Investing in Healthcare in 2020 with Niko Skievaski and Nikita Singareddy
Village Global's Venture Stories
Niko Skievaski (@niko_ski), founder and president of Redox, and Nikita Singareddy (@singareddynm), investor at RRE Ventures, join Erik to discuss:- How regulation has changed the landscape in healthcare.- How to figure out what the the next wave in healthcare will be.- Why in the past government regulation has pulled technology into the present that wasn’t ready.- The biggest trends in healthcare now.- Where they would be investing if they were running a fund focused on the space.- What it takes to be successful in healthcare.- The state of the EHR space.Thanks for listening — if you like what you hear, please review us on your favorite podcast platform. Check us out on the web at villageglobal.vc or get in touch with us on Twitter @villageglobal.
Putting Data to Work for the 21st Century with Niko Skievaski
This Week Health: Conference
July 10, 2020: Today we are talking “fancy backend stuff”. Our guest Niko Skievaski, President and Co-founder of Redox shares why their open source platform is currently one of the weight lifting champion’s in healthcare IT. How have they accelerated the development and distribution of digital health solutions? What does this mean for developers? And if the key ingredient in healthcare tech right now is frictionless adoption, how do we achieve it? Plus our host Bill gives invaluable advice to startups. Key Points From This Episode:Find out what really accelerated Redox’s growth [00:05:50]It’s not an innovation problem, it’s an adoption and integration problem [00:08:45]The huge challenges for healthcare startups, why haven’t many platforms scaled up? [00:10:45] Niko talks health economics [00:14:00]If you really want to make it as a health tech startup, Bill has invaluable advice [00:13:05] How Redox were able to grow a lot faster and win more market [00:17:20]How healthcare is changing at lightning speed [00:21:05]
Scaling the Moots of Healthcare with Niko Skievaski from Redox
Electronic Medical Records (EMR) are like operating systems. They do everything, but nothing well. Like windows, hospitals need applications on top of EMRs to get real value. However, the EMR data is hard to get to. Enter Redox, a way to get data into applications. The company now has an "app store" of sorts with over 700 partners including hospitals and applications. Post Covid, Redox saw volumes down by 50%, but also an asks for novel applications for care delivery. In some sense Redox sits in a unique place reflecting the health of hospitals but also where we are headed.
The interoperability promise of a shared, longitudinal medical record has so far focused on connecting health systems to each other. With the growing investment and constant new entrants of SDOH solution vendors, a new wave of interoperability challenges are becoming apparent. How does your health app connect to an EHR? Will new anti-data blocking legislation help or hurt SDOH startups? In this wide-ranging conversation, Don Lee and Shahid Shah talk with Niko Skievaski, President and Co-Founder of Redox, about his team’s solution to interoperability and why health information exchanges (HIEs) are only part of the answer. Highlights One API to link them all. FHIR is a language, not an API. Redox helps you scale your integration infrastructure without scaling your team. Interop with Epic: Then and Now. B2B relationship building through Interface Analysts. HIEs are designed to facilitate the movement of data to follow a patient, Redox shares data between health systems and their business associates. The competing interests between Value-Based Care and Consumerism. Where is the government investing in health tech? 2020 will be a big year for interoperability. Implications of the Blue Button Breach. Will the Cambridge Analytica problem come to Healthcare? 21st Century bugs need a 21st Century solution. Niko Skievaski. President and Co-Founder As president and co-founder of Redox, Niko Skievaski leads his team in helping healthcare organizations fulfill the promise of digital health with an integration platform that securely and efficiently exchanges data. Prior to co-founding Redox in 2014, he worked at Epic, a multi-billion-dollar healthcare technology company. After Epic, he co-founded 100state, Wisconsin’s largest co-working community. He is also a board member at Prime Health, a Denver-based non-profit designed to accelerate the adoption of emerging healthcare technologies that address community and safety net needs. Niko has an MA degree in economics from Boston University and a BS degree in economics and international business from Arizona State University’s W.P. Carey School of Business. He lives in Boulder, Colorado with his collection of mountain bikes. Redox Redox accelerates the development and distribution of healthcare software solutions with a full-service integration platform to securely and efficiently exchange healthcare data. With just one connection, data can be transmitted across a growing network of 600+ healthcare delivery organizations and 250+ independent software vendors. Members of the Redox Network exchange more than 7 million patient records per day, leveraging a single data standard compatible with more than 40 electronic health record systems. Redox exists to make healthcare data useful and every patient experience a little bit better. Links, Resources, and Related Episodes LinkedIn: https://www.linkedin.com/in/skievaski/ Twitter: https://twitter.com/niko_ski Website: https://www.redoxengine.com/ The Redox Podcast: https://www.redoxengine.com/blog/category/podcast/ Shahid Shah on The Redox Podcast Trusted Exchange Framework and Common Agreement (TEFCA) FHIR At Scale Taskforce (FAST) and the DaVinci Project
