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Doug Hayes, founder of Junto Health, steps on to the New York Launch Pod to discuss a new way to innovate and solve problems in the health care industry. Named and modeled after “The Junto,” a group founded by Benjamin Franklin for mutual improvement among its members, Junto Health uses a shared research model to tackle obstacles endemic to major stakeholders in the health care industry. Junto Health is the first open innovation program in digital health, driving evolution up to twice as fast as a traditional R&D model in the industry.
This is the Golden Age of opportunity for health start-ups. Health care is more consumer-centric than ever and large, traditional institutions are being asked to change drastically and quickly, requiring them to look externally for innovative solutions. The visual, as Doug explains, is like a “a cruise liner in a bay that’s asked to turn around and exit the bay. It requires a number of tugboats to move that large, hulking ship.” Doug and Junto Health believe that start-ups are the “tugboats” and the key to the innovation process because “they are more nimble, flexible and can attack parts of the market that are financially rewarding to small companies but might not check the box for a large tech vendor.”
Junto Health’s goal is to provide a contained “safe place” for members to test and pilot new innovative solutions while mitigating risk. Current members include major hospitals, and pharmaceutical, insurance and technology companies such as New York Presbyterian Hospital, North Shore LIJ, Aetna, Emblem Health, AstraZeneca, Boehringer Ingelheim, HP, Philips, Samsung, and the New York City Economic Development Corporation.
Hear how Junto Health lowers the cost of innovation for its members by finding common pain points and creating working groups. Junto Health “filters the noise,” priming the demand side from industry and vetting early stage companies to create an efficient win/win situation for all parties involved. With this process, Junto Health is able to bridge the 6-12 month sales cycle of a large health institution that is difficult for small business to navigate yet also provide a proven product that large institutions demand. Partnering with the Sachs Policy Group, Junto Health is uniquely positioned to see the policy changes that will continue to transform health institutions, allowing Junto’s working groups, as Doug notes, to “make innovation work” not only for today but for the paradigm shift of tomorrow.
Junto Health is a spinoff from our second guest, Blueprint Health. To learn more about Junto Health visit www.juntohealth.org and follow on Twitter @juntohealth.
Transcript of the episode available here: http://nylaun.ch/juntot
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