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{ october/november 2012 }

Cyber Security! Former DoD Cyber Security Expert, David Willson, Esq. Discusses Your Potential Liability & What You Can Do to Protect Your Business, Assets and Ideas >>> { 8 }

>>> { 38 } Why

Business Plans Don’t Get Funded

>>> { 12 } How

Big Companies Should Innovate

>>> { 16 } Edison

Nation Helps Hospital Capture & Commercialize Innovation


am confident the lease terms Colin negotiated on my behalf were significantly better than I could have accomplished on my own. Carr Healthcare Realty completely understands the current market conditions and leveraged them to my advantage. The new lease terms exceeded my original expectations!” Dr. Natalie Schafer Wheat Ridge Oral Surgery

At Carr Healthcare Realty…

Colin Carr President


Andrew Mondy Denver Metro


We provide experienced representation and skilled negotiating for physicians’ office space needs.

Roger Hernandez

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Every lease or purchase is unique and provides substantial opportunities on which to capitalize. The slightest difference in the terms negotiated can impact your practice by hundreds of thousands of dollars. With this much at stake, expert representation and skilled negotiating are essential to level the playing field and help you receive the most favorable terms. If your lease is expiring in the next 12 – 18 months, allow us to show you how we can help you capitalize on your next lease or purchase.

Colorado Springs Southern Colorado

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Boulder • Northern Colorado Western Slope • Wyoming 970.690.5869

{ Table of Contents } { october/november 2012 } { Welcome }

4 Message from CEO

feature story 8 Cyber Security!

{ Health Care & Practice Redesign }

24 HealthTeamWorks:

PCMH Pilot

{ Finance & Investments }

28 Plan or Overpay Taxes –

The Choice is Yours

Former Department of Defense Cyber Security Expert, David Willson, Esq., Discusses Your Potential Liability and What You Can Do to Protect Your Business, Assets and Ideas

{ Innovation }

12 How Big Companies

Should Innovate

{ US Health Care Policy }

30 After the Supreme Court:

The Expansion of Medicaid

{ Finance }


32 Why Angel Investors Don’t

Make Money

{ Finance }

{ Corporate Innovation }

16 Edison Nation Medical Helps

Hospitals and Medical 12 Professionals Capture and Commercialize Innovation { Business Insight }

18 Making the Pitch: The Five 14

Most Important Lessons for Presenting to VCs

34 It’s Time for a Virtual


{ Business Plans }

38 Why Business Plans

Don’t Get Funded

{ Your Health }

40 What’s a Frustrated

Doctor to Do?

{ News from the Industry }

42 A Roundup of the Latest

{ Business Management }

Industry News and Insights

Sciences Market: Setting a Course for Success

{ Publisher’s Letter }

16 20 Today’s Complex Life

48 Welcome to SoPE! { october/november 2012 }

{ 3 }

{ Welcome }

CEO’s Corner { by Arlen D. Meyers, MD, MBA } Arlen D. Meyers, MD

Dear Physician Entrepreneur: Multiple healthcare systems around the world are struggling with offering high quality, accessible, affordable health care services to their citizens. Given the global recession, the unresolved financial crisis, decreasing tax revenues, aging populations and the demand for expensive, advanced technologies, public and private payers, patients and providers are looking for answers. One solution is to jumpstart and accelerate local biomedical and health innovation and entrepreneurship and thus create, in addition to new drugs and devices, new models and paradigms for non-face-to-face care using digital health technologies, care delivery, business process innovation and systems. Physicians, particularly those in the community practicing on

Our success will result in new products, processes, services and systems that improve quality, access and population health and reduce cost.

the front lines of care, are key to this process. However, they have been excluded or neglected. While many doctors have great ideas, are content and domain experts and are on the front lines perceiving market needs, few have the mindset or entrepreneurial knowledge, skills, abilities, networks or experience to get an idea to market. To fill this gap, The Society of Physician Entrepreneurs (SoPE), founded in Jan 2011 as a physicianled, global, non-profit biomedical and health innovation and entrepreneurship network, was created to help primarily community based physicians and other healthcare professionals get their ideas to market, and thus to patients, anywhere in the world. ( SoPE is an example of a hybrid, community-based global innovation network. Members, approaching 4000 entrepreneurs, service providers, investors, industry representatives, academics, economic development professionals and other innovation stakeholders, interact in an international ecosystem not only on the Internet and social media, but also during faceto-face interaction during local chapter educational and networking events. International SoPE Chapters, now approaching over 25 that are fully formed or in development, play a key role in promoting awareness of SoPE and recruiting members, advancing the mission of SoPE by providing members with education, services and connections, and identifying partners and strategic allies interested in supporting the work we do. SoPE is growing at an impressive rate, an indication that our message of community based physician led innovation and entrepreneurship is resonating around the world. Our success will result in new products, processes, services and systems that improve quality, access and population health and reduce cost. In addition, by creating new technologies and companies, we seek to improve local economies by creating jobs and increasing the local standard of living. Finally, on a more global scale, we seek to play a part in making countries more globally competitive. SoPE members in the US, Europe, Asia and elsewhere are joining forces to make quality care available to anyone , anywhere, at an affordable price. Thank you for joining us on this journey and looking forward to making a difference together. Good luck with your new venture.

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{ october / november 2012 }

Publication Leadership Chief Executive Officer, Managing Editor Arlen Meyers, MD, MBA - Professor of Otolaryngology, Dentistry and Engineering at the University of Colorado Denver He is the cofounder of four companies and is a consultant to several life science, IT and investment firms. Dr. Meyers is a former Harvard-Macy Fellow, a National Library of Medicine Fellow, and a Fulbright Scholar and was names as one of the 50 most influential healthcare executives of 2011 by Modern Healthcare Magazine. Arlen is also the new Director of the Certificate Program in Bioinnovation and Entrepreneurship at the University of Colorado and editor of numerous journals including: the Journal of Commercial Biotechnology and Medscape Reference Otolaryngology. Executive Vice President & Chief Operations Officer

CEO: Arlen Meyers, MD, MBA Executive Director: Jim Blakely Executive Publisher: Dirk R. Hobbs Chief Operations Officer: Scott W. Casey Medical Direction: Arlen Meyers, MD, MBA; Bhaktasharan C. Patel, MD; Sheldon Ravin, DO; and Lukasz Kowalczyk, MD Senior Medical Editor: Arlen Meyers, MD, MBA

Jim Blakely - EVP & COO of the Society of Physician Entrepreneurs and the SoPE Foundation Jim has over 30 years of experience in brand management, strategic planning, sales, marketing, and product management across a broad set of industries, including eCommerce, publishing, telecommunications, high tech and commercial real estate. He has held management positions with Fortune 500 companies such as Bell Atlantic and ADC Telecommunications and a “Big 4” consulting firm. In addition, he has been involved with several start-ups, such as Simplexity, where he served as Director of Strategic Development and played a key role in the launch of the company’s industry leading telecommunications marketplace. Jim served as the CMO of ENT Resources, Inc., the for profit subsidiary of the American Academy of Otolaryngology-Head and Neck Surgery (AAO-HNS).

Contributing Writers: David Willson, Esq.; Joyce Wolcott; Nic Brisbourne; Paul Morin, MBA; Steve Sorensen, MBA; Jonathan Davis, MBA; and Michelle Mudge-Riley. EVP Communications: Kim Ronkin Director of Web Services: Winn Jewitt Creative Director: Marta Podkul To advertise or to submit sponsored educational content or professional profiles, or for authorized reprints, email:

Executive Publisher You must have

Dirk R. Hobbs – Executive Publisher & Senior Editor of SoPE Magazine

written permission to reprint any or all

Dirk is a 20-year senior level marketing executive/consultant, national speaker and serial entrepreneur. Formerly the Chief Marketing Officer of NovaTech Sciences, a bio-informatics company in Research Triangle Park, North Carolina. He is Founder and CEO of Medical Voyce Sciences & Multimedia, Inc. and President of DocVoyce, LLC, a medical mobile Transitional Care application for the reduction of 30-day readmissions, and CEO of Healthy American – a state-by-state multimedia platform for health consumers. He’s a Member of the American College of HealthCare Executives and three-time national award winner for medical and health care publishing from Sunshine Media.

of this publication.

A Medical Voyce Sciences & Multimedia Publication – Contact us if you are seeking

CONTACT US TODAY! To subscribe, place content or advertisement to our distribution of more than 18,000 physician entrepreneurs, please email us at or call: 719.884.1184, Ext 1.

to develop a single or multi-sponsor custom publication at:

Visit us on the Web: and find our digital edition archives: SoPE is a registered 501 c3 in the state of Colorado. Copyright © 2012 – Society of Physician Entrepreneurs

{ october / november 2012 }

{ 5 }

{ About SoPE }

Learn About SoPE at

SoPE MISSION: To accelerate biomedical and healthcare innovation and get ideas to patients faster. We seek to empower doctors and other providers with the information, education, connections, experience and money they need to commercialize their ideas, inventions and discoveries. SoPE intends to take the lead in: >>> 1. Conducting research on the biomedical and healthcare innovation commercialization process, >>> 2. Sponsoring conferences and events for all stakeholders in the process to identify solutions that bring needed improvements and efficiencies to the process,

SoPE intends to identify early stage investment funds sources for its members and facilitate engagement with VC’s and other later stage investors in programs, which will make them aware of investment opportunities and educate physician entrepreneurs about investors’ areas of interest and expectations.

>>> 3. Educating physician entrepreneurs and other stakeholders on the process, >>> 4. Providing practical support programs for physician entrepreneurs, >>> 5. Acting as a clearinghouse for physician entrepreneurs’ access to support services and early stage funding, and

>>> 6. Providing

a forum for later stage funding sources, distribution channels, and acquisition

minded corporations to participate early-on in the process.

SoPE has a value proposition for each major stakeholder group: Physician Entrepreneurs: SoPE intends to offer practical support programs to all types of physician entrepreneurs within 3 main healthcare educational tracks:

>>> 1. Devices, Drugs and Diagnostics -- traditional market segment of items utilized by healthcare providers in patient care or marketed direct to consumer.

>>> 2.

Medical Services-- broad market segment of products and services that address in some way

the cost, efficiency, quality, availability or some other aspect of healthcare.

>>> 3. Healthcare IT and Telemedicine Products and Services The support programs will be designed to serve the needs of physician entrepreneurs for information, concept evaluation and assessment, early stage financing and the full range of support services involved in commercializing innovation. In addition, SoPE will provide physician entrepreneurs with the opportunity to network with their peers and others involved in the innovation commercialization process.

Medical Device and Drug Companies (Devices and Drugs) and High Technology, et al (Medical Related Products and Services): SoPE intends to involve these companies in programs which will provide them with access to new ideas and prospective future acquisitions, physician feedback and opinion, and a forum to share their needs and rules of engagement.

Service Support Organizations: SoPE intends to involve service support organizations in programs, which will serve as a marketing forum for them to make physician entrepreneurs aware of their capabilities.

Investors: SoPE intends to identify early stage investment funds sources for its members and facilitate engagement with VC’s and other later stage investors in programs, which will make them aware of investment opportunities and educate physician entrepreneurs about investors’ areas of interest and expectations. Private Economic Development and Government Agencies: SoPE intends to partner with local, regional and federal agencies and not-for-profits responsible for growing and regulating healthcare innovation.

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{ october / november 2012 }




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{ Cover Feature }

Cyber Security and Your Potential Liability: Learn How to Protect Your Business { by David Willson, Attorney at Law, CISSP, Security + Titan Security Group, LLC } David WiOOson

Are you concerned about cyber security?

Are you

concerned about compliance? How valuable is your business, your license, your livelihood? If you don’t think data breach or cyber security is a big deal or that How good are the passwords you use? If you use a single word, a hacker can guess it in about three minutes or less with a dictionary attack!

it won’t happen to you, and you’re a gambling man or woman, then ignore this article. O n t h e o t h e r h a n d , if y o u h a v e e v e n t h e s lig h t e s t c o n c e r n o v e r a n y o f the ab o v em e n t i on e d is s u e s , t h e n re a d o n a n d le a r n h o w t o p ro t e c t y o u r s elf and y o ur c om pa n y. Ha ve yo u e v e r w o n d e re d h o w s e c u re y o u r in f o r m a t io n re a lly is ? m yt h s.

L e t’s d is p el s o m e

An t i- v ir u s s o f t w a re a n d a p a s s w o rd d o n o t k e e p in f o r m a t io n s ecure!

