Archives     Advertise     Editorial Calendar     Subscribe     Contact Us    


Developing Healthcare Ventures


 
From L-R: Eric Johnson, Nancy Brown, John Donahue, Rob Metcalf, and Curt Thorne. © 2017, Donn Jones

On Aug. 17, nearly 250 healthcare industry professionals gathered at the Westin Nashville to attend the "Developing Healthcare Ventures: Investor and Entrepreneur Collaboration" panel, an annual event put on by the Nashville Health Care Council and Nashville Capital Network (NCN.)

The panel, which featured two pairings of executives and investors in high-growth companies, provided insights on what makes partnerships successful in a rapidly changing climate. This year's panel included John Donahue, CEO of axialHealthcare, with investor Nancy Brown, a venture partner from Oak HC/FT, as well as Rob Metcalf, CEO of Concert Genetics, with board member Curt Thorne. Moderator Eric Johnson, dean of Vanderbilt University's Owen School of Management, led the panel.

Nashville-based axialHealthcare, founded in 2012, is a pain medication and pain care solutions company, which partners with health insurers nationwide. The company's solutions optimize pain care outcomes, improve financial performance for health benefit providers, and reduce opioid misuse. Last year, the company secured $16.5 million in funds from Oak HC/FT to grow its customer base and improve technologies to expand.

"I was an entrepreneur before I was an investor, and it is important for both perspectives to understand the long game and be on the same page with the overall goal," Brown said of crafting an effective working relationship.

Donahue concurred, imploring entrepreneurs to reach out to investors for guidance. "Emerging entrepreneurs should never be afraid to ask for anything but should always be humble and genuinely seek advice from their investors.," said Donahue, "Don't be afraid to ask for nonconventional investor assets, as well. Access to a network can open key doors."


Rob Metcalf shares insights. © 2017, Donn Jones

Brown and Donahue credit their partnership's success with a mutual understanding and respect of one another. "It's important to look for someone with a sincere and genuine commitment to the mission," explained Donahue. "If there isn't a clear and shared understanding for the future, there could be a problem." Brown agreed, adding, "We do healthcare deals that we actually want to do, no matter how big or how small."

Concert Genetics, which was founded in 2010, is a technology company specializing in streamlining genetic test selection, ordering, payment, and management for clinicians, hospitals, laboratories and health plans. The Franklin-based company has generated more than $9 million in funding in the last six years.

"My advice is to keep your awareness on the 'why,'" said Thorne. "Many times, entrepreneurs become enamored with their product and the world revolving around that product rather than the larger picture. We have a monumentally dysfunctional healthcare system, and there is a great opportunity to create real value with improving the healthcare of society."

"Working closely with investors to set the larger, overall mission for our company has been key," Metcalf said. "Thinking beyond the day-to-day work - about how we will make a larger impact on patients - it's fun to have a board that encourages that kind of vision."

Thorne added, "As long as you're doing something that matters, your risk is smaller for the long term."

All of the panelists agreed that relationships and open lines of communication are what make successful collaborations work in the first place. "Success in business is substantially about getting the right people in the right seats," said Thorne.

Metcalf added, "Regular communications and keeping them [stakeholders] informed is important. It's about setting a bigger mission for what you want to accomplish and receiving insight from the board."

In 2016, the Council and NCN released a comprehensive report on the local venture capital marketplace, which found more than $1.6 billion in venture capital funds had been invested into 300 different Nashville-based companies since 2005. Almost $1 billion of this capital was invested in healthcare companies. Venture capital investment in healthcare IT companies surpassed that of healthcare service companies in 2012 and now represents the largest share of venture capital in Nashville healthcare companies.

"NCN's focus is not only on helping entrepreneurs connect with investors but also on helping them strategically align with resources to ensure success," said Sid Chambless, executive director of NCN. "Today's discussion featured some important insights into the types of successful partnerships NCN strives to support."

"We are fortunate to have some of the world's greatest healthcare entrepreneurs right here in Nashville," said Council President Hayley Hovious. "As a catalyst for leadership and innovation, the Council is proud to spark new ideas around entrepreneurism by hosting discussions such as the one we heard today."

Bradley served as presenting sponsor of the program with LBMC and W Squared, now part of the LBMC family, as supporting partners.

WEB:
Nashville Health Care Council
Nashville Capital Network
axialHealthcare
Concert Genetics

 
Share:

Related Articles:


Recent Articles

The 2019 Legislative Agenda

A new governor and many new legislators make 2019 a learning year as the state's top healthcare organizations seek to address a number of old issues and tweak some new solutions unveiled last year.

Read More

Updated Cholesterol Guidelines Take a Personalized Approach

The American Heart Association and American College of Cardiology released updated cholesterol clinical guidelines in November 2018, taking a more nuanced approach to care over a patient's lifetime.

Read More

Sharing Data, Saving Lives

In an increasingly connected medical ecosystem where patient safety, health status improvement, and provider reimbursement are impacted at every point along the continuum, the need to efficiently, securely share data appears to have reached a tipping point.

Read More

New Rules in Heart Disease

A number of guideline changes and updates warrant more education around statin use and blood pressure monitoring, but local cardiologists say the higher standards are a game changer.

Read More

Dr. Ashish Shah: A Heart for Transplant Patients

Dr. Ashish Shah is the driving force behind the growth and innovation at one of the nation's busiest heart transplant programs.

Read More

Heart Monitor

Cardiovascular news of note.

Read More

ECMO Program Thriving at TriStar Centennial

A TriStar Centennial, a team approach is key to hospital's successful ECMO program.

Read More

Alexander Looks for Innovation, Asks Council Fellows for Input

Sen. Lamar Alexander asks stakeholders and future leaders to weigh in on ways to improve health outcomes, lower costs.

Read More

CMS Utilizes Dartboard Approach to Modernizing the Medicare Drug Benefit

Controlling pharmaceutical prices remains a hot topic, judging from the 6,415 comments received in response to the CMS proposed rule: "Modernizing Part D and Medicare Advantage to Lower Drug Prices and Reduce Out-of-Pocket Expenses."

Read More

A Conversation with LHC Director Molly Vice

Every company should have a succession plan. LHC plays a key role in planning for the next generation of leaders for an entire industry.

Read More

Email Print
 
 

 

 


Tags:
axialHealthcare, Bradley, Concert Genetics, Curt Thorne, Hayley Hovious, Healthcare Investment, Healthcare Technology, HIT, John Donahue, LBMC, Nancy Brown, Nashville Capital Network, Nashville Health Care Council, NCN, Oak HC/FT, Rob Metcalf, Sid Chambless, Vanderbilt University Owen School of Management, Venture Capital, W Squared
Powered by Bondware
News Publishing Software

The browser you are using is outdated!

You may not be getting all you can out of your browsing experience
and may be open to security risks!

Consider upgrading to the latest version of your browser or choose on below: