rMark Bio Personalizes Academic and Clinical Partnership Research

The platform uses artificial intelligence to recommend key opinion leaders that align with users’ strategic business interests.

Posted November 16, 2016
by Clayton Gentry
MATTER Journalism Resident

Jason Smith, rMark BioAcademic and clinical partnerships are critical for pharmaceutical companies developing new products. It’s not hard to identify the handful of top opinion leaders in any given therapeutic area, but, until now, finding the bulk of the physicians and scientists working in a particular area – even ones with a considerable scope of influence – has been challenging. The process today involves little more than keyword search and filtration. rMark Bio modernizes this process, applying artificial intelligence to overhaul the identification of potential partners.

rMark Bio feeds users’ internal data, such as CRM information, budgets, investments, and clinical trials, into their own intelligence engine backed by AI technologies including IBM’s Watson and Google’s TensorFlow. After processing this information, rMark curates a personalized list of key opinion leaders (KOLs) for the user to validate and engage.

“Global health data is great for mining, for looking for KOLs, but it’s very generic in its results,” rMark CEO Jason Smith said. “The only way to get that highly tailored is to understand the end user and the organization itself.”

“The only way to get that highly tailored is to understand the end user and the organization itself.”

At the Medical Affairs Strategic Summit (MASS) West 2016 in September, Smith demonstrated the effect of rMark’s proprietary personalization techniques. A generic search for Type II diabetes KOLs returned more than 7,000 results. Applying generic filters like, “Only KOLs who aren’t already in my database” reduced the count to 1,311. But through personalization, Smith said the platform reduced the number of relevant KOLs to 52 — a field large enough to be useful, but small enough that the company could individually engage and validate its constituents.

rMark launched on September 15 and onboarded its first beta customer in October. Smith said the process will take between four and six weeks for the initial beta users, which gives rMark time to integrate with the users’ own proprietary data.

“The nice thing is the more we do, the less and less manual it gets and the faster it becomes,” he said. “So the connectors between these proprietary databases, while unique the first time, won’t be the second time. While the data may be different, the database connectors are not.”

“The nice thing is the more we do, the less and less manual it gets and the faster it becomes”

Smith is looking for three to five beta users, depending on the sizes of the organizations. He added that one requirement of the beta program is that rMark must be allowed to interface with the user on a quarterly basis.

“We know we have the right key features that provide value today,” Smith said. “But we also know each organization is a little different in what they need to translate that data to business action. With this beta program, we’re willing to do some of that work to tailor even the front-end and the features of that solution uniquely to them.”

Smith said he believes this “white-glove service” will always be a component of rMark Bio’s mission, even as the company scales and automates more of its onboarding protocol. After all, a personal touch is fitting for a company that champions personalization.

For more on Smith, visit his LinkedIn profile.





Kate Wolin’s Company ScaleDown Aims to Make Weight Loss a Habit

A scale and a smartphone are all it takes.

katewolin-croppedMore than 70 percent of Americans are overweight, according to the CDC, and almost everyone who is overweight expresses a desire to lose weight. Yet few achieve their goals, and even fewer maintain their ideal weight. This problem has been a focus of Dr. Kate Wolin’s – a Harvard-trained scientist with deep expertise in behavior change – for more than 15 years. Her company, ScaleDown, uses a sophisticated behavioral phenotyping engine to get people to do just one thing: weigh themselves every single day, because research shows the more frequently a person weighs, the more likely he or she is to lose weight.

ScaleDown provides, cost-effectively and at scale, what personal weight loss coaches do for those who can both afford them and manage the time commitment. Every day, ScaleDown users get text messages in response to their daily weight, based on a sophisticated algorithm that generates individualized feedback.

“The behavioral phenotyping engine is our way of personalizing that feedback without the expense and the reach challenges that coaches can raise,” Wolin said. “I will have the best intentions to show up every Tuesday for that coaching session, but then, you know, I have this work event, or my kid has a thing at school, and I miss it.”

The key to real, sustained weight loss, Wolin said, is consistency.

