As an industry, healthIT has boomed over the last several years – growing from $21.9 billion in 2012 to a projected $31.3 billion next year. So what’s fueling the success? Catalytic events including the 2009 passage of the American Recovery and Reinvestment Act, which provided $22.5 billion in healthIT incentive money for adopting electronic health records, and the 2010 Patient Protection and Affordable Care Act have definitely helped spurred this growth, in addition to a rising crop of healthIT entrepreneurs who are entering the playing field.
In response, several business accelerators dedicated solely to the investment of healthcare technology startups have surfaced in the United States. These accelerators, in return for a stake in the business, provide new companies with seed capital, office space, mentoring and wide rolodexes.
Today, these healthIT accelerators are stronger than ever and play a meaningful role in the continued success of the healthcare IT boom. In fact, venture capital funding for healthIT totaled $4.6 billion in 2015. The most exciting part? Once focused on the healthIT hubs of Boston and Silicon Valley, entrepreneurs are now able to find accelerator programs all over the country. Here are a few to keep your eye on:
Health Wildcatters – Dallas, Texas
With over half a dozen major hospital systems in the city, Dallas has become one of the most competitive healthcare markets in the nation. For 12 weeks each fall, digital health, medical device and other healthcare companies move to Dallas and receive top of the line mentorship, workspace, business resources and educational programming. Each Health Wildcatters company also receives a $30k seed investment and has the opportunity to receive $350k in follow-up funding.
Portfolio Companies Include:
- Noninvasix – HealthIT company that has developed a way to conduct accurate, noninvasive monitoring of fetal welfare during labor and delivery using optoacoustic technology.
- Flow MedTech – Health tech company developing a patent-protected medical device to reduce the high risk of stroke in millions of atrial fibrillation patients.
- DynoFit – A wireless smart electromyography system that helps people with stroke, traumatic brain injury and cerebral palsy gain control of their muscles.
HubX – Life Sciences – Little Rock, Arkansas
Arkansas’s largest healthcare system, Baptist Health and the state’s largest health insurer, Arkansas Blue Cross Blue Shield have joined forces with Arkansas Regional Innovation Hub and the Iron Yard to launch HubX – Life Sciences. The accelerator is currently in its inaugural year and is geared towards digital health care platforms, healthcare services and medical device companies. Participating companies receive direct access to Baptist Health and Blue Cross Blue Shield executives and facilities as well as the potential to have a beta with the partners after graduation.
Inaugural Companies Include:
- Aces Health – The first all-in-one, multi-platform application for clinical trials that keeps patients connected 24/7.
- Admetsys – Innovative artificial pancreas for hospital and surgical care, leveraging adaptive learning algorithms and counterbalancing treatment of insulin and glucose.
- Chrona – First mover in noninvasive deep sleep solutions using machine-learning, analytics, and emerging sleep research; delivers restorative and cognitive benefits faster to a U.S. market of 113 million.
NeuroLaunch – Atlanta, Georgia
Being an Atlanta native, I have to give my hometown some love for everything it’s doing in the health IT industry. In fact, the health IT industry in Georgia leads the nation with more than 200 companies. NeuroLaunch is the leading accelerator program for neuroscience startups. The 90-day program provides companies with seed funding ranging from $20k – $100k as well as introductions to investors, strategic partnerships and mentors.
Portfolio Companies Include:
- Atanse – HealthIT company focused on minimally invasive instrumentation. Its therapeutic delivery device is designed to provide neurosurgeons with improved control and precision, reduction in trauma and morbidity, and improved treatment efficacy.
- 45 Degree Health – Data driven concussion recovery by incorporating smartphone and wearable technology to enable patients and their doctors to focus on recovery efforts.
- Zyrobotics – Company providing technology-based accessible play for people with motor limitations.
At AR|PR we love working with inventive healthIT companies that are determined to make an impact on the healthcare industry and our lives. We’ve helped them develop a healthy dose of customer stories,prescribe buzz worthy press and more. If you’re interested in learning more about how we can support your healthIT company contact today.
This article appears as it was originally published in the ARPR Blog.