Yes ,

t h e y a re n e c e s s a r y, b u t it is lik e lo c k in g 2 0 - 5 0 % o f t h e w in d o w s in y o ur ho us e and h opi n g th e b u r g la r s d o n o t f in d t h e o t h e r u n lo c k e d w in d o w s . T h e re are m any o ther w a ys i n . I n f a c t , a n t i- v ir u s is o n ly a b o u t 2 0 % e ff e c t iv e . How goo d a re t h e p a s s w o rd s y o u u s e ? I f y o u u s e a s in g le w o rd a h acker can g ues s i t i n a bo u t t h re e m in u t e s o r le s s w it h a d ic t io n a r y a t t a c k !

O n c e t he attacker has

on e pa ss w o rd h o w m a n y a c c o u n t s d o e s h e h a v e a c c e s s t o , o r d o y ou us e d ifferent pa ssw ord s f o r e v e r y a c c o u n t ? I f y o u c lic k a lin k in a n e m a il o r o n a web s ite, there is a h i gh pro b a b ilit y it c o u ld b e a v ir u s t h a t s ile n t ly d o w n lo a d s in t h e b a ckg ro und . T hen i t i s ga m e o v e r a n d n o p a s s w o rd in t h e w o r ld w ill p ro t e c t y o u ! I f t h a t v ir us hap p ens t o be a “ k e y lo g g e r ” v ir u s , t h e n t h e h a c k e r is n o w c o lle c t in g e v e r y s ing le key s tro ke of you r c o m p u t e r, t o in c lu d e p a s s w o rd s , a c c o u n t n u m b e r s , s o c ia l s e cur ity num b er s , e ve ryt h i ng ! A re you H I PAA c o m p lia n t ? Yo u b e t t e r b e it ’s t h e la w. Do e s c o m p lia n c e m ean y o u are se c u re ?

N o t e v e n c lo s e !

H I PAA is f o c u s e d o n p r iv a c y, n o t t r u e s e cur ity.

HIPA A ha s n o t e e t h , r ig h t ?

But hey,

M a y b e , m a y b e n o t ; b u t a p a t ie n t w h o se p er s o nal info

you l ose h a s s h a r k t e e t h a n d a la w y e r.

I f y o u b e lie v e y o u w ill n e v e r g et hacked o r

su ff e r a d a t a b re a c h , y o u a re in g o o d c o m p a n y w it h m a n y o t h e r b u s in es s -o wner s who h a ve be e n c o n v in c e d t h e y a re s e c u re . L e t m e a s k y o u t h is : h o w w o uld y o u kno w if

{ 8 }

{ october / november 2012 }

you were hack ed or d id su ff er a b rea c h ? Do es s om e be l l g o

bu s i n es s , r ig h t? A t th i s p oi n t d o yo u k n ow wh ether anything

off on your co mputer a n n o u n cin g, “ Yo u h a ve b een hack e d ? �

wa s s to le n ? P ro ba bl y n o t; an d y o u w i ll like l y assume there

Wh at you mig ht not ic e is t h a t y o u r c o m p u t er o r m o b i l e d e v ice

are or wi ll be n o f u r th e r i s s u e s ?

become s slug g ish, wh ich co u ld b e a n u m b er o f is s u e s , o r your a nti-virus soft wa re t ells yo u it h a s d et ect ed a v i r u s . S o


Ve r i zon D ata B re ac h R e po r t 2 012

th en wha t; wha t does t h a t m ea n ? Yo u t a ke t h e c om pu te r t o


M ic h el le McNic kl e, H ea lth c are I T New s (J u n e 2012)

a computer docto r a n d h a ve it clea n ed a n d y o u a re ba c k i n


B re n t, CO HI TE C H

David Willson Attorney at Law, is the owner of Titan Info Security Group. He recently completed a 20-year career with the U.S. Army as a JAG officer/attorney. The first half of his military career was spent as a prosecutor and defense attorney working in military and U.S. District courts. More recently he was involved in providing legal and policy advice to top levels of the Army and DoD in the areas of information technology, information security, computer network operations, space control, and international and operational law. At one point he was the legal advisor to the agency now called CYBERCOM at the National Security Agency (NSA). David is an authority on cyber operations and cyber security and the law. David has and continues to speak at many conferences to include the FBI/Fordham Univ. ICCS, the CSI Security Conference, RSA,

HTCIA, The Cornerstones of Trust Security conference, the 4th International Cyber Crime Conference in Sydney, Australia, the FBCINC Security Conference, the DoD Cyber Crime Conference, and more. David is licensed to practice law in Colorado, New York, and Connecticut, and holds the CISSP (Certified Information Systems Security Professional). He is a member of and VP of his local ISSA chapter, InfraGard, and ISC2, and was previously an Adjunct Professor at Colorado Technical University teaching Business Continuity and Disaster Recovery. WWW.TITANSECURITYGROUP.COM

{ october / november 2012 }

{ 9 }

Independent Financial Planning Investment Advice Wealth Management Retirement Plans

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Interested in Global Bioinnovation and Entrepreneurship? Join us for the next in a series of monthly breakfast meetings put on by the Society of Physician Entrepreneurs. SoPE’s mission is to help healthcare professionals get their ideas, discoveries and inventions to market by providing them with education and connections to people and capital.

Society of Physician Entrepreneurs “Developing new cancer drugs: Lessons learned by a physician scientist and a serial entrepreneur” by Richard C. Duke, Ph.D & Paul A. Bunn, Jr., MD

To attend the meeting, you must be a sponsor or a SoPE free/premium member, please sign up today at

Thursday, November 1, 2012 7-8 AM Networking and Breakfast 8-8:45 AM Presentation 8:45—9:00 AM Q & A NEW LOCATION - The COPIC Auditorium at Lowry 7351 East Lowry Boulevard, Denver, CO RSVP to SPONSORS

Mike Edwards at

Please sign up at Society of Physician Entrepreneurs Colorado Chapter linkedin group CLICK HERE SHARE THIS Connect With Us On

{ Innovation }

How Big Companies Should Innovate { by Maxwell Wessel, Harvard Business Review }

Mature corporations are designed to execute on the science of delivery — not engage in the art of discovery. They’re bad at innovation by design: All the pressures and processes that drive them toward a profitable, efficient operation tend to get in the way of developing Understanding both the unit sales and dollar sales necessary to breakeven gives you a good frame of reference for the results you need to achieve to begin to make your business successful.

the innovations that can actually transform the business. This was the core thesis of the first article in this series ( . However, I also pointed out a paradox: being bad at innovation and good at execution isn’t necessarily undesirable. Once businesses refine their model asVWDUWXSVDQGPRYHWRZDUG mature operations, weDV shareholders want them to shift IURPH[SORUDWLRQWRHIILFLHQF\ We want our leaders to push their businesses toward profitJHQHUDWLRQ

But giving up the pursuit of innovation seems less than satisfying, if not unrealistic. Executives will always look for ways to achieve meaningful growth and engage in strategic renewal. If the odds were 99:1 against breakthrough innovation inside the mature company, we’d still see leaders chasing after that golden ring. So how do you empower your corporate innovators to bring their ideas to market? How do you avoid wasting millions, if not billions, on projects destined for failure? How do you leverage your unique position to create meaningful returns and capture potential growth? The answers to these questions aren’t simple. If you’re willing to acknowledge the barriers in your way, there are a few tried and true levers you can pull to ensure your intrapreneurial endeavors are better positioned for success. Create autonomy. This is one of the most important weapons in the arsenal of new businesses. If the antibodies already exist within your organization to destroy new endeavors, you need to go outside of the organization to overcome them. In his seminal

{ 12 }

{ october / november 2012 }

work, The Innovator’s Dilemma (

all corporate innovation is that companies have assets that can


be unleashed to create value.






Clayton%20Christensen/) made the point that for disruptive

However, in the process of unleashing this potential, leaders

innovations (

must make sure their innovators develop sustainability.

innovation-explaine.html) to be pursued effectively, they require

Though giving away free support and access to infrastructure is

autonomous business units. He was completely right. What’s

vital in this process, doing too much of this can backfire.

more, his solution applies not just in the case of disruptive innovation, but also the business model innovations that we

Leaders must manage internal transfer pricing to ensure the

repeatedly fail to embrace. The constant need to drive towards

development of viable business models.

operational efficiency can be avoided through the creation of Imagine you want a group inside your company to figure out

new organizations.

new ways to sell your excess widgets. To encourage this activity, If Gerber’s failed adult food business (

you give a bunch of your excess widgets to a team and ask that



they market them as something new and different. Your team

been born outside of its existing organization, would the

comes up with a model that’s wildly successful; their excess

managers have distributed a product that looked like Gerber

widgets sell like hotcakes. Then, when your team goes to scale

baby food? If they’d been able to pay the same amount for

up their business, you realize that they hadn’t considered the

different packaging on the open market, what would the outcome

cost of buying new widgets at market rates. After all, they’d

have been? Would Gerber own today’s V8? Would they operate

been given all their widgets for free. The business then becomes

smoothie stores like Jamba Juice? Would they have growth rates

unprofitable and goes belly up.

similar to Innocent, Naked and Odwalla? We can’t know for sure. But one thing is certain: faced at the onset with internal pressure to drive cost out of production, it was far less likely that Gerber could truly innovate. It could not build an adult food business within its existing structure. Incentivize for long-term viability. Pursuing innovation inside a

Leaders must manage internal transfer pricing to ensure the development of viable business models.

big company is a balancing act. The obvious assumption behind

{ october / november 2012 }

{ 13 }

{ Innovation }

This might seem like a far-fetched example, but this type of

Use your brain. Alfred Sloan, the late CEO of General Motors,

failure happens more often than you’d think. Free access to

was known for his focus on maximizing return on investment

salespeople, manufacturing capacity and marketing dollars

(ROI). It contributed to his success in transforming GM, a distant

all can inhibit the generation of sustainable business models.

second in the automotive market, to a giant within the American

Transfer pricing inside a company is already a complex issue


( . Despite the famed CEO’s respect for ROI, Sloan periodically But when it comes to innovation, it must be approached even

invested in innovative efforts that couldn’t possibly be justified

more thoughtfully.

by the numbers alone. Sloan created a central R&D unit to develop platform technologies (

Test to learn. Over the past few years, Eric Ries (http://hbr.

Platform_technology) for GM, protected the decentralized


lean start-up movement (http://

operations of his brands, and invested heavily during World War has gained meaningful traction in the

II on the hypothesis that capacity needs would pick up. When

entrepreneurial community. The lean start-up puts forth an

strict adherence to ROI didn’t make sense, Sloan used the most

ideology of systematically testing your business model against

valuable tool in his management portfolio — himself.

the assumptions you’re making. If you can move from uncertainty to certainty using the fewest dollars and in the shortest period

Creating guidelines to protect innovation can work; after all,

of time, you’re destined for great things.

the first three steps in this post suggest as much. But at the end of the day, intuition will always play a role in management.

The foundation of this theory, and others like it, is the scientific

Vision can be invaluable in forecasting where profits will flow

method. Questions are asked: Can our new asset offer a solution

if the world changes. So when common sense and your Excel

for our customers? Can it be profitable? Intrapreneurs must then

spreadsheets don’t line up, use your brain.

be encouraged to test early and test often. This is the second post in a three-part series. Also read parts one Little by little, they can turn a hypothesis about the market into


proven results.

innovate.html) and three ( big_companies_cant_innovate_halfway.html).

If evidence come back that invalidates the basic hypotheses of the project, teams can cut their losses before they’re too great. Simultaneously, as intrapreneurs test their ideas to gain supporting evidence for their products and services, they can justify requesting funds. Boston Mayor Thomas Menino has been quite successful using lean operations in his efforts to innovate. A group inside his office, New Urban Mechanics (http://www.newurbanmechanics. org/) , is charged with coming up with different technological solutions to city problems. Their major constraint, as described to me by one of its members, is capital. The








opportunities that can be tackled with a small team and lean software development. By keeping the initial cost of exploration low, the office avoids stakeholder and voter scrutiny. The corporate antibodies, arguably stronger in government than anywhere else, that would normally attack innovation don’t even know change is on its way. And when change does come, it works and is affordable.

{ 14 }

{ october / november 2012 }

Vision can be invaluable in forecasting where profits will flow if the world changes. So when common sense and your Excel spreadsheets don’t line up, use your brain.

Edison Nation Medical Helps Hospitals and Medical Professionals Capture and Commercialize Innovation

{ Corporate Innovation }

{ by: Dirk R. Hobbs, Executive Editor }

Innovation within the health care industry often comes from those on the front lines of service delivery ‌ physicians, nurses, and patients. Unfortunately most of these potentially great ideas never make it past the idea stage because developing and/or commercializing Edison Nation has been responsible for over 500 patents since its founding in 1999.

them is simply too much work and expense, until now. For physician entrepreneurs in particular, Edison Nation Medical provides an easy, fast, and secure method to see their concept become reality and put money in their pocket. Edison Nation Medical paves the way to better health care by encouraging medical professionals to invent new solutions to improve patient care, reduce costs, and improve efficiency.