Redox: A Platform For Healthcare Vendors And Providers To Integrate Their Data – with Niko Skievaski [Ep#15]
The Traction Stage
How exciting it is to think about all the solutions being developed for the healthcare industry! The use of technology for measuring patients’ health, setting appointments, setting medication and improving patient’s overall experience are just a few examples of that. However, to make all these improvements come true, healthcare vendors (technology developers) and healthcare providers have to overcome one significant barrier: to integrate their systems so patient data may be securely accessed and processed by these new applications. Redox is a startup from United States that is focusing exactly on facilitating this integration, through a platform that serves as an effective interface, providing accurate data transfer between different systems in an easier and faster way. In this 15th episode, Niko Skievaski told me about the development of Redox and how it evolved from just an idea into a platform that connects more than 450 health systems SHOW NOTES CONNECTING TWO WORLDS Tell us what is the problem that you are solving for healthcare vendors and healthcare providers? It is a kind of deep systemic problem. For sure, in the United States—as well as I imagine around the world—one of the main barriers to technology adoption within the healthcare space is the inability for new software being built in the cloud for consumers on their phones to actually exchange data with the health systems that they work with. Because for the most part, healthcare organizations who are treating patients, have electronic medical records that were really never designed to talk to the internet. What Redox does is connect these two worlds by taking data out of health systems and standardizing it in the cloud, and then making it available over an API for software developers to use. On the software developer side, they can connect to us once and work with any of the health systems that are on our network—or that they bring into the network. And on the health system side, they can connect to Redox and work with any of the applications that they might want to utilize into. These are all sorts of different types of digital health applications—things like telehealth solutions, remote patient monitoring. Because for the most part, healthcare organizations who are treating patients, have electronic medical records that were really never designed to talk to the internet. How did the idea come to your mind? My background was coming out of the electronic health record world. I worked at a company called Epic—which is a very large electronic health record vendor—and really started to learn and understand the way that the software was being used across the industry. It was there where I also met my co-founders who worked in various parts of the organization and understood both the business and technical aspects of working with electronic health records. After leaving Epic—in 2013—I actually started a different healthcare IT Company, and started to see first-hand the challenges of being an entrepreneur developing a digital health solution for health systems. Through that experience, we went through a number of pivots between that company and then eventually started a co-working space and an incubator focused on health tech. We saw over and over again, how digital health companies were running into this barrier of willing to connect up to the health systems and their electronic health records. Source: https://www.redoxengine.com/company/ It was through that process where I and my co-founder started to realize: “Hey, the biggest problem here is not the development of new innovation in the space, it’s the adoption of it. If we can actually break down this integration barrier, then it can really accelerate the technology adoption across the industry.” […] THE MINIMUM VIABLE PRODUCT Right after we realized that this is a problem we’re solving, we said: “We have to go out and get initial traction because we are running out of money.” We were using our own savings and we knew that we would need to raise money to start a network business like this. So, we said: “Okay. We need to raise money pretty quickly, but we don’t think that we can actually get live with our product to get real traction.” So, essentially, we designed a minimum viable product that would allow us to test the market demand and see if there’s demand out there. We literally called up startups in the health tech space, we went on to accelerators, websites like Ycombinator, TechStars, Dreamit, Blueprint Health, Rock Health and a bunch of these kinds of healthcare-specific accelerators. So, essentially, we designed a minimum viable product that would allow us to test the market demand and see if there’s demand out there. We just started calling those companies and saying: “Hey, we came out of electronic health record world, we want to figure out a way to help you integrate more easily with an API, would you be interested?” And we got amazing hit rates. We had CTOs calling us back had a product type folks reaching out to