SANTA CLARA, Calif., Oct. 1, 2013 /PRNewswire/ -- The Henry Ford Innovation Institute (HFII) is partnering with Health 2.0 to launch The HFII HealthTech Challenge, a unique, global opportunity for attracting and commercializing early-stage mobile health and digital solutions that address the root causes of the avoidable hospital readmissions. $50,000 in prizes will be awarded to the finalists, with at least one winner receiving the chance of an offer of up to $100,000 for technology development and the opportunity to develop and validate the solution within the Henry Ford Health System. The Challenge was announced from the main stage at the annual Health 2.0 Fall Conference on October 1st.
A major challenge facing the U.S. health care system today is avoidable and costly readmissions of patients with exacerbations of chronic conditions. Avoidable readmissions cost Medicare alone $17B per year, causing the Center for Medicaid & Medicare Services (CMS) to increase penalties for same-cause readmissions. This only adds to the financial burden on private insurers and capitated health systems. Furthermore, patients and providers are inadequately prepared to manage complicated medical conditions post-hospital discharge. However, these pressures create a market opportunity for innovators with solutions to this major issue.
This opportunity is why the Henry Ford Innovation Institute is launching its HealthTech Challenge. HFII recognizes that in order to attract cutting edge solutions, it must reach entrepreneurs around the globe. In its inaugural year, this Challenge invites innovators in over 25 countries to compete. HFII also realizes that the three most critical resources for an early stage technology are capital, product validation, and development expertise. That is why HFII and the Henry Ford Health System are committed to providing this unique investment package to accelerate the development of these new technologies.
This Challenge will award $10,000 to each of the five best solutions. These teams will then compete for a chance to receive an offer of a rapid commercialization investment, consisting of up-to $100,000 for technology development, up-to 9 months of product development support and clinical validation within the Henry Ford Health System, technology and business support from commercial partners, and access to world-class mentors and experts across a variety of fields. Throughout the development period, the winners will receive exposure to capital investors that can provide additional funding to fuel the growth of these technologies.
The submission deadline is January 3, 2014. The five finalists will be announced February 3, 2014. The winner will be chosen during a live judging event on March 5, 2014.
This Challenge is the first in a series of challenges that aim to create a unique and global opportunity for innovators to commercialize their early-stage technologies that address the main reasons for the world's most important and visible health care problems. Interest applicants should visit www.healthtechchallenge.com to learn more.
About Health 2.0, LLC
Health 2.0, LLC is a world stage, testing ground, and community for the future of health technology. Since being founded in 2007, Health 2.0 has continuously promoted, showcased, and catalyzed health IT solutions and innovations through conferences, code-a-thons, prize competitions, media, and its Health 2.0 consulting group. For more information, visit www.health2con.com.
About Henry Ford Innovation Institute
The Henry Ford Innovation Institute (HFII) was created in 2012 to enhance patient care and research, training, and commercialization opportunities within Henry Ford Health System through innovation and creative ideation. HFII provides innovators access to an array of commercialization resources that include market and technology assessment, engineering and prototype services, programs aimed at developing specific medical products, and broad educational offerings in translational medicine and the entrepreneurship. For more information, please visit: www.henryfordinnovation.com
SOURCE Health 2.0