“Weight, like many other chronic-disease related behaviors, is something you have to be attentive to every day,” she said. “We’re not about quick weight loss. We’re about helping you lose that weight and keep it off. It’s a lifestyle change.”

“We’re not about quick weight loss. We’re about helping you lose that weight and keep it off. It’s a lifestyle change.”

And that lifestyle change has implications beyond looking and feeling better. Much of Wolin’s own research surrounds the relationship between obesity and disease, including cancer.

“A lot of people know that heart disease and cancer are the leading causes of both morbidity and mortality in the US,” she said. “But many people are unaware that obesity is a risk factor for thirteen different cancers… While we don’t collect information on people’s chronic disease profiles at ScaleDown, I hope we are shifting that risk curve for folks who haven’t been diagnosed.”

Wolin met her two co-founders Gary Bennett and Dori Steinberg when they were students at Harvard. Their impetus for building ScaleDown came from their shared interest in serving people who couldn’t easily engage with the medical system.

Today, ScaleDown serves more than 20,000 active users, and they have had more than 110,000 users since they began selling their product. Their research shows that 93 percent of ScaleDown users have experienced clinically meaningful results, which compares to 40 percent in other weight-loss programs.

“We’ve gotten great traction and had enough users come through that we’ve really been able to build a robust product,” she said. “And now it’s about finding the right partners and channels for growing the business.”
For more on Kate Wolin, see her LinkedIn and Twitter.





Dima Elissa Wants to 3D-print You

Posted October 17
By Clayton Gentry
MATTER Journalism Fellow

The serial entrepreneur and technologist’s biomedical design firm creates 3D replicas of body parts for physicians, educators, and medical attorneys alike.

dimaelissaMuch of the healthcare world is based on established averages, but averages are just that – and data from individuals often doesn’t match them. That’s why serial Chicago entrepreneur Dima Elissa wants to create a new standard.

“Our world is built around the measures that a 70 kg white male presents,” she said. “Our houses, our homes, our cars, our approaches in medicine — be it drugs, formulations of treatment care paths, or medical devices.”

Elissa’s company, VisMed-3D, uses visualization and 3D printing technology to provide healthcare specialists, educators, and even medical attorneys with hyper-realistic models of real patient anatomy.

“Imagine that I take a scan of you,” Elissa said. “I recreate it in a mesh model… so I can granularly drive through the cockles of your heart, to the veins in your brain and all that vasculature, and it’s you.” The process of printing a body part usually starts with an MRI or CT scan. These scans provide slices that VisMed-3D uses to assemble a model that can either be printed or rendered digitally.

These renderings can be used by a doctor planning a surgery, a medical school professor who wants to exhibit an edge case, or attorneys in medical malpractice lawsuits.

“We’re as different on the outside as we are on the inside,” Elissa said. “[But] we’re working off of average data and expected assumptions around a body. I think patients don’t yet appreciate what that truly means for them, and why they should care.”

“I think patients don’t yet appreciate what that truly means for them, and why they should care.”

So she’s spreading the word. At last month’s TechUp Career Fair in New York, VisMed-3D took 3D selfie demos, capturing about 150 people with a 3D scanner and printing tiny replicas of them. They will also attend Chicago Ideas Week October 17-23, where they’ll demo how they’ll soon be able to present patient-specific data sets to increase the quality and delivery of healthcare.

As healthcare evolves, it must better cater to individuals, rather than averages, Elissa said.

“As we improve our ability to treat and plan and devise remedies for chronic conditions and otherwise, we need to factor in the variability of individuals,” Elissa said. “We’re not all the same.”

“We’re not all the same.”

Elissa can be found on Twitter and LinkedIn.





MATTER Member Profile: James Lloyd of Redox

Posted October 5
By Clayton Gentry
MATTER Journalism Fellow

A Former Epic Employee is Connecting Disparate EHR Systems

james-22016 medical records don’t belong in manila folders. For years, health systems around the world have put resources into digitizing those records, introducing quicker accessibility, stronger security, and cloud storage. Unfortunately for third party engineers, there’s no universal standard — every health system stores data differently.

