Lancaster, Pa.-based Smart Health Innovation Lab wants to make sure healthcare startups enter the market knowing their market is a real one.
A joint venture between Aspire Ventures, Capital BlueCross, Clio Health and Penn Medicine Lancaster General Health, the accelerator just kicked off its inaugural class with two startups: Canadian medical device company Emovi and Philly-based NeuroFlow.
For the next 12 weeks, both companies will work onsite at the accelerator, running their technology through simulated care environments: hospital room, physical-therapy gym, clinician’s office, self-service kiosk, at-home setting.
“This partnership will play a vital role in our mission in helping health systems access digital health technology to help improve patient engagement and compliance throughout treatment,” said CEO Chris Molaro, an Army Captain who’s been vocal on the topic of veteran mental health and suicide prevention. “We’re certainly excited that the Smart Health Innovation Lab sees value in technologies geared toward improving the patient experience.”
The Center City company raised a $1.25 million seed round last year to build out its team and ramp up sales and marketing. The raise was led by the digital health fund started by local, familiar faces: Ben Franklin Technology Partners, Safeguard Scientifics and IBX’s parent company, IHG. To date, the company has been able to put its biometric data–tracking platform — geared at mental health professionals — at 75 clinics and hospitals.
Per the founders of the accelerator, which officially opened last Thursday, the Smart Health Certification will give companies entry into partnering health systems and a path to payor reimbursement.
“We believe our first class of resident companies will positively impact the quadruple aim of healthcare — improving cost, outcomes, and both the patient and provider experience,” said Smart Health Innovation Lab CEO Kim Ireland. “We are thrilled to have such high-caliber companies participate in our inaugural class of 2018.”