September 20, 2024
Healthcare News and Deals – September 19, 2024
1. Mayo Clinic Health System to Host Second Annual Symposium Focused on Transforming Community and Rural Healthcare
Mayo Clinic Health System will host its second annual symposium, "Transforming Community and Rural Healthcare 2024: Inspiring Partnerships and Scaling Collaborative Impact." The two-day event will bring together healthcare leaders, providers, researchers, and educators to discuss critical issues impacting rural health, such as workforce challenges, cancer care, behavioral health, community partnerships, digital health, AI, and health equity. With interactive sessions planned, participants will have opportunities to explore transformative approaches for rural settings. (Link)
2. Salesforce (NYSE:CRM) Expands AI Capabilities with Industry-Specific Solutions for Healthcare and Financial Services
Salesforce is enhancing its industry-focused AI offerings by launching a new AI use case library featuring over 100 pre-built capabilities across its 15 industry clouds. The Industries AI suite aims to address specific challenges in financial services, healthcare, life sciences, retail, and manufacturing. For healthcare and life sciences, new tools like patient and member services AI and a candidate auto-matching tool for clinical trials are included. Salesforce's healthcare AI assistant, Einstein Copilot, integrates clinical data to automate tasks. The company recently announced the acquisition of AI-powered voice agent developer Tenyx to further bolster its AI-driven solutions. (Link)
3. GlobalVenturesX Launches “Venture Studio As-A-Service” for Healthcare Innovation, Announces 2024 Portfolio Companies
GlobalVenturesX (GVX), operating in NYC, Silicon Valley, and New Delhi, has introduced a "Venture Studio As-A-Service" model to support early-stage global healthcare companies. The initiative offers a comprehensive ecosystem, including strategic advising, a venture studio platform, and venture capital services. GVX plans to establish a US-wide Entrepreneurs in Residence (EIR) network and form partnerships with health systems, health plans, and life sciences. The 2024 portfolio includes Appinventiv Health, Clapself, FusionCare.AI, Kitsa, Mirakare, NueHee, and Stel Life, all focused on digital health and healthcare innovation. (Link)
4. Habitat Health Secures $50M Investment from Town Hall Ventures, New Enterprise Associates, and Kaiser Permanente to Expand PACE Services for Older Adults
Habitat Health, a new care support organization for older adults, secured $50 million in funding from Town Hall Ventures, New Enterprise Associates, and Kaiser Permanente. It operates as a Program of All-inclusive Care for the Elderly (PACE) to support low-income seniors in their communities. The company appointed a senior management team from notable healthcare organizations like Oak Street Health and Evernorth. Habitat Health aims to open its first PACE center with Kaiser Permanente in California by 2025, with plans for broader expansion across the state and nationally. (Link)
5. UTHealth Houston Partners with OpenAI to Enhance Medical Training and Patient Care with AI Tools
UTHealth Houston has partnered with OpenAI to integrate a customized version of ChatGPT for educational and clinical use. This HIPAA and FERPA-compliant tool will aid in medical training, research, and patient care, utilizing electronic health record data to assist providers during clinical interactions and streamline administrative tasks. The collaboration aims to develop AI-driven solutions for personalized treatment plans and improved efficiency while ensuring data privacy and security. UTHealth plans to establish benchmarks for these AI models, enhancing research and clinical practices within the health system. (Link)
6. MDIC Annual Public Forum 2024 Highlights the Future of Real-World Evidence and AI Integration in Healthcare
The MDIC Annual Public Forum 2024 featured key discussions from experts at NEST, CMS, and the FDA on the evolving role of real-world evidence (RWE) and AI in the healthcare ecosystem. NEST emphasized its collaborative approach to leveraging RWE for faster, safer regulatory submissions, while CMS highlighted the need for transparent processes for medical device coverage, particularly under the new TCET guidance. Experts also explored how AI is transforming personalized care, enhancing the speed and accuracy of diagnostics. The event underscored the importance of collaboration to accelerate innovation while maintaining patient safety. (Link)
7. iGan Partners Joins Forces with Medical Alley® to Boost Innovation in AI-Enabled Medtech and Digital Health
