Health Tech: In the Mind of a Serial Health Tech Entrepreneur An Interview with Dave Chase | Shiv Gaglani
CardioSource WorldNews | Dave Chase could be called a Renaissance Man. He’s sold a company to WebMD, created Microsoft’s Health Care vertical, written the 2014 Health Care Book of the Year, produced a documentary, and won Nordic ski competitions. Most recently, he launched a venture fund focused on startups tackling health care’s “quadruple aim.” I recently caught up with Dave and we discussed a variety of different topics.
What is your background in health innovation and technology?
I’m a tech startup founder who began my career implementing health information technology systems into hospitals. I went on to found Microsoft’s health care vertical. This meant my job was getting companies such as Cerner, McKesson, and others to build their solutions around Microsoft technology. This is a $2 billion revenue business for Microsoft today (not to be confused with the more recent health care-specific software Microsoft built after I left the company). My most recent company, Avado, was acquired by WebMD. I’m now investing in health tech companies.
Can you describe the “quadruple aim”?
When you create a great care team experience that naturally leads to a greatly improved patient experience. Time and again, that dynamic creates a partnership between the professionals on the care team as well as the non-professionals on the care team—the patient and their caregivers. When this happens, it leads to improved outcomes and that naturally leads to lower costs when there is a proper model put in place.
Your fund has already made three investments. What types of companies are you looking for?
We outline it at healthfundr.com/quad_aim_fund: “We invest in software and tech-enabled services that enable the next generation of health care.” As the name would suggest, our first filter is companies that positively impact all four “aims” outlined in the Quadruple Aim. The more detailed filter is outlined in the Health Rosetta (healthrosetta.org). We believe there is a great opportunity for great investments in deflationary economics that will drive the next era of health care. The other common thread of the companies we invest in are they not only have great technology (table stakes), but they separate themselves from the pack by having a great pairing of business model and go-to-market strategy. Unfortunately, those are missing in the vast majority of startups in health tech today.
The CEO of the AMA recently compared digital health to “snake oil.” How would you respond?
I like what CareMore’s Sachin Jain, MD (a former contributor to CSWN) had to say in a recent Forbes column entitled “Digital Health Will Only Become Our Generation’s Snake Oil If We Let It.” 1 My take on it is that too many people forget one of the most fundamental tenets of successful technology implementations. That is, fix a process before applying technology. Tech can turbocharge a great process. Sadly, health care is riddled with throwing tech on top of broken process. The next generation health care delivery leaders, such as Dr. Jain’s organization (CareMore), judiciously analyze and use technology. It’s never a stand-alone silver bullet.
Where would you like to see health care in the next 10 years?
One of the next generation health care delivery leaders, ZOOM+, describes their goal as “twice the health care at half the price and ten times the delight.” It’s not only possible—it’s happening today. Thus, what I’d like to see is that everyone can benefit from it. I put my family where my mouth is and have my family enrolled in a next generation leader (Iora Health). Their founder was highlighted in the famous article, “The Hot Spotters,” by Atul Gawande, MD. Everyone (including the clinicians operating in their practices) deserves a model such as Iora’s. They’ve proven their model works in virtually every setting and it’s much less expensive. My family couldn’t be happier with them despite, facing some serious health issues.
- Jain, S. Forbes. June 20, 2016.
Shiv Gaglani is an MD/MBA candidate at the Johns Hopkins School of Medicine and Harvard Business School. He writes about trends in medicine and technology and has had his work published in Medgadget, The Atlantic, and Emergency Physicians Monthly.
|Read the full July issue of CardioSource WorldNews at ACC.org/CSWN|
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