June 15, 2017

Wanted: 'Fearless, ambitious and extraordinary entrepreneurs' for startupbootcamp Miami

 

By Christian Seale

Today, we are excited to announce the launch of applications for the second cohort of our digital health innovation program, startupbootcamp Miami.

If you share our passion and vision to transform healthcare, we want to meet you. Apply here!

We are a year older and have assembled an even deeper bench of local and national healthcare providers, insurers, pharma companies, industry leaders and top-tier healthcare investors committed to helping you refine and scale your companies.

Boot1Last year our program resulted in multiple implementations, customer contracts and financings for our portfolio companies from the likes of Miami Children’s Health System, University of Miami, Florida Blue, Jackson Health System, Univision and many others (read more here). Local entrepreneur Wolf Shlagman, CEO of CareAngel and founder of Consult-a-Doc (sold to Teladoc and Kleiner Perkins) highlighted: "the program surpassed our expectations and resulted in multiple customer contracts and venture financing. I highly recommend this program to any serious entrepreneur looking to take their healthcare business to the next level."  (pictured here: Rene Lerer, President Florida Blue, discusses healthcare reform with Startupbootcamp entrepreneurs.)

We encourage you to apply and accelerate your business. We are looking for fearless, ambitious and extraordinary entrepreneurs working at the intersection of healthcare and technology with proven and tested models and committed to making our system more equitable, efficient and accessible for all. If chosen to participate, you will receive funding, implementation and contract opportunities, mentorship from our dedicated expert network, office space and a comprehensive suite of portfolio and in-kind services.

We are proud to be part of Miami’s growing entrepreneurial ecosystem recently named the top city in startup activity by the Kauffman Foundation and grateful to be recognized by Inc. for our work to build the city into a globally recognized hub for healthcare innovation.

We invite you to join us and our partners at the Knight Foundation, Miami Children’s Hospital and many others as we build Miami into a globally recognized hub for innovation and together transform the future of healthcare. If you are a healthcare entrepreneur, please reach out and set up a time for virtual office hours.

We look forward to hearing from you.

Christian Seale is founder and managing director of startupbootcamp Miami. Follow on Twitter @sbchealth. For more information, email digitalhealth@startupbootcamp.com.

 

Boot3

Shane Battier, NBA and NCAA Champion, shared leadership lessons with Startupbootcamp entrepreneurs.

Boot2

Dr. Maurice Ferre Jr., Co-Founder of Mako Surgical and CEO of Insightec, shares lessons on building and selling a company with Startupbootcamp entrepreneurs.

Boot4

A panel discusses the future of digital health in South Florida at Startupbootcamp’s Demo Day. From left: Christian Seale of Startupbootcamp, Jaret Davis of Greenberg Traurig, Elizabeth Lopez of Miami Children’s Health System and Juan Ortiz of Sonas Home Health Care.

Photos provided by startupbootcamp Miami

 

May 10, 2017

Boca Raton-based Modernizing Medicine attracts $231 million in funding

ModMed

By Nancy Dahlberg / ndahlberg@miamiherald.com

Health-technology company Modernizing Medicine announced Wednesday that Warburg Pincus, a global private equity firm focused on growth-stage companies, has invested $231 million into the company.

The funding will be used to provide liquidity to existing shareholders, fund further expansion and support future strategic endeavors, said Daniel Cane, CEO of the fast-growing Boca Raton-based company. “It’s a great firm, a great fund, it’s good people ... With this investment we infused some additional jet fuel into our company to be able to execute even more aggressively, to be able to hire and innovate and bring great products and solutions,” Cane said in an interview Wednesday.

Modernizing Medicine currently employs 550 people and is booking $100 million in annual revenue. “If there was any doubt that you could found and scale a company in South Florida, hopefully those doubts are now erased,” Cane said.

Founded in 2010 by Cane and Dr. Michael Sherling (pictured above), Modernizing Medicine has been one of the recent tech success stories in South Florida. Cane, a serial entrepreneur who earlier in his career co-founded and exited education-tech company Blackboard, met Sherling, his future co-founder, in the doctor’s office.

Modernizing Medicine’s flagship product is EMA, which is a mobile, cloud-based, specialty-specific electronic health record system now used by more than 10,000 providers at thousands of specialty practices nationwide, and the company now offers a full suite of products and services including practice management, revenue cycle management, telehealth for dermatology, analytics and more. Before this latest mega-round of funding, Modernizing Medicine had raised about $100 million, including $38 million in 2015.

“We’ve been quiet the last year but we’ve been executing,” said Cane. “We have an incredible team and we continue to grow. We still serve only a handful of specialties – we remain focused – but we do more within each specialty than we ever have in the past.” 

