OSF Ventures, the venture capital arm OSF Healthcare, recently announced that it has raised its third and largest fund to date, valued at $100 million.
Unsurprisingly, the goal will be to continue to identify Companies already using or developing emerging technologies to improve outcomes, improve patient experience, and potentially reduce health system costs.
Some areas of focus through 2022 will be next-generation business and care models, community health and social determinants of wellness, radical efficiency, big data and the Internet of Medical Things, and genomics and precision medicine.
“We’re working on medtech products that can have an impact, including diagnostics and treatments,” Stan Lynall, vice president of venture capital at OSF Ventures, said in an email.
Every year, it receives 200 to 300 referrals from companies developing innovative healthcare solutions. Since its inception in 2016 as a venture fund, OSF Ventures Nearly 1,500 opportunities were reviewed. With the largest fund raised to date, Maybe More people will now have their lenses.
The health system in Peoria, Illinois has 15 hospitals in the state and Michigan, So far, in addition to investing in three Healthcare-focused venture fund.
Third Fund Worth $100 Million Total Assets Under Management stand $250 million for venture capital projects.
To screen investment proposals, OSF Ventures has hired clinical and operational subject matter experts and reduced the people who should be scrutinized.
“They play an important role in helping our team understand whether a solution addresses a real need, is acceptable to those we serve, or improves the standard of care,” Lynall said. “For most companies entering the OSF Ventures pipeline, they are first-line approvals.”
OSF HealthCare works with many OSF Ventures portfolio companies to customize products and services, including some that help health systems care for people at home. In these examples:
- internet therapy – OSF is working with the teletherapy company, which uses virtual therapy to manually match children with the therapist best suited to meet their needs. (In addition to direct treatment, the company provides education for schools, health systems and community programs.) Specifically, OSF is launching a pilot to support OSF teams to help reduce the time it takes to diagnose autism.
- Photon Care – PhotoniCare has developed a more precise method to detect middle ear infections in children and adults, using light wave technology to look through the eardrum. The device, called the OtoSight Otoscope, provides a non-invasive way to visualize middle ear fluid.It was successfully piloted on two OSFs According to the health system, there are locations for expansion plans.
- social decision – The company uses comprehensive data to help OSF healthcare providers better understand the impact of social determinants of health and empowers them to modify care models to improve community health. “Social decisions are the data backbone that also helps OSF HealthCare determine where and how community health workers are deployed and how to deploy them most efficiently in our community,” the company noted.
Leiner also noted its progress use silver cloud, a behavioral health platform that people can use to help manage mood and the causes of depression, anxiety and stress. Through its venture capital program, OSF worked closely with innovators in digital health and piloted and fully implemented SilverCloud after becoming an early adopter.
During the pandemic, the ability for portfolio companies’ technology to find a home at OSF HealthCare has been key.
“Entrepreneurs appreciate early adoption of their technology, and we value getting the best cutting-edge solutions,” said Michelle Conger, Chief Strategy Officer and CEO OSF On Call Digital Health announced the launch of its third fund in a press release. “For example, we were one step ahead early in the pandemic as we had reviewed solutions and strategically planned to implement several new communication tools we deployed, albeit at an accelerated pace. Thanks to our long-term innovation plan, we did Get ready, including significant investments and partnerships through OSF Ventures.
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