From Startups to Scaling: Key Takeaways from the 2023 Re View Summit
Collaboration is key to our mission of redesigning healthcare for everyone. That’s why we gathered industry experts, Venture Chairs and 40+ operating company CEOs in New York City for the 2023 Re View Summit last month. Over the course of two energizing and inspiring days, we tackled some of the most pressing issues in healthcare through panels, workshops and networking. Here are some of the highlights:
Partnering with healthcare incumbents and developing digital solutions
The Summit kicked off with a fireside chat with Dr. Molly Coye, a Redesign Health Advisor who has led the charge for digital innovations in healthcare for over 30 years, and Missy Krasner, Redesign Health Venture Chair.
Dr. Coye explained that while digital health solutions have focused primarily on addressing cost, quality and access, they’ve made very little progress overall. She emphasized that targeted solutions in four areas—generative AI, specialty care, at-risk care and new insurance models —hold the most potential for real innovation.
She also discussed the key strategies that startups should leverage to form productive partnerships with healthcare incumbents, ranging from obtaining crucial stakeholder buy-in to successfully navigating a risk-averse market.
Industry perspectives on generative AI and LLMs in healthcare
AI has the opportunity to radically transform healthcare, but many are unsure where to start. That was one of the core topics our Generative AI and LLM healthcare panel explored, led by Venture Chair James Quarles.
Industry experts Fawad Butt, Redesign Health Advisor and Executive in Residence at Canvas Ventures; Mike Desjadon, CEO of Anomaly (a company built at Redesign Health); Jon Moore, Head of Engineering Project and Program Management at Cohere; and Justin Norden, Partner at GSR ventures joined us for the conversation.
The discussion spanned practical applications, readiness levels, investor perspectives and strategies for effectively integrating these leading-edge technologies. Panelists emphasized that investors are looking for concrete examples of how companies are incorporating LLMs to solve problems. To succeed in a crowded market, new and growing companies must move beyond the technology itself to develop defensible use cases that solve real business problems.
A candid conversation about the market landscape
Day two featured a candid conversation with David Tisch, founder and GP of BoxGroup, and Christian Bjelland, VP of Capital Network at Redesign Health, about the challenging state of the VC market. Tisch reminded CEOs that relationships are paramount to successful partnerships and emphasized that CEOs should be prepared with nuanced and individualized pitches that aim to connect with each VC on an individual level. He also stressed the need to craft a compelling narrative around business growth and momentum. Rather than focusing solely on past accomplishments, CEOs must convince investors that their business is on a profitable trajectory.
Partner panel: Seeking partner insights for success
To wrap-up the Summit, Brenda Schmidt, Head of Enterprise Growth at Redesign Health, led a panel focused on industry innovation and identifying market opportunities, as well as ways to effectively target and partner with healthcare incumbents. Panelists included Adam Cheriff, MD of Clinical Operations at Weill Cornell Medicine; Aman Shah, Vice President of New Ventures & Strategic Partnerships at VNS Health; Michael Perlmutter, Senior Vice President at Lockton and Brian Schroeder, Senior Director of Operations at Montefiore Health System.
Participants agreed that buyers typically seek solutions that offer clear and immediate value, and that integrate into an organization’s existing framework. They also emphasized the importance of securing employee buy-in when pitching a new pilot. Finally, they explored various market opportunities, including prior authorization, specialist access, credentialing and physician compensation plan management.
Achieving mutual goals through collaboration
Throughout the event, attendees had many opportunities for one-on-one connections with fellow CEOs, investors, industry experts and Venture Chairs. Participants mingled during small workshop groups and over meals and happy hours, where they swapped key learnings and insights. These informal and unscripted events provided opportunities for collaboration among peers that will propel healthcare innovators to greater success within their respective fields.
Finding time to celebrate while continuing to innovate
We also leveraged this opportunity to reflect on the impact these 40+ healthcare companies have had on the industry. Since the last Re View Summit, more than a dozen Operating Companies have launched — spanning cardiology, pediatric mental health and perioperative care. More tenured companies have celebrated wins through new partnerships with industry leaders like MedAxiom, Memorial Sloan Kettering Cancer Center and VNS Health, and have also secured successful fundraising ventures. Perhaps most significantly, the CEOs in attendance at the summit collectively represented the healthcare journeys of over 15 million patients who have directly benefited from our transformative work. We can’t wait to see what the next year will bring!
Redesign Health is committed to developing purpose-driven, impactful healthcare companies that will transform the healthcare landscape through targeted and innovative solutions. If you have the passion and entrepreneurial experience to drive meaningful healthcare change from ideation to market launch, connect with our team today.
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