My son asked me in the car this morning what my job is. I said “I give people money and support to help them with their ideas. It’s called Venture Capital.” He said “Adventure Capital?! Cool!”
Adventure capital here I come 💫
Say what you will about telehealth but things are happening...patients who saw virtual providers had 19% fewer visits to the ER, and that virtual visits reduced duplication of care by up to 16%.
Small rant but I’m always baffled when I offer to make powerful connections/introductions for folks and my only ask is that they send me a “forwardable email” with the ask. I’m shocked by how few people actually follow through…
Declining a call just because a partner isn’t on it will not serve you well. My team is fantastic and I highly value their recommendation. Just remember that even if associates can’t lead deals, they sure know how to kill them…
I’m sorta sick of apologizing for not being on video. When did we get to a place where if my face isn’t seen on every single zoom I’m somehow less interested in the discussion?
In today’s episode of things that make zero sense: my baby’s passport photo (taken when he was 7 weeks old) was denied because he was in a camouflage onesie and he can’t be “impersonating the military.” Yup. 😵💫
With Apple scaling back HealthHabit and Google shutting down its health division, tech incumbents are yet again reminded it’s really hard to play in healthcare…
On a personal note: some news to share. With all the craziness in this world, sometimes we forget to celebrate the good things. Jaffee Baby
#3
coming this spring! 💛😱
Mayo Clinic is investing $5B in it's flagship location to become one of the first major health systems to truly integrate physical and digital healthcare. For example, clinical floors will incorporate predictive AI to help reimagine inpatient care. Gotta say, I'm pretty excited.
My journey to
@7wireventures
was one of the best decisions I ever made. Every day I get to do what I love, with the people I care about. I'm thrilled to share that we closed a $150M+ fund to continue investing in consumer-centric
#digitalhealth
solutions!
New mothers spend an average of 1,800 hours (❗️❗️❗️) expressing milk or breastfeeding during their child’s first year, a number that’s nearly equivalent to a full-time job. I need to just put this in my bio when people ask why I haven't done x, y, z...🤪
Medical bills are reported to be the top cause of U.S. bankruptcies. Studies show that over 60% of all claimed bankruptcies were caused by medical issues. THIS. IS. NOT. OKAY.
One of the best comments I heard today: we are in such a strange time in healthcare. We still send faxes but do surgeries using complete robotic functionality. It’s as if Fred Flintstone and George Jetson are trying to live together in the same house 🦖🤖
I’ve been thinking a lot that there has become this bifurcation of health and care. Health is clinical, what protocol needs to be delivered. Care is emotional, delivering empathy, listening to you, understanding needs. Consumers want care yet med school teaches health.
FTC has fined BetterHelp $7.8M for sharing the personal health information of millions of consumers with advertisers like Facebook, Snapchat, and more. Just the latest example of what happens when healthcare companies act like consumer social apps…
@clhubes
@conz
meanwhile you're not sleeping, bleeding, confused, and they're like "yeah but you're fine this is just having a baby" and most women are very far from fine
We just closed our largest fund to date, a $217M+ Growth & Opportunity Fund to back the leading companies in digital health. Market tailwinds are stronger than ever and it's time the rhetoric on healthcare funding changed...
I’m finding more founders lately are reluctant to share decks in advance of calls and I find it so odd. Doesn’t that help us both set up for success? Curious where this trend (or advice) is coming from.
🚨🚨🚨GOOD NEWS ALERT: Investment in women's health is ON. Venture activity in the category has sky rocketed: women’s health investment grew 314% since 2018 vs. a 28% increase in overall healthcare investments. 2023 is on pace to become a top 3 funding year for the space 💪
Shocked at lack of mental health awareness leaving hospital upon discharge. In the 15min “spiel” there was one sentence dedicated to the matter - “the baby blues are common but if you’re feeling that way for more than two weeks call your doctor.” So many issues with this 👇🏻
We often say healthcare isn’t for the faint of heart. When you look back at the crazy 2021 times, the data shows that 40%(❗️❗️❗️) of all digital health deals were funded by first time investors in healthcare. Many of whom later were surprised to learn healthcare is in fact…hard.…
Reminder that consumers increasingly want healthcare communication to mimic the same way that they communicate with friends and family: 79% of people would prefer a text letting them know that a doctor is ready to see them instead of waiting in a virtual waiting room.
