On November 4th, 2015, Union Hall’s Beer Hall was packed with startups, VCs and professionals from major healthcare institutions for the first ever IX Health. Josh Rosenthal, Chief Scientific Officer of RowdMap, kicked off the event talking about how the government’s new open data initiative policy will impact the healthcare system.
Currently, 30% of the spend in healthcare goes to appropriate, but unnecessary care and treatment. Centers for Medicare & Medicaid Services (CMS) just released a large quantity of public health data with the singular goal of decreasing that number.
The bet CMS is making is that “1000 flowers bloom”. In other words, CMS is hoping that private individuals will take this data and use it for the purpose of decreasing that 30% number. They’re hoping that the same thing happens in healthcare that happened when government agencies released weather data and location data.
Josh talked about how startups need to be thinking about how to use that data to impact, and ultimately reduce, the 30% number. Similarly, healthcare providers need to look at healthcare solutions aimed at reducing that number.
After Josh’s kickoff, the audience heard from nine amazing startups representing three main verticals – Patient Engagement, Analytics and Clinical Workflow
When the pitches concluded, the audience had the chance to meet face-to-face with the startups during nine rounds of speed dating.
Aneesh Chopra, first Chief Technology Officer of the United States, ended the morning. He talked about how healthcare is in the most entrepreneurial time in history. This atmosphere was brought about by a confluence of current trends that are making so we can deliver the right care, at the right time and in the right setting.
The first trend is the government making healthcare data publicly available. He explained that the most valuable tool for fixing the healthcare system is mining this data. The second trend is the shift in how we pay for healthcare. Aneesh explained that 50% of payment will shift to alternative models that reward outcomes. And, last but not least, is the regulatory model that allows patients to be in control of their own data. More specifically, it requires providers to accommodate whatever machine, program or app the patient wants to use to interpret or transfer their data.
Overall, the event was a resounding success. Our audience was introduced to new ideas and the startups had the opportunity to meet with decision makers from the healthcare industry.
Our first-rate healthcare institutions, Cincinnati’s access to strong startups in the healthcare space and the current regulatory climate make this the perfect time for us to claim healthcare as something Cincinnati does well and innovates around.