly defined by reigning in costs or accelerating outcomes? 

Costs and outcomes are inseparable (symbiotic) – mandatory transparency around both is an imperative.

What is the definition of value in healthcare today and what should it be?  

Value in healthcare today, is at best, vague.  Value in healthcare should be “individual outcomes achieved per dollar spent”.

What’s the biggest “blind spot” in healthcare today? 

The belief that cost-avoidance is synonymous with cost-reduction.

What’s your company’s or sector’s biggest “blind spot?” 

The belief that value-based care will be sufficiently defined by someone else.

Why is a presence in Medical Alley critical to your company?

Medical Alley is an effective venue to catalyze industry/stakeholder dialog around imperative topics that need to move beyond rhetoric.

What is the one thing, other than time or money, you wish you had more of? 

Brave employees willing to be the “verb” in healthcare reform.

 

See Mark Walinske and more leaders in health care by registering for Leading the Conversation: Value Based Care.


6 Questions with SuraMedical’s Marja Engel and Jon Engel of gBETA Medtech

September 26, 2018 | Tags: , , , , , , , , , , , ,

gener8tor, a nationally ranked accelerator program, has partnered with Boston Scientific to launch a healthcare-focused program in Medical Alley with additional support from the University of Minnesota and Mayo Clinic. Their first cohort wrapped up in June and the second cohort was announced in July.

Over the next few weeks, we will profile the second cohort of companies.

 

6 Questions Series

 

 

SuraMedical takes the guesswork out of the treatment of chronic leg wounds by remotely monitoring the critical aspects of standard care: compression, elevation, and ambulation. SuraMedical’s solution improves treatment consistency and lowers costs for wound care centers, in-home nursing services, and long-term care facilities treating chronic wounds.

 

What difference does this make for patients?

Chronic leg wounds are an enormous problem, impacting over 2 million patients every year in the US alone. In addition to the substantial costs of treating wounds that may take six months or more to heal, these patients experience considerable social distress: pain, loss of sleep, restricted mobility, reduced work capacity, and social isolation. SuraMedical’s WoundAlert promises to return patients to their normal lives more quickly and at a lower cost.

 

What motivated you to take on this issue? 

At the 2016 MIT Grand Hack, Jon met a wound care physician, Dr. Noah Rosen, who expressed his frustration at being unable to treat his patients to the full extent of his abilities given the lack of information he had about what happens outside his office. Jon was drawn to a tractable technical problem that fit well with his competencies, and the two formed SuraMedical in 2017. As we learned more about chronic wounds, we quickly uncovered members of our own families that have suffered from them — given the prevalence of the condition, almost everyone knows someone who has — and were surprised by the proximity of a devastating condition that remains almost entirely unrecognized by the lay community. Every conversation is a chance, not just to advance towards a practical improvement in the care of these patients, but to elevate awareness of a significant and growing problem.

What did you do before starting this company?

Jon was a research scientist at Corventis, a cardiac monitoring startup that was acquired by Medtronic in 2015. Marja was an Associate Principal at McKinsey & Company, then a VP of Marketing at Ecolab before joining SuraMedical earlier this year.

How can the Medical Alley community best support your work?

Startups are hard: Resources are scarce, the ratio of unknown-to-known is impossibly high, and naysayers abound. And healthcare startups — with a complex web of stakeholders, long development and approval timelines, and real human stakes — are harder still. The Medical Alley community can help by openly discussing healthcare’s major unmet needs, patiently teaching innovators about the intricacies of the healthcare marketplace as we seek viable commercialization pathways, and opening their doors as partners to trial even early-stage solutions.

And finally, why participate in gBETA?

One of the major risks for all startups is spending too much time in isolation, which can create an echo chamber. We are thrilled to have the opportunity to interact with and be challenged by the gBETA team, our fellow founders, and the network of mentors and healthcare experts affiliated with gBETA and its co-sponsors. We are closing our feedback loop far more effectively with gBETA’s help and look forward to maintaining that momentum well beyond the end of the formal program.

About gBETA Medtech

gBETA Medtech is a free, seven-week accelerator that works with medical device, healthcare-related software, biotech and diagnostics startups. Part of gener8tor, a nationally ranked accelerator program, gBETA Medtech is in partnership with Boston Scientific and supported by the Mayo Clinic and the University of Minnesota. For more information visit https://www.gbetamedtech.com/

 

Want to see all the gBETA cohort 2 companies’ demo? LiveBETA is October 10th – details here: https://livebetamedtechsummer2018.splashthat.com/


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