Category Archive For "AngelMD Events"
The NFL and TMCx accelerator (Texas Medical Center) joined forces on Saturday to produce the second annual 1st and Future startup pitch event. Members of the angelMD team had the opportunity to participate helping to prepare the startups for the big event and attending the event itself. The venue was TMCx where angelMD has a growing Houston office.
The event featured 9 companies competing in 3 categories. Texas Governor Greg Abbott introduced the event with a speech that demonstrated his commitment to healthcare innovation in Texas and a command of the Texas Medical Center operations specifically.
Xconomy provides a nice recap of 1st and Future HERE.
Meanwhile, across town the NFL Players Association was hosting another startup pitch event where players are able to view and invest in startups. This provides another great opportunity for startups to gain investors who can help guide and support the company. The coalition formed to create this deal flow is called OneTeamCollective and a recap of their event can be found HERE.
angelMD is enjoying working with Listen.MD in its syndicate, which launched in conjunction with our Digital Health Challenge. Please send an email (firstname.lastname@example.org) to be included in exclusive communications regarding the angelMD syndicate for Listen.MD
Listen.MD’s patent-pending Intelligent Digital Scribe will provide a 10x return on investment for providers by intelligently automating the functions of a human scribe. Patrick Leonard sheds some more light on his innovative enterprise:
- Where did the idea for Listen.MD originate?
After spending 6 years building iTriage to serve healthcare consumers, I wanted to work on improving the experience for healthcare providers. After our second daughter was born, my wife and I talked about how challenging it is for our pediatrician and other doctors – how much time they spend on the computer and how rushed they they appear. When I learned that doctors now spend more than 50% of their day doing data entry, I knew that was where we could make a difference.
- What are a few of the key characteristics that make your team uniquely qualified to make this a success?
The Listen.MD team has unparalleled experience delivering industry-leading digital health solutions including iTriage and MedPassage. iTriage has been used by more than 20 million individuals and still has a 4.5 star rating after 7 years. We have delivered some of the most widely used and highly rated digital health experiences in the world. Healthcare providers rarely get that exceptional consumer-grade user experience – we are bringing this experience to them.
- In one or two sentences, what is the problem you are solving?
Physicians now spend 50% of their time doing data entry into electronic health records systems and only 12% of their time with patients, resulting in physician burnout and over $40 billion in lost productivity. The medical scribe market is large and growing fast, but most practices and hospitals can’t afford to pay the cost of a scribe to do data entry for their physicians. Listen.MD’s patent-pending Intelligent Digital Scribe will provide a 10x return on investment for providers by intelligently automating the functions of a human scribe.
- What are some of your biggest challenges to date?
We continually push ourselves to make the merger of the technology and user experience so smooth that it is seamless with the typical clinical flow for most providers. This is a continual process. We believe we have created a platform that achieves this goal and we keep this concept of providing an exceptional user experience as a core value for Listen.MD.
- Describe three things that drive the growth of your company.
Listen.MD is positioned for exponential growth over the next few years based on the strong physician led demand for change in how EHRs are accessed and data entered, the need for increased revenue and decreased practice cost for large systems, as well as the unique low friction to expand our platform globally.
I. Physician demand for change
If you talk to almost any healthcare provider one of the first things they will mention is their frustration with the large amount of time they spend entering data. Listen.MD will significantly decrease the time the physician or helathcare provider will spend doing direct data entry. We believe this physician lead demand for better solution to data entry is growing each day and validating the need for a solution like Listen.MD.
II. Health system need to increase revenue and reduce cost
As the tighter demands and margins are placed on health systems and providers they are looking for ways to improve efficiency in providing care. Scribes have been utilized as a way to improve care efficiency by allowing the physicians to focus more directly on patient care versus data entry. Human scribes are expensive – Listen.MD makes scribe functions available at a fraction of the cost.
III. Global expansion
Around the world, doctors and clinical staff have conversations with patients and need to document those conversations. The goals and workflows are very similar. Listen.MD is built for global healthcare delivery. We will first expand into other English-speaking markets and then add support for additional languages as well as language translations.
5 digital health startups from around the US presented to an audience of physicians and investors. Feedback from attendees was extremely positive for both the startups presenting and the TMCx facility where it was held. Attendees were welcomed with bagpipe music, food and drinks followed by 10 minute presentations from each of the startups.
Over half of the attendees weren’t familiar with the TMCx mission let alone having seen the operations. The audience also included members of the local innovation and investment groups including Rice Alliance, Houston Angel Network, University of Houston, Goose and many of the 54 TMC institutions.
A big thank you to the TMCx team that made the event possible including Erik Halvorsen, Jackie Gilford, Courtney Cogdill and Regina Johnson.
Attendees interested in receiving more information on any or all 5 of the companies presenting can click HERE.
On October 5th, angelMD successfully held the Digital Health Challenge at the Washington Athletic Club, assembling together in Seattle the forefront of digital health innovation. It was an invaluable opportunity for these startups to showcase their ideas to potential investors. After the startup presentations, investors had the opportunity to visit the startup stands to learn more about the startups’ ideas and business strategies, in order to more closely evaluate the merits of the companies. We hoped the meeting and interaction between the backers and firms would bring about successful partnerships and facilitate understanding of the difficult work our chosen startups are undertaking.
Demand for digital health investment remains strong in the third quarter of 2016. According to a report from StartUp Health Insights, digital health finished with $2.4B in deals and added up to $6.5B to date. It is undoubtedly the strongest year for digital health startups since the number already exceeds 2015’s total of $6.1B. Moreover, the digital health market is expanding in both in the US and overseas (ex. Babytree and Guahao in China have raised a combined $850 million in venture funding). In addition, while the total number of deals is increasing, early stage funding continues to take the lion’s share of capital. Among 242 deals, 65% of them are Seed and Series A stage funding, with the size average of $3M.
With a healthy angel investing environment, there is continued potential for digital health startups to continue evolving and progressing. This is one of the many reasons angelMD organized the Digital Health Challenge, a showcase event even for some of the most promising digital health startups in the field. The Digital Health Challenge aims to bring fresh energy to the industry by helping some outstanding startups raise early-stage capital and expand visibility.
angelMD used its in-house custom scoring algorithm to initially evaluate startups and selected 5 startups to present to investors in Seattle, Washington and Houston, Texas. The five winners are:
Eko Devices (profile)
Precision Image Analysis (PIA) (profile)
angelMD will hold the second part of the Digital Health Challenge in Houston on November 18th (RSVP). After the close of the Houston event, angelMD will open syndicate funding for all 5 winners and invite the general angelMD membership to participate.
Team angelMD has been celebrating digital health. On October 5th angelMD Catalyst Fund 1 hosted a Digital Health Challenge in our home city of Seattle. There was a phenomenal turn out, with investor interest running hot for the future of healthcare.
Enjoy the highlights from this groundbreaking event below.
A special thanks to Listen.MD, Eko Devices, Monclarity, Precision Image Analysis, and Medici for coming out to pitch their innovative organizations.