Cane said the latest round of funding will allow it to pursue strategic objectives that not only benefit physicians and their practices but also the patient. “We are building a lot of mobile patient engagement applications, looking at ecommerce, looking at telemedicine,” he said. That includes investing in technologies that streamline “prior authorization” to allow more patients to get the treatments they need faster, said Cane. In ecommerce, there are other opportunities to streamline processes that complement a patient’s treatment, and telemedicine has particular potential to take off in dermatology, Modernizing Medicine’s largest specialty with about 6,000 providers, Cane said.

Modernizing Medicine now has three South Florida locations, its main headquarters in the Research Park at FAU, a temporary space in the Boca Raton Innovation Center while its new space there is being built out, and a Weston office. “We are always hiring,” said Cane. Indeed, more than three dozen job openings are listed on Modernizing Medicine’s webite, including for engineers in product development and product management, as well as for positions in marketing, sales and legal.

Fred Hassan, managing director of Warburg Pincus and the former CEO and chairman of Schering Plough, and Amr Kronfol, Warburg Pincus principal, will join Modernizing Medicine’s board of directors. “We see meaningful opportunities for the company’s continued growth and acceleration of existing products and initiatives, and we look forward to partnering with Dan, Michael and the entire management team,” said Andrew Park, principal of Warburg Pincus.

Founded in 1966 and headquartered in New York, Warburg Pincus, with an active protfolio of more than 140 companies, has more than $44 billion in private equity assets under management. Warburg Pincus has been an active investor in the health technology sector, with current investments including DocuTAP, Helix, Intelligent Medical Objects, Specialists On Call, and A Place For Mom.

Nancy Dahlberg: @ndahlberg

April 30, 2017

Q&A with MDLIVE CEO Scott Decker: Taking telehealth to the masses

Scott_decker

 

By Nancy Dahlberg / ndahlberg@miamiherald.com

When Scott Decker told friends and colleagues in Portland, Oregon, he was going to be taking the helm of MDLIVE in South Florida, they were surprised.

“The outside perception is that there is no technology market down here and that is clearly not the case,” Decker said. Today, MDLIVE, a fast-growing provider of telehealth services, has more than 300 employees and has been growing about 60 percent a year, he said.

The longtime health-tech executive was named CEO of the Sunrise-based MDLIVE in November, succeeding Randy Parker, MDLIVE’s visionary founder and now chief business development officer.

Decker joined MDLIVE with nearly 30 years of experience as both an innovator and health information technology leader. Most recently, he served as CEO at HealthSparq, where he built the industry’s first cloud-based shopping/transparency platform for healthcare consumers. In four years, HealthSparq grew from startup to servicing 70 health plans and 70 million Americans. Prior to HealthSparq, he held CEO and president roles at NextGen Healthcare and HealthVision.

MDLIVE, founded in 2009, was one of the early entrants in telehealth, where the doctor is a click away. The company’s virtual healthcare service covers more than 20 million people for the 2017 health plan year and is on track for 22 million by year end. MDLIVE has raised more than $73 million in venture capital financing, making the company one of the best-funded South Florida tech companies. Nationally, it competes with Teladoc, Doctor on Demand, American Well and others.

Already this year, MDLIVE has launched a new virtual health and wellness package to support the country’s 28 million small businesses that traditionally have a difficult time obtaining affordable health benefits. The offering, MDLIVE Prime, is designed as a cost-effective, stand-alone benefit for businesses that are unable to offer traditional health insurance benefits or as an add-on benefit to traditional health plans, the company said. The package includes virtual doctor visits, including behavioral health, with no co-pay, pharmacy benefits, and second opinion services. MDLIVE couldn’t provide a cost for this service as it will vary widely depending upon the service details selected, but said a virtual care offering typically costs roughly $2 to $15 per employee per month.

MDLIVE also announced this year that it is the first telehealth provider to offer virtual psychiatric services in all 50 states through a network of more than 1,300 mental health professionals, and Decker sees that as a fast-growing part of the business going forward. The market is huge, as about 20 percent of people in the U.S. have a diagnosable mental disorder and current wait times to see a behavioral health expert average 30 days.

MDLIVE also plans to begin offering virtual dermatology visits in a few months.

The Miami Herald interviewed Decker in early April about his transition, the company and the telehealth sector.

Q. You moved from Portland, Oregon, in November. How are you finding South Florida?

A. Portland winters are rainy and cold. Pretty easy transition!

Q. What new set of challenges does leading MDLIVE bring?

A. Most of my background is purely on the technology side, providing technology that helps healthcare organizations be more efficient and effective, and this is combining the two. It’s not only the technology of how do we make it easier for consumers to get to doctors, but in reality we are also running a very large physician practice on the back-end at the same time, where we have more than 1,800 licensed physicians and therapists in our network. It’s marrying those two things together in delivering healthcare in a way it hasn’t been delivered before.