That’s why James Lloyd, alongside Niko Skievaski and Luke Bonney, built Redox, an electronic health records integration platform. The trio began work on the platform in 2014 to provide a layer of digital translation atop an array of disparate EHR systems.

“We have some common languages, but each health system has its own dialect,” Lloyd said. “So we try to provide that universal translation and normalization layer so that everybody can talk in one true language.”

“Each health system has its own dialect”

Redox is not Lloyd’s first excursion into healthcare. He began his work in the space with Madison-based EHR company Epic. There, he was able to work on problems he characterized as “intrapreneurial,” internal projects that required an entrepreneurial approach. One project was a communication framework to help Epic headquarters communicate with Epic health systems around the country.

“The projects I was doing before that were just for fun to help out internally,” he said. “But [the communication framework] had a big enough impact that then I shifted into working on interoperability and web services; more on the integration side of things.” Interoperability and web integration would ultimately serve as the basis for Redox.

But first, the trio jumped into the incubator world. Skievaski co-founded Wisconsin’s largest co-working space 100State, and Lloyd joined its board of directors. Then, with Bonney, they founded a healthcare startup incubator called 100Health. “It was a very, very early-stage incubator,” Lloyd said. “It worked really well except for the part where we had to figure out how to pay ourselves.”

“It worked really well except for the part where we had to figure out how to pay ourselves.”

Questions around investor payout and keeping the incubator’s lights on ultimately forced the founders to scrap 100Health. But in helping build its member companies, Lloyd discovered that several needed EHR integration support, and thus realized a single, reusable tool to support that integration might make sense. This tool represented the kernel of inspiration that would ultimately yield Redox.

Now – two years later – Redox supports dozens of health systems and hundreds of application vendors today. The website hosts a gallery of applications built with Redox support. The company is also working on partnerships with EHR systems to create a sandbox environment that will allow developers to simulate integrations via Redox.

Lloyd said these days he spends most of his time figuring out the challenges application developers face today and where the healthcare software market is headed. He also works to support the application’s robustness to ensure that, as Redox scales, it can handle all the extra weight.

“Sometimes it metaphorically keeps me up at night, and sometimes it literally keeps me up at night,” Lloyd said. “But I think looking back 20 years from now I would be unsatisfied if I was doing something that didn’t have real world impact. The high impact comes with high responsibility.”

For more on James, see his LinkedIn.





MATTER Member Profile: Scott Drucker of Supply Clinic

Posted September 27
By Jamie Gottlieb
MATTER Contributor

A Dentist Has Set Out to Fix the Dental Supply Market

© 2015 Stephen Ironside / Ironside Photography
© 2015 Stephen Ironside / Ironside Photography

As Scott Drucker began preparing for his periodontics residency, he contacted the two largest dental distributors to price out his options to purchase supplies for his program. With their pricing charts in hand, including the “new dentist’s discount” he was offered, Drucker looked online to see if he could find a better deal. There, he stumbled upon the “ridiculous inefficiency in the marketplace,” Drucker said.

Drucker found everything he needed for substantially less online and wound up purchasing from a variety of smaller distributors. The larger companies charge substantially more, yet dominate the market. “You have profit margins of the biggest players in the industry of somewhere between 10-12%,” he explained. For comparison, the biggest medical suppliers have margins between 0.5% and 1.5%. It turns out, the two companies that Drucker originally contacted together hold over 65% of the dental supply market share.

Upon further research, Drucker found another huge gap in the dental industry: there was no trusted, independent, online resource for dental supplies. Offices would either contact sales reps from large suppliers or piece together orders from a number of smaller, less expensive sources. It was time to introduce the dental world to the future: an online marketplace.

So in 2014, Scott partnered with his brother Jacob to create Supply Clinic, the online marketplace for dental supplies. On their website, dentists and office managers can order all of their supplies with one cart and one transaction. Suppliers receive payment on the back-end as soon as the purchaser receives an order tracking number.