Medicaid is the single largest insurer in the country, providing essential support to 28% of Americans. Its financial footprint drives 44% more expenditure compared to the commercial sector, amounting to $728B in annual health expenses. THIS is the major opp in healthcare. A🧵
Shout out to all the reporters who have the insane HLTH schedule we all do but then go back to their hotels and stay up late to write awesome recap content and share insights while we all sleep. That is next level 👏🏻👏🏻👏🏻
Honestly, I don’t understand why so many of these cos do mass layoffs via email. I just heard of someone working at a tech co for a decade and got an email notification. Can no one spare the decency to pick up the phone/zoom??? Don’t these people at the very least deserve that??
I gotta say… being a VC will never ever EVER be as challenging as being a founder. I have no idea who tries to perpetuate that narrative but it is totally false. Not saying we don’t have our challenges and don’t work hard but we are here to be supporting cast for great leaders.
Interesting convo on female founders. Digital health should be primed for women entrepreneurs to dominate - we’re the decision makers in health. Let’s also not forget some of the most impressive fundings have been led by women CEOs
@hellobrightline
@mavenclinic
@joinequip
+ more!
I am trying to do something that basically everyone has told me is impossible. I can't share details yet but what I can share is the motivation I feel to do this now, more than ever. Underestimate me if you dare...
Continuously reminded how many CEOs are also caregivers - as parents, supporting their aging loved ones, and more. Being a CEO is already one of the most stressful and time consuming jobs coupled with the physical, emotional, and mental toll caregiving takes on. It’s just…a lot.
50% of US health systems are in the red financially. With so many serving as a county’s largest employer, it’s scary to think about what will happen if providers can’t turn this around.
@benwbear
Move fast and break things was universal advice applied to everyone despite them already doing the riskiest thing of their lives and for many industries, this is actually not great advice.
Opening up the weekend read to find my bestie
@deenashakir
and myself in the
@WSJ
. Cool moment indeed 😊 Come join us Friday at 1pm ET/10am PT to chat all things women’s health with
@barronsonline
. Link 👇🏻 to register:
Let’s stop asking women about “balance” and instead embrace the benefits of chaos. Personally, I'm embracing imbalance and friction. Our whole idea of balance is unrealistic, and no individual day or moment will ever truly be balanced. My thoughts 👇🏻
Welcome to December! As we wind down 2022, I’ll be sharing a prediction a day for 2023 from my POV and from other digital health leaders. Hope this sparks some interesting dialogue and would love any thoughts/feedback from you. First up:
The consumer experience dealing with meds can be summed up in 2 words: costly and complicated. 66% of ppl take at least 1 drug and regimens are more complex than ever.
We took a deep dive into digital pharmacy and the role of
#digitalhealth
- see more ⬇️
It's no surprise patients turn to social media for answers. Recent data shows 94% of patients want more patient education and 66% have lingering questions after their provider encounters. Helping consumers be more informed isn't just good business, it's potentially life saving.
Just learned the entire Epic instance at Lurie Children’s (Northwestern) has been down for THREE days. Not only are the providers probably losing their minds but the impact this will have on quality of care is dramatic. Maybe this is naive but how does something like this happen?
Having been born & raised in Chicago, I couldn’t think of a better way to celebrate the achievements that myself & my peers have accomplished than being named a
@CrainsChicago
40 under 40 honoree. Congrats to the impressive innovators named alongside me!
