A $4.2 million grant will be divided among eight health technology companies – each of which have or will have a New York office.
The money comes from the New York eHealth Collaborative and the Partnership for New York City Fund.
The accelerator program will create about 1,500 jobs over five years and attract $150 million to $200 million in investment from venture capitalists, according to the initiative called the New York Digital Health Accelerator, a statement said. The companies are either early- or growth-stage companies.
According to Crain’s New York Business, the companies include: AdhereTx, which lets health professionals review meds for high-risk patients; Aiden, which lets patients evaluate post-acute providers; and MedCPU, which provides advice to health clinicians.
Others include: Avado, which lets clinicians and patients communicate, track and manage health information; CipherHealth, which helps hospitals avoid penalties for preventable hospital readmissions; and Cureatr, which helps providers communicate and coordinate patient care. In addition, there are also Remedy Systems, which provides a care coordination platform; and SpectraMD, whose technology improves patients’ outcomes and increases revenue.
Each of the companies will get up to $300,000 from the fund. They will also be able to tap into a network of senior executives at New York hospitals. Some 22 healthcare organizations will also mentor the eight companies.
The partnership is believed to be the largest-funded health IT accelerator program in the United States. The program received 250 applications from numerous companies before selecting the finalists.
“The Accelerator provides much-needed, valuable tools for providers in support of New York State’s Medicaid Redesign initiative,” New York State Health Commissioner said in a statement.
“The initiative, which promotes a shift from the costly fee-for-service model to a more effective and efficient managed care approach, is resulting in better care – at lower cost – for patients across the continuum of care. The Accelerator is an essential first step to stimulate the market and nurture innovation within the entrepreneurial community.”
“We are creating the next generation of healthcare applications that will transform the healthcare delivery system,” NYeC Executive Director David Whitlinger added. “These companies are the first software development vendors to have direct access to the SHIN-NY, a secure platform that embodies all of the federal and state policies for usage of patient data by the community.”
In a related matter, the New York eHealth Collaborative (NYeC) has chosen InterSystems HealthShare for the health information exchange (HIE) for the Statewide Health Information Network of New York (SHIN-NY).
Edited by Brooke Neuman