The New York eHealth Collaborative (NYeC), the New York City-based not-for-profit organization aimed at improving health IT implementation in the state has announced the inaugural class for its New York Digital Health Accelerator (NYDHA) along with the New York City Fund (Partnership Fund). The NYDHA is a program is the largest-funded health IT accelerator program in the United States, aimed at stimulating development, innovation, and jobs within the state.
The eight early-and-growth-stage companies were selected among 250 applicants across 27 states and 10 countries, each company will be awarded $300,000 and receive mentoring from senior-level executives at leading hospitals and other providers in New York for nine months. Each company says it will open an office in New York State.
“The Accelerator provides much-needed, valuable tools for providers in support of New York State's Medicaid Redesign initiative," New York State Health Commissioner Nirav R. Shah, M.D., said in a statement. "The initiative, which promotes a shift from the costly fee-for-service model to a more effective and efficient managed care approach, is resulting in better care - at lower cost - for patients across the continuum of care. The Accelerator is an essential first step to stimulate the market and nurture innovation within the entrepreneurial community.”
The eight companies are: AdhereTx, Aidin, Avado, CipherHealth, Cureatr, MedCPU, Remedy Systems, SpectraMD. The investment capital was provided by a syndicate of investors, including Aetna, Janssen Healthcare Innovation, Milestone Venture Partners, New Leaf Venture Partners, Partnership for New York City Fund, Quaker Partners, Safeguard Scientifics, and UnitedHealth Group. The Empire State Development Corporation, Health Research Inc., and NYeC also provided funds.