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The Small Business Administrations loan incentive program, which provides a 90 percent government guarantee on the SBA’s 7(a) loans for start-ups and small businesses, and trims or completely cuts fees on 7(a) and …
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Technology Medical Partners (TMP) has selected BIOSTART as its new corporate headquarters. The move to Ohio will allow TMP to connect with more financial, executive and healthcare-related resources than ever before. BIOSTART, Cincinnati’s life science start-up center, is committed to TMP’s growth and success by supporting the company’s “go-to-market” strategies and providing access to the wider network of BioOhio, the regional investment community, and the healthcare and life sciences community across the region.
TMP is focused on the development of CMS Quality Manager, its Quality Improvement Platform for healthcare providers. The application vastly improves the Quality of Care Data abstraction and administrative processes related to reporting quality core measures to the Centers for Medicaid and Medicare Services (CMS). Every healthcare provider must comply with CMS quality reporting as the basis for improving healthcare. TMP’s flagship application is the first of many healthcare solutions under development by the company, which has made a name for itself by developing composite healthcare solutions that improve quality, cash flow and efficiencies for healthcare providers through real-time data access, workflow and reporting.
Healthcare Information Technology, BIOSTART and TMP
“The connection between BIOSTART and Healthcare Information Technology (HIT) companies like TMP is a natural response to the changing healthcare and life sciences marketplace,” said Jeff Burke, Managing Partner at T-M-Partners. “Patient Data, Electronic Health Records and healthcare reform are in the news almost every day and foremost in the minds of many Americans. Healthcare IT is one of the most active segments of the economy with billions of government incentive program dollars at stake.”
Burke continued, “The ultimate goal of the national healthcare reform effort is to reduce the cost of healthcare and improve quality outcomes. TMP is already focused on this end goal and has been for more than three years. By moving our operations to BIOSTART and delivering a Quality Improvement Platform to the marketplace, we will help healthcare providers to measure, analyze and quickly improve healthcare quality of care data, processes and actual outcomes of patient care. We are confident that every healthcare provider will need a Quality Improvement Platform sooner rather than later.”
Delivering Benefits of Real Time Quality of Care Data
“Healthcare has many people-based processes that need more real-time data access, automation and efficiency improvement,” added Burke. “Our Quality Improvement Platform enables us to rapidly configure processes and access real-time healthcare data on a platform that supports continuous improvement, speed of automation and scalability. The bottom-line benefit to healthcare providers includes higher quality of care, lower cost of poor quality, higher staff efficiencies and improved patient satisfaction.”
The ability to move operations into BIOSTART will provide TMP with the support it needs to deliver its solutions to the healthcare market.
“TMP’s healthcare expertise, experience in quality methods such as Six Sigma and Lean, coupled with their experience in technology solutions development, is a unique and valuable combination in today’s healthcare market,” said Carol Frankenstein, President of BIOSTART. “TMP is in the right place at the right time to capture the potential of the healthcare provider market. We are excited to have been selected as TMP’s headquarters. The company has a bright future and could bring many high tech jobs to Ohio.”
When an entrepreneur talks about fund-raising, the terminology reveals a lot. “I need to raise money, but [wait for it] . . . I don’t want to be diluted. Or suffer from dilution. Or incur dilution.”
How about be “infected” with dilution? Because that is the mindset - dilution is a disease. Reason - it snatches control away from the entrepreneur and crushes the entrepreneur’s economic upside.
John Fox discusses the basics of market research and why it’s important to the early-stage life science start-up.
According to a recent survey of more than 700 health care executives conducted by PricewaterhouseCoopers Health Industries Group, 76 percent indicated that the information gathered in electronic health records (EHRs) will be their biggest asset in the next five years. Unfortunately, as is discussed in a January 27, 2010 article in Advance for Health Information Executives, “few organizations are establishing processes to effectively use the massive amount of data being collected.
Lisa Kurek, Managing Partner at BBC Etc., provides you high-level overview of SBIR and STTR grants in the 8 minute video interview.
When it comes to starting and building a life science company, founders and early employees are often focused exclusively on research and development and the next round of funding. They have a firm understanding of their product vision, what that product will do, who it will help and the market they are trying to reach. Unfortunately, few understand the importance, effort and costs associated with commercialization, or getting a finished product to market. All too often, they approach the commercialization process with a false sense of confidence, taking the Field of Dreams approach, “If I build it, they will come.”
Ask anyone who has worked in marketing or sales for a pharmaceutical manufacturer what the greatest obstacle is to gaining market share and you’ll hear ‘habit’. In fact, changing physicians’ prescribing habits has not become easier despite the advent of technological strategies (i.e. e-detailing), or the myriad of creative sales force configurations.
When it comes to starting and building a life science company, founders and early employees are often focused exclusively on research and development and the next round of funding. They have a firm understanding of their product vision, what that product will do, who it will help and the market they are trying to reach. Unfortunately, few understand the importance, effort and costs associated with commercialization, or getting a finished product to market. All too often, they approach the commercialization process with a false sense of confidence, taking the Field of Dreams approach, “If I build it, they will come.”
