New York ready for Round 2 startups
April 4, 2014 in Medical Technology
The New York eHealth Collaborative and the Partnership Fund for New York City are calling for applications for a second round of healthcare startups for its New York Digital Health Accelerator, a program designed to make New York a hub for the emerging digital health technology industry.
The startups will build on program’s inaugural class of eight companies that raised $12 million in capital to add to seed money they received from the program and created more than 120 jobs.
In upcoming months, the program will choose up to 10 early- and growth- stage companies that are developing cutting-edge technology products in care coordination, patient engagement, predictive analytics and workflow management for healthcare providers. Each company will receive $100,000 in investment capital along with mentoring from senior-level executives at leading hospitals and other providers in New York. By introducing these companies to healthcare providers, the program also connects them to potential customers, program officials note. Applications for the program are due April 18.
“As New York’s tech sector continues to thrive, we expect the second class of the Digital Health Accelerator to quickly enable some of the best companies out there to develop the newest health information technology tools,” said New York eHealth Collaborative Executive Director David Whitlinger, in a press statement. “Given New York’s unrivaled density of hospitals, doctors and healthcare organizations, the Digital Health Accelerator program has the unique potential right now to reinforce New York as a leader in health information technology by connecting these firms to potential customers in addition to providing them with key funding.”
The NYDHA was ranked the No. 1 Health IT Accelerator in the world by the Rotman School of Business based on 21 other programs and has been lauded by Todd Park, chief technology officer of the United States, and the California Healthcare Foundation for its deep industry ties.
Unlike other incubator programs, it offers participants the opportunity to engage directly with a broad network of providers in New York State, including hospitals, long-term care providers, community health centers and primary care providers. This helps them reach a ready market for their products, officials say. They also receive direct mentorship and feedback from senior-level executives with the participating providers and will have priority access to the technology platform that is connecting electronic health records across New York State, the Statewide Health Information Network of New York, known as SHIN-NY.
[See also: Faster, faster! | Healthcare IT News.]
Participating in the program are: Community Healthcare Network, FEGS Health and Human Services System, Hudson River Health Care, Maimonides Medical Center, Montefiore Medical Center, Mount Sinai Medical Center, NYC Health and Hospitals Corporation, New York Hospital Queens, New York-Presbyterian Hospital, North Shore LIJ Health System, NYU Langone Medical Center, Stony Brook University Medical Center, and Winthrop University Hospital.
“We are delighted to be invited to participate in the second round of the Digital Health Accelerator,” said Catherine M. Abate, president and CEO of Community Healthcare Network. “The value of mentoring a start-up software company was realized in Round One. We look forward to a new level of innovation being achieved in Round Two.”
Investors include Baxter Ventures, Deerfield Management Company, Milestone Venture Partners, New Leaf Venture Partners, and the Partnership Fund for New York City. Program sponsors include Genentech (a member of the Roche Group), Infor, Merck, and Pfizer, which will provide funds for operations and pilots. The Empire State Development Corporation and NYeC will provide additional funds to operate the NYDHA.
“As the largest software application company based in New York, Infor is excited about the Digital Healthcare Accelerator,” said Charles Phillips, CEO of Infor. “With 72 percent of large hospitals in the U.S. as customers, we are making major investments in healthcare and believe the Digital Healthcare Accelerator can be a conduit for Infor to partner with innovative companies in healthcare technology.”