Brentwood, Tenn.-based LifePoint Health, venture studio firm 25Madison and Apollo Global Management launched a joint venture to form a healthcare technology incubator.
Five things to know:
- The Nashville, Tenn.-based incubator will be named 25m Health, according to a Nov. 16 news release. It will be seeded with $20 million and form companies that bring innovative ideas to LifePoint hospitals. The health system is also unveiling LifePoint Forward, which is part of the health system’s innovation strategy to find, invest in and deploy solutions that improve quality and access for patients while lowering costs.
- The joint venture selected Nashville as its headquarters because its location will offer a strategic advantage for the entrepreneurs it works with. Startups will be able to rapidly deploy and scale tech solutions within LifePoint’s community of hospitals to accelerate operational improvements, according to the release.
- The joint venture has established a council of seven senior advisers that include Chris Sakalosky, managing director of healthcare and life sciences at Google Cloud; Chris Altchek, founder and CEO of remote care monitoring company Cadence; and Sahil Choudhry, former managing director of Cigna Ventures.
- “I am incredibly proud to establish LifePoint Forward as a key pillar of LifePoints growth and community healthcare investment strategy. We’ve built a robust infrastructure to develop and invest in new ideas, partnerships and technologies — all focused on meeting patient needs, driving growth and advancing our mission of Making Communities Healthier,” said David Dill, president and CEO of LifePoint. “Our 25m Health venture allows us to expand beyond investing in existing capabilities to also incubating and building businesses that can benefit LifePoint, our communities and the broader healthcare delivery system.”
- The health system also recently invested in three digital health companies: Cadence, early disease detection program Eon and consumer insight platform Loyal.