April 22, 2016
The healthcare industry is rapidly becoming one of the top choices for startup companies. In fact, healthcare startups that focus on everything from providing tools for a specific procedure all the way to creating time management apps for nurses have found a foothold in the business world. This is due in large part to the continual drive to improve everyone’s life expectancy and quality of life. As an added bonus, healthcare startups usually require a strong technological basis, which makes them attractive to entrepreneurs with a tech background.
Today’s healthcare startups are in the enviable position of being able to positively impact the entire industry; in 2014, the healthcare startups gained earned the highest amount of venture funding. Major healthcare providers such as Cedars-Sinai have recognized the potential for partnering with startups, and this has led to several monumental changes. Recently, Cedars-Sinai joined forces with Techstars Healthcare Accelerator to provide training assistance to 11 up-and-coming startups with the intention of advancing healthcare delivery. This highlights a forward-thinking approach, and it could also ultimately save Cedars-Sinai and other hospitals a lot of time and money.
The full potential of these startups has clearly been grasped by Cambria Health Solutions, which held a reverse pitch session in March to enable healthcare providers to ask entrepreneurs to create solutions for some pressing issues. This is a highly unusual tactic, and it makes it clear that industry leaders are well-aware of the overall impact of each startup’s work on their ability to provide quality healthcare to patients.
The Sony-backed M3 Inc. offers another promising example of the role that startups can play in advancing medicine. Since 2000, M3 has served primarily as a resource portal for medical professionals, but the company is now targeting startup investments. This is good news for everyone involved because M3 can provide some much-needed capital to get truly innovative ideas off the ground.
In February, M3 invested in MedTech Heart Inc., and this should lead to improved solutions for heart patients worldwide. In other words, M3 offers the investment cash to enable otherwise small startups with great concepts to bring their ideas to fruition for the greater good. This makes sense from a humanitarian and business perspective because healthcare technology and treatment options can be sold for a lot of money, especially in the United States.
Entrepreneurs who wish to take advantage of the healthcare startup boom must first identify a need that they are equipped to solve. Next, it is important to be able to connect with larger investment businesses such as M3. Syntrix Consulting Group, which has been certified as an Epic consultant, walks between both of these worlds as a prime example of a startup that solves a need for healthcare providers and other startups. The company’s analytics solutions include reporting, data management and training, which are targeted at the healthcare industry. Epic is the de facto ERP software juggernaut for over 50 percent of patient records in the United States.
Ultimately, the goal of any startup is to make money. This can be achieved while also making a difference in the world, as evidenced by the stellar work of many startup companies. Two of the many amazing technological advances that have improved the entire healthcare industry are ReWalk and iCouch. ReWalk developed a way for people with spinal cord injuries to begin walking again, and iCouch grants individuals in need with easy access to mental health care from the privacy of their own home. Entrepreneurs who follow in their footsteps have the potential to create something truly meaningful.
Image by NEC Corporation of America with Creative Commons License
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