Q. Do you think telehealth has lived up to its expectations so far?

A. I don’t know that it has lived up to its expectations, but expectations are low because I think most people still don’t even know the service exists. In a lot of respects I equate it to my early days using Uber. I was an early adopter and I can still remember sitting on a corner in Washington, D.C., and having to wait 20 minutes to get a car because there weren’t enough drivers yet. And we were thinking, ‘Is this really living up to expectations, is it really going to take off?’ That’s where we are in telehealth right now, we are just in the very beginnings of it.

I fully expect that three or four years from now when we are talking, [telehealth] will be as common place as Uber is for how people are getting healthcare delivered. The customer satisfaction level we get of consumers who do use it is off the charts compared to traditional physician visits.

Q. What trends do you see in the sector?

A. We are starting to see adoption pick up fairly dramatically. On an average day, MDLIVE now sees about 1,200 patients a day, whereas a year ago it was half that amount. The bigger trend is we are seeing consumers get comfortable with the basic things we have traditionally [addressed], like ‘I have a sore throat or a UTI.’ We now have launched behavior health services; we’ve launched psychiatry services; we will soon be launching dermatology services. What you are starting to see as we get consumers comfortable with the concept is that we can expand to more and more things that make more sense to do virtually rather than burdening the consumer to go to a physical facility.

Q. Virtual psychiatry — how big a part of your business is that and what is its potential?

A. It’s about 10 percent of our business now. I think its market is tremendously untapped. It could be as big as our core business over time, and it probably fits our model even better than a basic physician office visit. A virtual visit can take away the stigma that has been associated with behavior health issues.

Q. You recently launched a new mobile health platform. What does that bring you that you didn’t have before?

A. We’ve now made it a completely native application — so you get a complete iOS or Android based experience. We’ve incorporated a brand new video conferencing capability that is getting really good reviews from consumers.

Q. What do you see ahead as the biggest opportunities for MDLIVE?

A. We are on the way, to be honest. The opportunity for us is to take advantage at what I think will be a commonplace way to see physicians in the future and making sure that happens sooner rather than later.

Q. Do the new healthcare proposals out there help or hurt telehealth and MDLIVE specifically?

A. The shift toward value-based care as opposed to fee for service just helps us more and more because people are looking for more efficient, cost-effective ways of providing care to broader populations. We definitely fit that bill. There is nothing in the changes that are occurring that we see as a headwind for us, really only tailwind. Generally in the market, what is helping us more than anything right now is two or three years ago, almost no insurers covered telehealth visits. We are well down the path and probably only a year away from almost all health plans covering telehealth as a core benefit. That is probably the biggest barrier that will come down for us.

Q. Can you tell me more about your recent growth?

A. MDLIVE has been trending the last few years at a 60 percent growth rate and does not see anything slowing that down over the next few years. MDLIVE is up to about 300 employees in the company, and more than two-thirds are in South Florida.

Q. Are you fund-raising?

A. Yes. We’re in that high-growth stage, so part of that is to always be out making sure we have the capital in place to take care of that growth.

Q. What sets MDLIVE apart from competitors?

A. For us, it is a lot about customer service and also scale. There are a lot of startups in this space, but I think if you are really going to be delivering care 24/7 365 days a year in 50 states, it’s a pretty big game and you need a big infrastructure to do that. We are clearly one of the companies that has scaled up in this space, and as I was saying, we have really put an emphasis on the customer service side of things, and the feedback we get is that is resonating well, and that’s both in our internal people and also training our physicians in a new way of taking care of patients in the virtual world.

Q. What are some other areas MDLIVE is looking to get into?

A. We have a new offering for small employers, which gives them a packaged opportunity to get access to these services. A lot of times the benefit we provide doesn’t come in the regular health plan package so we give access to these kinds of services with an all-you-can-eat model even for a lot of the small employers. For a small monthly per-employee fee, the employees can get access to as much of our network as they need. That’s a new program we are putting together and it is getting good reception in the market.

Traditionally we work with Fortune 1000 companies, and more and more health plans are working telehealth into their benefits, but a lot of that doesn’t flow down to the small employers.

Q. And you are getting into dermatology?

A. We are launching that later this summer. That’s kind of an obvious one, right? You don’t necessarily need a live visit. You can share pictures of what you are concerned about with the physician network and they can get back to you.