Who and what is Edison Nation Medical? Edison Nation Medical is a joint venture between two innovative organizations, Carolinas HealthCare System and Edison Nation. These two companies have collaborated as a catalyst for stimulating and capturing creative, transformational ideas in health care and helping to make them a reality. The shared visions of Carolina HealthCare System and Edison Nation are a powerful, innovative influence in this sector. First, Edison Nation: A leading idea-to-shelf product development company, Edison Nation has been responsible for over 500 patents since its founding in 1999. With an Emmy award winning TV program called Everyday Edisons, a popular magazine titled Inventor, and an inventor community of over 100,000, the company has developed a trusted reputation within the innovation industry by pairing independent inventors and their ideas with top manufacturers, retailers and distributors. The company works with its partners to bring to market innovative and useful products that range from household goods to advances in the medical and energy space. The company combines product engineering, industrial design and licensing know-how with years of industry expertise to advocate on behalf of its dynamic inventor community. With these skills, successes and experience, Edison Nation’s groundwork in the consumer space allows for an ideal model for health care innovation.

{ 16 }

{ october / november 2012 }

Carolinas HealthCare System (CHS) is one of the nation’s leading

Example of Success:

and most innovative healthcare organizations, providing a full

Hensler Surgical – The Hensler Bone Press

spectrum of healthcare and wellness programs throughout the Southeast United States.

Its diverse network of more than 650

care locations includes academic medical centers, hospitals, healthcare pavilions, physician practices, destination centers, surgical and rehabilitation centers. CHS recognized the benefit of capturing and commercializing the innovative ideas from their staff of 50,000 professionals.

Recognizing that product

development and commercialization was not a core competence, they teamed up with Edison Nation to develop the nation’s first hospital-based open innovation program. Innovation developed at CHS is reviewed by the expert team and if deemed a successful product, is commercialized by Edison Nation Medical. The royalty proceeds of a successful product are shared between CHS, the inventor-employee, and Edison Nation.

Sean Hensler, a neurosurgical physician’s assistant along with his colleague, Thomas Melin, MD - neurosurgeon, noticed one process in their operating room that was messy, inefficient and time-consuming. In any type of procedure in which grafting must be done, the surgeon either uses the patient’s own bone via a secondary site, such as the hip, or will use a biologic, a type of synthetic bone that is both expensive and brings more risk to the patient than using their own bone. This is why it has become normal for the surgical team to try to salvage as much bone as possible from the original surgery site, and spend a significant amount of time sifting through blood, bone and fluid contents to gather bits of valuable bone. Sean and Dr. Melin both recognized the inefficiencies with this process, but it wasn’t until Sean was recovering from his own back surgery that

Here’s how it works: Interested users can register for free at www.EdisonNationMedical. com/groups (be sure to indicate you are a member of SoPE and get a free submission). Then, review all active innovation searches located on Edison Nation Medical’s website. See if any medical device company, hospital or other organization is looking for a product similar to your idea.

he came up with a solution. Sean was in a hotel room in Aspen recovering from surgery while his colleagues took to the slopes. It was in Aspen that the idea for a device that would press down bone fragments and filter away blood and fluid was born. He took a bus into town, bought a notepad from Walgreens, and started scanning in sketches of his

If so, physicians or other clinical innovators with great ideas submit their idea via a simple, secure online form. A nominal fee of $25.00 covers a review by an internal audit team of analysts, product development experts and medical professionals. You can monitor the status of your submission via an intuitive electronic dashboard located on their website.

concept. That was in February of 2011. By May, Hensler Surgical, LLC was formed, investors were secured and patents had been filed. The disposable Hensler Bone Press is currently in production for FDA testing, which is estimated to take three months. The Hensler Bone Press will offer surgery teams a practical, inexpensive method to

Concept finalists with the most viable business and clinical ideas are then narrowed down and presented to the search partner. At that point, if a finalist’s idea is selected, Edison Nation Medical will split the net licensing revenues with you, 50/50.

save time and minimize interruption with its two-step method for bone collection. With the Hensler Bone Press, the end result is a usable product that can be immediately grafted, which will in turn improve patient care and reduce pain.

Learn more about Edison Nation Medical

What about IP? IP security is of course a key consideration for all sides. Once you submit your idea to Edison Nation, they own the IP and will find the best method of commercialization. They may license it to an international med-tech company or help you commercialize it yourself. If your idea is not selected you can opt it out of the system and pursue other opportunities.

To learn more about Edison Nation Medical and how the concept to shelf process works with a partner, visit the Web: http://www. and register today as a SoPE member to get a free submission, or contact Jim Worrell at 303506-4192 or

If you prefer, Edison

Nation will keep your idea in their system until a more suitable search presents itself.

Your ideas will not be made visible to

anyone outside of Edison Nation nor will they be used by anyone else without your knowledge and compensation.

{ october / november 2012 }

{ 17 }

{ Business Insight }

Making the Pitch: The Five Most Important Lessons for Presenting to VCs (When your startup or restart is looking for financing, you have your work cut out for you) { by Mike Gospe, Author of The Marketing High Ground and Marketing Campaign Development } Mike Gospe

The executive walks into the conference room of a top-tier venture capitalist firm in Silicon Valley. Four polite but skeptical people welcome him as he enters the room. He’s solely focused on securing the B round of funding for his young company. The past three years have been especially brutal for his business – from its exhilarating beginnings in 1999, to its failed market penetration, and now several rounds of

If your presentation is unstructured, it will immediately invite a myriad of questions that will take you off track.

debilitating layoffs, including the original CEO. This new CEO was recently hired to be the change agent – the pinch hitter – with the directive to regroup the company and establish stability. He knows the technology and is confident. He trusts that his instincts in being able to communicate the value of his product will be enough to win favor. He stands at the podium, shows his first slide containing 75 words in small type and no pictures, and spends 45 minutes telling his audience who he is and why his company’s technology, four years in the making, is worthy of their investment. The meeting ends with no clear next steps. The executive never receives a call back. What went wrong? Plenty. A good technology, even coupled with a good CEO bio, is not sufficient for winning the financial support that your company deserves. The fact of the matter is that the CEO’s presentation and skills as an orator are equally as important as the product or service you are selling. The presentation must be direct and to the point, be compelling by clearly and succinctly illustrating a pain point that requires immediate attention and resolution, and maintain control of the agenda for the next 45 minutes. The words used and how they’re said, as well as the visuals used, will have a direct impact on the speaker’s ability to hold the audience’s attention and secure that critical second meeting. Knowing how to avoid the five most common critical mistakes that CEOs make in their presentations will greatly improve your ability to control the agenda and begin meaningful discussions with your target VCs.

Lesson 1: Forget the “I” word. Most CEOs and founders start their presentation with their own biography and center their entire presentation on the history of their company and the relevancy of the management

{ 18 }

{ october / november 2012 }

staff. In one presentation, the CEO spent 20 minutes describing

– Benefits & Competitive Advantages

his background before he told the audience what his company

– Sales Strategy

did. This was 20 minutes of wasted time where the VCs were not

– Financial Results and Forecasts

sure why they were in the room listening to this gentleman.

– Investment Strategy

>>> 5. Summary specifying action items you’d like to undertake Your first presentation to VCs is not about you. Nor is it directly

with the VC

about your technology. It’s about the customer problem and pain that your solution can solve, and why it is relevant in

By controlling the agenda, you are acknowledging the value of

today’s market. Distribute your biography and company history

the VCs’ time and are ensuring they receive the most important

on a single leave-behind sheet. If the audience wants more

information you need to communicate.

information about your background, they will ask

Lesson 4: End with a call to action. Lesson 2: Lead with the customer problem, not the technology.

Unfortunately, it is common for presentations to end with a

Most startups make the mistake of telling a technology story

with a specific call to action, erroneously believing that next

with a lot of hype and three-letter acronyms. A good technology

steps are “obvious.” The best presentations end with a strong,

will not sell itself. Instead, the presentation must focus on

confident close.

whimper instead of a bang. Most presenters are hesitant to end

telling the story of the business or consumer problem. VCs need to understand your value proposition within the first 3 slides.

Be specific about the next steps. Yes, it’s clear you came looking

Paint a picture of a “day in the life of the prospect” to highlight

for funding. But, do specify how much you need in this round

the pain your target audience goes through each day. Explain

and how it will be used. Highlight your goals and expectations.

why current solutions are unsatisfactory for meeting this critical

Ask the VCs what additional information they require to make

business need. Then, tell the VCs why and how your solution will

a decision to invest in your business. Invite them to talk with a

meet this need and capture market-share faster than any other

few beta customers or advisors or see a short demo. By offering

competitive solution. This is a compelling story.

these and other specific next steps, you are showing your interest, drive, and confidence. Use this opportunity to set an

Lesson 3: Control the agenda with a strict presentation format.

agenda for the second meeting.

If your presentation is unstructured, it will immediately

Lesson 5: Putting it all together.

invite a myriad of questions that will take you off track. Good

Remember: the single goal of the first meeting with VCs is to get

presentations are tightly structured to address the business

to the second meeting. Deliver a presentation that:

basics – but not in too much detail (that will come in the due diligence phase) – and should never take longer than 45 minutes. This will ensure you have 15 minutes to drive to specific action

>>> >>>

is direct and to the point


maintains control of the agenda by following a tight


ends with specific action items

items at the end of the meeting. Forty-five minutes is not a lot of time, so every slide must count. Top-class presentations to VCs

and resolution

use no more than 20 slides and tend to follow this outline:

>>> 1.

llustrates a pain point that requires immediate attention

structure and format, and

The problem your prospects face, with a keen focus on

a target market

Following this winning format will help you communicate clearly

>>> 2. The evolution of solutions addressing the problem >>> 3. The criteria that separates a winning solution from the

and with confidence, hold the audience’s attention, and greatly improve your chances of securing that next vital meeting.

rest of the pack

>>> 4.

Introduction of your company (only now do you

Good luck!

introduce your company’s mission and vision) – Corporate Summary

For more tips & tricks on creating, critiquing, and giving your presentation

– Market Size & Opportunity

to VCs, please contact Mike Gospe at 650.947.8974.

– Product Suite & Roadmap

{ october / november 2012 }

{ 19 }

{ Business Management }

Today’s complex life sciences market: Setting a course for success { by Dwight Delapenha, Audit Partner – Grant Thornton }

Biopharmaceutical companies are concerned about what’s ahead. Investors are uncertain. IPOs are nonexistent. Major drug companies face a litany of threatening patent challenges, from ordinary patent expiration to diminishing patent values, to holding on to their patents in the face of encroaching generics. Moreover, a number of blockbuster drugs – Lipitor, Plavix and Zyprexa – are coming off patent in the next three years, and major pharmaceutical companies may be facing declining profits for the first time ever. At the same time, life sciences companies are hard-pressed to develop new products or advance new discoveries, thanks to the credit crunch that has all but dried up research funding. Further complicating matters, regulatory issues spurred by other industries are eroding the value of intellectual property for products that traditionally would have benefited from patent protection. In light of these circumstances, what can life sciences companies do to survive and grow in today’s market? Based on our continued monitoring of the changing landscape and our collective experience in the areas of accounting, tax, and business advisory, we offer the following recommendations for the current business environment:

1. Streamline operations. The regulatory process for drug approval is increasingly challenging, and with few new drugs headed to market, companies need to become more efficient about how they do business. If they want to increase – or maintain – profitability, they have to become as cost-effective as possible in their operations. Now is the time to examine your company’s research and manufacturing processes and determine if they are really extracting value. Is your value chain process effective? If not, consider business process improvement. As you go through this process, be sure to use a metrics-driven approach to identify weak areas and priorities, as well as a variety of analytical tools to assess the company’s current state, once

{ 20 }

{ october / november 2012 }

your metrics and measurements are in place. Examples include a Pareto analysis of errors, lost productivity or other problem areas; internal benchmarking to identify best practices; process-related analysis; assessment of constraints; role and responsibility analysis; and evaluation of resource requirements that must be filled from the outside, such as manufacturing or clinical trials.

2. If you are considering riding the consolidation wave, get your house in order. One obvious trend in the life sciences sector is consolidation. Pharmaceutical companies, most of which have ample cash, are looking to fill their pipelines by acquiring smaller companies that have promising patents or technologies in development. Many companies also are merging as a way to reduce costs and minimize risks in an extremely volatile market. Life sciences companies that want to be marketable, attractive acquisition targets for such companies will need to make sure their houses are in order. Examine your cost structure, pipeline and operations. If you want to be a strong target, you may need to right-size your operations.

