HLTH 2022: A Recap for Healthcare Innovators
Three days in the desert with 12,000 innovators, investors, futurists—and three healthcare innovation attorneys from Nixon Gwilt Law.
Was it Burning Man?
No, it was HLTH2022, the healthcare industry’s #1 innovation event.
Partner Rebecca Gwilt, Senior Counsel Faisal Khan (who moderated a panel on the future of digital therapeutics), and Senior Counsel Kaitlyn O’Connor all braved the bright sun and 24-hour fun of Las Vegas to connect, reconnect, and learn from the top minds in the industry.
If you missed it, or you were there and couldn’t possibly take in everything, then enjoy Rebecca’s insightful and fun daily recaps from LinkedIn below.
(Not following Rebecca Gwilt on LinkedIn? Click here to change that now.)
HLTH2022 Day One: What’s Different
✨𝗜𝘁'𝘀 𝗴𝗼𝗿𝗴𝗲𝗼𝘂𝘀. The Venetian AND the HLTH organizers made a flashy, fun, and high-energy environment for attendees. The excitement is palpable (and visible).
✨𝗜𝘁'𝘀 𝗵𝘂𝗴𝗲. This is my 4th HLTH and it's bigger than any yet. Exciting for the organizers, but I'm hearing a bit of discomfort from some attendees--some comparing it to HIMSS (not in a good way) with its long walks and crowded halls. Perhaps that is just a day 1 registration issue? I suspect it's also due to lingering post-COVID crowd anxiety. In any case, I LOVE IT. BRING ON THE TIMES SQUARE ENERGY!
✨𝗜𝘁'𝘀 𝗱𝗿𝘆. So dry here. Water stations and lip balm will be my friend today. Thanks to the organizers who were way ahead of me on this one.
✨𝗜𝘁'𝘀 𝗱𝗶𝗳𝗳𝗲𝗿𝗲𝗻𝘁. For the last two years, investment in health innovation has been relatively easy to find for founders. This is the first HLTH in some time where I'm hearing that has changed. Companies looking for funding are having to pivot to faster profitability because raising is taking much longer, and companies who've been funded are pivoting to business models that help them build profitability faster to satisfy current investors. On the upside, I'm hearing about more bootstrapped founders who are doing amazing things!
✨𝗜𝘁'𝘀 𝗶𝗻𝘁𝗲𝗿𝗻𝗮𝘁𝗶𝗼𝗻𝗮𝗹. The organizers announced the HLTH 2024 will be in Amsterdam! I suspect that they're seeing what I'm seeing - a LOT of interest from European companies in the US market, and a shift to a truly global approach to health. The pandemic taught us that global collaboration is a powerful tool to address public health, health equity, and healthcare innovation. Bring it on!
👉 Looking forward to (a MUCH longer) Day 2!!
HLTH2022 Day Two: What’s Trending
✨𝗜 𝗰𝗮𝗻'𝘁 𝗽𝗼𝘀𝘀𝗶𝗯𝗹𝘆 𝗿𝗲𝗰𝗮𝗽 𝗰𝗼𝗺𝗽𝗿𝗲𝗵𝗲𝗻𝘀𝗶𝘃𝗲𝗹𝘆. I don't mean to repeat myself from yesterday, but.....This. Thing. Is. Huge. Lots of walking, SO many people (12,000!), beaucoup companies (startups through legacy brands), 5+ stages with content, and lots of fun distractions (skeeball, pool, a 360 camera video machine, hair salon, etc.).
✨𝗖𝗠𝗦 𝗶𝘀 𝗹𝗶𝘀𝘁𝗲𝗻𝗶𝗻𝗴, 𝘆'𝗮𝗹𝗹. Chiquita Brooks-LaSure (who I worked with 10+ years ago on ACA implementation!) took the stage. It's the first time I've heard a CMS administrator say out loud that they were actively meeting with stakeholders to understand the private sector before moving on public policy. She gets it, folks. I think it was the most underrated main stage presentation at the conference. I'm not sure if the industry understands how important her decisions are to the future of health. Did you know the government provides healthcare to 150 million people in the US (that's 51% of our population)!? I encourage folks to take advantage of the opportunity that now exists--to make their case to the agency about what will move the needle on cost, quality, and equity. Thank you for attending my Ted Talk.
✨𝗣𝗮𝗿𝘁𝗻𝗲𝗿𝘀𝗵𝗶𝗽𝘀 𝗮𝗿𝗲 𝗸𝗶𝗻𝗴. In the past few years, companies have by and large competed for dollars, developing point solutions and building market share as fast as possible on their own (there are exceptions to this, of course). This year, I'm hearing a TON of talk about partnership. The inability for one company to go it alone and really meet the broad and complex needs of patients. This is more than M&A talk, this is truly collaboration between companies--marketplace approaches, joint ventures, global collaborative learning (check out ECHAlliance Group (European Connected Health Alliance). I think that can only mean good things for consumers (like me)!
✨𝗧𝗵𝗲 𝗳𝘂𝗻𝗱𝗶𝗻𝗴 𝗲𝗻𝘃𝗶𝗿𝗼𝗻𝗺𝗲𝗻𝘁 𝗶𝘀 𝗰𝗼𝗺𝗽𝗹𝗲𝘅. Last year, VC funds spent more than ever, but they also RAISED more than ever. The consensus is that there is a ton of money that could technically be deployed. So why isn't it? VC funds may have raised the money, but they GET the money through capital calls from investors. Because the public markets are down, funds may be reticent to make those capital calls, for fear of putting a double hurt on investors. And no one knows where the bottom is. So they're... waiting. I'm hearing it's just going to be rough for a bit, which everyone should have expected after the gold rush of the last few years.