Q. What are some of the qualities a leader should have?

A. Making sure it is really clear to everyone in the organization where you are trying to get to, especially in technology and a high growth market where the future isn’t clear. The second is building a great team; it’s about surrounding yourself with the right people. Already I’ve been pleased with the market in South Florida, the high diversity in the workforce of executive and team players we have been able to bring aboard.

Q. What was the best advice you’ve received and from whom?

A. ‘Always try to find opportunities that can provide five years of experience every year … rather than the opposite.’ That was from my first branch manager at IBM.

Q. What is one thing colleagues may not know about you?

A. I worked on a project for NASA in college analyzing atmospheric data collected by the Voyager spacecraft as it passed Mars.

Q. How are you finding talent in South Florida?

A. I’ve been pleasantly surprised. As soon as I started telling folks I was moving to South Florida and I was hearing, ‘oh my gosh, how are you going to run a tech company down there?’ it’s been anything but. There is probably a cap to it, but for a company this size there is definitely enough talent down there and a great university system to feed into it. We may have to do a little more training to get people onto the top technologies, but I have found there is a hunger for that. We have worked with a lot of incubator and training facilities down here to make sure they are helping us feed our future growth. On the executive side, there are some really talented healthcare and technology executives I have been able to tap into in the local markets. And recruiting up north in the winter does have benefits.

Q. Are you hiring now?

A. Always. We are looking for technical people to customer service to sales and marketing. We are always looking for talent.

Q. Do you have any observations on what could make South Florida a stronger area for healthcare technology?

A. It will feed on itself; it’s an emerging market. What it needs are some good winds and that will attract more talent. The biggest barrier right now is just perception. The outside perception is that there is no technology market down here, and that is clearly not the case. So I think a little bit of PR will help and a few of us need to be wildly successful. So we’ll work on both.

READ MORE: Prescription for economy – healthcare startup energy

Nancy Dahlberg: @ndahlberg.

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April 12, 2017

South Florida cancer-fighting companies led venture funding in Q1, MoneyTree report shows

 

By Nancy Dahlberg / ndahlberg@miamiherald.com

Two South Florida biotech companies targeting cancer and an education-technology startup led Florida venture capital deals in the first quarter, according to a MoneyTree report by PricewaterhouseCoopers and CB Insights released Wednesday.

Florida deals in the quarter were led by F1 Oncology in West Palm Beach, an early-stage biotech company that raised $37 million from F1 BioVentures, Sinobioway and SunTerra Capital. Miramar-based Altor Bioscience raised $30 million from Sanderling Ventures. Aventura-based Nearpod, which creates educational content for students, raised $21 million from AGP Miami, GSV Acceleration, Insight Venture Partners, Krillion Ventures and Reach Capital. Aerospace company Moon Express of Cape Canaveral, created to mine the moon, brought in $20 million.

Florida companies took in 24 venture capital deals worth $156.9 million in the first quarter and nearly half of the total – $74.3 million – was in healthcare, according to MoneyTree. That compares with 25 deals worth $855.3 million in the same quarter a year ago, when mixed-reality technology company Magic Leap’s $793.5 million dominated investments in that quarter.

Other South Florida companies that received investment in the first quarter included fintech company Nymbus ($16 million), e-commerce startup Iguama ($5 million), packaging forwarding compay Aeropost ($4 million) and Biscayne Pharmaceuticals ($3 million), which is developing epilepsy treatments.

Nationally, investors deployed $13.9 billion to U.S. VC-backed startup companies across 1,104 deals, up 15 percent in dollars and 2 percent in deals from Q4 2016, according to the MoneyTree survey. These figures represent a slight recovery from Q4 2016, where startup investment figures bottomed out as part of an ongoing retreat from the peaks of 2015. A boost in mega-round activity contributed to the jump in quarterly dollars, although the total of $13.9 billion remains the second-lowest quarterly total across the past two years. MoneyTree Report results can be found at www.pwcmoneytree.com.

“We are seeing the U.S. funding environment slip into its new normal – 2015 was irrationally exuberant and the 2016 pullback was a reaction to that,” said Anand Sanwal, co-founder and CEO of CB Insights. “However, 2016 was more of a soft landing than a wholesale popping of the venture bubble which pundits have been predicting since 2009. There continue to be new sources of capital and strong corporate interest, and that is evident in the Q1 numbers. A number of large acquisitions and some early IPO activity also portends good things for VC-backed companies.”

Last week, Pitchbook and the National Venture Capital Association put out a report using different methodology as to which size, stage and type of deals it includes but reported similar trends. That report found that $244.19 million flowed into 63 deals during the first quarter in Florida. Nationally, the PitchBook-NVCA Venture Monitor found, investors deployed $16.5 billion to 1,797 venture-backed startups, marking a slight uptick in capital invested over the fourth quarter of 2016, but the fewest companies to receive investment since the fourth quarter of 2011.

