BOULDER – The founders of Boomtown, a Boulder-based business accelerator, closely followed developments in the field of digital health for several years, waiting for the right time to begin investing in the innovative startups that were trying to transform healthcare with digital health technology. In 2015, when digital health funding – which had exceeded four billion dollars the year before – showed no signs of slowing, Boomtown partnered with Colorado Permanente Medical Group (CPMG) and launched the Boomtown Health-Tech Accelerator.
“Healthcare technology is really taking the world by storm right now,” said Tom Base, the Managing Director of the Boomtown Health-Tech Accelerator. “There’s been a confluence of events – the ACA and other regulatory changes, and the fact that more and more entrepreneurs are showing an interest in healthcare technology – that have made now the right time to launch this accelerator.”
According to Base, Boomtown’s partnership with CPMG, a Colorado-based provider group that has close to 1,200 practicing physicians in its organization, played a pivotal role in the founding of the Boomtown Health-Tech Accelerator.
“Across the country, entrepreneurs are developing really great products, but they don’t necessarily have a deep understanding of the healthcare market. Having a partner like CPMG gives us the ability to validate their ideas.”
As a member of Boomtown’s investment committee, CPMG takes part in deciding which early-stage companies are accepted into the health-tech accelerator. According to Base, the provider group prefers startups working on technologies that simultaneously improve health, reduce costs, and – most importantly for CPMG, which provides care to the 650,000 Kaiser Permanente members in Colorado – enhance the experience of healthcare for patients.
“As physicians we know that healthcare is going to change dramatically over the next five to ten years,” explained Dr. Katie Richardson, a pediatrician and the Director of Physician Experience at CPMG. “Technology innovation is going to be a big part of that change, and I think it’s important for physicians to play a role in its development.”
With the number of digital health startups steadily increasing as the market for their products quickly matures, Base and Dr. Richardson are betting that by matching Boomtown’s record of success with CPMG’s resources and expertise, the Boomtown Health-Tech Accelerator will produce companies that just might fundamentally transform healthcare as we know it.
Read the full story on CyberMed News.