Despite being fully vaccinated, I tested positive for Covid-19. I’m frustrated, angry, and scared. Thankfully the rest of my family is negative but the kids don’t understand why they can’t see mommy. For anyone else that went through this, I could use some words of wisdom 😩
Unpopular opinion: Divert all the reporting away from Elizabeth Holmes - which happened a decade ago - to all the messed up stuff that happens in health care today
Fundraising can feel like a black box for founders. While building an amazing company is
#1
priority (seriously) there is a process & “gamification” of raising to maximize chances. After seeing thousands of pitches & raising VC money myself as a founder, I put together a 🧵…
Something that isn’t widely discussed is women are 10x more likely to suffer from digestive related issues than men. Yet many solutions are “one size fits all.” Encouraging to see the digital health cos who recognize this major distinction and are offering more personalized care.
It’s demoralizing to realize the higher you climb, the more you learn the world is NOT designed for women & often makes life harder for women (esp working moms). Asking women to leave their families for 10 days for a work thing is BS & then we’re left out of the conversation. 😤
Wow, things are about to shake up in the employer health world: Nearly 90% of employers are planning to make changes to their health vendor partnerships this year when only 46% did so in 2022
Our
@7wireventures
hatch company
@caraway_health
is out of stealth w/ a $10.5M financing! What started as an idea we couldn’t shake has culminated in building a generational company focused on college-aged women. A 🧵:
It’s mind blowing that publicly traded health tech startups have had their market caps shrink by a combined $190B since 2021 peaks, a decline of over 73%…🤯
Spent the evening with 20+ high powered female execs all looking to increase angel investing in Chicago. Haven’t felt this energized in a while. Magic is happening ✨
Virtual care is here to stay. Claims data shows that telehealth use is a level 38 times higher than before the pandemic.
However, the usage isn't evenly distributed. Tons of opportunity to increase the under-utilized use cases below (eh hem, derm, cardiology?!) h/t
@statnews
Pretty impressive to see John Hopkins surpassing 1.5M telehealth visits with over 60% of their clinicians adopting telemedicine...most providers are far from this benchmark.
Interesting highlight from the
@statnews
team today. All three of this year’s Super Bowl ads by digital health companies went after the same core audience: women.
Important reminder of who the real purchasers of health are.
In a win for telehealth, congress will include a months-long extension of telehealth flexibilities in a package to fund the government. According to a draft, Medicare will cover an array of telehealth services for at least 151 days after the end of the public health emergency.
There's something to be said about grass roots acquisition. Oak Street is putting tables inside CVS to convert CVS customers into Oak Street patients. From these efforts, Oak Street is converting 17% of CVS customers they talk with into visits at Oak Street, pretty impressive.
HOLY GUACAMOLE, digital health is on 🔥 - the first half of 2021 closed with $14.7B invested across 372 US digital health deals with a $39.6M average deal size. Stellar reporting from the
@Rock_Health
team as always - h/t
@MeganKZweig
,
@Tom_Cassels
, Bill, and team!
Sooooo turns out, women spend 25% more of their lives in worse health than men – averaging 9 years. If anyone actually cared about this, closing this gap would result in global GDP increasing to $1 trillion by 2040. How is this just a given standard? We have to do better...
Digital health has gotten a lot of negative attention. We need to slow it down. Invest smart, not fast, double down on fundamentals. Growth at all costs was never going to work.
I’m not a chef, but cooking to me is a hobby in itself. If I’m feeling stale or uncreative, making awesome dishes unlocks a different perspective. I made a promise to myself that in 2023 I’d cook crazier sh*t. Last night, I fulfilled that promise. 1st tasting menu in the books!
amidst the chaos, something kind of amazing is happening. we are witnessing founders and investors all trying to help each other, sharing information, tips, references, and resources. calling each other constantly to share. a small silver lining today...
I was today years old when I learned I’ve been saying my whole life I’m Russian when in fact my great grandparents were born just outside of Kyiv, Ukraine. Like many others, they left in 1919 to escape the pogroms and after quite a journey made their way to the U.S.
There’s nothing that humbles you more than when your health takes a turn. We always feel like we can do anything but just a reminder that without our health, we don’t really have much at all.
Met with a highly influential healthcare exec who started our meeting sharing something deeply personal. I realized how much I respected & immediately trusted this person. Wish more ppl were like this. It sets the foundation of a meeting to feel so much more than transactional.
