New initiative has the potential to put New York State on the map as an employment epicenter for the emerging digital health technology industry.
Recently, the New York City Investment Fund (NYCIF) joined the New York eHealth Collaborative (NYeC) and the NYS Department of Health (DOH) to launch the New York Digital Health Accelerator (NYDHA), a program that will make New York a hub for the emerging digital health technology industry.
In the coming months the program will choose 12 early- and growth-stage companies that are developing cutting-edge technology products in care coordination, patient engagement, analytics and message alerts for healthcare providers.
Each chosen company will be awarded up to $300,000 along with invaluable mentoring from senior-level executives at leading hospitals and other providers in New York. The focus areas of innovation will support the development of products that help the state’s Medicaid Redesign Team and its new “Health Homes” program, an initiative intended to make the state’s treatment of Medicaid patients more coordinated and efficient.
“Health information technology is helping us transform our healthcare system to provide high-quality, cost-efficient, and patient-centered care for the 21st century,” said New York State Health Commissioner Nirav R. Shah. “The Digital Health Accelerator program will further advance New York’s national leadership in health IT as it will attract leading-edge companies at the forefront of developing the technology necessary for robust electronic health records and digital care coordination systems.”
With its initial investment of $4.2 million, the NYDHA program will create approximately 1,500 jobs over five years. In addition, it is expected that the companies will attract upwards of $150 million to $200 million in investment from the venture capital community post-program. The NYDHA will stimulate a new marketplace, creating the next generation of healthcare tools while positioning New York as the capitol of the health IT entrepreneurial sector.
“When the government and the private sector work hand-in-hand to encourage business growth in our state we see results. This Accelerator will help New York keep and attract businesses that grow our state’s economy and create jobs in our communities,” said Maria Gotsch, President and CEO of NYCIF. “Our initial investment will go a long way towards attracting additional investment into New York.”