For two years, Scott worked hundred-hour weeks, alternating between his periodontal residency and Supply Clinic. Once he finished his residency, he received multiple offers to join dental clinics in Chicago and his South Florida hometown. But he “had built Supply Clinic to a certain point and just had to go for it.” So in February 2016, he decided he would pursue Supply Clinic full time.

The team of four – Scott, Jacob, their developer, Dan, and a project manager, Kate – continues to grow in terms of sales and recognition from the dental community. Their website boasts well over 25,000 products, and the team is constantly optimizing the site’s organization and design. Suppliers are beginning to link directly to Supply Clinic from their webpages. Supply Clinic now has hundreds of customers and a fast-growing pool of loyal, returning users.

Customer acquisition has been the most challenging part of the business because “dentists are creatures of comfort and very slow adopters.” Drucker averages ten demos a week with dentists and office managers to show them his website, but the demos sometimes end up being a lesson in how to navigate technology. Still, offices have been receptive to the team’s teachings, social media presence, and email blasts, and Supply Clinic’s growth continues to accelerate.

As for the big guys, early this year they received dozens of class-action lawsuits accusing them of antitrust violations for price-fixing and collusion. “We’re cutting into a piece of their pie,” says Drucker.

For more on Scott Drucker, see his LinkedIn page or his biography on Supply Clinic website.

 

MATTER Member Profile: Jim Ivers of Mondopoint

Posted August 26 by Elizabeth Lynch
MATTER Marketing Intern

How a Medical-device-rep-turned-entrepreneur is Trimming the Fat in Hospital Supply

As the shift to value-based care brings sea change to the healthcare industry and hospitals look to provide more value at lower cost, the iron is hot for healthtech innovators to strike and help hospitals cut their supply expense. Enter Mondopoint – a platform that puts hospitals in the driver’s seat with tools to facilitate meaningful risk sharing between providers and suppliers based on the clinical performance of medical devices.

Mondopoint CEO and co-founder Jim Ivers notes that as the industry shifts to a fee-for-value model, the relationship between cost, quality, and outcomes is more important than ever. But, he knows from his 10 years as a medical device rep that most hospitals lack a systematic way of holding suppliers accountable for the claims they make about product performance. With that in mind, he launched Mondopoint as an out-of-the-box solution to help hospitals get the most from their supply chain dollars.

Mondopoint helps hospitals make value-based purchasing decisions by tracking the performance of their medical products in real-time. Mondopoint’s software relates products’ cost to their impact on quality of care and patient outcomes, connecting disparate data sources and “synthesizing actionable information regarding a product’s impact on patient care and the hospital’s bottom line,” says Jim. It’s also incredibly scalable: healthcare systems can use Mondopoint to optimize their supply utilization by product category and create comparative benchmarks between their hospital facilities.

While industry leaders are generating buzz by pointing out that economics and regulatory pressures are making risk-sharing between healthcare systems and their suppliers all but inevitable, Jim and his team have developed a working platform that makes this type of value-based purchasing a reality. Jim stresses that he simply “sells the model” to his traditionally risk-averse client base: hospitals know their ever-increasing supply budgets are unsustainable and, in some cases, there are “entire departments” devoted to addressing the problem.

Right now, Jim is focused on quantifying the impact Mondopoint has on reducing supply expenses while improving patient outcomes and demonstrating the value of the platform. Hospitals know they have a mounting challenge with matching supply spend to value, and Jim has the answer.

For more on Jim Ivers, connect on LinkedIn or follow Mondopoint on Twitter.





MATTER Member Profile: Feyi Olopade Ayodele of CancerIQ

Posted August 31 by Annette Ferrara
MATTER Extern

How CancerIQ’s “Genetics Clinic in a Box” is Revolutionizing Cancer Risk Screening for Community Healthcare Providers

The first light bulb went off on Mt. Kilimanjaro. It was 2012, and Feyi Olopade Ayodele was standing on the mythic African peak with her mother, Dr. Funmi Olopade, an award-winning cancer researcher from the University of Chicago. Feyi – who then focused on making early stage investments in healthcare startups at the Wharton Social Venture Fund – was in the middle of a career crisis. “I was feeling a lot like Simon Cowell at the time,” she confesses. “I was judging these startups, but I had never worked in healthcare or been an entrepreneur myself.” Overlooking the vast Tanzanian savanna, Feyi realized she should combine her passion for business with her mother’s deep knowledge of cancer genomics. But she didn’t quit her day job just yet.