us and saying: “Yeah, we would love to use that solution. What does it look like? How do I use it? How much do I pay?” THE BOTTOM RUNG At that time, did you have anything? No, we had nothing. We had a PowerPoint deck. But we did have specialized knowledge of the way that it works from our background coming out of Epic. So, that was the bottom rung of the traction ladder—just understanding that this was a problem worth solving. And very busy people, technical co-founders of companies were willing to call us and talk about it. So, that was the bottom rung of the traction ladder—just understanding that this was a problem worth solving. Through those conversations, we started to understand the specifics of the use cases here—what data needs to be exchanged, how the workflows need to work—and that’s what helped us start to design our API. The next stage that we moved on to was going deeper: “Can we monetize simply one side of the network? We know we can’t get both sides simultaneously because the product isn’t there yet. But can we get the vendors, the software developers to pay for something?” We created an API and we put a pay-wall around the documentation of how it would work. So, we essentially charged people—it was something like $50 a month—just to look at the documentation of how the API would work. And that told us that it was such a problem that people were willing to pay just a little good documentation, which is kind of a head-scratcher, right? Because the only value that they were getting was confidence that they could go to the health system they’re working with and say: “I know how to do this, because I have learned, I’ve read up on how it should work.” So, when people started paying, we called those people up and said why are you paying? Who are you? What’s your use case? Where do you see the holes and how this works? VALUE TO INVESTORS Do you think that having that initial validation helped with the investors? Absolutely. It showed investors that we are scrappy enough to figure out how to get people to buy into a vision before it actually existed. It also showed that we can generate revenue like the demand was high enough that people were willing to pay for it. And then we got live with our first two or three sites. That was enough that we raised a series A after that, it was 3.5 million. Because of the feedback we had gotten from the market, we were able to convince investors that we would be able to solve the problem. And there was the market was big enough for it to be a good back. Because of the feedback we had gotten from the market, we were able to convince investors that we would be able to solve the problem. And how many investors meetings did you do? We did a couple of accelerator programs early on before we raise this money, we actually did two of them. And in one of them, they took us on an investor road show in Boston, New York, San Francisco, and Silicon Valley. We probably had 50 meetings, a lot of first-time meetings that have follow-up meetings with various investors around the country, both Angel groups and venture capital, kind of looking at that early stage investment. TRACTION SPIKE From the moment you raised 3.5 million, how long did it take for you to have a similar version of Redox, as you have today? The product kind of iterated at an almost linear rate. Over the years, we’ve improved and added features and made it more stable and more secure and all of that. We’ve been improving that all along the way. But what really changed in the business was between 2015—when we raised that round—until 2018, was Redox really grew because we were working with vendors who brought us into health systems. What happened were some of those vendors started growing quickly. So, we started seeing some exponential growth from that. Then, we started moving up-market from early stage vendors to later stage companies who were already in many health systems. So, we support integrations for Microsoft or Stryker, for instance. And they have an established footprint. So, we started landing those sorts of contracts because we built up trust in the market. And that has really allowed us to grow much, much faster. But, in 2018, what we really started to see was the health system side—this is like the demand side of our market—start to be engaged. So, what happened was, we would go live at a health system and then they would see how easy that project was, and how easy it is to maintain. And then the next piece of software might come along that they want to adopt. And health systems were actually telling software vendors to work with us. So, the healthcare organizations actually became a channel to drive more vendors into our business. And we really started seeing an acceleration in growth after that. To put in perspective, from 2015 until 2018, we grew to about 100 Health Systems, like healthcare organizations that we implemented—which is still pretty good, in three years we got into 100. Within 2018, we got from 100 to about 450. That’s where we saw this spike happen. CONNECTING, NOT SELLING Did you do any intense marketing efforts in that time to generate traction or was this something more like organic or natural? Marketing has always been a way for us to really just communicate and share our vision with the world. Literally, day one, when we decided to do Redox, I wrote a blog post, saying, “this is what we’re doing, this is why we’re doing it.” And from that point on, we are using