This is a good thing but it is important to remember that all start up companies don’t make it. When you look at the list of investors, you can see that Aetna and United Healthcare are in there as they are not going to miss a potential deal when the price is so reasonable versus having code written in house:) So what did I mean by that? As in the title, all start ups don’t make it thus so those working on areas that relate to payers if they don’t make it on their own could be bought up cheap by the insurers that may want some of the code capabilities they write…it’s cheap for them and thus so they are in here as an investor and maybe even as mentors.
If purchased by a company of size, then the creations become part of a larger Health IT system. When you look through the list of the first 8 companies, some look like they are analytics that would attract insurance companies for sure. When you hear “high quality care” mentioned…hint…these means analytics if you have not woken to that fact yet. Again some are duplicated efforts that I have either read or posted about here. The first company mentioned is about preventing re-admissions and the use of mobile tablets which is nothing new as you have the Heritage Foundation with their $3 million dollar carrot looking for the Perfect Algorithm to solve that as well, so again a little Algo Duping on the sales end as to what the “real” final expectations can be. Even former HHS Director Leavitt got Algo Duped with his big public statements about the Heritage foundation, so again keep it in context and know that some won’t make it, some may get bought, some will just go down the tubes, and I’m sure there’s a few other things that can happen too. Here’s a screenshot to the right from the Heritage page, looks just like a gaming site with scores, etc.
So What’s Going on Over at the Heritage Health Prize Competition to Predict Who Ends Up Being Re-Admitted to the Hospital–A Lot of Mathematical Algorithms For One…
If two or three of these companies get together and end up as one company with software that does more than one thing, I would think there would be greater chances for survival too, again all code is not needed, required, or has value. WebMD
We still need humans so as a consumer and/or patient, yes get involved your care and take action and don’t sit on the sidelines, but on the other hand don’t get too duped in believing that there’s a miracle algorithm that' will do tit for you. WebMD is mentioned as a mentor and perhaps he can shed some light on now not to become an hostile take over candidate from Icahn their largest share holder, if the companies get that big eventually:) WebMD has staying power as they have been around for a long time, just like people like Warren Buffett and Bill Gates have, again they have all been around for a while. Again I didn’t see any new earth shattering here with new technologies but got to keep the coding moving along.
Also remember I was not that over whelmed with Quicken Health and Cake either as consumers are not really ready for it. On that note, and this is personal opinion, I’m tired of a lot of the software out there as well, don’t have time for it. The electric company called me up and I sucked in to their free power management software program a few months ago, have not had time to even log in once nor much interest but sadly what I do get is all their crappy “partner” advertising now, and with consumer health apps, you get that with some of them too..so enough already:) If I don’t have time and I have an interest t check out consumer apps, how much time will another consumer devote? The chances of something really valuable coming out of these places are small but not impossible and like I said the insurers have the most to gain and on the “cheap”. One more note too, on the apps that are meant for consumers, do us a favor and eat your own dog food and “the programmers should use their own app” to show a little commitment as well.
Remember to this is the human business and if not done right instead of patients and doctors embracing technologies,, they will start running over in the groves to join this group, the Institute for Research on Humanism in Medicine”
The Institute for Research on “Humanism in Medicine” Created by The Gold Foundation–To Better Define the Role of Compassion, Altruism, and Respect To Support the Importance of the Doctor/Patient Relationship
Don’t get stuck and Algo Duped thinking that the Holy Grail will be in some of these formulas and algorithms written, as it will be a mixed bag of who knows what to roll out. Those folks in Italy who convicted the scientists for not predicting the earthquake thinking the scientists could do that as they felt they had the advanced technology to do so…completely Algo Duped! BD
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 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.