About 9 months later, Feyi was back in the states working on a project to expand the University of Chicago Medicine’s community-based hospital services. There, she recognized that community hospitals were seeing many more patients than U of C, but they simply weren’t receiving the same great quality of care, especially when it came to predictable, hereditary cancers.

Many of these community-based hospitals do not have the resources or time to properly screen their patients for hereditary risk factors, so they end up diagnosing many patients with cancer that could have been predicted, often at a younger age and later stage than normal. “Too many young people are being diagnosed late because their doctors are unaware of their cancer risk factors,” says Feyi. “I’m on a mission to end that.”

To that end, Feyi wondered how she could “make it easier for community-based practices to incorporate genomics into clinical practices and be more preemptive about treating someone with a genetic predisposition to cancer.” Feyi teamed up with co-founder Haibo Lu and built CancerIQ to find an answer.

“Too many young people are being diagnosed late because their doctors are unaware of their cancer risk factors. I’m on a mission to end that.”

CancerIQ makes it easy for practices to offer cancer risk assessment programming to every patient that walks through the door. With CancerIQ, clinics can screen patients at scale using dynamic algorithms – generated in real time at the point of care – to identify those at high risk. It arms everyday providers with the knowledge and tools to quickly take action before a cancer diagnosis. Patients that undergo the CancerIQ screening process meet with genetic counselors and high risk specialists who use CancerIQ to help the patient make informed decisions about their care.

Just a year and half in, Feyi’s mountaintop “a-ha moment” is having real impact. CancerIQ’s notable clients include OSF Healthcare, Advocate Healthcare, and several other hospital systems across the country. The team is currently running IRB-approved studies quantifying the benefits of the CancerIQ model of care at OSF St. Francis in Peoria.

“Our biggest problem is keeping up with inbound demand,” Feyi says. She credits her success to an iterative, user-centered design process and her mother’s drafting of a “dream team” of medical advisors and board members to clinically validate her product.

CancerIQ was one of MATTER’s first members, joining in early 2015. CancerIQ has recruited MATTER Mentor-in-residence Jordan Dolin as a board member, and is now working with MATTER partner OSF Healthcare to expand the deployment of CancerIQ in their network. “We’re happy to be at MATTER at this tipping point,” says Feyi. “MATTER partners have made it possible for us to get a deeper footprint in their health systems and help us think through strategic partnership ideas that are now coming to fruition.”

Prior to MATTER, CancerIQ was a resident of 1871, a Chicago Booth New Venture Challenge Finalist, a member of Rock Health’s portfolio, and a Healthcare Category winner at the 1776 Global Challenge Cup in 2014. The company raised capital from a group of investors including KGC Capital, Lightbank Ventures, 1776 Ventures, Rock Health, and notable angel investors.
Feyi’s plans won’t stop with cancer care. “Every time I’ve reached one milestone, I want more. I’m really interested in CardiacIQ and Pre-natalIQ next.”

For more information on Feyi, connect with her on LinkedIn or follow her on Twitter. For more information on CancerIQ, visit their website or follow them on Twitter.






MATTER Member Profile: Dr. Richard Vazquez, SafeStart

Posted July 1 by Ornella Hernández
MATTER Journalism Resident
Medill School of Journalism, Class of 2016

Richard Vazquez profJust as aircraft pilots go through a preflight checklist prior to takeoff, so, too, are surgeons expected to review the WHO Surgical Safety Checklist prior to a skin incision. The 19-item list of best pre-op practices developed by the World Health Organization, in association with the Harvard School of Public Health, is intended to prevent the occurrence of so-called “never events,” largely preventable incidents such as operating on the wrong person, the wrong site, or performing the wrong surgery on the right person. It is standard practice to verify the patient’s identity, site of procedure, confirm consent, and gather other critical information in the minutes immediately before surgery starts.