3. Critically assess your product line. Take a careful look at your product line and assess its efficacy and the likelihood of FDA approval. Is there something you can add to the core characteristics of the drug, perhaps through a licensing deal, that might enhance its probability of success? It may be time for a strategic discussion with stakeholders to make sure your product line is as strong as possible.

4. Consider collaborations, buyouts and licensing deals as means of funding operations. The credit crunch has made it much harder for life sciences companies to raise funds, particularly the large amounts needed to navigate the FDA approval process and costly clinical trials. Investors – formerly a strong source of funding for the lengthy product development cycle – are uncertain, and the private equity market has slowed in recent months. At the same time, IPOs are in a virtual lockdown. Companies are running out of cash quickly, and they have fewer options for raising capital than in the past. In this market, smaller life sciences companies have little choice

but to consider formal and informal collaborations with their larger pharmaceutical brethren. Buyouts and licensing deals will also generate new funding for their operations. Licensing deals, in which companies license a particular step or process, also are growing as a means of financing.

5. If you are pursuing a merger, acquisition or strategic partnership, invest in robust due diligence. Companies need to be thorough in their due diligence for mergers or acquisitions. If a potential acquirer expresses interest, be careful to size up whether it is a good fit. Seek trusted advice about whether you should negotiate for better terms or hold off until the next deal comes around. Another important consideration is whether the acquirer and acquiree share compatible objectives for the merger and future-state vision. Assess how well the business strategies of the potential combined infrastructure will align in terms of processes, people and business systems. Fit is equally important when it comes to forging strategic partnerships. Look for a collaborator whose needs align with what you have to offer and whose strengths align with what you need. Be cautious of partners that may overpower your company and

make excessive demands, such as insisting on keeping for itself all rights to jointly developed intellectual property.

6. Be sure to hold on to your key people through a transition. Whether you are scanning the landscape for a deal or actively transitioning through a merger or acquisition, it is more important than ever to mitigate the loss of key personnel. Retention bonuses may help in the short term, but companies need to make the long-term career path attractive in order to hold on to their key talent. Take time to consider the critical skills that need to be retained under any circumstances. If part of the synergy of a combined entity is to reduce redundancies, make changes quickly and communicate plans to the rest of organization so that you don’t lose the people you want to retain because of what they may perceive as job insecurity.

Looking ahead Despite the challenges and uncertainties ahead, the life sciences market continues to offer many potential opportunities for companies that are able to position themselves effectively at this time. Attention to these practical recommendations is a step in the right direction.

You’re not alone. Physicians across America are taking a good, hard look at their options. Physician Mentors help physicians who are looking for help with career strategy (clinical or non-clinical career).

Know what your options are and what direction you want to go in - Don’t want to waste a lot of money or time. Get Results With A Physician Mentor.

Physicians Helping Physicians | { october / november 2012}

{ 21 }

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HealthTeamWorks: PCMH Pilot

{ Health Care & Practice Redesign }

{ by : Margi Harbrecht, MD and Chief Medical Officer, HealthTeamWorks }

In 2008, sixteen small independent practices and seven healthplans took a leap of faith when they decided to join the Colorado Multi-Payer Patient-Centered Medical Home (PCMH) pilot. After four years of hard knocks Through planning, actual or virtual integration of services, and emphasis on preventing problems before they occur, we will reduce unnecessary costs and improve health.

and lessons learned, here’s what practices had to say: >>> The patient centered medical home is the blueprint I’d been waiting for – this is the kind of medicine I’ve always wanted to provide but didn’t have the tools or support needed to do it.

>>> It’s a way to improve clinical quality measures and empower both patients and staff. >>> It’s a return to the joy of practicing medicine and a way to remain competitive and financially viable.

Here’s what health plans had to say: >>> The pilot demonstrated real value to the healthcare system, namely, when you give primary care physicians additional resources you get improved care at a lower cost.

>>> Primary care is poised to reclaim a key role in healthcare delivery and be compensated for their efforts.

Background The United States spends more on healthcare than any other industrialized nation, consuming almost 18 percent of our gross domestic product (GDP) yet ranking near the bottom in nine of ten categories for quality care. This is not sustainable. To restructure will take a comprehensive approach involving providers, hospitals, health plans, employers and patients working together to achieve Triple Aim goals:

improving health outcomes

for individuals and populations, reducing per capita costs, and improving experience for patients and their healthcare teams. So what’s the role of primary care going forward? Traditionally we’ve developed strong relationships with patients, diagnosed and treated problems, and referred when needed. But with the volume driven, increasingly complex environment, we often revert to “triaging” just to keep our doors open. As new models enhance value-driven care, we are learning ways to manage patients more proactively; empower and support them in managing their own health; and coordinate care with medical neighbors, ensuring clear

{ 24 }

{ october / november 2012 }

communication to reduce conflicting messages and redundant

recognition levels. Ultimately, 14 clinics achieved NCQA Level 3, the


Through planning, actual or virtual integration of

highest level of recognition, and two achieved Level 2. In developing

services, and emphasis on preventing problems before they

PMPM ranges, it was important to balance what practices would

occur, we will reduce unnecessary costs and improve health. For

need to deliver enhanced care while ensuring that health plans

this to work effectively, someone will need to “quarterback” for

and employers could recoup their investments through savings –

patients. Primary care started here and is usually best suited for

otherwise this would not be sustainable for either group.

this job. Returning to these roots will take a shift in thinking, a redesign of our systems and processes, and a restructuring

Pilot leaders knew practices would need sufficient upfront

of payment to better align incentives. That’s where the Patient

funding to learn new models; build a solid infrastructure

Centered Medical Home (PCMH) comes in.

by adding technology, hiring or retraining staff for care coordination and care management services; and increase

The Colorado Multi-Payer PCMH Pilot

access. As important, were incentives to drive outcomes and

To test this model, the Colorado PCMH pilot was one of the

sustain initial efforts.

earliest and most complex pilots in the country to launch3.

managed care of the 90’s where payments changed but practices

Unique was the voluntary agreement among seven health

were never trained to redesign care and there was no incentive to

plans, both public and private, to demonstrate that providing

improve patient outcomes. “It was more about ‘gatekeeping’ to

more resources to primary care practices willing to provide an

prevent referrals rather than a ‘gateway’ to help people improve

advanced model of care would result in better health at a lower

their health,” said Dave Ehrenberger, MD.

This would differentiate PCMH from

cost. Sixteen practices with approximately 84 providers proved the concept valid. The three-year pilot concluded in April 2012.

>>> 2.

Quality and patient experience data are resoundingly positive

coaching, learning communities

Transformation is critical and made easier with

and preliminary cost data for the first two years indicate savings NCQA PCMH parameters provided a great starting point, but to

that are very optimistic.

achieve results practices had to transform care delivery based on HealthTeamWorks, a nonprofit, multi-stakeholder collaborative,

Chronic Care Model principles including:

convened the pilot and assisted practices in their transformation. The accomplishments of participating stakeholders have paved the way for several initiatives that will benefit Colorado practices,

>>> >>>

Expanded access (i.e., through secure e-mail and extended hours);


Use of data to drive improvement (collected from

Lessons learned and the importance of transformation to healthcare in the United States

Team-based care, encouraging staff to perform to the highest level of licensure;

patients and communities for years to come.

electronic health records (EHRs) or registries and submitted to HealthTeamWorks monthly); and

>>> Patient engagement through self-management support and >>> 1. Payment reform is crucial

motivational interviewing.

Six pilot insurers —Aetna, Anthem-WellPoint, Cigna, CoverColorado, Humana and UnitedHealthcare — provided enhanced compensation

Clinix Healing Center advises, “For the [PCMH] concept to be

(Medicaid provided grant opportunities) to sixteen family and

sustainable, you must implement systems. Test, test, test before

internal medicine practices that agreed to transform care delivery

implementing clinic wide. Get input from the entire staff, not

to achieve pilot goals.

just the doctors and management.”

Medicaid Plans and practices worked

That said, a key factor

collaboratively to develop a consistent payment model, payment

for success was physician leadership.

schedules, outcome measures, goals, and approaches for data

engaged, couldn’t agree on consistent processes, or actively

When doctors weren’t

collection and reporting. Although challenging, this was critical

thwarted staff efforts, progress usually stalled or failed.

in reducing fragmentation and administrative burden on practices and ensuring everyone was on the same page.

Change management was essential, but difficult without support, particularly when continuing to see the same number

The payment structure included traditional fee-for-service (FFS)

of patients. Through on-site visits, phone calls and webinars,

contracts, a per-member per-month (PMPM) care management

HealthTeamWorks’ quality improvement coaches were vital

fee and bonuses for meeting target goals. Each plan set its

in providing cross pollination of ideas among practices and

own PMPM amount, averaging $4 to $8, with higher payments

encouraging accountability.

for higher National Committee for Quality Assurance (NCQA)

“Every practice and every patient needs a coach. All professional

{ october / november 2012 }

According to John Bender, M.D.,

{ 25 }

{ Health Care & Practice Redesign }

sports teams and athletes have a coach - that’s what differentiates

patients to develop customized care plans using evidence based

them from amateurs.”

In a Commonwealth Fund issue brief,

recommendations for preventive and chronic care, and address

“rigorously conducted research showed practice coaching is

any acute issues arising. By helping people set their own goals

an efficacious intervention to improve delivery of primary care

and supporting them in achieving those goals using techniques


such as motivational interviewing, many patients went from “non-compliant” to activated participants in their own health.

Practices also participated in regular learning collaboratives

Providing data (i.e., graphs of blood pressure or HgA1c levels)

and webinars to hear from experts, share data and accelerate

to show their efforts were making a difference over time was

learning. HealthTeamWorks helped practices optimize available

powerful for patients. Patient surveys validated this by changing

tools, achieve meaningful use of EHRs, and align monetary

from initial responses like “I love my doctor” to “I feel like I am

incentives and NCQA recognition, helped staff improve office

finally able to take control of my health; finally.”

efficiency and team effectiveness.

>>> 5. Data is empowering – measuring is an intervention in itself >>> 3.

Care coordination and care management

We would never manage a diabetic without understanding

Perhaps the most significant and effective change involved

where they start and the effect of prescribed treatments. Using

embedding care coordination and care management services

the same approach, data helped practices identify areas of

into daily practice routines.

Care coordinators tracked test

deficiencies and target specific approaches to improve processes

results and referrals, logged into hospital systems daily to follow

and outcomes. At a program level, HealthTeamWorks provided

up on patients seen in the ED/hospital and connected patients

comparison data among practices so they could measure against

with “medical neighbors” including behavioral health and other

peers and learn best practices.

community resources.

Care managers worked with higher-risk

patients to overcome barriers and help them set and achieve goals.

According to Dr. Bender, “When we first started measuring, we were below average. By putting the right systems in place, everything

Although difficult to obtain, a key lesson learned was the

measured started to improve - that became motivational.”

importance of having cost/utilization data from hospitals and

>>> 6. Population management – a new skillset

health plans to identify:

According to Kelly Lowther, MD, “PCMH changed the way we


high risk/high need patients for care management

approached our patients. For example, with diabetics, we now

to improve outcomes and prevent unnecessary ED visits/

look not only at what care is needed for each individual, we also


look at our entire patient group, tracking which patients have or

>>> high quality low-cost referral centers; >>> whether PCMH efforts were actually bending the cost curve

have not received necessary care.”

(i.e., increasing access, educating patients about after

>>> 7. Engaging the medical neighborhood

hours and urgent care services available at the clinic, and

After solidifying their medical homes, pilot practices were

HealthTeamWorks helped practices optimize available tools, achieve meaningful use of EHRs, and align monetary incentives and NCQA recognition, helped staff improve office efficiency and team effectiveness.

implementing care management/care coordination support).

ready to reach out to the “medical neighborhood”: specialists, hospitals, behavioral health professionals, pharmacists and

>>> 4. Making patients partners

myriad community resources.

So what about patient responsibility? Rather than just telling patients what to do, PCMH practices took more of a partnership

“Working through the referral processes and improving our


care coordination was a challenge in the current environment

{ 26 }

Using “shared decision making”, they work with

{ october / november 2012 }

but absolutely essential to improving patient care,” said Scott

solid, financially stable primary care base statewide, plans need

Hammond, MD, creator of a toolkit to improve communication

to extend resources and support to other practices willing or

between primary care and specialists. “Now we have systems in

currently doing PCMH work; enabling them to serve as strong

place to ensure that necessary information is obtained by sub-

foundation for an evolved healthcare system.

specialists and me to provide the best care and safe transitions. Equally important, was high patient satisfaction with our

Through past strategies we’ve become smarter, but this is no

specialists and referral process.”

longer about just showing up or ‘checking boxes’. It’s about true transformation at all levels. By restoring primary care, building

What’s next for Colorado and the pilot practices?


