On the startup pitch contest at INVEST Digital Well being this week, an occasion hosted in collaboration with Well being Wildcatters in Dallas, eight corporations targeted on bettering the worker advantages area. Just one walked away with the trophy. Among the many corporations that took half have been:
And the winner is (drum roll)….TALON!
Led by CEO Mark Galvin, TALON’s mission is to teach, empower, and incentivize American healthcare shoppers to meaningfully cut back prices and create a more healthy ecosystem. The enterprise presents a gaggle of software program providers designed to satisfy the necessities of the Transparency in Protection Rule and No Surprises Act. The corporate seeks to guard healthcare stakeholders from overpaying for care whereas enabling seamless integration into the payer’s present structure.
Every firm introduced to a gaggle of three investor judges who then requested questions of their enterprise. Members have been evaluated utilizing the next standards:
- Completeness of general marketing strategy
- Enterprise concept
- Market alternative
- Income mannequin
- Expertise of the founder(s)
- Whether or not it offers and/or improves ROI on worker advantages
Following the occasion, choose and Cigna Ventures Principal Matthew Blum talked about how the judges got here to select the winner.
“There’s a powerful market alternative. Clearly a few of it’s opportunistic with the regulation change. A few of it’s an inflection level of the corporate.”
Blum additionally famous that the administration staff’s background concerned not solely constructing the corporate but additionally expertise with creating regulatory modifications so “they’re making their very own luck.”
“Being part of Cigna, I perceive what the necessity is come January 1, [2023], particularly with small and midsized well being plans.”
Blum famous a few of the challenges of shifting to the brand new value transparency rule for insurers. He identified that for giant payers, a lot of the underlying knowledge of the totally different negotiated costs is situated in a number of programs throughout the enterprise. That knowledge is just not simply retrieved. That system might want to change for the info to be usable for shoppers and insurers are working underneath a deadline.
“TALON has already created the pipes to maneuver the info and so they’ve already created the front-end experience to showcase it and make it helpful, which makes it compliant.”
As a part of their prize, TALON will obtain an editorial profile, which will probably be printed in MedCity Information within the coming weeks.
We thank all of the startups who utilized and took part!
Our subsequent INVEST convention is scheduled for Could 22-24, 2023 on the Ritz Carlton in Chicago. Register right this moment.