Cedars-Sinai speeds new technology with an accelerator
A large tertiary-care hospital in Los Angeles is working closely with Techstars Healthcare Accelerator, hoping to identify companies with emerging technology that can be developed for uses within healthcare.
Not-for-profit Cedars-Sinai Medical Center, which operates 958 beds, has entered a long-term relationship with Techstars, with the intent of finding 10 to 12 new tech companies each year.
This year, the partners have identified 11 start-up companies with which they will work through June. During the three-month program, clinicians and staff members from Cedars-Sinai will meet with innovators from the new companies, describe their needs for technology and test early-stage products.
Techstars works with startup companies in multiple industries and currently runs 23 accelerators across the globe; 90 percent of the companies emerging from its accelerators are still in business, Techstars executives say.
The 11 companies in the Cedars-Techstars accelerator have been looking for customers for their products, demonstrating them to Cedars as well as other healthcare organizations, and that’s just what Kulkarni wants. “When they win, we win.”
So far, 205 people from Cedars have met with the start-up companies, explaining their needs for diverse needs such as improving pricing strategies or revenue cycle models, or finding easier ways for physicians to access outcomes data, Kulkarni says.
About 100 professionals have met with the companies to provide guidance, says Matt Kozlov, a managing director at Techstars. Interest in pilot projects is high, and emerging companies need assistance in knowing in which areas and products they should focus, he adds.
At the end of each three-month program, a “Demo Day” will be held with investors, other provider organizations and media.