Health systems have increased their presence in investing in digital health companies by creating venture funds to back promising digital health innovations, but for those startups to ink financial investments, they need to provide validation, scalability, collaboration and commercial viability.
Here, executives from four health systems with venture fund arms spoke to Becker's about what criteria they look for before spending their investment dollars.
1. Companies that want to solve meaningful problems: Brenton Burns, executive vice president of Pittsburgh-based UPMC Enterprises, said he looks for digital health companies who want to solve a meaningful problem and provide real value for the patients and providers.
2. Collaboration: Dr. Mayank Taneja, director of venture investments at Peoria, Ill.-based OSF Healthcare, said he invests in digital health companies that are looking to collaborate with and receive feedback from clinicians and other professionals within the health system.
3. Adoption: Richard Mulry, president and CEO of New Hyde Park, N.Y.-based Northwell Holdings, considers the ease of adoption, scalability and value of a digital health company before investment.
4. Personalized experience: Matt Warrens, managing director of innovation for Des Moines, Iowa-based UnityPoint Health, invests in digital health companies that provide an easier, more personal experience for patients and providers.