it as a content marketing channel. [Redox Blog] Did that work? Yeah. To this day, about 70% of our business comes inbound. Because we have established a content marketing channel—so, we get pretty good SEO—we have a pretty good status as a thought leader in the space of how to do this, because we’ve been talking, writing and speaking about it on stage for so long. Then, of course, just having open and candid conversations with customers or with potential customers and being honest about what we can and can’t do, and the way that we want the world to work. I think that’s gaining a lot of trust in the industry for how we’re going about doing this. The other thing that we realized early on was that doing an exhibit at a conference is really expensive. But we could, for the same price or even cheaper, buy the bar down the street and do a party. So, we started doing these parties and the first one was at a Mexican restaurant. We had margaritas and tacos, and everybody loved it. We started just trying to find the closest Mexican restaurant to any conference that was happening and throw these fiestas, these taco parties. People now know us for having these taco parties and they’re really just low key down to earth events where all we want to do is hang out and talk to people who are interested in this. We’re not giving a big pitch, we’re not trying to sell. We’re just trying to build a community around a bunch of people who are trying to make healthcare better. And we’re just trying to make healthcare data useful. GET DEEP WITH YOUR CUSTOMERS A piece of advice for startup entrepreneurs that are just at the beginning of their ventures… I think the biggest thing that I see with early entrepreneurs is they’re trying to solve the problem from inside the conference room or inside the office. For us, the way we really started to see how to solve the problem and how we could break into the market was through deep conversations with our customers or with potential customers, getting to know them really well. Getting out their elbow, discussing the problem and understanding how they’re solving it today and how they want the world to look. That helped us paint a picture for a product that was really designed around those needs. Getting deep with customers is super important. And doing that as fast as possible. I see a lot of entrepreneurs like work on the business model and market research and doing surveys and things like that. But I don’t think anything beats just actually sitting face to face with a potential customer and talking through the problem with them. Even if you don’t have a solution yet, I think of it as a couple of stages of progression with customer discovery. I don’t think anything beats just actually sitting face to face with a potential customer and talking through the problem with them. First is just meeting with them to understand their problems. And then you can go back, a couple of weeks later, maybe to that same person and say: “Hey, we listened to your feedback. Now we have this solution” or “I’d love your feedback on… and maybe it’s at a point where you can actually try it.” And then a couple of weeks later go back to them again and say: “Hey, we’ve iterated again. And now we want you to pay for it”. See if they’ll actually put money, whether they’ve described problems. You are iterating and testing out a minimum viable product. But more importantly, you’re building a relationship with people such that they’re going to give you honest feedback about how your product will affect their lives. That’s the fundamentally most important thing in the early stage of a company: getting deep with your customers. Hey, what do you think of this episode? Leave your comment!Or check other startup stories here. MORE ABOUT THE FOUNDER Niko Skievaski (LinkedIn): As President and Co-founder of Redox, Niko Skievaski leads his team in helping healthcare organizations fulfill the promise of digital health – resulting in better patient outcomes and efficiencies for healthcare providers. In this role, he was named to Forbes 2017 30 Under 30 list of visionaries reinventing healthcare. Prior to founding Redox, Skievaski worked at Epic, one of the largest tech companies in the world, as an entrepreneur and advisor to start ups. After Epic, he co-founded 100state (Wisconsin’s largest co-working community) and created ICD-10 Illustrated-a satirical book illustrating medical billing codes. Skievaski has an MA degree in economics from Boston University and a B.S. degree in economics and international business from the Arizona State University’s W.P. Carey School of Business MORE ABOUT REDOX Redox (Website; Facebook; Twitter; LinkedIn) is changing the way healthcare providers and software vendors share data. Currently, inconsistent data formats and redundant connections slow, or completely prevent, the flow of critical health information, hindering patient care. Redox changes this by dramatically simplifying communication, making data actionable and more shareable. Redox’s technology powers a streamlined workflow for caregivers, improving care delivery and the patient experience. Healthcare delivery organizations and technology vendors connect once and authorize the data they send and receive across the most extensive interoperable network in healthcare. The post Redox: A Platform For Healthcare Vendors And Providers To Integrate Their Data – with Niko Skievaski [Ep#15] appeared first on The Traction Stage.