With increasing evidence that PMCH efforts are demonstrating

integrated communities of care, and engaging health plans, hospitals, employers and patients to achieve needed outcomes— the Triple Aim is within our grasp.

desired outcomes and based on successes seen in the multipayer pilot, several plans have expressed enthusiasm for PCMH. As part of this, Colorado was one of seven national sites selected for the Comprehensive Primary Care (CPC) initiative led by the Center for Medicare and Medicaid Innovation (CMMI). The project involves ten payers willing to pay FFS, a care management fee, and shared savings to 73 selected primary care practices committed to providing advanced patient-centered care. HealthTeamWorks and Rocky Mountain Health Plans will work together to provide in-office coaching and shared learning opportunities.

Congratulations to CPCI Practices! We are thrilled to learn that 73 Colorado primary-care practices have been chosen for the Comprehensive Primary Care Initiative, a multipayer project that will provide enhanced compensation for high-

CPCI will bring advanced primary care to thousands of additional

quality, coordinated, patient-centered care.

patients and employers, and is a great step toward spreading PCMH and enhanced payments across Colorado. But to create a

The CPCI will foster collaboration between public and private healthcare payers to strengthen primary care. In selecting practices to participate in the CPCI, the CMS Innovation Center looked for

Results achieved

those with: >>> Demonstrated commitment to quality improvement;

Despite several challenges, the hard work paid off. Improvements were seen across multiple quality measures for diabetes, cardiovascular disease, depression and prevention. Patient satisfaction survey scores remained high and showed positive change in how patients were able to access care and learn needed skills to manage their own health better. Early cost results are also promising. Anthem-WellPoint reported:

>>> Use of technology (meaningful use of electronic health records); >>> Recognition of advanced primary care delivery by accreditation bodies; >>> Service to patients covered by participating payers; >>> Experience with practice transformation and improvement activities; and >>> Diversity of geography, practice size and ownership structure. Thirty of the 73 practices chosen for the CPCI have participated in HealthTeamWorks programs — either the Colorado Multi-Payer PCMH Pilot or PCMH Foundations. Other practices have worked with the Colorado Beacon Consortium, the Colorado Regional Extension Center partners through CORHIO and others. Many of these practices benefited from quality-improvement coaching, technology assistance, help with

>>> 14.5% reduction in the total cost of care >>> 18% decrease in acute IP admissions/1000, compared to 18% increase in control group >>> 15% decrease in total ER visits/1000, compared to 4% increase in control group >>> Overall return on investment estimates between 2.5:1 and 4.5:1

guideline-concordant care, and additional services and resources for practice transformation. “We are so proud of the work that CPCI-selected practices have done,” said HealthTeamWorks CEO Marjie Harbrecht, MD. “This is a great step toward moving to ‘the way we do business’ and eventually spreading services and enhanced payment to all practices in Colorado interested in making this transformation.”

{ october / november 2012 }

{ 27 }

{ Finance & Investments }

Plan or Overpay Taxes – The Choice is Yours { by Rob Wrubel CFP® }

Too many professionals do not take the time before the end of the year to improve their tax picture. Usually, March rolls around and busy professionals scramble to assemble W-2 s, K-1s, partnership returns, investment income 1099s and other documents necessary to file tax returns on time. This process is a tax nightmare come to life – with the added bonus of the need to find quick cash to pay the IRS in April. The scramble will always exist in some form as reporting documents come in at different times from February through March. K-1s from family trusts, corporate interests and some publicly traded investments usually hold the process up the most. Tax planning each year is ofoten missing, yet basic planning can lead to savings in time, money and better cash flow management.

Certain retirement plans must have funding or be set up in the current calendar year to be counted for current year deductions.

There are times when certain other expenses might be either delayed or pre-paid, depending on expected earnings in the current year compared to projections for the next. Property taxes are one item that professionals can sometimes use to make adjustments to their tax picture. Coloradans pay far less in property taxes for similar sized homes than those on the coasts, so we lose some of the advantage here. This year many people are looking to make some guesses based on 2013 tax increases. Many professionals will see tax increases on investment income and capital gains in future years; it could make sense to accelerate taxes into this year to reduce expected tax consequences. Investment decisions should be made with taxes in mind but not dictated by taxes. Be sure to include your financial planner/investment advisor, accountant and estate attorney in these significant conversations. Pick up the phone this week. Call your accountant to schedule a meeting. Call your investment advisor to get updated gain/loss statements. Do not let 2012 end without putting your tax plan in place.

Rob Wrubel

Several planning options are lost when you try to find deductions from income once the New Year arrives. Certain retirement plans must have funding or be set up in the current calendar year to be counted for current year deductions. Participant contributions to 401(k)s, for instance, must be done with the current year income. Most business expenses must be done by the calendar year end, including business expenses made from your own checking account that you deduct. These cannot be backdated to the prior year.

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{ october / november 2012 }

Rob Wrubel CFP®, AIF®, is a Senior Vice President, Investments with Cascade Investment Group, member FINRA & SIPC. Cascade Investment Group is not a tax or legal advisor. You should always consult with your tax advisor or attorney before taking any actions that may have tax consequences. Cascade Investment Group is an independent, locally-owned investment advisory and financial planning firm in Colorado Springs. Call Rob at (719) 632-0818 with any questions or to set an appointment.

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After the Supreme Court: The Expansion of Medicaid

{ US Health Care Policy}

{ by Robert Semro, The Bell Policy Center }

On June 28, the U.S. Supreme Court issued its ruling on the Affordable Care Act. Initially, media attention and public interest focused on the law’s individual mandate and the determination that it was constitutional. The ruling does not jeopardize previous expansions or impact any existing maintenance-of-effort requirements. States may not enroll part of the expansion population but must commit to cover the entire population as defined in the law.

Soon enough, attention turned to the provision the court ruled unconstitutional, the expansion of Medicaid. The Medicaid expansion provision of the ACA, if adopted by all 50 states, is projected to cover as many as 17 million uninsured Americans by enrolling them in the federal-state program. Uninsured Americans under age 65 with annual income up to 133 percent of the federal poverty level, or FPL, would automatically be eligible for immediate enrollment in Medicaid. The expansion would begin in 2014, and initially, the federal government would pay 100 percent of the cost. After 2016, states will have to contribute 5 percent of the cost, and that rate would increase to a maximum of 10 percent in 2020 and all subsequent years. The ACA required states to participate in the new program or potentially lose their entire Medicaid funding. That was the rub. Twenty-six state attorneys general filed suit, saying that making all federal Medicaid funding contingent upon participation in the expansion would be unconstitutionally “coercive.� In their opinion, federal funding is so critical to the operation of Medicaid that states would have had no practical option but to comply. After months of legal review, seven out of nine Supreme Court justices agreed. As a result of the ruling, states now can opt out of the Medicaid expansions without placing their entire federal funding at risk. If a state chooses not to comply with the expansion, the federal government can withhold only that funding specifically provided for the expansion. The ruling does not jeopardize previous expansions or impact any existing maintenance-of-effort requirements. States may not enroll part of the expansion population but must commit to cover the entire population as defined in the law.

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{ october / november 2012 }


uninsured. Most will not be required to purchase insurance

enforcement tool that the federal government has never used

under the ACA’s individual mandate because they are under

and was not likely to use in the future. It is very difficult to

the income tax threshold. People are also exempt from the

imagine that the federal government would cut off all federal

mandate if the cost of minimum coverage is more than 8

funding to a state Medicaid program and relegate hundreds of

percent of annual income. For a person with an income that is

thousands, if not millions, of low-income citizens into the ranks

133 percent of FPL, premium costs would have to be less than

of the uninsured.

$100 a month.

But the ruling did provide an opportunity for a much larger

Because the ACA was designed to enroll this population in

debate about the benefits and the costs of the expansions.

Medicaid, Americans below 100 percent of FPL cannot qualify

Within a month, governors from thirteen states indicated that

for tax-credit subsidies in state insurance exchange and

they will or are leaning toward implementing the Medicaid

will receive no assistance to purchase coverage. People with


At the same time, governors from 10 states,

incomes between 100 and 133 percent of FPL can qualify to

some of which account for large percentages of the nation’s

receive tax-credit subsidies through the exchange. But for

uninsured, stated that they will not implement the expansions

most people within that income range, those subsidies will

or are considering opting out of the program.

likely be inadequate for making coverage truly affordable.

Supporters of the provision

There are significant consequences with the decision to

argue that the expansion is an amazing deal for states in

expand or not expand Medicaid enrollment. States will need

general, and especially for states with very large uninsured

to weigh budget concerns against the opportunity to cover

populations (Texas and Florida, for example, both of which are

hundreds of thousands, if not millions, of their low-income

refusing to comply). For the first three years, the coverage is

uninsured citizen.








free, and even after 2020, the federal government is essentially offering states a 90 percent discount to cover more of their uninsured. In return for a small percentage increase in state budgets, there are a great many benefits. The expansions will improve the health and quality of life for a substantial number of people. The expansions offer an opportunity to reduce state costs by providing access to lower-cost care alternatives that offer regular and preventative care instead of treatment in emergency rooms. Expanding Medicaid will also reduce the cost of uncompensated care that now falls to hospitals and insured patients. In 2010, Colorado hospitals delivered $1.5 billion in uncompensated care. Much of that cost is passed on to insurance carriers and then, in turn, to policyholders.

Expanding Medicaid will also reduce the cost of uncompensated care that now falls to hospitals and insured patients. In 2010, Colorado hospitals delivered $1.5 billion in uncompensated care.

Opponents of the expansions argue that many states, especially those with a high number of uninsured, cannot absorb even 10 percent of the total cost of this new program. The expansions would force spending cuts for programs like education. They also argue that the federal government, which faces significant budget issues of its own, may not be able to sustain a 90 percent contribution rate. Finally, states may not have enough, or be able to retain enough, Medicaid providers to support this much larger population. Should a state opt out of the expansion, it is likely that a large majority of that state’s uninsured population will remain

{ october / november 2012 }

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{ Finance }

Why Angel Investors Don’t Make Money … And Advice For People Who Are Going To Become Angels Anyway { by : Andy Rachleff, President & CEO - Wealthfront } Andy Rachleff

Everywhere I go in Silicon Valley I hear people discussing their angel investments. The conversations remind me of fish stories. People love recounting the one time they caught a big fish, not the many futile hours they spent Through planning, actual or virtual integration of services, and emphasis on preventing problems before they occur, we will reduce unnecessary costs and improve health.

waiting for a bite. My skeptical perspective on angel investing is colored by my 25 years in the venture capital business and the data I use to teach my students at the Stanford Graduate School of Business. I know that many of our clients at Wealthfront are tempted to become angel investors after they sell their company stock post-IPO. It’s not that I think becoming an angel is a bad idea; it’s just that most people who expect to make money as angel investors are fooling themselves. To understand why I think this way, bear with me for a few paragraphs about what makes venture capital firms successful. There aren’t many successful firms, as this Kauffman Foundation research makes clear. Cambridge Associates, an advisor to institutions that invest in venture capital, says that only about 20 firms – or about 3 percent of the universe of venture capital firms – generate 95 percent of the industry’s returns, and the composition of the top 3 percent doesn’t change very much over time. Those premier venture firms succeed because they have proprietary knowledge of the characteristics of winning companies. Over the years, the knowledge of what it takes to succeed is passed down from partner to partner and becomes part of the firms’ institutional memory. (In a professional setting, it’s not the failures that teach people the most, but the successes. Failures teach us a lot personally, but that’s a different story.) The premier venture capital firms know the best investments have high technical risk and low market risk. Market risk causes companies to fail. In other words, you want companies that are highly likely to succeed if they can really deliver what they say they will. Unfortunately, consumer Internet companies don’t follow that pattern. They usually have low technical risk and high market risk. There is very little chance they can’t deliver their product. The big issue is whether the startup’s product is of value to a large enough audience. Most people see angels as taking market share from venture capitalists. I think that is the wrong perspective: The premier venture capital firms have consciously outsourced consumer Internet companies’ bad market risk onto the angels, maintaining their returns as a result. How low are returns for angels? I don’t know of good statistics on returns for angels who

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{ october / november 2012 }

invest in tech companies, but I can deduce returns from what I

>>> 3. Take a portfolio approach. Whenever you invest in a risky

know about the venture capital business. As explained in the

asset class like startups, movies or new artists, you need to have

Kauffman Foundation research, the overall return for the venture

a portfolio, because the law of small numbers will likely lead to a

capital industry has been quite poor (the average VC fund barely

complete loss on your investments. Remember talent acquisitions,

returned investor capital after fees). According to an annual seed

which represent the vast majority of successful angel investments,

financing survey by Fenwick & West, only 45 percent of companies

usually result in a loss for the investors. Try to build a portfolio of

that received seed financing in 2010 went on to raise venture

at least 15 companies.

financing in the next 18 months. Twelve percent were acquired, but likely in talent acquisitions that lost money for the angels.

