Virtual Care Startups Receive Funding, Payer Partnership Opportunities
The UCSF Healthcare Innovation Center has awarded Welfie and Moving Analytics with financial support as well as the opportunity to work with prominent payers in the healthcare industry.
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By - The UCSF Rosenman Institute has selected virtual care startups Welfie and Moving Analytics as awardees of the 2022 UCSF Rosenman ADAPT Program (ADAPT), providing them with funding and allowing them to build relationships with payers such as Blue Shield of California and UnitedHealth Group.
The goal of the ADAPT program is to support the process of developing, scaling, and adopting new technologies to eliminate healthcare disparities. It introduces early-stage companies selected as awarded with prominent industry players and offers financial support.
"Healthcare entrepreneurs are adept at spotting inefficiencies and agile when devising solutions yet may lack necessary resources to expand their reach, whereas large companies often have a uniform approach that is not the most effective way to provide care that patients require. This is where ADAPT comes in," said Christine Winoto, Rosenman's founder and director, in a press release.
Previously, the organizations selected for the program have varied in mission. In 2020, USCF selected Oshi Health, a healthcare startup aiming to transform gastrointestinal (GI) care delivery, as an awardee. With the support of ADAPT, the organization was able to conduct clinical trials to prove the efficiency of its virtual care device in helping treat several GI conditions.
In 2022, the third year of ADAPT, the awardees selected were Welfie and Moving Analytics.
Welfie offers a digital screening tool to assist K-12 schools in addressing health issues among their students. The tool delivers personalized health information to caregivers and health and social services referrals. Moving analytics is a telehealth provider that specializes in cardiovascular prevention programs. Its Movn virtual cardiac rehabilitation program aims to improve care for cardiovascular patients.
"Health education is one of the biggest things missing from American families. With Welfie's comprehensive, user-friendly platform, families can make better health decisions for their children, especially in underprivileged communities," Steven Moyo, Welfie's founder and CEO, said in the press release. "We're honored to be selected as an ADAPT awardee and are eager to pilot our program with one of the most respected healthcare companies in the nation. By leveraging technology to deliver accessible and affordable care, we can help ensure that every child can live a healthy and fulfilling life."
As awardees of the program, these two organizations each received $100,000 in non-dilutive funding along with the opportunity to partner with Blue Shield of California, Evernorth Health Services, OptumLabs, and UnitedHealth Group.
"At Blue Shield, we are committed to addressing our member[s] biggest healthcare concerns, especially through innovative and creative efforts," said Sandra Clarke, chief operating officer of Blue Shield of California, in a press release. "We know we can't drive significant systems innovation on our own, and we are fortunate to work with startups to create tangible and lasting change in our communities."
Over the course of the COVID-19 pandemic, payers have displayed a growing interest in partnering with virtual care companies.
In August 2022, Blue Cross Blue Shield of Michigan announced it would work with Maven Clinic to enhance access to virtual maternity care resources to improve clinical outcomes.
Given that the US has a high maternal mortality rate among high-income countries, Blue Cross Blue Shield of Michigan engaged in this partnership to expand access to the Maven Clinic digital family health platform, which includes a digital care app.
Kate Ryder, founder and CEO of Maven Clinic, noted that this partnership aims to not only enhance care access but also to drive equity and improve clinical outcomes.