S9: #084: Niko Skievaski on Key Market Failures and Opportunities for Novel Health Software Solutions
Digital Health Today 360 with Dan Kendall
How can better development resources and new business models enable ‘bring-your-own-app' solutions?Application Programming Interfaces. APIs. We hear a lot about them and their use is really taking off in healthcare. Providers want to use them to become more efficient and provide better connectivity across their enterprise. Patients are also demanding the same modern technology, user experiences and access to health information that we’ve come to expect in nearly every other user-facing industry.Despite the focus and investment in digital transformation in healthcare, there still is a lack of shared infrastructure across the industry. When health systems adopt new technologies, interoperability isn’t simply a nice to have, it’s a requirement! But what does interoperability mean anyway? And how can it be achieved without having to start from scratch and repeat the same integrations when thousands of other companies are working to achieve similar results?To maximize efficiency and address market failings in the health software industry, we need broad adoption of open tools and standards to integrate software from apps to the enterprise. With me to talk about it is Niko Skievaski, the cofounder and president of Redox. Niko has a background in economics and in 2014 he co-founded Redox – a health technology company that accelerates development and distribution of healthcare software solutions to securely and efficiently exchange data. They’ve partnered with 500 digital health vendors who use the Redox Engine platform to interoperate with nearly 450 healthcare delivery organizations using about 40 different legacy EHR vendors. They also throw one heck of a great taco party – if you’re going to any of the major conferences like JP Morgan, HIMSS, SXSW – then be sure to join them!Today's Topics: Key market failures for software businesses and solutions in healthcare How new approaches for integration can lower costs, shorten sales cycles and increase sales How new procurement models, used by collaboration companies like Slack, can increase the rate of adoption in healthcare Understanding the challenges of interoperability and why it remains a contentious area in digital health Links and Resources Mentioned: Niko Skievaski on Twitter Niko Skievaski on LinkedIn Redox on Twitter Redox on LinkedIn Redox on the Web Digital Health Events Join Digital Health Today Digital Health Today is made possible by the support of our sponsors. Thank you!
Standardizing Healthcare Data | Niko Skievaski | Redox
The Future of Health
Niko Skievaski, Co-Founder of Redox, is a good friend of Health:Further. He and his team, and the Redox brand in general, know how to have fun in a wild, challenging industry while solving some big big problems. The main problem they're working on is fragmentation and lack of standardized data across healthcare. Redox allows vendors to quickly connect to different platforms, EHRs, and the like. This means vendors can rapidly deploy their applications without having to worry about how well it’ll play with other software. On the provider side, the value to being able to quickly tie different pieces of software together should be pretty clear. For more, check out the Health:Further page here.
Episode 32: Niko Skievaski, Co-founder and President of Redox
Innovation Rising, Presented by Healthbox
This week’s episode is the first part of our new podcast series around Interoperability. Joining host Chuck Feerick on the program is Niko Skievaski, the Co-founder and President of Redox. Based in Madison Wisconsin, Niko started Redox in 2014 to reduce barriers to entry in healthcare technology and has thus created a Modern API for EHR integration. Niko is a board member and co-founder of 100State, Wisconsin’s largest co-working space as well as co-founding BreadcrumbsQA, a searchable Q&A knowledge management platform originally deployed at Epic. In this episode, Chuck and Niko cover: Niko’s background and the path that led him to start Redox The problem Redox solves, how Redox works, and why a solution like Redox is so important Redox’s partnership with CloudMine and what the partnership looks like, as well as other partnerships What the current state of the interoperability market looks like today and what sets Redox apart The interplay between FHIR and the APIs the government promised in the 21st Century Cures Act, as well as the new marketplaces from companies such as Athena, Cerner, and Epic What Niko says has been the hardest part about building the company What the fundraising process was like for Redox and how Niko helped investors understand the magnitude and ROI on this problem Why Niko and team decided to found the company in Madison, Wisconsin and how Madison is in terms of its startup community and resources Connect with Niko LinkedIn Twitter Connect with Redox Website Twitter Connect with Healthbox Follow us on Twitter and @ChuckFeerick Subscribe and leave a review in iTunes Have guest suggestions or topic ideas for the podcast? Send them to us at email@example.com Listen to this episode on iTunes, SoundCloud, or Libsyn