>>> 4.

Limit the size of your angel portfolio to 10 percent of

your investible assets. Even sophisticated institutions that have the If the average VC fund barely makes money, and seed investments

financial wherewithal to take significant risk and have access to the

represent even less compelling opportunities than the ones

premier venture funds tend to allocate no more than 5 percent to

pursued by venture capital firms, then the typical return for angels

10 percent of their portfolios to venture capital. You don’t have the

must be atrocious. Even Ron Conway’s second angel fund, which

staying power or the financial expertise of these endowments, so

had the good fortune to invest in Google (a 400x cost winner), only

try to limit the size of your overall bet.

broke even (that means close to a 0 percent IRR)! Perhaps the best angel investment you could make is choosing the I know some of you are thinking you’ll be the exception to the rule.

right company to work for. The value of the options associated

Maybe. But if so, it won’t be because you’ve been a great executive at

with a successful company will swamp the return on any angel

a startup. My teaching partner at Stanford, Mark Leslie, the founding

investment you’re likely to make, even if you do happen to have

CEO of Veritas Software and a successful angel investor, tells me

a success.

I would have been a better venture capitalist if I had been CEO of Wealthfront first, and a venture capitalist second, instead of the

In case you’re interested, I make one or two angel investments each

other way around. I tell him absolutely not. Running a company has

year, but I don’t do it to make money. If I wanted to make money on

not improved my investing skills, which are completely unrelated

those investments then I would want the benefit of the counsel of

to being a good leader and strategist. Unfortunately, many

my former partners at Benchmark Capital, because I know it is too

entrepreneurs do not understand that being a good executive has

hard to make such high-risk investments on my own.

nothing to do with being able to pick companies likely to succeed on the large scale needed to generate a good investment return.

I make those few angel investments because I want to help my best students achieve their goals, and because I like being involved in

My conclusion is that unless you are Andy Bechtolsheim, legendary

startups. That’s the ultimate lesson from the fish stories in Silicon

founder of Sun Microsystems, Granite Systems and Arista Networks,

Valley. True fishermen cast their lines not because they want the

and can have the pick of the best technical founders in the Valley,

fish, but because they like fishing. It’s fine to be an angel investor –

or you are a member of the PayPal Mafia, you should not be an

just don’t do it for the money.

angel investor. A few elites have a chance of making money. The rest of you are in for pretty dismal results.

Andy Rachleff is President and CEO of Wealthfront, an SECregistered online financial advisor. He serves as a member of the

I know that most of you are going to ignore my advice. If you do,

board of trustees and vice chairman of the endowment investment

and decide to make angel investments, here are a few tips:

committee for University of Pennsylvania and as a member of the faculty at Stanford Graduate School of Business, where he teaches

>>> 1.

Assume you are going to lose all your money. Treat

courses on technology entrepreneurship. Prior to Wealthfront,

success as a complete surprise. Successful venture capital firms

Andy co-founded and was general partner of Benchmark Capital.

generate approximately 80 percent of their returns from less than - 650.249.4258

20 percent of their investments. The chances are high your angel investments will be losing bets.

>>> 2.

Don’t do it unless you are worth at least $1 million or

earn at least $200,000 per year. The SEC requires these minimums for angel investors because it is the minimum regulators believe is necessary for an individual to withstand the loss of the investment.

{ october / november 2012 }

{ 33 }

{ Finance }

It’s Time for a Virtual Accelerator

{ by : Mark W. Stevens } Mark W. Stevens

Online Courseware Offerings are Proliferating at Top Secondary, Undergraduate and Graduate Schools It’s Time Now to Offer the Same Quality, Choice and Affordability in Education to Health IT Entrepreneurs. Through planning, actual or virtual integration of services, and emphasis on preventing problems before they occur, we will reduce unnecessary costs and improve health.

Introduction – Vision + Collaboration = Innovation We are at an historic moment of change and convergence in healthcare – from eHealth to mHealth to pharma, genomics to reimbursement and care-delivery reform. Now is a time when the regulatory and policy arenas are struggling to catch up with the promise of new, innovative, even disruptive technology being created in the healthcare space, and for which there is an increasing demand. With new care delivery and reimbursement models, driven by unsustainable growth in healthcare spending and a rapidly aging population, the current environment has set the stage for explosive economic growth in the healthcare solutions marketplace along with dramatic breakthroughs in medicine (genomics, etc.), increased patient engagement (and satisfaction) and lower costs. We are in an era where “Aging in Place” will eclipse long-term institutional care, and population health will bow to personalized medicine. Education is also undergoing fundamental change. Following the lead of organizations like Khan University, leading undergraduate and graduate institutions across the U.S. like Harvard, MIT and Stamford, along with many leading secondary schools are entering the modern era of virtual education, and embracing the online, open courseware movement. Is now not also the time for start-up accelerator programs serving healthcare IT to do the same with their educational offerings as there Ivy League counterparts?

The Need – A Case Study and an Opportunity My home state, Pennsylvania, is the second oldest state in the U.S. by median age, and the fourth most rural. Its size and demographics make it an optimal proving ground for telemedicine, including remote monitoring of patients (65% of all healthcare costs are attributed to chronic conditions such as diabetes which require remote monitoring) and many other Connected Health applications. PA is also home to some of the World’s premier healthcare, higher education and research organizations. With all its resources and strengths, PA is in a position to become a Global leader in Connected Health - and its current unsustainable Medicaid and overall healthcare cost burden compels the Commonwealth to take action. One way to help both ease the healthcare cost and provision burden in PA, while creating significant economic growth opportunities, would be for the state to host the first virtual Health IT accelerator program.

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{ october / november 2012 }


Goals, Objectives and Timelines

VirtualHealth, as we’ll call this virtual accelerator program, would

Increase entrepreneurship in Pennsylvania and world-wide in

accelerate the pace of innovation in Connected Health and drive

the Connected Health space and, in the process, drive economic

economic development by fostering the growth and success of

development, job creation and improve healthcare & outcomes


in the state and beyond. Initially enroll up to thirty (30) early-





and products specifically in the Connected Health space.


stage Connected Health companies in the first year (and up to

partnership with VCs, angel and institutional investors, higher

40 in subsequent years) in three 12-week sessions, with follow-

education, healthcare providers & associations, payers, State &

on support for an additional six months to three years through

Federal government entities VirtualHealth would leverage the broad

an online collaboration and learning community, and provide

reach, long history, many partners and deep domain expertise of

incubator placement support and customer and investor contact.

the state’s venture and angel investment communities, and its numerous incubator sites and entrepreneurial support programs

Following the initial phase, online programming could be opened up

to establish a Connected Health Accelerator program which would

virtually world-wide, with no limit to the number of entrepreneurs

provide entrepreneurship curriculum, overhead support, as well as

and start-ups served, providing for multi-lingual offerings both

entre to potential investors, partners and clients. While providing

catalogued and offered live in multiple time zones.

coursework and instruction online, the program could also partner and serve as a “feeder” to numerous incubators statewide and,

Business Model, Methodology

eventually, across the country and around the world. As such,

Partner with angel and institutional investors and others to provide

VirtualHealth has the potential to make significant impact not only

meeting and teleconferencing facilities, as well as curriculum and

in the Connected Health ecosystem in PA and across the country,

support services, seed capital and program overhead. Program

but worldwide.

mentors would provide their services on an in-kind basis. The

with and utilize existing meeting and video conference facilities,




program would seek State and Federal support, as well as financial

Project Description – Statewide and Global

support from partners. For services rendered, participating start-

Virtually headquartered in PA, VirtualHealth would be an

ups would be given the choice of a subscription fee/tuition and/

early-stage accelerator program designed specifically to assist

or a contribution in the range of a 5-7% equity in their enterprises

Connected Health start-ups by providing them with seed capital,

to the program (a share of which will go to participating partners),

entrepreneurial education and access to potential investors, clients

on a sliding scale determined by the level of service provided

and partners. VirtualHealth would be unique among accelerators,

(curriculum, incubator space, operating funds, sales/marketing/

in that it would both provide domain-specific (Connected

investment support, etc.). Other potential partners could include:

Health) curriculum, regulatory and policy briefings and go-to-

hospitals & health systems, payors, colleges & universities, home

market strategies, contacts and advisory services, and provide

health & long-term care providers, healthcare associations, vendors

its coursework and instruction online, giving it a global reach.

and consultancies. In addition to partner support, participation

Introductory coursework would be provided free of charge as Open

fees and grants, additional revenue streams could include online

Courseware, with more advanced coursework provided for a fee

advertising and courseware content sales to other accelerator and

(see below “Business Model”).

educational programs.

Currently, no other virtual accelerator programs exist, and no other

Benefits/Anticipated Outcomes

accelerators focus exclusively on meeting the unique needs of the

Economic development; job creation; Connected Health product

Connected Health space (with the possible exception of RockHealth).


VirtualHealth would initially leverage the existing and extensive business

satisfaction rate; lower costs for providers and payers, State and

incubator, enterprise accelerator and other value-added programs and

Federal Medicaid budgets, Medicare and potentially many other

resources found throughout the Commonwealth through organizations

beneficiaries Worldwide. The program’s goal would be to create

such as the PA-based Ben Franklin Technology Partners Network,

at least one new job per year for each participating early stage

(founded in 1982, and the state’s largest venture capital and start-up








incubator organization) while eventually growing similar symbiotic relationships with similar organizations across the country and around

VirtualHealth would address the failure rate of start-ups by 1)

the World.

enlisting the participation of world class faculty and mentors from healthcare, higher education/research, public policy/regulatory, business and finance; 2) developing a deep and broad curriculum

{ 35 }

tailored to the specific needs of the Connected Health ecosystem; and 3)

Support Needed & Costs

provide domain-specific specific educational, investment and business

As a virtual program, VirtualHealth would carry significantly lower overhead

education and networking opportunities throughout the U.S. and abroad

costs - as little as one third the amount of a traditional accelerator, which

(China, India, Russia and Africa as well as Europe – where they are not

typically maintains a $1M to $1.5M annual budget.

laying land lines); and 4) provide post-program follow-on support for an additional six months to three years through an online collaboration and learning community, including incubator placement support and customer and investor contact.

Mr. Stevens is a graduate of the University of Vermont, and attended

About the Author

graduate school at the University of Massachusetts and Boston University for public affairs and business administration. He lives with his wife, son

Mark W. Stevens Vice President Digital Collaboration Solutions Mark Stevens is a Vice President at Digital Collaboration Solutions (DCS), where he focuses on strategic partnerships and business development. Prior to joining DCS, Mr. Stevens was Senior Director for eHealth Innovation

and two daughters in Exton, PA. Mark can be reached at mstevens@

About Digital Collaboration Solutions Digital Collaboration Solutions (DCS) is an innovative provider of cloud-

at World Congress, a leader in healthcare conference management, and

based social and learning collaboration solutions for healthcare. DCS helps

Executive Director of the Pennsylvania eHealth Initiative.

healthcare organizations manage and accelerate critical business change such as payment reform, care coordination, and healthcare information

In addition, Mr. Stevens currently serves on the board of the Healthcare

technology deployment by managing both public & private online

Information Management Systems Society’s (HIMSS) Central PA Chapter

knowledge-sharing communities that connect colleagues across disparate

- which he co-founded, and was a 2009 recipient of the Spirit of HIMSS

organizations and geographies, boost productivity, foster innovation and

award. Mr. Stevens is a member of the State Advocacy Workgroup of the

share institutional knowledge. DCS solutions accelerate positive strategic

American Health Information

change and provide measurable return on investment through decreased costs, improved efficiency of operations, and increased revenue. For more information, please visit

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{ october / november 2012 }

Up to 40% of businesses never recover after experiencing a major disaster. Do you have a plan to keep your business running if disaster strikes? For a free online tool that helps you develop an emergency plan, visit

{ Business Plans }

Why Business Plans Don’t Get Funded { Mike Connolly, MedVentures Advisory Group }

Your business plan is very often the first impression potential investors get about your venture. But even if you have a great product or service it could also be the last impression the investor gets if you make avoidable Revenues are not cash. Profits are not cash. Only cash is cash.

mistakes. Business plans that do not attract investor interest share one or more of the following problems: Management team needs support. Many say management is the most important factor. If you do not have a stellar team there’s no excuse for not having a credible and active Board of Advisors.

Assume investors will be impressed with a big market. Just because there is a big market for your idea doesn’t necessarily mean you will get your fair share of it. What counts is your evidence as to how you will go about obtaining your share of that market.

