The inaugural participants in the New York Digital Health Accelerator (NYDHA) program, which seeks to make the state a hub for the emerging digital health technology industry, were announced Oct. 15. The eight companies — AdhereTx, Aidin, Avado, CipherHealth, Cureatr, MedCPU, Remedy Systems and SpectraMD — provide services ranging from Web-based platforms to data analytics, and will have access to senior-level health-care providers that will serve as mentors for nine months.
“With its initial investment of $4.2 million, the NYDHA program will create approximately 1,500 jobs over five years,” the New York eHealth Collaborative stated in a press release. “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.”
Along with mentorship, each of the selected companies will also receive up to $300,000. Each company has also committed to opening an office in New York, and participants will have access to the Statewide Health Information Network of New York, an electronic health record platform.
“The accelerator provides much-needed, valuable tools for providers in support of New York state's Medicaid redesign initiative," New York Health Commissioner Nirav Shah said. "The initiative, which promotes a shift from the costly fee-for-service model to a more effective and efficient managed care approach, is resulting in better care -- at lower cost -- for patients across the continuum of care. The accelerator is an essential first step to stimulate the market and nurture innovation within the entrepreneurial community.”
The program received 250 applications from companies located in 27 states and 10 countries.