Three healthcare entrepreneurs share their stories at MedCity CONVERGE
At MedCity CONVERGE, a national, executive-level summit on healthcare innovation in Philadelphia last week, the program featured opportunities for life science and digital health entrepreneurs to share their lessons from the field. Here are three of their stories:
Russ Graney, CEO, Aidin: A personal interaction with the health system led Graney to find a new way to use data in healthcare. When his uncle was discharged from the hospital and needed a nursing home, the family chose the provider closest to home. But Graney's uncle didn't end up with the best outcome -- he was soon readmitted to the hospital. Graney said the situation taught him three truths about healthcare: patients make decisions during stressful moments based on the information in front of them, all of the data isn't the right answer, and innovation should solve all, not just one, of a patient's problems. Graney launched Aidin, which automatically generates listings of available providers and works with hospitals to track patient outcomes, and his uncle has been out of the hospital ever since.
Justin Hibbs, Sr., Director of Marketing and Research, aptitude: After labor costs, supplies are the second-largest expense for hospitals. Every hospital in the country uses boxes of medical gloves, but those boxes cost anywhere between $22 and $75. With more expensive supplies, such as pacemakers and knee implants, the range of pricing only grows, Hibbs said. Hospitals want better pricing, he said, and aptitude is working to achieve that by examining limitations in the current pricing model, such as contracts awarded on several-year terms. With a small team and a few participants, aptitude is piloting a new market open to any hospital and supplier. Hospitals gain flexibility, Hibbs said, because they're able to choose from any supplier.
Amy Baxter, CEO, Buzzy: The Buzzy product combines high-frequency vibration with an ice pack to ease pain from shots. But for Baxter, the biggest barrier to changing her idea into inventory was a lack of language -- and the CEO herself caused the biggest pitfall. She was so focused on the idea of using the product to prevent pain from shots that she failed to realize it could also aid in itching, burning, and other medical discomforts.
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