Madison Health Tech Community Gains Momentum in 2015

By: Madison Health Tech
 
MADISON, Wis. - April 13, 2015 - PRLog -- The fast-growing Madison health IT community will be represented by at least 13 companies this week in Chicago at the industry's leading annual conference, which brings together more than 35,000 healthcare IT professionals, clinicians, executives and vendors from around the world.

The Madison companies, which span a wide range of solutions from behavioral health applications to population health management, have grown revenues to nearly $140 million and employ more than 700 people. All will be attending the Healthcare Information and Management Systems Society (HIMSS) annual conference, which also provides speakers, education and networking, from April 12-16 at McCormick Place Convention Center in Chicago.

"Madison (aka Med-ison) has put itself on the map as a place for healthcare innovation, with growing companies solving big problems and an expanding pool of capital available to entrepreneurs," said Mark Bakken, founder of Nordic Consulting, the world's largest Epic consulting practice, and HealthX Ventures, a venture fund for startups focused on digital health solutions. "Entrepreneurs are making healthcare more affordable while also making it safer and getting better outcomes.  Madison is helping lead the charge."

According to recent survey responses, here are some additional combined statistics of the Madison Health Tech companies listed below:

·         The group has grown to at least 13 companies in the Madison area, including several new startups

·         More than $34 million of investment dollars were raised in last 12 months

·         The combined companies brought in more than $139 million worth of revenue last year

·         The companies currently employ more than 700 people in the Madison area and hired an additional 79 people in the last year

·         As a whole the group is serving 320 healthcare clients across the United States

Individual Company Notable Achievements:

·         Catalyze is providing compliant cloud infrastructure for over 65 healthcare organizations including the VA, storing records and processing transactions for solutions that enable bundled payments, prevent readmissions, conduct telemedicine visits, engage patients, run analytics, and facilitate clinical communication.

·         CenterX has been certified by the Minnesota Department Health to operate as a Health Data Intermediary (HDI). CenterX also announced an Electronic Prior Authorization solution that has been integrated and tested with Epic.

·         Forward Health Group was ranked as a High Performing Vendor in KLAS’ recently released report on Population Health Performance. The report showed Forward Health Group as top vendor in, among other things, Money’s Worth, Ease of Use, Forecasted Overall Satisfaction and most importantly, Ranked Client’s Best Vendor.

·         healthfinch has automated over 1.5M prescription refill requests, diverting 70% of these tasks from the physician inbox, saving physicians 32,000 hours.

·         Kiio has been granted 5 patents for their innovations.

·         Nordic has been recognized as one of Modern Healthcare’s 100 “Best Places to Work in Healthcare” and the 46th fastest-growing privately held company in the nation on the annual Inc. 500 list.

·         Redox was recently chosen for two accelerator programs, partnering with Johns Hopkins and Texas Medical Center.

·         Symphony launched a venture arm in 2014 called SymphonyAlpha Ventures to put the company’s successful spin-off model to work for healthcare technology entrepreneurs. Since then SymphonyAlpha Ventures has become an investor and technology partner to two Wisconsin-based companies, HighFive Health and Elli Health, which are bringing next-generation technology and process innovation to the fields of pharmacy management and telemedicine, respectively.

·         Wellbe is seeing average patient enrollment/engagement rates of 71%, while most of the industry struggles with patient engagement goals of 5% for meaningful use using patient portals.

·         WITS(MD) is introducing their secure photo capture solution, IMAGE MOVER™, at HIMSS. IMAGE MOVER works on smart devices with a zero PHI footprint.

This fast-moving industry continues to shift, as shown by recent announcements by Medicare and large payers who have set goals to move away from fee-for-service payment structures. The group is committed to continuing to help healthcare meet the industry’s new challenges with the accelerating movement to value-based care.

About Madison Health Tech
The Madison Health Tech group is building a community of digital health innovators and aims to establish Madison as a nationally-recognized hub for growing health technology companies. Our goals include retaining and attracting talent interested in building and growing new companies, encouraging and raising awareness of opportunities to join a health IT startup, cultivating new ideas and encouraging new ventures to develop them, arranging the resources required to help those organizations grow and stay in Madison, and providing visibility to outside individuals and firms looking to invest in HIT. Follow us on twitter @MadisonHIT (https://twitter.com/madisonhit).

Contact
Maeghan Nicholson
***@wellbe.me
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Source:Madison Health Tech
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Tags:Healthcare It, Population Health, Meaningful Use, Patient Engagement, Electronic Medical Record
Industry:Medical, Technology
Location:Madison - Wisconsin - United States
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