$3 Million Open Innovation Prize for an Algorithm

December 14, 2010

This is a very interesting prize, and a great example of Open Innovation at work – Ben.  Reprint from here: https://www.theheritagehealthprize.com/Page/Home

More than 71 Million individuals in the United States are admitted to hospitals each year, according to the latest survey from the American Hospital Association.  Studies have concluded that in 2006 well over $30 billion was spent on unnecessary hospital admissions.  How many of those hospital admissions could have been avoided if only we had real-time information as to which patients were at risk for future hospitalization?  This is more than just an academic question:  every unnecessary admission to the hospital places the patient at risk and uses scarce medical resources unwisely.

The Heritage Provider Network (HPN) launched the $3 million Heritage Health Prize with one goal in mind: to develop a breakthrough algorithm that uses available patient data, including health records and claims data, to predict and prevent unnecessary hospitalizations.  Heritage believes that incentivized competition – one that includes the involvement of those with passionate minds that don’t know what can’t be done – is the best way to achieve the radical breakthroughs and innovations necessary to reform our health care system.  Sponsoring this prize is simply one way that Heritage believes it can help solve a societal problem.

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Yet2.com Portfolio Company Watermark Medical Secures $15 Million in Funding

July 13, 2010

Watermark Medical is a startup firm that is entering  into the emerging Software-as-a-Service (SaaS) cloud, specifically targeting healthcare.  Its current product offering is aimed at home testing of sleep apnea.

Read the following articles for more information,

http://www.nytimes.com/2010/05/23/business/23unboxed.html?_r=1&ref=steve_lohr

http://www.businesswire.com/portal/site/home/permalink/?ndmViewId=news_view&newsId=20100607006170&newsLang=en

BOCA RATON, Fla.–(BUSIcNESS WIRE)–Watermark Medical, Inc., a privately-held medical products and services company currently servicing the sleep-disordered breathing market, today announced the completion of a $15 million equity investment from CA Technologies (NASDAQ: CA). This equity investment in Watermark Medical represents CA Tehnologies’ entry into the emerging Software-as-a-Service (SaaS)-based healthcare cloud market. As part of the investment, CA Technologies will hold a minority stake in Watermark Medical and two seats on Watermark’s Board of Directors.

Watermark Medical’s current technology enables medical practitioners to easily manage, aggregate and access critical diagnostic and historical patient information. According to Sean Heyniger, CEO of Watermark Medical, “CA Technologies is an expert in managing data in virtual and cloud environments, and this investment will further the development of our advanced, web-based technology platform.”

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