Last year was a big one globally for outcomes finance, with 12 new projects launched in 2015. The model was applied in new areas, such as healthcare and higher education, and strong results came from the U.K. and Australia. With such a fast moving field, it’s crucial we take time to reflect on how we […]Read More ›
SF Showcases: QoC Health
Here at SocialFinance.ca, nothing excites us more than the opportunity to share stories about the great work happening in Canadian social finance! This goes double when the work is being done by our partners. A few months ago Trish Nixon introduced the 2nd cohort of Impact8, Ontario’s first social venture accelerator. Now with Impact8’s Demo Day just around the corner, we’re profiling this year’s Impact8 ventures. Today we’re chatting with Chancellor Crawford & Raymond Shih of QoC Health. The aim, as always, is to shine a light on folks in the field by lobbing a few questions their way: What problems are they tackling? What have they found to be best practices? Can this model be brought to scale and/or replicated? As always, we want your input on this and future profiles. Who would you like to know more about? What kind of stories do we need to tell more often? Whose lessons learned would you like to hear? Tweet us, Facebook us, or email us!
Thanks for chatting with us, gents! To start us off, could you please tell us what QoC Health does in a tweet (140 characters or less)?
We deploy mobile solutions to support shifting care to the community. These save money, improve outcomes, and improve user experiences.
Expanding from that answer, what is the problem that your venture was conceived in order to address? What do you feel is unique about your approach to solving this problem?
Healthcare costs are already too high and will only increase. For example, 24% of Ontario’s population is expected to be over 65 by 2036, adding more demand to an already overburdened systems. In response, governments have been trying to shift care to the community to reduce expensive time spent in hospitals. The problem is that without providing in-home monitoring and support, shifting care to the community is inefficient and ineffective as it leads to costly readmissions, unnecessary appointments, missed opportunities, and poor patient experiences.
Dr. John Semple, Chief of surgery at Women’s College Hospital, experienced this problem first-hand as his organization transitioned to a totally ambulatory hospital, meaning there are no overnight beds. When I first met him, I was fresh off of building and selling a successful technology company called Thindata. Together, we formed a team and created QoC Health to tackle this exact problem.
What factors have been important for getting you to where you are today and what will you need to build on to take your venture to the next level?
This might sound cliche, but the foundation for our success so far has really been our team. We not only have strong healthcare expertise on our core team, but we combine that with others who have built technology companies and understand what it takes to scale a business. Other team members are very experienced in business development and strategy, and this has helped us accelerate uptake in a unique industry. These components together have helped us create a unique vision and value proposition for our potential clients along with the ability to execute it.
Besides continuing to build our passionate team, our venture will get to the next level with more hard work, continued support from enabling organizations like MaRS, and a bit of luck.
Organizations like MaRS have been instrumental to our success so far and while they can’t replace the work that entrepreneurs must do (hence my first point!), they can facilitate in a variety of ways. QoC Health had the honour of being selected as an MaRS Impact8 organization, and this process was extremely helpful in providing us with some great mentorship and valuable introductions. We also just became of a member of the SVX program, which will speed up our fundraising activities and allow us to focus on delivering value to our clients and the patients using our systems.
I’m a firm believer that everyone needs some luck to succeed. But only with a great team, hard work, and the proper support will we be able to take advantage of any luck that comes our way.
Blue sky time! Where is your venture in 5 years? Where’s the marketplace? How big a dent have you made in the problem you’re tackling?
From a business perspective, in five years we hope to be the leading provider of mobile technology for patient engagement. While our focus initially is on North America, the problems that we are tackling are global so there is a lot of room to expand. From a system perspective, we hope that our technology, in particular our PATH project, showcases what the future of connected healthcare can look like. In five years we believe that the functionally of our technology will become standard and the results are healthier, happier patients at a lower cost to healthcare systems.
Editor’s Note: Stay tuned for more profiles of the amazing cohort of Impact8 social ventures!