Nancy Dahlberg: @ndahlberg

January 27, 2017

Biscayne Neurotherapeutics raises $3 million for developing anti-epileptic drugs

Miami-based Biscayne Pharmaceuticals has raised financing for its new spin-out, Biscayne Neurotherapeutics, which was recently established to develop BIS-001, a novel anti-epileptic drug slated to enter a Phase 1b clinical trial later this year.

BIS-001 is a synthetic form of huperzine A, an extract with a long history of safe use in central nervous system indications in traditional Chinese medicine, the company said. BIS-001 demonstrated exceptional efficacy in animal models of severe epilepsy and appeared safe and well tolerated in a Phase 1a trial.

The $3 million Series B financing round was led by Quark Venture and Chinese investment firm GF Securities, along with Mesa Verde Venture Partners. Existing Biscayne Pharmaceuticals investors and new private investors also participated in the financing round. As part of the financing agreement, the Global Health Sciences Fund will appoint one director and one observer to the Biscayne Neurotherapeutics Board of Directors, and Mesa Verde Venture Partners will also name a director.

Biscayne Neurotherapeutics is a clinical-stage biotechnology company developing drugs for serious central nervous system disorders such as refractory epilepsy. Biscayne’s technology is licensed from Harvard University, Yale University and the University of South Florida. 

 Epilepsy affects about 3 million people in the U.S. and over 50 million people worldwide. 

January 06, 2017

Tesser Health raises $470K in funding to lower prescription drug costs

Tesserhealth

Part of the Tesser Health team at eMerge Americas: From left: Riyaad Seecharan, Ali Khoshnevis, Gregory Johnson (former intern), Patrick Helmus and Humberto Lee.
 

By Nancy Dahlberg / ndahlberg@miamiherald.com

Tesser Health, a pharmaceutical savings startup based in Miami, has raised $470,000 in seed funding from a Cofounders Capital syndicate.

The company explained its mission and technology this way: Tesser Health's cross-platform application has helped hundreds of thousands of Americans save money on prescription medications by using behavioral science to drive optimal health decisions. The company analyzes claims and can find inefficiencies in consumer purchasing habits typically accounting for over 24 percent in excessive spending. Employers can layer the Tesser platform to their existing Pharmacy Benefit Manager systems, and the company currently works with health systems including Advanced Plan for Health, Wellnext, SpendWell Health and Save On Medical. The startup  provides users insight on exactly how much drugs cost, and then in real-time displays up to eight different ways to save on their medications.

“This is about helping everyday folks manage the rising cost of prescription drugs,” said Dr. Ali Khoshnevis, co-founder and managing director of business development at Tesser Health, in a statement. “What sets our solution apart is the ability to show users how to save on their medications and to communicate these opportunities to their prescribing physicians. This makes Tesser Health the only end-to-end platform to reduce prescription drug spending.”  

The eye doctor said he co-founded the company after he discovered a patient not taking his prescribed medications because of the costs. With some research, Khoshnevis discovered that the price for the same drug ranged from $11 to $150, and a variety of evidence-based alternatives existed. 

Tesser Health, founded in 2014, currently has nine people on its team and plans to use the funding for expanding its sales team, said Riyaad Seecharan, co-founder and managing director in charge of operations. Tesser Health is based at CIC Miami. "Their work sits at the intersection of where the Miami ecosystem should be delivering more - the cross between healthcare, technology, and responsible community benefits - and we hold them up as an example for what can happen when life sciences dovetails with entrepreneurial and human-centered solution design," said Natalia Martinez-Kalinina, CIC Miami's general manager. 
 
“We evaluated a number of companies with claims engines used to find employee drug cost savings, but none were as comprehensive or as actionable as the Tesser solution,” said  David Gardner, general partner at Cofounders Capital, in a statement. “We feel confident that this technology paired with this healthcare-experienced management team will be the best value available today for self-insured employers wanting to reduce the cost of their employee benefits”.

 

December 01, 2016

Startupbootcamp's Demo Day shines spotlight on startups and healthcare ecosystem

SbcMediconecta

 Mediconecta, a telehealth company serving Latin America, makes a Demo Day pitch at Startupbootcamp Miami.

By Startupbootcamp Miami

Miami is home to a robust health industry and is considered one of the largest health districts in all of the United States. From Miami, Startupbootcamp and Mana Wynwood are partnering to create a unique space that capitalizes on Miami’s competitive advantage - from demographic diversity, geographic endowment bridging populations between the Americas together, and Miami’s art scene - to create a distinct and defendable ecosystem for innovation.

