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Submitted URL: https://info.medcitynews.com/e3t/Ctc/GA+113/cfk9H04/VWZ4vK92HqTFW1GXQMj6GjyJGW58c1_74MbC-_N6klYVQ5nCT_V3Zsc37CgBjPVsfLTq8638y...
Effective URL: https://medcitynews.com/2022/07/osf-ventures-new-leader-will-focus-investments-on-alternative-care-modalities-workforce-...
Submission: On July 07 via api from US — Scanned from DE
Effective URL: https://medcitynews.com/2022/07/osf-ventures-new-leader-will-focus-investments-on-alternative-care-modalities-workforce-...
Submission: On July 07 via api from US — Scanned from DE
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See our privacy policy. * Send Tips * Advertising * About * Twitter * Facebook * RSS * Subscribe via email MEDCITY NEWS HOW UCSF’S ACCELERATOR IS HELPING HEALTH TECH REACH MORE LOW-INCOME PATIENTS HOW PFIZER WON THE PANDEMIC, REAPING OUTSIZE PROFIT AND INFLUENCE WITH NEW GENE THERAPY DATA IN HAND, SAREPTA TALKS WITH FDA ABOUT APPROVAL PATHWAYS OSF VENTURES’ NEW LEADER WILL FOCUS INVESTMENTS ON ALTERNATIVE CARE MODALITIES, WORKFORCE RETENTION HOW THE AGILE IN PHARMA TREND IS TRANSFORMING DRUG DEVELOPMENT HOW BOSTON MEDICAL CENTER’S HEALTH EQUITY ACCELERATOR IS FAST-TRACKING CLINICAL IMPROVEMENTS CUREVAC SUES BIONTECH, CLAIMING COVID-19 VACCINE INFRINGES KEY MRNA PATENTS HEALTHCARE LEADERS ARE OPTIMISTIC ABOUT METAVERSE DISRUPTION, REPORT SAYS ASTRAZENECA BROADENS ITS SCOPE IN BLOOD CANCERS WITH $100M TENEOTWO BUYOUT BIOTECH IPO FREEZE CONTINUES AS SECOND QUARTER IS SLOWEST IN MORE THAN A DECADE REPORT: PHYSICIAN TURNOVER RATES ARE CLIMBING AS THEY CLAMOR FOR BETTER WORK-LIFE BALANCE NOVARTIS PAYS $100M TO GET MALLINCKRODT’S TICKET FOR A SPEEDIER FDA DRUG REVIEW AS M&A COSTS RISE, NEW ACCENTURE REPORT OFFERS ALTERNATIVE STRATEGIES NEARLY HALF OF PROVIDERS ARE BEHIND ON REVENUE GOALS AMID RCM DEPARTMENT LABOR SHORTAGES, REPORT SHOWS STARTUPDATES: NEW DEVELOPMENTS FOR HEALTHCARE STARTUPS * News * Health Tech * BioPharma * Devices & Diagnostics * Consumer / Employer * Contributors * MedCity Influencers * MedCitizens * Events * INVEST * INVEST PharmaTech * INVEST Digital Health * Jobs * Research * Newsletters Be Sure to Share Your Insights on Our Brief MedCity Audience Survey for a Chance to Win a $250 AMEX Gift Card Health Tech, Hospitals, SYN OSF VENTURES’ NEW LEADER WILL FOCUS INVESTMENTS ON ALTERNATIVE CARE MODALITIES, WORKFORCE RETENTION OSF VENTURES — THE INVESTMENT ARM OF PEORIA, ILLINOIS-BASED OSF HEALTHCARE — GAINED A NEW LEADER LAST WEEK WHEN MAYANK TANEJA TOOK THE HELM. IN THE ROLE, TANEJA OVERSEES $250 MILLION IN ASSETS ACROSS THREE FUNDS. THE VENTURE CAPITAL ARM IS CURRENTLY FOCUSED ON INVESTING IN SOLUTIONS TO TAKE CARE OUTSIDE THE FOUR WALLS OF A HOSPITAL AND INCREASE WORKFORCE RETENTION, HE SAID. By Katie Adams Post a comment / Jul 6, 2022 at 2:58 PM 0Shares Peoria, Illinois-based OSF HealthCare was among the first U.S. health systems to establish a dedicated venture capital investment arm, along with Ascension, Kaiser Permanente and Providence. Since its founding in 2015, OSF Ventures has invested in 28 startups, nine of which have successfully exited. Last week, the investment arm gained a new leader. Mayank Taneja became the health system’s vice president of investment, taking over for Stan Lynall, who founded and previously led OSF Ventures. In his new role, Taneja oversees $250 million in assets across three funds. Promoted AT BIO, FRENCH DELEGATION HIGHLIGHTS ITS PLANS FOR HEALTHCARE AND BIOTECH DEVELOPMENT The French delegation at BIO on June 13-16 has a compelling story to tell about biopharma and medtech growth and investment in France and the U.S. Here’s a preview of some of the companies that will be at the convention, events they will host and why you should check them out. Stephanie Baum Taneja has a deep medical background. He practiced internal medicine in India and worked in the post-market risk surveillance division at Zimmer Biomet before joining OSF in 2014. He began working on OSF’s usability services team to help startups pilot their technology and conduct clinical studies and later transitioned to OSF Ventures as one of the earliest members of its team in 2016. The leadership change came five months after OSF’s board approved another $100 million fund for its venture capital arm. This fund is the third one allocated to OSF Ventures, following two $75 million funds that were approved in 2015 and 2019. Taneja said his team will continue to use this money to invest in startups specializing in medical devices, diagnostics and digital health. OSF Ventures typically invests about $2 million in each startup and reserves similarly-sized funds for follow-up investments should the company raise more money. “The overarching theme is that we only invest in startups that are strategically valuable to the system,” he said. At this moment, Taneja