✨𝗘𝘃𝗲𝗿𝘆 𝗰𝗼𝗺𝗽𝗮𝗻𝘆 𝗶𝘀 𝗮 𝗵𝗲𝗮𝗹𝘁𝗵𝗰𝗮𝗿𝗲 𝗰𝗼𝗺𝗽𝗮𝗻𝘆. See: Instacart Health.
👉 Looking forward to Day 3!! PM me for an invite to our firm's HH at SushiSamba in the Venetian at 330! And I'll be in a tiger print headband - come and say hello if you see me!
HLTH2022 Day Three: What’s Correcting
✨𝗪𝗲'𝗿𝗲 𝗶𝗻 𝗮 𝗰𝗼𝗿𝗿𝗲𝗰𝘁𝗶𝗼𝗻. The last two years, in Jonathan Bush's words, were "totally ridiculous", and we should have known it wouldn't last. And we haven't reached the bottom. 2023 is going to be a tough year. Experts predict investment will be back in 2024. Those raising need to focus on good unit economics, profitability, and get OK with 20% growth. Forget focus on crazy scaling. Conserve cash.
✨𝗥𝗲𝘁𝗮𝗶𝗹𝗲𝗿𝘀 𝗮𝗿𝗲 𝘁𝗵𝗲 𝗻𝗲𝘅𝘁 𝘁𝗼𝗽 𝗯𝘂𝘆𝗲𝗿𝘀. The employer/payor/provider market is pretty saturated. Big retail is coming to eat their lunch. Other markets to focus on: education, sports, government.
✨𝗦𝘂𝗿𝗽𝗿𝗶𝘀𝗶𝗻𝗴 𝗶𝗻𝘀𝗶𝗴𝗵𝘁𝘀 𝗼𝗻 𝗵𝗲𝗮𝗹𝘁𝗵𝗰𝗮𝗿𝗲 𝗮𝗻𝗱 𝗽𝗼𝗹𝗹𝘂𝘁𝗶𝗼𝗻. Did you know the healthcare industry contributes more to pollution/carbon emissions than the entire airline industry? I didn't. Read more here: https://bit.ly/3tAIner
✨#ProTips. Forget cute. Wear the flats. Orthotic inserts are your friend. Bring a portable charger. Your phone WILL die. Don't let the salespeople in the gallery shops tell you "you look tired" and talk you into $400 eye cream. I've heard this work 3 times already. You. Look. Great. Wear something recognizable to help people meeting you find you! Hydrate, hydrate, hydrate.
✨𝗧𝗲𝗮𝗺-𝗯𝗮𝘀𝗲𝗱 𝗰𝗮𝗿𝗲 𝗺𝗮𝘆 𝗮𝗰𝘁𝘂𝗮𝗹𝗹𝘆 𝗮𝗿𝗿𝗶𝘃𝗲. There are more conditions and treatments than ever before. Docs are overwhelmed with just that aspect of patient care. How can we utilize technology, trained healthcare navigators (see: Walmart strategy on training employees as community health workers), and reimbursement experts to create a team-based approach to patient care?
✨𝗩𝗖 𝗶𝘀 𝗽𝗮𝗿𝘁𝗻𝗲𝗿𝗶𝗻𝗴 𝘄𝗶𝘁𝗵 𝗽𝗮𝘆𝗼𝗿𝘀 𝗮𝗻𝗱 𝗵𝗲𝗮𝗹𝘁𝗵 𝘀𝘆𝘀𝘁𝗲𝗺𝘀. See: General Catalyst announcing a partnership with 14 payers. Expect this trend to continue. See more here: https://bit.ly/3Ak6yBw
✨𝗦𝗰𝗶𝗲𝗻𝗰𝗲 𝗶𝘀 𝗵𝗮𝘃𝗶𝗻𝗴 𝗶𝘁𝘀 𝘁𝗶𝗺𝗲. In the last 2 years, companies have been able to pull down big money, even before they show efficacy. Lots of talk here about standing on science and not just how cool the idea is. This is part of the correction. A good one IMHO.
✨𝗔 𝗾𝘂𝗲𝘀𝘁𝗶𝗼𝗻 𝘄𝗲 𝘀𝗵𝗼𝘂𝗹𝗱 𝗯𝗲 𝗮𝘀𝗸𝗶𝗻𝗴. "Are today's solutions just making the wealthy healthier?" I've seen more energy around equity and Medicaid innovation. I'm here for it. Would be helpful if it wasn't so damn hard to navigate disparate requirements and policies in 50 different Medicaid programs....
✨𝗣𝗮𝘆𝗲𝗿𝘀 𝗮𝗿𝗲 𝘁𝗮𝗸𝗶𝗻𝗴 𝘁𝗵𝗲 𝗹𝗼𝗻𝗴 𝘃𝗶𝗲𝘄. In the past, payers have focused on ROI over 12-18 months. Industry insiders say that's changing. There's greater interest in preventive care (e.g., mental health, MSK)
👉Today's the last day! I'll be here through tomorrow afternoon. If you didn't get a chance to meet with me, find me on the app or DM me here!
Are You Making Big Plans for 2023?
Our team of healthcare innovation attorneys is standing by to help founders, healthcare leaders, and investors:
Reach the lucrative US market with your international business
Offer new venture support for founders and investors (looking for funding? Check out our Invest in Women and Invest in Black Founders annual lists)
Launch new Remote Monitoring and Virtual Care Management solutions