“Startupbootcamp has brought new talent and energy to Miami’s expanding innovation ecosystem. Building on this momentum, Demo Day is a chance for this first class of entrepreneurs to put their potential on display and show how they can contribute to the growth and success of our city,” said Matt Haggman, Knight Foundation program director for Miami.

“Miami is a perfect market for entrepreneurs working at the intersection of healthcare and technology with its highly successful clinical facilities, booming tech scene, and emerging startup ecosystem,” said Jaret L. Davis, co-managing shareholder of Greenberg Traurig Miami, who is leading the team of attorneys working with Startupbootcamp and serves as Vice Chairman of Miami Children’s Hospital. “Our firm is thrilled to play a key role in Startupbootcamp and serve as the connector with many of the key players in the market. In light of the work we were already doing with Miami Children’s Health Systems in this field, it made sense to introduce the two, and we are beyond pleased to see how this relationship has blossomed. We look forward to being a catalyst for future growth and remain confident that the success of Startupbootcamp Miami will encourage more accelerators to make their home here.”

Startupbootcamp Demo Day on Thursday  combined  innovations in healthcare technology with Miami’s Art Basel. On Demo Day, Startupbootcamp’s portfolio of digital health companies shared the insights they’ve garnered working in Miami over the past several months to a room of investors, healthcare customers and providers, press, and other esteemed guests.

“Startupbootcamp has really brought to life the technology startup scene in Miami,” said Dr. Narendra Kini, CEO at Nicklaus Children’s Hospital, an early supporter in Startupbootcamp. “By focusing on health it is really building out the ecosystem for innovation. We hope to see the next major healthcare players originate in Miami.”

In addition, the Startupbootcamp Demo Day was also paired with Miami’s Art Week, harnessing the influx of general cultural activity into an instrument for broader good. Recognizing that the worlds of Art, Health and Technology traditionally exist independently of one another, Startupbootcamp, in partnership with Mana Common, are forging an unprecedented platform for innovation.

Art is continuously playing a significant role in this development by using creativity to address healthcare and patient livelihood, and to broaden access to wellness resources. Artful thinking is increasingly becoming a meaningful and serious strategy towards better healing, as demonstrated through the partnership of Startupbootcamp and Mana Common.

The goal is to look at Miami’s competitive advantages in terms of industry – Health, Technology, and Art – to create a defensible value chain.

Here are  highlights of some of the major accomplishments that our companies have achieved over the last three months.

Aces Health:

Aces Health, one of five global finalists for the Mayo "Think Big" entrepreneurship challenge, has signed a LOI and is looking to close its pre-seed funding round led by Miami Children's Health System.

BabyScripts:

Partnered with Aurora Healthcare to build the first technology enabled Medicaid care plan that makes necessary pregnancy care available to any patient from the comfort of their own home. The product went live last week.

Additionally, Dr. Narendra Kini and the Miami Children's Health System have served as a pivotal strategic mentor and partner in the South Florida market. They are currently working together on a comprehensive Go-To-Market as well as new exciting product developments.

CareAngel:

CareAngel as awarded 1st Place in the AARP Foundation’s $50K Innovation Challenge for its partnership with the Philadelphia Local Association of Areas on Aging to support enhanced remote care for low income and underserved populations. As part of the SBC program, CareAngel is now piloting with the University of Miami Health System around med adherence for its mammogram patients.

Keep Livin:

KL has closed several revenue generating deals in the past 90 days with substantial partners such as Univision and Florida Blue. Keep Livin will be Florida Blue’s community engagement partner, entail enrolling those in Broward County during the current enrollment period.

Mediconecta (pictured above):

Mediconecta has signed an agreement with Miami Children's Health System to support their outreach for children and their families in Miami, throughout the nation and in Latin America.

Additionally, Mediconecta is contracting with University of Miami Health System to deliver a one of a kind model that will extend their providers' reach into new care settings throughout their markets.

QoC Health:

QoC Health as signed 6 new project contracts (including Canada's largest hospital network, Canada's largest home health organization, 2 internationally recognized universities, and 1 global health organization). The projects cover a variety of content areas, including mental health, population health data collection, and chronic disease management.

Overl.ai:

With the help SBC, Overl.ai has pivoted their resources and technologies to a single product around patient intake.  Since then, the company has experienced more meetings and follow throughs with the investors, new strategic partnerships,  and more customer opportunities.

TruClinic:

TruClinic has added five new customers since the beginning of our journey with Startup Bootcamp. The company also won an RFP with a Florida Children's Hospital. TruClinic has been recognized by the Journal of Health as one of the most innovative digital health companies in the world as an honoree of the 2016 Global Digital Health 100 List.

