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A New Hub for Health IT?

By Kyle Murphy, PhD

- Here in Boston, we call the city Beantown or the Hub, harkening back to the city’s pivotal role in early American history and beans, though it hasn’t been the center of the American world — with the exception maybe of medicine and education. With the recent announcement by the New York City Investment Fund (NYCIF), the New York eHealth Collaborative (NYeC), and the New York State Department of Health (DOH), the state is setting its sights on becoming the hub of the health information technology — as if the two states needed to add anything to their long-standing rivalry.

The creation of the New York Digital Health Accelerator (NYDHA) aims to foster companies in the state as they develop innovative solutions in health IT that will enable providers to improve quality care in the areas of coordinated care, engagement with patients, health analytics, and communication between providers as well as providers and patients. Through NYDHA, companies have the chance to receive awards of as much as $300,000 and gain unique access to providers in New York (e.g., hospitals, inpatient services, community clinics, primary care practices).

 

Likewise, competing companies stand to receive mentorship and special access to New York’s Statewide Health Information Network of New York (SHIN-NY). Senior-level executives from the state’s top providers will provide companies with feedback and guidance that will help the latter navigate the health care terrain.

 

The investment of $4.2 million will generate roughly 1,500 jobs in five years as well as attract future investments from venture capitalists that have already begun to prove their interest in health IT with $240 million in funding during the first quarter of 2012. The found organizations estimate future funding in the amount of $150­­–$200 million. As of April 26, close to twenty providers are signed on to participate in the program.

Companies wishing to participate in the program can find an application and investment through the NYDHA. On May 10, prospective participants can attend informational sessions. Applications must be received no later than June 1, 2012.

While New York is working to become the place to innovate health IT, we shouldn’t be surprised to see other states striving to take advantage of increasing value of this burgeoning industry.

The complete press is available through NYDHA.

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