DeepSummary
In this episode, Minnie Ingersoll interviews Maureen Klewicki, who leads venture investing for Cedars-Sinai hospital. Maureen discusses the focus areas for Cedars-Sinai's $100 million fund, which aims to address problems faced by the hospital as well as explore longer-term trends in healthcare delivery. She highlights the labor shortage and provider burnout as a major crisis, and shares potential solutions like robotics, computer vision, and ambient scribing.
Maureen explains that while the fund invests in enterprise healthcare technology to solve immediate hospital needs, it also invests in innovative digital and virtual care delivery models that align with the shift towards value-based care. She provides insights into the hospital's approach to moving healthcare outside its four walls, leveraging telemedicine, and partnering with other providers.
Additionally, Maureen shares advice for startups looking to sell into large healthcare systems like Cedars-Sinai. She emphasizes the importance of clear milestones, pilot phases, and commercial agreements. She also discusses the impact of policy changes, such as price transparency legislation, on the healthcare industry and the opportunities it presents for startups.
Key Episodes Takeaways
- Cedars-Sinai's $100 million venture fund focuses on solving immediate hospital needs and exploring long-term trends in healthcare delivery.
- The labor shortage and provider burnout are major crises that the fund aims to address through innovative technologies like robotics, computer vision, and ambient scribing.
- The fund invests in companies aligned with the shift towards value-based care models, which incentivize cost-effective and efficient patient care.
- Cedars-Sinai is exploring ways to extend healthcare delivery beyond the hospital walls, through telemedicine, partnerships, and innovative care models.
- Maureen advises startups to clearly define milestones, pilot phases, and commercial agreements when selling to large healthcare systems.
- Policy changes, such as price transparency legislation, present opportunities for startups to develop solutions that address emerging challenges and needs.
- Maureen highlights the importance of understanding the metrics and needs of intended business customers, especially for startups transitioning from direct-to-consumer models.
- Cedars-Sinai's hospital serves as a platform, providing resources, expertise, and potential partnerships for the startups it invests in.
Top Episodes Quotes
- “I think value based care, which can be structured in a lot of different ways, but sort of the overarching way that it works is you get a set payment for taking care of a patient or a group of patients or a patient as they're going through some episode of care. And if you spend less than that, you keep the savings. If you spend more than that, you get deemed.“ by Maureen Klewicki
- “So it's interesting, because when I think about venture capital, there's a lot of funds that you have the investors and then you have platform, right? And that's all of the services that you are offering to your entrepreneurs, which might be around hiring, it might be around business development, corporate development, like all of these things that we know, I feel like the hospital is the platform.“ by Maureen Klewicki
- “But it's tough, right? Because you're almost starting a business with one go to market and then you have to entirely switch it to a different go to market. Like you are starting direct to consumer, but you are ultimately a b2b business. And so in that case, I think it's making sure that you understand the metrics that the entity that you're ultimately selling into is going to want to see.“ by Maureen Klewicki
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Episode Information
LA Venture
TenOneTen
5/25/22
Maureen Klewicki heads up investing at Cedars-Sinai Health Ventures, the venture arm of Cedars-Sinai. Cedars-Sinai is a top 10 hospital in the US that serves more than 1 million people each year with over 4,500 physicians and nurses.
Maureen discusses opportunities she sees for startups to be created to address issues in care delivery, the labor shortage crisis, and the move to value-based care. She shares go to market strategies in healthcare and much more.