Trying to be all things to all people. Many entrepreneurs explain how their idea can be applied to multiple or very different markets. Most investors prefer to see a more focused superior product that solves a troublesome problem in a single, large market that will be sold through a proven distribution strategy.

No risk analysis. Investors are in the business of balancing risks versus rewards. Some of the first things they want to know are what are the risks inherent in your business (i.e. market, technology, operational, management, legal), and what has been done to mitigate these risks.

No go-to-market strategy. The key questions that must be answered are: who will buy it, why, and how will you get it to them? You must explain how you will generate customer interest through a costeffective go-to-market strategy.

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{ october / november 2012 }

Forgetting Cash. Revenues are not cash. Profits are not cash. Only cash is cash. Very slight changes in the timing difference between cash receipt and disbursement can bankrupt your business.

Fail to show how you will use the funds. Most entrepreneurs merely gloss over how they will spend their

Looking for stock photo

investors’ money in very general terms. Break your spending strategy down until you can explain exactly how you are going to spend the funds.

Fail to “sell” your idea in the executive summary. You have only a few minutes to grab the reader’s attention, and the place to do it is in the executive summary. Don’t write it first; write it last and take the best from the entire plan.

Fail to seek outside review or professional help.

“We have no competition”. You have competitors, maybe not a direct competitor but at least a substitute. When you say that you have no competition investors will conclude that you do not have a full understanding of your market.

Make sure that you have at least a few people review your plan before you send it out. Find a professional to help guide you through the entire process, fill in knowledge gaps, provide unbiased feedback, and package your plan in an attractive professional format.

Conclusion It’s a tough investment climate, but good ideas backed by good

You have only a few minutes to grab the reader’s attention, and the place to do it is in the executive summary.

teams and good business plans are still getting funded. Give yourself the best possible chance by avoiding these simple mistakes. To learn more about this topic and other articles from MedVentures Advisory Group please contact Michael Connolly at

Use projections that don’t make sense. You must know your business projections down to the penny, and those projections have to make sense ¬on a monthly basis. Investors want to know exactly how you are going to run your business each month for at least the first two years you are in business.

{ october / november 2012 }

{ 39 }

{ Your Health }

What’s a Frustrated Doctor to Do?

{ by : Michelle Mudge-Riley, DO, MHA } Michelle Mudge-Riley

Are you frustrated with medicine but not sure what to do? Do you hear news on the Supreme Court ruling around health reform mandates and wonder what the future of healthcare holds? Or are you a physician who Through planning, actual or virtual integration of services, and emphasis on preventing problems before they occur, we will reduce unnecessary costs and improve health.

has always craved more than traditional patient care in your role as a doctor? Ten years ago, I was feeling some frustrations with patient care and allowed myself to get caught up in the negativity associated with the culture of medicine. I started to forget who I was and why I was practicing medicine and spent years struggling to figure out how I could serve as a doctor in a nontraditional way. Can you imagine yourself as a consultant, physician executive, author, speaker, and wellness advocate, working in various industries and using your own experiences to assist others with their career strategy? That’s what I do now. I used to feel desperation, anger and fear as I faced every day and now I look forward to my work and life every day. It still blows my mind when I stop to think about where I was and where I am now. You can change things for yourself, too. You might not be aware of all the resources and options in a world outside of 100% traditional patient care. I wish I would have known that by diversifying and growing myself, I could be a better doctor. With mentors and other physician role models, things might have turned out much differently for me and I might have continued to practice medicine. Whether you have an interest in something like Information Technology and want to harness that passion as Chief Medical Information Officer or you have always wanted to be a consultant, you can use your skills and abilities as a doctor to help you pursue those goals. Interested in working remotely as an Advisor or possibly becoming a Medical Director? You can do these things too. Whether you’re looking to diversify yourself and become a better practicing doctor, looking

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{ october / november 2012 }

at the career possibilities of being a physician executive, interested

business and economics, he used his other abilities of passing and

in transitioning completely to a non-clinical career or just want to

shooting a basketball and coupled them with determination and

use your education and experience as a doctor in something else

effort to succeed in a completely different area of his life.

entirely, hopefully you will find these practical tips useful in your journey. Here are some of the things I’ve learned.

Understand What You Don’t Know And Ask For Help As doctors, asking for help doesn’t always make us feel comfortable.

Empower Yourself On Linked In

In certain past situations, asking for help has made us look bad so we

Right now, this is one of the very best ways to learn more about

might shy away from it. Try to remember those times when asking for

different industries and meet people within those industries, in a

help turned out to be the right thing to do because it saved someone’s

risk-free environment, without spending a dime. A few tips on this.

life. Now consider that asking for help might save your own mental

You will want to do more than just put up a profile of yourself. Join

sanity when it comes to some of this non-clinical stuff.

some groups that relate to your interests and skills and even some that have nothing to do with clinical patient care. Skim through the

Learn About Networking And Develop A Strategy For It

discussions on a regular (once a week or so) basis and understand

Networking doesn’t come naturally to most of us physicians.

what sorts of jobs might be available to allow you to expand your

Either we are introverts by nature or we missed that class in college

scope of work. You don’t have to actually take any of those jobs.

because we were too busy taking Organic Chemistry or Biochem

It’s just empowering to know and understand what’s out there.

Lab. Many doctors think networking is playing golf or going to an

Follow And Make An Effort To Understand The Trends In Healthcare

genuine with someone else, learning about this person and looking

evening social hour. On the contrary, networking is simply being for ways to help him or her. It’s really that simple. But it’s got to be

How can you use your passions and abilities if you don’t understand

a constant and conscious decision. Having a short term and long

how they might be valued? The trick to successful diversification

term plan in place for just reaching out to people (and building new

and widening your scope of work is finding a need and filling that

contacts) has been extremely effective for some physicians.

need. Keeping up with the latest healthcare trends such as the health reform mandates, IT legislation and requirements, and

One of the most difficult things about understanding the need to

wellness and prevention trends are just a few examples of how you

diversify oneself and/or make a change is to remember that no

can begin to understand where you might contribute. Subscribing

matter what, you are and always will be a doctor. For some reason,

to web headline aggregators like HealthLeaders Media will keep you

the fact that it takes such dedication and ability to become a doctor


means we will always define ourselves in some small way as being doctors. Luckily, you don’t have to do this all at once and the fact

Look For Breakout Opportunities to Use What You Know

is, you will always be a doctor.

Real innovation comes when people use their innate abilities,

You’ll just be a better doctor.

strengths and passions in a new and exciting way. Did you know that the chocolate chip cookie was invented during the Depression by a woman (Ruth Wakefield) who didn’t have all the required ingredients to bake her regular chocolate cookies? Similarly, but several decades later, Reed Hastings founded Netflix when he realized that he was having a problem in his video store with late fees on movies like Apollo 13. He is now the CEO of a company that reported a $1.5 billion total digital revenue in 2011.

About the Author Because of my struggle, I started helping other physicians in their own transitions or diversification of their career(s). I’ve been doing this for ten years now and have had the privilege of helping hundreds of doctors all over the country. It’s been my experience that 80-90% of the time, a physician who works with me will have clear focus and career direction within 6-8 months. Most doctors have been struggling with this on their own for years, if not decades. I help you identify where it is you want to be, but more importantly, I guide you through the practicalities of how to get there. You can contact me at

Remember The Lessons Of People Like Jeremy Lin Even if you’ve never attempted anything outside of traditional clinical medicine, you can stretch your wings and actually prove to be more than a little successful in your endeavor. Jeremy Lin is a perfect example of this sort of success. The 6 foot 3 Harvard graduate was a bench warmer but essentially became a professional basketball star after proving himself during several games with the New York Knicks. Although he had demonstrated abilities with

{ october / november 2012 }

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{ News from the Industry }

A Roundup of the Latest Industry News and Insights

DENVER, COLORADO, USA Rockies Venture Club Announces 14 Companies to Pitch at Colorado Capital Conference Live translation apps, cloud-based shipping software & wearable health monitoring devices are just some of the innovative products to be pitched to investors Rockies Venture Club received 60 applications from companies across Colorado and the US to pitch at the 2012 Colorado Capital Conference taking place on October 8th and 9th. After a rigorous screening process, the top 14 startups that will pitch to investors have now

In addition to 14 pitching companies, the conference has attracted a lineup of amazing speakers divided into entrepreneurfocused and investor-focused tracks.

been chosen. Attendees will hear 5-minute pitches from companies like Tumara, a new application to enable people to listen to LIVE events in their own language. Biofeedz who are making wearable health devices connected to smartphones that track your health information. Cloud 9 Express who develop cloud-based shipping software that reduces shipping costs for businesses. “We are very excited about these 14 startups.” says Peter Adams, Executive Director for the Rockies Venture Club. “They demonstrate how vibrant and diverse the Colorado startupecosystem has become. And with several companies from out-of-state it goes to show that Colorado is an important investment center in the US.” Tickets to attend the Colorado Capital Conference can be purchased at www. In addition to 14 pitching companies, the conference has attracted a line-up of amazing speakers divided into entrepreneur-focused and investor-focused tracks. Speakers will teach attendees: how to negotiate a term-sheet, follow angel investor best practices, listen to the market to gain traction, work with angel investors, choose between equity and convertible debt, and much more. Governor John Hickenlooper will give the keynote address.

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{ october / november 2012 }

LONDON, UNITED KINGDOM British engineers develop small, ultra-cheap ultrasound that works with smart phone LONDON (Reuters) - Engineers in Britain have developed an ultrasound scanner that costs less than 40 pounds to make and could improve prenatal care in parts of the developing world where this technology is out of reach.

Neasham tapped into his experience developing systems for imaging the sea bed and looking for shipwrecks to create the device, which uses pulses of high frequency sound, just like any other ultrasound scanner. “There are tricks we employ in sonar signal processing to simplify the hardware,” he said. “There are certainly techniques in this device that to the best of my knowledge have never been incorporated in a medical device before.” He admits the quality of the image needs improving but said it stacked up quite favorably against more expensive scanners.

The device, if it gets commercial backing, would enter a market where hospital-based ultrasound scanners cost anything between 20,000 pounds and 100,000 pounds ($32,100 to $160,600) and low-cost, portable devices sell for around 4,500 pounds each. “You could be looking at something certainly less than 200 pounds (to buy),” said Jeff Neasham, the sonar technology specialist at Newcastle University who developed the device with his colleague Dave Graham.

Neasham said his own experience of becoming a father prompted him to start the project. “I was sat with my wife looking at our child on the screen. We realized how privileged we were to have access to this kind of care and it was my wife who suggested that I could apply my knowledge from sonar research to try to make this more affordable.” ($1 = 0.6211 British pounds)

“Things are at a very early stage,” Neasham said. “We have talked to a couple of interested companies and have had contact with a couple of charities, but we are still looking for partners.” Around 250,000 women die each year from complications in pregnancy and childbirth, 99 percent of them in developing countries, according to the United Nations.

PALO ALTO, CALIFORNIA, USA Hepatitis drug developer nears completion of $5 million round By: Deanna Pogorelc

Some of the world’s biggest healthcare equipment companies like General Electric and Siemens are pouring resources into developing low-cost devices for emerging markets. GE has developed a handheld ultrasound scanner called Vscan with an integrated screen and Seattle-based start-up firm Mobisante has a device that can link to a smartphone for viewing. The Newcastle University scanner is about the size of a computer mouse and can be used via a USB plug with any PC or laptop built in the last 10 years, which the developers hope will make it accessible. Neasham said keeping the cost as low as possible was the main driver behind the project. He said there were some programs to make computers more available in the developing world but it was still not a given that everyone in Africa would have a laptop.

A clinical-stage biopharmaceutical company developing drug candidates for hepatitis D and hepatitis C has secured $4.6 million of its targeted $5 million funding round. Company name: Eiger Biopharmaceuticals. Industry: Pharmaceuticals. Location: Palo Alto, California. Solution/product: Eiger develops treatments for hepatitis. According to its website, it has two hepatitis delta virus drug candidates (EBP921 and EBP994) in phase 2 development as well as a hepatitis C drug. Infection with hepatitis D occurs alongside an acute hepatitis B infection (coinfection), or in a chronically infected hepatitis B carrier (superinfection). In its acute form, it typically clears on its own, but when it occurs in a person with chronic

{ october / november 2012 }

{ 43 }

{ News from the Industry } hepatitis B, it has a mortality rate that’s 10 times higher than that of hepatitis B alone and is associated with more severe liver damage. According to its website, Eiger’s approach to treatment uses prenylation inhibitors, originally studied by researchers without success in solid tumors, to block replication of the hepatitis D life cycle. Money raised: According to a recently filed U.S. Securities and Exchange Commission document, Eiger has raised $4.6 million since April of 2011, nearly completing its goal of raising $5 million. Previously, the company raised an $8.3 million series A in 2010.

