I’ve finally dusted off my boots and recovered from the whirlwind that was ViVE 2023 in Nashville. Our team at 11TEN was in our element, as the hot topic revolved around connecting digital health innovation to end users for maximum impact – a process we know all too well. From the moment we stepped into the welcome party, complete with country music, stilt-walking dancers, and animated conversations about interoperability, I knew we were in for an inspiring ride. Here are some key takeaways from ViVE 2023:
- Point Solutions Galore: The sheer number of point solutions made it challenging to differentiate between them. An intermediary ecosystem enabling collaborative innovation and consolidation is crucial for the value of these solutions to be realized. Industry and health systems need to work together, coordinating C-suite, engineering, R&D, IT, and product teams. Enabling ecosystems and supporting resources that connect health systems with the right industry partners are fundamental to realizing innovation.
- Profitability & Unit Economics in Focus Amid Economic Challenges: Macroeconomic uncertainty from a slowdown in venture funding for digital health, coupled with the Silicon Valley Bank and Signature Bank collapses, left many buyers cautious about collaborating with startups. Consolidation and investment struggles are likely in the coming months as fundraising becomes scarce and health systems prioritize mission-critical investments.
- AI Invasion: AI was undoubtedly THE hot topic at ViVE 2023, with numerous companies showcasing its potential in healthcare. However, we believe AI will make a significant impact without replacing existing resources and infrastructure. Cross-industry coordination and trust-building are key to successful adoption.
- Health Equity Takes Center Stage: Improved access to care and health equity through data and technology was a prominent discussion point. Innovation relies on enabling more equitable care, and one way to achieve this is through the democratization and unification of patient information.
- Interoperability in Short Supply: Despite the buzz around interoperability, there were few impactful use cases on display that demonstrated meaningful improvements in health access and equity. How interoperability turns from a buzzword to a reality is to be determined, but we do know this: it will require a cross-industry, coordinated, and user-centric approach. In other words, ecosystems enable and expedite the industry’s transition to true interoperability.
Throughout the conference, we juggled supporting existing health system, corporate, and startup partners, exploring new potential collaborations, and engaging with digital health solutions that could thrive within a large ecosystem. Below are some personal highlights from ViVE 2023:
- Our 11TEN Innovation Ecosystem was well-represented, and a special thank you goes out to our partners who attended our dinner on Monday evening.
- Nashville proved to be an incredible city for conferences and events. Kudos to Friends of Project Healthcare (Eric Thrailkill) for showcasing the local healthcare innovation scene. I look forward to getting back up there to do a podcast soon!
- Cedars Sinai Accelerator’s model for healthcare systems working with startups is exemplary. We’re excited to learn from them as we help bring similar accelerator programs to our healthcare system partners across the country. Thank you to Jeremy Roseman for the comprehensive walk through!
- Consumer tech was scarce, with most technologies and business models focused on B2B solutions. 11TEN played a vital role in helping differentiate technologies and navigate business models for buyers.
- The Black Crowes still rocked – at least for two songs.
- My daily 20,000+ steps helped me burn off some of that irresistible Nashville hot chicken!
Overall, ViVE 2023 was an incredible experience, and we’re excited to build on the insights and connections made there. Until next time, Nashville!
We look forward to HIMSS in Chicago in a few weeks as well as HLTH in Vegas in October.
CEO, 11TEN Innovation Partners