VoiceITT:

In South Florida, VoiceITT will collaborate with specialty clinicians, disabilities advocates, and therapists, including testing and research toward clinical validation of its signature product, which will be commercially available in 2017. It is in discussions with the University of Miami UHealth System, which will be the site of its first hospital pilot implementation as well as its first enterprise sale.

SBC

A panel of community experts in healthcare discuss the ecosystem at Startupbootcamp's Demo Day.

November 15, 2016

CareCloud raises $31.5 million to compete in changing healthcare market

By Nancy Dahlberg / ndahlberg@miamiherald.com

In CareCloud’s world, when you walk into your physician’s office, you aren’t handed that ubiquitous clipboard but rather a tablet and you enter your information — just once. And after the appointment, your doctor can serve up a bill for the growing portion not covered by your insurance with a transparent, consumer-friendly way to pay.

To that end, CareCloud, a Miami-based management platform for high-growth medical groups, announced Tuesday it has raised $31.5 million to finance its continued growth. Investors include a diversified financial services leader, The PNC Financial Services Group, and commerce technology giant First Data Corporation. Blue Cloud Ventures joined as a new investor and led the round.

With this capital injection, CareCloud has raised about $102 million since its founding in 2009. The company’s prior investors participated in the new Series C financing round, including Norwest Venture Partners, Intel Capital, Tenaya Capital and Adams Street Partners. Earlier this year, the company previously entered into a $15 million debt financing agreement with Wellington Financial and that was included in this round.

ComeeThe homegrown healthcare technology company will use the new capital to rapidly grow its team and its clinical and financial platform, said Ken Comée, who took the helm as CEO in April 2015.

“We are seeing more and more that patients are becoming payers. Our deductibles are rising faster than ever. Where just a few years ago we were paying a $20 or $30 co-pay, 4 percent of our overall bill, now we all face potentially thousands of dollars a year in medical deductibles,” said Comée, in an interview Monday.

“Doctors are ill-equipped to have that consumer-oriented point of sale, and that is where we are focusing our growth — the patient payment side of healthcare technology,” Comée said, adding that the company released a research paper Tuesday on the trends. “We’re modernizing the healthcare experience for both physicians and patients at the precise point where care happens — the medical practice.”

CareCloud’s cloud-based platform streamlines workflow for medical practices — everything from electronic health records to accounting and insurance to patient interaction — and is tailored to medical groups focused on expanding operations, especially in cardiology, general surgery, orthopedics, dermatology, ophthalmology, neurology, internal medicine, urology and family medicine specialties. “You need a technology platform that is flexible with tools as easy to use as we see in banking, shopping and our other everyday activities,” Comée said.

CareCloud, founded by Albert Santalo, currently manages more than $4 billion in annualized accounts receivables. CareCloud now has nearly 300 employees, about 200 of them in Miami, said Comée. He declined to disclose revenues, only saying that the company is selling to multiple growing multi-million-dollar practices.

Previously, Comée was CEO at Cast Iron Systems, a cloud integration company acquired by IBM. He was also CEO of PowerReviews, a leader in product ratings and reviews, also acquired, and CEO of Badgeville, a gamification startup. Before assuming the helm of CareCloud, he was a CareCloud board member, investor and operational adviser for three years.

While the $20 billion-a-year marketplace is crowded with competitors, Comée said many of the traditional players still use 20- or 30-year-old technology. “They aren’t growing; they are not taking on new business,” he said.

To be sure, the fast-moving tech company has suffered growing pains with reports of layoffs and turnover in the past three or four years. Still, Comée said CareCloud has hired 118 people since he came aboard. In August, the company held an inaugural weekend hackathon for the company and community with cash prizes, and ended up hiring three people.

Nancy Dahlberg: @ndahlberg

Read more: From 3 to 300 - CareCloud hires three from hackathon and looks to hire a dozen more

November 11, 2016

MDLIVE makes change at the top; new CEO at helm

By Nancy Dahlberg / ndahlberg@miamiherald.com

Fast-growing telehealth provider MDLIVE announced a change at the top on Friday.

Longtime health-tech executive Scott Decker will be chief executive officer of the Sunrise-based company effective Monday. Current CEO and founder Randy Parker will become chief business development officer and continue to serve on the board of directors.

“We are on the cusp of a technology-enabled consumer revolution in healthcare not dissimilar to what has been experienced in retail, travel, and banking. I was immediately impressed by the vision, technology platform, partnerships and team that Randy has assembled at MDLIVE,” Decker said in a statement. “Having the opportunity to jump into the middle of this incredible growth story and help the team evolve to the next level was something that I couldn't pass up. I believe the rapid adoption of virtual care models over the next few years has the potential to dramatically change the healthcare landscape and MDLIVE will be a key catalyst in that change.”

