AMA becomes partner in Silicon Valley health care innovation company

The American Medical Association (AMA) is spending $15 million to become a founding partner of Health2047, a health care innovation company that is aimed at transforming U.S. health care within the next 30 years. Health2047 will be a standalone, for-profit company that will work with companies, physicians, and entrepreneurs to improve health care and to bridge the gap between physicians and Silicon Valley.

Health2047

Health2047’s stated goals include using collaboration to create a health care system that achieves better individual health outcomes, greater physician job satisfaction, streamlined administrative operations, and partners who are rewarded for their financial investments.

Chief Executive of the AMA, James L. Madara, M.D., noted that cumbersome technology, such as electronic health records that are difficult to use and lack interoperability, often creates professional dissatisfaction by taking time away from patient interaction and is a major contributor to physician burnout. Therefore, the AMA intends to use new technology to support patient care rather than hindering it.

Innovation studio

Health2047’s Innovation Studio will be based in Silicon Valley and will develop new products and resources to improve the practice of medicine and health care delivery. Doug Given, MD, PhD, Chief Executive of Health2047 said that Silicon Valley was chosen for its high density of talent, strong venture funding environment, and because it is home to several prominent health research institutions.

Health2047 plans on collaborating with AMA content experts from various fields, including the medical, health policy, and “pragmatic practice” areas to co-develop “offerings” that will have a big impact on medical practices and the health care field.

Projects

The company intends to incorporate physician input during all stages of its projects. It will use physician testing and user feedback during development of prototypes, and it will use its access to physicians as a way to accelerate the adoption of health care solutions.

Its projects will be subject to a timeline, during which the first 30 days will be used to determine whether a project has the potential to be transformative. After 30 days, Health2047 will either invest another 60 days in the project or archive it and move on to another one. The company says that the time constraints are necessary to force teams to rapidly develop a deep understanding of the value of projects and about what aspects need to be addressed further.

Health2047 concedes that its goals seem “very conceptual” at the present, but points out that it intends to find solutions that make concrete improvements for physicians’ practices and patients in the near future.

Madara said, “Health2047’s product orientation and entrepreneurial DNA will help forge new paths and bring commercial solutions to market faster.”

Other partnerships

The investment in Health2047 is not AMA’s first foray into innovation partnerships. It previously partnered with MATTER, a health care technology incubator that is based in Chicago, which allows physicians and other industry experts to collaborate and create technologies to improve health care. MATTER is planning on launching a curriculum of 10 tracks to address the most common health care startup pitfalls.

MATTER’s Interaction Studio will be designed to simulate a health care environment by using physical and “virtual infrastructure.” Users will be able to use advanced video and audio technologies to better understand workflow and how new products and services can be used in the future health care delivery environment. Entrepreneurs will also have access to physicians through the AMA, so that they can gain input on their ideas. The partnership with MATTER will also involve educational workshops, interactive simulations, and collaboration events that are focused on optimizing physician-patient interactions.