With 2016 rapidly approaching, we are reflecting on what a huge success 2015 was for us but we really can’t take all the credit – we had some amazing inspiration from fellow industry leaders. One of the most memorable experiences we partook in and sponsored this year was the 2015 Digital Health Summer Summit co-hosted by the Center for Digital Health Innovation (CDHI) at UCSF where my fellow Cofounder and CEO, Travis Good, got the opportunity to moderate a panel on dealmaking, piloting and scaling. As a relatively young company, we are all ears to the learnings offered by others, and what we took from this event back in June inspired our next six months and beyond.
As we discussed in our recap of the summit, the importance of partnerships seemed to be a recurring theme throughout the conference. Afterall, we’re all working towards the same goal: exceptional patient care at a fraction of the cost. In order to truly shift to a value-based care model though, transformative partnerships are essential, as Director of CDHI, Michael Blum, MD, stated in his Keynote presentation (video below). Dr. Blum is responsible for building partnerships and overseeing the strategic direction of CDHI so it was extremely insightful to listen to his comprehensive vantage point on UCSF’s transformatvie partnerships and how they are working to transform healthcare delivery with innovations in digital health.
CDHI at UCSF is full of passion and intellect, pioneering a new era of precision medicine to improve global health with innnovators from all arenas of digital health. One of the innovators they partner with happens to be a partnership we have in common – Voalte. Just last month, we attended and sponsored Voalte’s first annual user conference, VUE15, where we learned about Voalte’s newly publicized partnership with Uber. Yet another perfect example of how these alliances are transforming the industry.
4 considerations we apply to our own partnerships
After the Digital Health Summer Summit we became aware and hypercritical to those we work with. Here are a few of the citerion we consider:
- **Strategic alignment with care, precision and process **– Linking our structure and resources with strategy and technology results in more effective partnerships through cost optimization, relationship intimacy and disruptive innovations.
- Understanding our partner organizations as well as we know our own **– **There is clearly added value in working with other organizations so a common understanding of culture, values, and approach needs to exist.
- Mitigation and minimalization of risk – Jumping into a partnerhsip is easy but addressing risks prior is essential as the both entities’ reputations are on the line. Engaging in low-risk, trial collaborations is one potential method for evaluating a potential partner before any serious commitment is made; this is why most innovators adopt pilot programs.
- Clarification of roles – Individual members’ responsibilities with division of labor and legal agreements should be enacted from that first kickoff meeting. Internal discussions around every engagement and positioning of new partnerships and opportunites need to be had and agreed upon.
What are some of the criterion you consider in your organization’s partnerships? Tweet us about them!