Unfortunately, paper checklists are failing surgical teams because they are often misplaced, forgotten, or carried out by memory — if done at all — resulting in more than 4,000 surgical ‘never events’ being reported in the United States in 2013 alone, according to one study. “It’s like doing the checklist as the plane speeds down the runway,” says Dr. Vazquez. “It puts everybody — the patient, the doctor, the nurses — under too much stress and sets them up for possible failure. By starting the surgical safety process earlier in the surgical patient care process, it’s much easier to prevent ‘never events’ from occurring.”

Thankfully, Dr. Vazquez, MD, FACS, has re-engineered the surgical safety system via SafeStart, a tablet application for surgeons and surgical facilities that permits patients to participate in the creation of their own pre-surgery checklist.

Dr. Vazquez has been a surgeon since 1974, specializing in venous disorders and minimally invasive general surgical procedures. In 2012, after teaching several master’s lecture courses on OR surgical safety for the Society of Laparoendoscopic Surgeons, Dr. Vazquez decided to work toward eliminating harmful and costly handoff and communication mistakes that lead to such never events.

According to Dr. Vazquez, enhanced OR safety is a matter of documenting every detail along the way before an upcoming procedure and keeping patients in the loop. That’s why SafeStart data starts being collected when the surgeon first meets the patient.

Imagine you’re having joint replacement surgery on your right knee. With SafeStart, the doctor or physician assistant will come in the office or clinic with an iPad, take a photograph of your face, and another of your right knee in the same position it will be on the operating table, marking it. He or she will then take a photo of your signed surgical consent form — a pain point for surgical facilities that frequently lose paper copies — and SafeStart will seamlessly upload it to the cloud. Later, you login to SafeStart’s website and verify everything. When the data collected by SafeStart and the patient’s electronic medical records align, the surgeon can confidently and securely proceed with the operation.

“Today, surgical patients are treated like mushrooms: they’re kept in the dark. It’s not right,” continues Dr. Vazquez, who is a big proponent of patient empowerment. “By getting the patient involved early, they understand the process and are a big part of the surgical safety process, rather than in an occurrence of an error.”

The SafeStart tablet app won a 2013 Innovation of the Year Award from the Society of Laparoendoscopic Surgeons.

Plans include the SafeStart Institutional Review Board (IRB) project about to start at the Northwestern Medicine Orthopedic Institute Lavin Pavilion that will study patient satisfaction with the surgical safety process and time to completion of the anesthetic block. Another IRB study expected to start this coming quarter at OSF’s Children’s Hospital of Illinois will examine how SafeStart improves parent satisfaction with the surgical safety process. A pilot at Northwestern Medicine Central DuPage Cadence hospital is anticipated this coming quarter and other pilots are in the exploratory phase of discussion.

In addition to scaling the product, the SafeStart team is looking to develop an Android version and eventually to go global — even into impoverished countries. For more information on Dr. Richard Vazquez, visit his website or connect with him on LinkedIn.

 






MATTER Member Profile: Jennifer Fried of ExplORer Surgical

Posted June 21 by Ornella Hernández
MATTER Journalism Resident
Medill School of Journalism, Class of 2016

JenniferFriedThere are hundreds of instruments in an operating room, but a typical surgery only uses about 10% of them. Before every procedure, an OR nurse receives a “preference card” with instructions on how to support that particular surgeon and assemble the right tools. These cards are static, have limited detail, and can’t be referenced real-time during the surgery itself – which frequently contributes to missing or incorrect items during a surgical case, disruptions, and delays while a patient is under anesthesia.

“Why am I able to pull up step-by-step directions on my phone of three different routes from MATTER to Evanston,” asks Jennifer Fried, CEO and co-founder of 
ExplORer Surgical, “but if I’m a nurse working with a surgeon for the first time, I don’t have that same type of instruction to understand what that surgeon needs?”

