How Collaboration Is Powering Innovation in Colorado
The leaders of Colorado’s digital health ecosystem speak at Denver Startup Week
“Collectively, we think we can improve the health and wellbeing of everyone in the world,” said Unity Stoakes, president of StartUp Health. “But it’s going to be because of people like all of you in this room that that actually happens.”
Stoakes was speaking to an audience of hundreds at Denver Startup Week, the largest gathering of entrepreneurs in North America. Seated on either side of him were several members of Colorado’s digital health ecosystem, one of the most collaborative in the world. They talked about the state’s health challenges and how those challenges were being overcome by new innovations and widespread collaboration.
“We know that healthcare is not going to be resolved in Washington,” said Jeffrey Nathanson, president of 10.10.10. “Let me repeat that: it’s not going to be resolved in Washington.
“Health is a local matter. We have to figure out how to innovate and integrate innovation into care models here in Colorado.”
A first-of-its-kind venture generator, 10.10.10 works with serial entrepreneurs to build companies that address serious problems like childhood obesity and homelessness. Launched in 2015, the program has already led to the creation of several digital health startups.
“There’s basically a first wave of innovation that’s been happening over the last few years,” Stoakes observed. “I feel like we’re about to enter this second wave, where new models of care, new business models, and new and exciting technologies start to emerge.”
According to Nathanson, by generating new digital health startups each year, 10.10.10 is doing its part to make sure that second wave of innovation arrives sooner rather than later.
“I’m on a mission to drive more online appointment bookings,” said Scott Booker, CEO of Healthgrades. “The research says 85% of consumers expect to book online because they learned in other industries that it’s so much more efficient and convenient, yet only 2% of appointments happen online today.
“We’ve got to be where consumers are and service them when they need it.”
One of the largest digital health companies in Colorado, Healthgrades uses its database of more than three million U.S. healthcare providers to help consumers find the best possible care. According to Booker, his company is partnering with startups to explore ways to further enhance its services.
“We do not know yet what the business models of the future will be,” Stoakes noted. “It’s completely unknown right now.
“It’s like trying to predict the new e-commerce models before Jeff Bezos. It’s basically all a mystery.”
Booker described Healthgrades’ commitment to meeting consumers where they are as the reason why his company has remained in the vanguard of health innovation since its founding.
“One of the biggest problems in healthcare is duplication,” said Steve Adams, CEO of Prime Health. “How many new emergency centers do we need on one corner when there’s one on the next corner?
“We have to get more intelligent about our resources, and part of that is figuring out how to work together.”
With over 3,000 members, Prime Health is the largest community of digital health innovators in Colorado. Under Adam’s guidance, the organization has been working to commercialize its Challenge process, which leverages the expertise of Prime Health’s community to assess the market readiness of digital health startups.
“We’re excited about connecting hubs like Denver with hubs around the world,” explained Stoakes. “If you go to India right now, they’re about five years ahead of us on the business models in healthcare. If you go to Israel, they have incredible health technology in search of a market. If you go to Finland, they’re way ahead of us in mobile health. And the assets this ecosystem has are extraordinary.
“Imagine what we could do if we start to break these silos down, not only here, but around the world, connecting them with technology, through aligned visions and missions.”
Thanks to the robust community of digital health innovators that Prime Health has built, Colorado is quickly becoming a critical node in the global digital health ecosystem.
“You have to be relentless in this industry,” said Mike Biselli, president of Catalyst HTI. “This industry doesn’t want to change. There are deep-rooted players making gobs of cash. The last thing they want to do is crack the door open for some of you entrepreneurs.
“It’s our job to pile everyone at the gate and knock it down.”
When completed in May of 2018, Catalyst HTI will be a 180,000 square-foot health-tech industry integrator. According to Biselli, by housing dozens of digital health startups alongside major tech companies like Hitachi and large health systems like Kaiser Permanente, Catalyst HTI will integrate the healthcare industry at the point of innovation.
“I’ll call the established industry out,” said Biselli. “Wake up, listen to the entrepreneurs, start collaborating, and understand that we can move this industry forward together.”
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