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Vator will be highlighting the up-and-coming healthcare companies before Splash Health on Feb. 12th
With Vator Splash Health coming up soon, we've been focusing on different aspects of the healthtechspace, including the companies that have raised the most money and how quickly the space itself has been growing in recent years.
One big part of that involves discovering what the future of healthtech looks like, and the up and coming companies.
So VatorNews reached out to venture capitalists who invest in health companies to find out from them: who are the next generation of health companies, and the ones that will disrupt and shape the space in years to come.
One such company is Vida Health, a mobile, virtual care platform for primary and chronic care that connects consumers to health providers 24/7 for text, audio and video support. Vida's national network of providers cover 20 different conditions. Vida has partnered with Duke and MD Anderson where we are working on clinical studies managing the virtual care of cardiac rehab and cancer patients.
I spoke to Vida Health Founder and CEO Stephanie Tilenius about the company, its mission and her vision for the future of healthcare.
EDITOR'S NOTE: On February 12th, Vator will be holding its first ever Splash Health event in Oakland, where speakers such as Dr. Katrina Firlik, Tom Lee, Founder & CEO of One Medical, and Ryan Howard, Founder & CEO of Practice Fusion, will be talking about the state of the healthtech space, and where they think it is going. (Get your tickets here).
VatorNews: What the problem is that you are trying to solve and how you are trying to solve it?
Stephanie Tilenius: We are tackling primary and chronic care with a new virtual, mobile personalized experience. Our service matches a consumer with a 24/7 on demand health expert via text, voice and video from a marketplace of national providers that cover 20 different conditions. We have evidenced-based clinical programs and we are able to personalize these programs based on the individual's health and detailed biometrics.
VN: Who is your average customer and what is a typical use case for Vida?
VN: How do you want to change the healthcare space? What is your vision for what it will look like in five to ten years thanks to what Vida is doing?
ST: I believe healthcare will be transformed over the next decade to a point where it will not be recognizable, much like Amazon has transformed shopping and Uber transportation, healthcare is next. The consumerization of healthcare has already started and will take hold in the next couple of years but will take 5-10 years to play out.
There are three major trends underlying this shift:
1. Growth of high deductible insurance, now 32% of all insurance plans offered by employers. The consumer is footing a higher percentage of the bill each year, it is at least $5K now in the U.S. and only increasing.
2. Growth of mobile and wearables and cheap diagnostics (like Theranos), consumers are getting data that is enabling them to take charge of their health. Telemedicine is cheaper, faster and more effective in the majority of primary and chronic care issues, consumers are excited about having the instant gratification of a health coach or doctor on their phone, helping them immediately as opposed to having to drive, wait, etc. to see a doctor.
3. The ACA has two key components that are imporant - 1. wellness incentives (84% of employers offer a wellness program and more and more are taking advantage of the Obamacare wellness incentives) and 2. shift to value-based care (from fee for service) so that incentives are aligned between consumers, providers, payers and employers. If you don't get the right treatment, you have to spend more and so does your provider and employer (and payer). With charging for readmissions you are seeing a closing of the loop of financial incentives.
Vida provides a continuous, connected, collaborative care model with a coach and a doctor in your pocket 24/7 to help you lose weight, manage a chronic condition, deal with an auto-immune disease, etc. We cover over 20+ conditions and have evidence based clinical programs paired with a national network of health experts that can help you from the convenience of your own home.
We are marketing direct to consumer and we have pilots with Duke, MD Anderson and others (we have not announced yet).
We believe in the future you will get your blood work done at your local Walgreens and instantly get connected to a health expert to help you optimize your health, reverse a chronic disease or avoid a genetic predisposition. If you have surgery, you will be mapped to the right health coach pre and post surgery to optimize your health outcomes. Much of primary and chronic care will become virtual. For example, we are working on cardiac rehab with Duke. We can offer rehab for a much lower cost with higher engagement and better outcomes.
VN: How many users do you currently have?
ST: We just launched in October and have thousands of users.
VN: Has Vida been able to get data on how it has helped people improve their health? Can you share any of those numbers with me?
ST: Yes, 78% have lost weight , 85% have increased the amount of exercise they are doing, 40% have increased their exercise intensity. People have lowered their A1C, blood pressure and high cholesterol and some people have reversed type 2 Diabetes and improved their ecocardiogram results (heart health).
VN: Have you raised any money yet and, if so, from which investors?
ST: We raised $5 million from Aspect Ventures, Khosla Ventures, Jerry Yang at AME Cloud Ventures, Signia Venture Partners, The Valley Fund, Kevin Scott, Skip Battle, Lorrie Norrington and Maynard Webb (Chairman of Yahoo!, board member of Salesforce, former COO of eBay, and former CEO of LiveOps), through the Webb Investment Network, his early-stage venture capital firm.
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Vida is a mobile, virtual care platform for primary and chronic care that connects consumers to health providers 24/7 for text, audio and video support. Vida's national network of providers cover 20 different conditions. Vida has partnered with Duke and MD Anderson where we are working on clinical studies managing the virtual care of cardiac rehab and cancer patients.