Jennifer’s background in consulting led to a desire to “uncover white space opportunities.” While attending the University of Chicago’s Booth School of Business, Jennifer met Dr. Alexander Langerman, a surgeon at the medical center there. At the time, Dr. Langerman was running a research lab on operating room efficiency and was collaborating with Dr. Marko Rojnica, a surgical resident, on methods to bring lean operational principles into surgery. “I had never even seen a surgery before,” said Jennifer. “But all of a sudden he’s telling me about inefficiencies in the OR. There was immediate ‘founder chemistry.’”

With a combined passion to disrupt surgical standards, the trio co-founded ExplORer Surgical. Their digital playbook includes step-by-step instructions for various cases and diagrams of equipment, all customizable according to surgeon preferences. Nurses call the innovation “GPS for the OR.”

Drs. Langerman and Rojnica continue to perform surgery every day, while Jennifer runs business operations. ExplORer Surgical is currently up and running at the University of Chicago Medical Center and SSM Health. Jennifer is focusing on raising a seed round, as well as on-boarding new team members. “Every day is different and exciting, bringing new challenges,” she says. The third version of their software will launch in market soon.

To connect with Jennifer, visit her LinkedIn page or follow her on Twitter. To learn more about the company, visit their website.






MATTER Member Profile: Dane Guarino of Markit Medical

Posted May 10 by Ornella Hernández
MATTER Journalism Resident
Medill School of Journalism, Class of 2016

Dane Guarino Markit Medical – MATTERIt was fall 2014 orientation day at the University of Chicago’s Booth School of Business. Dane Guarino sat next to his fellow first-year, Lance Larsen, and struck up a conversation. They had both recently left the investment banking world and come to Booth for the same reason: to build a health tech company. Lance would soon become Dane’s co-founder of Markit Medical, an online marketplace where patients can shop for healthcare services based on price, insurance coverage, and physician quality. Two years later, they’re about to launch their latest pilot.

Sites like Kayak or Expedia are industry standard to buy flights, because travelers value different aspects of travel such as cost, convenience, or timing. Guarino believes you can apply the same principles to medical procedures: say you need an MRI or a colonoscopy. Your PCP could refer you, but can he or she factor in price and insurance data?

Even if that were possible, patients question the confidentiality of their healthcare when it’s provided by their employer. For example, “Home Depot employees can see all of their healthcare options at work,” explains Guarino. “But none of the employees actually use the portal because they don’t feel comfortable. Our goal is to bring that data to the doctor’s office where the patient is most comfortable making healthcare decisions.”

Guarino and Larsen joined MATTER in summer 2015 after being named semifinalists in the Edward L. Kaplan New Venture Challenge at Booth. Here, they have developed technology to begin automating what was a manual and slow price estimating process. Rather than calling multiple provider facilities to receive quotes, Markit Medical will “build relationships with the specialist facilities so that we can automate the price collection process and show the patient all of their options much more quickly,” says Guarino.

Guarino keeps himself motivated, hydrated, and caffeinated while studying, attending lectures, cold calling, and visiting physicians and clinics. He’s never without a lemon water bottle, an espresso bottle, and a notebook – he credits his coffee addiction to his former life in I-banking. “This notebook probably has the last four month’s worth of interactions with mentors, investors, and potential business partners,” he says.

Guarino considers himself a self-starter who isn’t afraid of breaking the status quo. While in finance, he came up with new ways to model financial statements and helped design a CRM system that tracks clients more effectively. In healthtech, designing better ways to do things is his full time job. “Why isn’t pricing and insurance info at the doctor’s office so you know your options when being referred?” he asked himself. “Let’s see if we can become a part of the physician work flow.”

Markit Medical is currently developing a tablet application that automatically displays results in a PCP’s office. Patients can peruse quality level, location, convenience, and price to make a choice just as if they were “buying socks on Amazon.” The stakes, however, are a little higher for Guarino and Markit Medical. To connect with Dane Guarino, visit his LinkedIn.