iGan Partners, a Canadian venture capital firm focused on AI-enabled medtech and digital health, has announced a strategic partnership with Medical Alley®, a leader in health innovation. The collaboration aims to accelerate the development and adoption of groundbreaking medtech solutions across Canada and the US. iGan Partners will work with Medical Alley Starts®, a venture platform, to identify and scale innovative medical devices and digital health startups. This partnership will leverage Medical Alley's extensive network and iGan's investment expertise to drive growth and improve patient outcomes globally. (Link)
8. Canada’s DIGITAL Cluster and PHC Ventures Announce $53 Million AI-Driven Healthcare Initiatives
Canada’s DIGITAL, in partnership with PHC Ventures, has announced over $53 million in co-investments to advance AI-driven healthcare solutions. Collaborating with Medtronic, they aim to tackle pressure injuries using AI technology to improve patient outcomes. In another partnership with FluidAI, they are developing an AI-powered platform to enhance postoperative care by predicting complications like anastomotic leaks and respiratory depression. This initiative underscores PHC Ventures’ commitment to bridging the gap between healthcare innovation and implementation, ensuring that AI technology leads to tangible improvements in patient care and healthcare delivery. (Link)
9. Hippocratic AI and Adtalem Global Education Partner to Launch AI Training Program for Healthcare Professionals
Hippocratic AI and Adtalem Global Education, the leading U.S. provider of healthcare education, have partnered to develop a comprehensive AI training curriculum for clinicians. This initiative aims to integrate nurses' practical experience with AI technology, equipping healthcare professionals to evaluate and utilize AI tools ethically and effectively. The program, available at Chamberlain University and Walden University by Spring 2025, includes topics like AI integration in clinical workflows, ethical considerations, and regulatory compliance. Graduates will earn a certification, positioning them at the forefront of AI innovation in healthcare. (Link)
10. Carestream Dental Secures $525 Million Investment from General Atlantic Credit, Canyon Partners, and Others; Launches Oral Healthcare Innovation Hub
Carestream Dental has announced a $525 million investment as part of a recapitalization led by General Atlantic Credit’s Atlantic Park fund. This financial boost, supported by Canyon Partners and others, aims to reduce debt and support strategic growth initiatives. Clayton, Dubilier & Rice will remain a minority investor. Additionally, Carestream Dental has launched the Oral Healthcare Innovation Hub (OHIH) to drive advancements in oral healthcare. The company plans to unveil the Oral Healthcare Practice 2040 at the International Dental Show in 2025. Carestream Dental serves over 1 million users in more than 100 countries. (Link)
11. HBA Announces Inaugural Pitch Competition for Women Innovators at 2024 Annual Conference to Address Funding Gap for Female Entrepreneurs in Healthcare
The Healthcare Businesswomen's Association (HBA) will host its first-ever Pitch Competition for Women Innovators on September 25 during the 2024 HBA Annual Conference in Toronto, Canada. The event aims to address the significant funding gap faced by women entrepreneurs in healthcare and life sciences, where only 3% of venture capital funding goes to female founders, and an even smaller percentage to women of color. Eight companies, including Bfree Cup, Cura Therapeutics, and FemTherapeutics, were selected from over 70 applicants to pitch their innovative solutions. The competition will award over $100K in cash prizes and potential investment opportunities, with a panel of esteemed judges from top healthcare and venture organizations. (Link)
12. Nirvana Raises $24.2M in Series A Funding Led by Northzone, with Participation from Inspired Capital, Eniac Ventures, and Surface Ventures to Revolutionize Insurance Verification in Healthcare
Health tech company Nirvana has secured $24.2 million in Series A funding, led by Northzone with contributions from Inspired Capital, Eniac Ventures, and Surface Ventures. Founded by Akshay Venkitasubramanian, Urvish Parikh, and Kelvin Chan, Nirvana leverages AI to simplify the insurance verification process, providing instant verification and accurate cost estimates for patients and providers. This innovation reduces claim denials and enhances patient experience by enabling upfront payments. The funding will support Nirvana’s expansion into more healthcare specialties, aiming to modernize an outdated insurance data structure and transform healthcare administration. (Link)
