Assessing the value of an innovative startup in healthcare VN:R_U [1.9.22_1171]
As we are preparing our first HealthStartup event on October 5, we receive quite a lot of questions on how we plan to evaluate the participating projects – and how we plan to measure the output of the event.
Our goal is to develop a tool that would give buyers of the startups’ services – as well as potential investors – a simple, straightforward indication of the project’s impact and viability. It should also be useful as a guideline for the startups themselves in evaluating potential markets, raising funds, and communicating with various target audiences.
With that in mind, we’ve started developing a “project scorecard” which will include three aspects of an innovation and produce an overall score indicating the viability of a project.
The scoring on a simple numeric scale (1-4) will be carried out by participants during the event; scores would be tabulated and communicated after the event.
Below is our initial thinking on the parameters within the scorecard. We would very much appreciate your input, any additions (or reductions) to the list of the question, clarifications, etc.
So, please read through and leave your comments below!
IMPACT ON CARE ORGANIZATION
1. Does the service/product deliver a quantifiable cost reduction?
Improvements in procedures and efficiency
2. Does the project produce quantifiable improvements on workflow, time and/or efficiency?
3. Do efficiency gains positively compare to direct and indirect switching costs (price, training costs, existing contracts, regulatory approval, integration, etc.)
4. Will it have a positive impact on Human Resources/recruitment?
5. Will it support successful marketing of the care organization?
6. Will it reduce administrative burden or simplify making management decisions?
Impact on care consumer
7. Does it measurably improve outcomes of the treatment?
8. Will it offer care consumers peace of mind/confidence in the treatment process?
9. Does it offer more convenience?
Impact on hands-on care practitioner
10. Does it make life easier for the hands-on practitioner?
11. Will it enhance the practitioner’s overall job satisfaction?
Impact on taxpayer
12. Does it produce a long-term improvement in healthcare costs (through prevention, reducing re-admission, improving adherence, etc.)?
13. Is it a drastic improvement of the current state-of-the-art?
14. Is it difficult to integrate with existing systems throughout the entire healthcare ecosystem?
15. Is it simple and intuitive for the actual user?
16. Does it comply with regulation?
17. Is it reimbursed?
18. Is the business model (from pricing model to sales channels, etc.) behind the project solid?
19. Does the team have the sufficient expertise and execution capacity?