With world-class hospital systems and healthcare networks proliferating in the region, Baltimore has become an increasingly important hub for healthcare innovation.
And with so much money to be made in the life sciences industry, the Baltimore Regional Technical Council (BRTC) made things a little easier by bringing together founders and business innovation leaders for an insightful discussion on how to achieve win-win partnerships.
Here are some key takeaways from the BRTC panel at CareFirst’s tour in Guangzhou last week.
Advice to founders
Nick CulbertsonCEO of a healthcare compliance technology company Proteinswarned founders to ensure that ideas are aligned with business results and advised them to control profits and losses.
“You need to show a clear value proposition on how you will help healthcare companies make money or save money because hospitals need money to fulfill their mission to improve. health outcomes,” Culbertson said.
Health systems have no incentive to take risks and work with startups on pilots, and there’s growing pressure to show a return on investment almost immediately. Protenus initially offered a risk-free contract in which the hospital pays only if the pilot project is successful. This approach helped Protenus raise seed funding at its pre-revenue stage. The company was thus able to show a proof of concept and that it was solving a problem that healthcare systems would pay to solve.
Alex Cameronsenior director of comicsadvised founders to create processes and systems so that potential partners don’t face red flags.
“Founders should be pounding the pavement as well,” Cameron said. Technically. “In-person events are more valuable because it’s easier to communicate the value proposition in person in two minutes, as opposed to via email.”
Cameron sits on the board of directors of Maryland Technical Councilthe parent organization of BRTC, and welcomes the role of the newly created sub-council in strengthening the life sciences ecosystem through organic meetings and events.
What business leaders are looking for
Pothik Chatterjee, LifeBridge Health assistant vice president of innovation, said the supplier network is keen to connect with disruptors early on instead of dealing with potential disruptions later.
“We’re particularly interested in hybrid care for low-acuity conditions where patients don’t need to go to the hospital,” Chaterjee said.
He quoted BabyLiveTipsa maternal health company that provides new parents and expectant parents with on-demand virtual support such as lactation coaching, for example.
Chatterjee and Cameron also see huge opportunities in continued monitoring and testing. The current healthcare system relies on annual health checkups, during which tests may or may not detect illness or disease.
Heather TownsendAnnapolis COO even healthcredit it 1501 Health Iincubator – formed from a partnership between CareFirst and LifeBridge Health, and including Even Health and BabyLiveAdvice among its first cohort – with the company connecting with LifeBridge Health for a pilot. 1501 Health has been instrumental in growing the business by navigating the healthcare ecosystem. Even Health is now one of 30 finalists for dawn of the missionthe U.S. Department of Veterans Affairs » $20 million challenge to reduce the number of suicides among veterans.
These and other opportunities may be available to those applying to 1501 Health, which will be exhibiting during the HLTH 2022 conference in Las Vegas next week.