Decker joins MDLIVE with nearly 30 years of experience as both an innovator and health information technology leader. Most recently, he served as CEO at HealthSparq, where he built the industry's first cloud-based shopping/transparency platform for healthcare consumers. In four years, HealthSparq grew from startup to servicing 70 health plans and 70 million Americans and was recently recognized as 196 on the 2016 Inc. 5000 list of America’s Fastest Growing Companies. Prior to HealthSparq, he held CEO and president roles at NextGen Healthcare and HealthVision.

MDLIVE has grown along with the explosive telehealth sector, where the doctor is a click away. The company’s virtual healthcare service covers more than 22 million people for the 2017 health plan year and encompasses the full spectrum of medical conditions. To fund its growth, MDLIVE has raised more than $73 million in venture capital financing. In May, MDLIVE said it added access to behavioral health services through its partnership with Walgreens.

“I take great pride that our accelerated growth allows us to attract a high quality professional like Scott to take the helm, bringing added dimensions of leadership and experience to our executive team. I’ve known Scott for many years and am confident he is the right person to lead MDLIVE into this new stage,” said Parker, who founded MDLIVE in 2009.

 

November 09, 2016

The art of bringing Miami together

By Cristian F. Robiou
 
Dear Miami Startup Community,

RobiouI write this with dual intentions but one audience in mind.

The first purpose is to formally invite you all to the Startupbootcamp Demo Day to be held on December 1st at the Mana Convention Center in Wynwood. You can RSVP HERE. The second reason is to provide broader context on the motivations that power the bulk of our work: what are we doing in Miami and why should you care?   

Our motivations found voice after confronting a wake of questions commonly posed but less frequently acted upon: "how do we do well for ourselves, while also doing good for others?"

At Startupbootcamp, we have made measurable strides in service of this vision of comprehensive growth, rather than the unbalanced approach put forth by our counterparts in San Francisco, Boston, New York and elsewhere. While successful in the traditional sense, the chief failure of our sister-cities has been neglecting the real, human interests technological progress is intended to serve. When combined with the long term tax created via unstated but widely recognized policies of exclusion, the glow of our own city, of our own Miami, takes an even more important hue. We’ve arrived at an answer after long months spent evaluating: to pair our Demo Day with Miami’s Art Week, and in so doing harness general cultural activity into an instrument for broader good. Specifically this means showing and sharing widely the lessons learned from building for our expanding community so that we protect and accelerate Miami’s startup trajectory. We will be hosting panels on industry specific topics that bear directly on Miami’s growth prospects. This will be paired with a broader art and health tech symposium and, of course, our own Demo Day where our portfolio companies will share the insights they’ve garnered over months working with us here.

Because we work in the health sector, this is easier said than done. But despite the challenge we’ve managed to make considerable strides. We can reach new heights with your help.

In a few week’s time, the world will turn its eye to Miami. Art Basel is one of those distinguishable events where our city brims with the spirit and promise of culture, a complexity of values expressing one of the the best shorthand indications of what we can stand for as a people: growth of all forms, diversity of distinct shades, and appreciation of the transformative power of color, origin, and perspectives.

Our work entails crafting a protected space that encourages a commitment to living, not just alongside one another as strangers in polite company, but instead as stakeholders sincerely invested in each other’s well-being. And though admittedly not the perfect forum - we acknowledge Basel itself suffers from serious inclusiveness deficiencies - our goal now is to offer a pointed method to address them, and continue to strengthen our ecosystem. In marrying the industries of technology with the world of art in Miami, we can begin forging commonality of value while celebrating diversity of experience. We can strive to make this part of Miami’s emblem. A time and place dedicated to recognizing the breadth of distinct histories while holding steadfast to the view that together we are truly are a collection of the world’s finest range of humanity.

This is an unsung philosophy we practice daily: that in this way more of us can find richer and continuous opportunities for improvement, and that we have a duty to share that as widely as possible. If the promise of Miami means anything, it is this commitment to inclusion and accommodation that separates us from those that came before.

At Startupbootcamp, we have devoted significant resources to create a non-trivial response to this issue, meeting passion with reason in equal measure. We have started this project, of fusing art and health tech under a common banner, with substantive as well as symbolic goals in mind. Though our focus industries do not form the full picture of what Miami offers, we nonetheless hope to see you on December 1st.

Cristian F. Robiou is the acting chief operating officer at Startupbootcamp Miami, a digital health seed fund and accelerator.