Potentially unpopular opinion but at the end of the day, healthcare is tech + touch. I find so many companies promote their amazing tech without addressing the personal side of healthcare. It’s so much more than the algorithms you build…
Seems like this newsletter comment struck a chord with folks today... a reminder that healthcare delivery is about a relationship between one person and another ?
Not sure I understand the extreme hustle culture twitter rants that people should never take vacation/glorifying everyone who worked on the holiday. Building a company is being a corporate athlete. Just like a real athlete, everyone needs time to sprint and time to recover…
I genuinely think people who have a stay at home spouse have zero idea how much bandwidth is created for them professionally. Some days, the mental load is just unbearable.
Presenting to some of the largest employers in the world tomorrow on digital health. If you were me, what advice would you give/what would you want to ask them?
Improving the pediatric healthcare journey is more important than ever. Prevalence of mental health conditions, obesity, gaps in vaccinations, & more = opportunity to massively transform care. Check out our
@7wireventures
perspective on the market 👇
“Healthcare is still broken and it has been for a long time. We need to collectively call each other out and call BS when it just isn’t working.” -
@GlenTullman
Heard today at
#HLTH21
with
@chrissyfarr
@Jonathan_Bush
There is no better time than crisis to recognize your true partners. For those who stepped up, communicated, supported, 👏🏻👏🏻👏🏻 extra special shout out to the VC moms group who shared info so quickly and collaboratively, it was a true powerhouse 👊🏻
Another win for home-based diagnostics: 81% of ppl prefer home-based testing over clinic and 93% followed-up after a positive test, which indicates that direct access to diagnostic testing could potentially lower patients’ threshold for testing and reduce primary care workloads.
I hear all of the negativity/consequences about using ChatGPT in healthcare but I can't help but be impressed learning ChatGPT recently passed all three parts of the U.S. Medical Licensing Examination as part of a new research experiment...
While the problems are massive, the future is bright for women's health. As we wrap up a year of milestones for the sector,
@deenashakir
,
@chrissyfarr
,
@lesliejz
,
@aikeho
, and I shared predictions for where the market is headed for 2022👇 Thoughts pls!
Breaking news: Cigna and Humana said to be in merger talks. Today, Cigna's market value is $78 billion, while Humana's is roughly $60 billion. If this is real, the combined entity would truly be a force 💪🏻
H/t
@axios
On this day 12 years ago, the ACA was signed into law. A $938B health care overhaul that was one of the most sweeping pieces of healthcare legislation ever. Powerful to think about how massive it was but challenging to think how far away we still are from true value-based care.
starting today, health care organizations must give patients unfettered access to their full health records in digital format. good read from
@statnews
on the implications this has for patients, health systems, and startup cos
This is huge (and necessary!) - the FTC proposed a new rule yesterday to ban noncompete agreements. The plan would make all new and existing noncompetes illegal, as well as require companies to inform employees that any previous noncompete agreements are void 👏🏻👏🏻👏🏻
More than 70% of U.S. adults feel failed by the US healthcare system. Somehow we are the only industry that has made little investment in caring about the consumer experience. This is about to wildly change over the next decade.
We may be reaching a tipping point for VBC. In the latest UHG earnings call it was reported that Optum serves 4M patients in fully capitated contracts. This number grew by 700K patients in Q1 alone, and is up from 2M at the end of 2021. In large part from MA but good progress.
Had bfast w/ an awesome female founder thinking about her next raise & wanted to pick my brain on tactical guidance. Realized so much of this is a black box. Know there’s a lot of content already but thought a thread on pitching/raising best practices would be helpful. Thoughts?
Spent our team meeting discussing home health today and an interesting perspective came up - why are we spending so much time trying to replicate a hospital visit into the home? What if we just start from scratch and imagine endless possibilities about what a visit could be...?
My favorite thing is when person from big company “X” reaches out to chat and I know they’re finally ready to leave and come to startup world and I am HERE 👏🏻FOR 👏🏻IT 👏🏻