EUROPEAN UNION Wellington Partners rounds up $91M for new European life sciences fund By Ryan McBride – Fierce BioTech

Mark one in the win column for biotech venture capital in Europe. Wellington Partners has overcome a poor financial climate for raising new venture capital funds and attracted 70 million euros ($91.3 million) for the first closing of a new life sciences fund. With its fourth life sciences fund, the VC group is targeting a total of 120 million euros ($156 million), which would trump the 78 million euros ($101.4 million) that the firm raised for its third fund. While some venture investors have vacated the risky life sciences, Wellington and its investors see opportunities to fuel privately held therapeutics, diagnostics and medical devices firms in Europe. The VC group has been an active player in the European venture arena, providing early backing for Swiss biotech heavyweight Actelion and scoring a win last year when Roche ($RHHBY) acquired its portfolio company mtm laboratories, a German diagnostics outfit, in deal worth up to 190 million euros ($247 million), among other victories. Given such success stories, the firm said, repeat investors came through for the new fund and even increased their commitments. Wellington

How it will be used: A company representative did not respond to a request for an interview. According to, the company is recruiting for a phase 1 study of EBP921 in HDV patients and has completed a phase 1 study of its hepatitis C drug.

Investors: unknown. Management team: President and CEO David Cory has an extensive background in commercialization and business development, previously working as CEO of metabolic disease company DiObex, which sold off its diabetes drug and shut down in April of 2009, and chief operating officer of Prestwick Pharmaceuticals, which was acquired by Biovail Pharmaceuticals for $150 million in 2008. The founder and director is Dr. Jeffrey Glenn, an associate professor of medicine, gastroenterology and hepatology at Stanford University, and the director of the Center for Hepatitis and Liver Tissue Engineering. Market opportunity: There is no approved treatment for HDV, although a 2011 study found that Peginterferon alfa-2a caused sustained HDV RNA clearance in one-quarter of HDV-infected subjects. It’s most prevalent in the Middle East, Central Asia, South America and West Africa.

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{ october / november 2012 }

won support for the new fund from parties across Europe and in the U.S. and Middle East. It listed European Investment Fund (EIF), LfA Foerderbank Bayern, Austria Wirtschaftsservice GmbH and unnamed family offices as investors in the in the new fund, dubbed Wellington Partners IV Life Science. “This first closing of our new, larger fund in a challenging financial environment is a big success and reflects the strength of our team and our approach to investment in this complex market,” stated Dr. Rainer Strohmenger, a general partner at Wellington. “Numerous renowned investors are trusting in our ability to create value by selectively investing in the most promising and innovative private life science companies in Europe. The market environment is highly favorable because a majority of investors are currently neglecting this segment despite the fact that the life science market will be one of the most important growth drivers in the coming years.” Wellington joins the ranks of several other VC outfits in Europe that have won support for new funds this year despite difficult financial circumstances

facing their industry. Edmond de Rothschild Investment Partners, a prominent player in Europe’s biotech scene, scored $152 million for its fourth life sciences fund in recent months. Also, GlaxoSmithKline ($GSK) and Johnson & Johnson ($JNJ) backed Index Ventures’ $200 million fund announced in March that will invest in earlystage biotechs primarily in Europe but also in the U.S.

ASIA-PACIFIC AusBiotech & Beacon to partner on key investment events AusBiotech and Beacon Events have announced a partnership to deliver biotechnology investor meetings in Hong Kong and Sydney until 2015. AusBiotech and Beacon Events, organizer of the largest resource sector investor event in the Asia Pacific Region – Mines and Money – have announced a partnership to deliver biotechnology investor meetings in Hong Kong and Sydney until 2015.

The first event, AsiaBiotech Invest, will bring together the most influential decision makers, from within international biotech companies, the investment community, governments and professional services, 3 – 5 June 2013 at Sheraton Hong Kong Hotel & Towers, Kowloon, Hong Kong. Beacon is a major conference and exhibition organizer producing first class international events that meet the challenges facing major business sectors today – including specializing in finance and investment events. Beacon’s focus is on large-scale, mustattend events that are independently researched and tailored to deliver unbiased and focused market information.

The Hong Kong-based Beacon Events serves the increasingly important emerging markets of Asia, providing cutting-edge, market-driven programs and synergy with AusBiotech’s move into the fast-growing investment hub in Hong Kong. Hong Kong, with its direct access to China, is developing as a pivotal hub in the Asia Pacific region, and this is especially important from an Australian perspective as a regional neighbor. Private investment by Chinese and Hong Kong-based venture capitalists has burst forth in recent years, peaking at $1 billion in 2010 and reaching $573 million in 2011. The average Chinese VC investment in life sciences in 2011 was $25 million, compared to $10 million in the US. Mr Glenn Cross, Chief Operating Officer at AusBiotech said: “While there are already numerous examples of Sino-Australian partnership in life sciences, evidenced in part by the 50 Hong Kong fund managers currently investing in Australian public biotech companies, we expect this interest to grow vastly in the coming years. “Our partnership with Beacon Event looks to its expertise in Hong Kong and providing finance and investment events for the resources sector, which is naturally converging with biotechnology as it shares the same investor profile.” Daniel Kirwin, Chief Executive of Beacon said: “We are delighted to be working with AusBiotech in Australia and Asia. Our combined efforts and expertise will produce world class large scale events for the biotechnology sector. “The inaugural Hong Kong invest event in June 2013 will be well placed to deliver investment, education and networking opportunities. We expect it to be the must-attend event in Asia region.”

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{ Business Profile }

GRS Company Profile

GRS is a specialist regulatory affairs consultancy based in the UK offering resource, support, advice and solutions to life science companies worldwide. Our client base ranges from start-ups through to multi-nationals such as GlaxoSmithKline. We have built up a global network of several thousand consultants and associates. Our professionals are all very experienced with many of them being leaders in their own field. As a direct result of the high calibre of our professionals, we are able to provide strategic advice (thinking ‘outside the box’) as well as ensuring compliance with all the current and relevant rules and regulations. Due to demand, we have established specialist teams in the following areas: >>> pre-clinical >>> early stage development (product and/or company) offering strategic advice >>> GxP (Good Practice quality guidelines and regulations, for example: Good Manufacturing Practice) >>> generic medicines >>> paediatrics >>> herbal and traditional medicines/natural products/botanicals >>> functional foods/nutraceuticals/food supplements >>> cosmetics >>> Advanced Therapy Medicinal Products (ATMPs)/cell therapies/biologics/biosimilars >>> medical devices/diagnostics/combination products >>> stem cells/regenerative medicine In addition, through strategic alliances we can offer >>> full pharmacovigilance service (including medical information) >>> eCTD templates and publishing >>> medical device design and manufacturing support >>> a full clinical trial service (adults and paediatrics) >>> Patient Information Leaflet (PIL) Readability Testing

>>> web-based solutions to centrally manage operations >>> commercialisation of healthcare, biotech and pharmaceutical technologies/products

Our specialists include ex-FDA and ex-MHRA employees, food scientists, herbal experts, toxicologists, world renown stem cell scientists, pre-clinical advisers, Qualified Persons (QP), medical experts and validators (with many authoring papers in their particular field of expertise). Our personnel are experienced in all types of submissions and are comfortable in advising on the best route to market. With our worldwide network of consultants and regulatory specialists, GRS is well placed to support companies with emerging, novel technologies from stem cell therapy through to borderline products (including medical devices, biomarkers and in vitro diagnostics). We do not shy away from undertaking something which is going to break new ground or be launched into other countries. We enjoy the challenges presented to get innovative products from lab to market. We have a good working relationship with key Health Authorities and through open dialogue and good communication we can readily support our innovative clients to achieve their objectives. For more in-depth information about our service portfolio, company culture and values, please visit our website


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{ Publisher’s Letter }

Welcome Back Physician Entrepreneurs & Life Sciences Investors { Dirk R. Hobbs, Executive Publisher }

D i r k R. H o b b s , E x e c u t i ve P u b l i s he r , S o PE

Dear Physician Entrepreneur:

You likely recall, the inaugural edition of SoPE® E-Magazine launched in

experts in marketing, regulatory, legal, technology, mobile, security, venture

mid-July 2012, featuring Wayne Guerra, MD, and Chief Medical Officer/

capital, general business and operations, human resources, organizational

Co-Founder of the immensely popular mobile app, iTriage.

development, and dozens more topics of importance to this audience. When you advertise, (it’s only $495.00/page/month!), you not only reach

During the remaining summer months of 2012, SoPE e-zine reorganized

this in-demand and near impossible to reach audience, you also help to

itself and merged its publication strategy with Medical Voyce – a popular

expand SoPE’s offerings and capabilities to its membership. Dr. Meyers,

US-based business and clinical magazine for physicians. We leveraged the

Jim Blakely and myself are consummate innovators ourselves and we have

best qualities from both publications into one and refined our focus on

lots of ideas we want to bring to the table. So help us, and we can further

helping facilitate high-level dialog between business and finance experts

help you! Email me at and we’ll get you started, as

and those of you who are innovating on the life sciences and medical

SoPE will now be a monthly installment in your required reading pile. And

information technology fronts.

don’t forget – invite other physician entrepreneurs to join SoPE!

At present, SoPE now reaches a continually growing audience of physician

Got ideas? Lastly, I would like your ideas on topics you’d like to read

entrepreneurs and life sciences investment community of 18,000 in

more about. Our network is very large and chances are we have experts

20-countries around the world.

on the topics you want within our reach. Just ask us to find and vet those companies, resources or individuals who can advance our collective

Purpose: The publication is an extension of the Society of Physician

mission and we’ll go to work.

Entrepreneurs, which is actively building virtual “chapters” around the globe. This emerging community of entrepreneur physicians now has an

As for this edition: Enjoy our cover feature on cyber-security from David

organized home, if you will, of like-minded professionals who seek to take

Willson, Esq. He’s a U.S. Army retired cyber security expert, now attorney,

their ideas and innovations to the marketplace, but fall short of knowing

whose command of the subject has David speaking all over the world and

how to roadmap the development of their business, financial resources

on global cable channels such as Fox News and others. Learn more on

and human resources.

protecting your information, your IP and your communications from a very bold and very organized cyber criminal element.

The digital e-zine will spotlight efforts by SoPE members and chapters around the world, within bio-clusters, and other centers of medical

Join us:!

innovation excellence. Hence, we want your stories. If you are seeking investment into your protected IP and organization, SoPE is a terrific

To your success,

venue to attract attention to your organization. From incubators to mature companies seeking subsequent funding rounds, SoPE e-zine can present your organization to a global audience of investors and other business resources, who may be on the lookout for your offerings. Dirk R. Hobbs, Executive Publisher Service Providers: If you’re a service provider, there is no better place to engage new companies in the life sciences space than here. We are seeking the best and brightest in the form of educational information from

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{ october / november 2012 }

Advocacy • Resources • Community Our mission is to support the regional bioscience community through advocacy, resources and advancement of opportunities for collaboration.

Areas of Focus Leadership and Advocacy

Upcoming Events

CBSA promotes the interests of over 400 bioscience companies and their 20,000 employees and actively communicates the bioscience industry’s issues and challenges on multiple fronts.

Medical Device Networking Medtronic Navigation, Inc. Louisville Oct 18 Member $0/Non-Member $50

Business Solutions We provide the resources, community knowledge and a far reaching network to connect companies and innovators with local, regional and national partners. Additionally, your CBSA

Patent Office Update Colorado Springs Oct 24 Member $0/Non-Member $50

membership helps your bottom line by offering access to exclusive discounts for companies of all types and sizes, from lab equipment to office supplies and insurance.

Colorado Life Science Night with Rockies Venture Club EXDO Event Center, Denver Nov 13 $18 Pre-registration/$30 at the door

Economic Development CBSA plays a key role in promoting Colorado as a dynamic region for bioscience innovation and investment, by working with

Medical Device Symposium Nov 14 Member $50/Non-member $100

government and community stakeholders to develop ways to support the creation, retention and recruitment of life sciences companies.

Annual Awards Dinner Hyatt Regency Denver Convention Center Dec 6 Individual Ticket $150

Education CBSA works alongside Colorado’s education institutions to create opportunities that promote bioscience workforce development. We create programs that educate the public, elected officials and business leaders about the benefits of a vibrant bioscience community.


Society of Physician Entrepreneurs Magazine (October/November 2012)  
Society of Physician Entrepreneurs Magazine (October/November 2012)  

SoPE is an international network of members including healthcare and biomedical inventors, service providers, investors and industry members...