More incubators eager to help HIT companies

In the thirteenth Century the Venetians were famous for their qualities in glassmaking, a technology that led to establishment of mirrors, spectacles, telescopes and many other technologies now taken for granted. But making glass needed furnaces reaching 1,000 degrees, and fire in the city became a huge issue. So, the glassmakers were shifted to the nearby island of Murano. The outcome was the world’s 1^st innovation incubator, state Mike Biselli, president Catalyst HIT, and a Denver-based healthcare technology incubator opening in the year of 2018. That’s why more incubators are eager to help HIT companies.

Catalyst is working with Prime Health, which brings together innovators, contributors, entrepreneurs, corporations and foundations in the region to recognize and test latest health IT technologies.

Prime Health serves the teaming of innovators with healthcare delivery networks that seek a competitive advantage by utilizing new technologies and processes, like a smartphone/web-based system that better engages sufferers participating in a diabetes intervention program to make sure that they adhere to medication and other treatment policies.

Healthcare incubator programs are popping up or now working in dozens of huge cities across the nation to help HIT companies, in accordance to Biselli, who spoke during Health Data Management’s Value-based Care Conference in the place of Dallas.

Healthcare agencies need to re-imagine how technology can change how the industry works, Biselli asserted. Such re-imagination is not new; it already happened during the last decade. A fundamental change in how healthcare works began in the year of 2007, after the 1^st smartphone was launched, and now is the period for more re-imagination in the age of machine learning and artificial intelligence.

And there are incubators and supporting agencies ready to help HIT companies. “The present innovation boom isn’t a fad, but is real and expanding,” Biselli stated. For instance, there are more than 135 health technology companies merely in the state of Colorado. “Innovators require assisting to re-imagine healthcare. If we work together, we will establish new ideas, procedures and technology that will shape the industry for decades to come.”

At the similar time, however, innovators can assist themselves by not falling victim to common mistakes as they seek financial partners and healthcare clients, Biselli stated. These mistakes involve not knowing how to integrate with EHRs system, or not knowing what DRG, ICD-10 and an EHR are.

Other mistakes: Startups mostly fundraise too much too early, which can sink an agency if they burn through the money without hitting previous revenue targets. These early-stage agencies also require better educating themselves about how to navigate existing physician workflows and seek ways to get doctors away from having to constantly kind at a keyboard.

Mistakes aside, although, Biselli claimed that failing is part of the innovation lifecycle. “There was a lot of stuff that did not work when the Internet turned on,” he recalled. “But that is okay, you’ve to try.”