Seven digital health companies have been selected from among 138 applicants to be part of the second class in the New York Digital Health Accelerator.
The accelerator, a public-private partnership between the state, the New York e-Health Collaborative, or NYeC, and the Partnership Fund for New York City, will match the startups with insurance companies, medical centers or hospital groups to test their products.
Startups AllazoHealth, Clinigence, Covertix, iQuartic, Noom, Quality Review and Sense Health will each receive about $100,000 from a syndicate of investors in exchange for around 1% or 2% in equity. Each startup will also have access to restricted data in the Statewide Health Information Network of New York. The SHIN-NY will link electronic medical records across the state.
Last year's class of startups achieved millions in funds raised and 17 pilots, and created at least 120 jobs in New York City, said David Whitlinger, executive director of NYeC.
“Many of the companies in this class are cognizant of the transformation going on in New York,” he said. “Disruptive change is opportunity, and there is no question that New York's health care system is going through a massive disruptive change.”
In contrast with other New York health incubators, many of the startups in this year's class have already completed successful pilots or have clients. Quality Review, which produces RateMyHospital.com, a real-time mobile patient feedback tool, already has three clients, including the Mount Sinai Health System and Lutheran Family Health Centers, said Chief Executive Dr. Edward Shin.
The ability to interact with health care providers around the state, make changes based on their feedback, and access SHIN-NY data is invaluable for a young company like his own, said Dr. Shin, who founded Quality Review in 2012.
“It's all about having that extra urgency, and with all the resources available to us, it will really help us speed up our sales cycle and our development cycle,” Dr. Shin said. “The formal program is less than six months, but we fully intend to take advantage of these relationships after the accelerator.”"E-health startups get NYC blessing" originally appeared in Modern Healthcare's sister publication Crain's New York Business.