said OSF Ventures is focused on making investments in startups seeking to take care outside the four walls of a hospital through alternative care modalities such as telehealth or hospital-at-home. The venture fund ensures the startups it invests in offer a consolidated platform that captures the patient journey from start to finish and can roll multiple solutions into a single offering. Promoted IS IT TIME TO RETHINK HOW WE APPLY AI TO HEALTHCARE DATA MINING A webinar sponsored by Carta Healthcare, scheduled for Wednesday, July 20, will highlight the role of AI in mining patient data and ways to improve it. Carta Healthcare and MedCity News “We’re trying to support the operational teams by seeing how we can do more with less in terms of our staffing and resources while still being able to deliver consistently,” he said. The venture arm is also focusing its investments on startups specializing in workforce retention. OSF Ventures is looking at solutions designed to optimize staffing, improve workforce retention levels and help providers recruit staff from channels where they have not traditionally done outreach, according to Taneja. To the startups it invests in, OSF is not only a financial growth partner but also a product and service development partner. When determining which startups its fund should go to, Taneja said his team only selects startups that offer products they could envision OSF successfully deploying. The health system has conducted clinical trials with its portfolio companies when they were working toward FDA approval, and has deployed or piloted the FDA-approved technologies its other portfolio companies offer. For example, OSF Ventures is collaborating with Epitel to help it commercialize its wireless, wearable brain wave-monitoring device to detect seizures. To analyze potential portfolio companies, a vetting team meets every week to go over five or six startups. The multidisciplinary group includes clinicians, members of the IT team and members of OSF Ventures. When going over whether a company’s technology will serve the health system, the vetting team discusses whether the technology in question can be effectively implemented into OSF’s workflow and whether the startup can deliver evidence on its value proposition. Taneja said his team will stick with this process because it has worked well for them so far. Nine of the 28 companies OSF Ventures has invested in have had successful exits, including Best Buy’s purchase of Current Health and Amwell’s acquisition of SilverCloud Health. When OSF Ventures’ portfolio companies go public or get acquired, the revenue OSF receives always goes back to the treasury to further advance the health system’s mission, Taneja said. Photo: JamesBrey, Getty Images 0Shares TOPICS OSF Healthcare, OSF Ventures, venture capital, workforce HEAR THE LATEST INDUSTRY NEWS FIRST. SIGN UP FOR OUR DAILY NEWSLETTER. We will never sell or share your information without your consent. See our privacy policy. Promoted WHAT’S THE FUTURE OF VIRTUAL-FIRST CARE? The Future of Virtual-First Care eBook, sponsored by Wheel, explores some of the challenges and trends in virtual-first care. It also offers clues as to how healthcare stakeholders envision the future of virtual health. Wheel and MedCity News GOT NEWS? SEND US A TIP Promoted TIPS FOR TAILORING ECONSENT FOR OPTIMAL PATIENT CENTRICITY As life science companies seek to boost clinical trial participation, eConsent forms can pose a stumbling block. A white paper by Medable shares some insights on how companies can leverage eConsent to improve clinical trial recruitment and retention. Medable and MedCity News MEDCITY >> INBOX Get the latest industry news first when you subscribe to our newsletter. We will never sell or share your information without your consent. See our privacy policy. Promoted TIPS FOR TAILORING ECONSENT FOR OPTIMAL PATIENT CENTRICITY As life science companies seek to boost clinical trial participation, eConsent forms can pose a stumbling block. A white paper by Medable shares some insights on how companies can leverage eConsent to improve clinical trial recruitment and retention. Medable and MedCity News Promoted IS IT TIME TO RETHINK HOW WE APPLY AI TO HEALTHCARE DATA MINING A webinar sponsored by Carta Healthcare, scheduled for Wednesday, July 20, will highlight the role of AI in mining patient data and ways to improve it. Carta Healthcare and MedCity News × HEAR THE LATEST INDUSTRY NEWS FIRST. SIGN UP FOR OUR DAILY NEWSLETTER. No thanks We will never sell or share your information without your consent. See our privacy policy. Advertise About Newsletter Our Sites * * * * * * * © 2022 Breaking Media, Inc. All rights reserved. Registration or use of this site constitutes acceptance of our Terms of Service and Privacy Policy. 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