2022年11月21日

2022 HLTH在小组讨论会议,小组成员陈述公司需要重新调整他们的商业模式由于预期的缺乏资金。有大量的资本提供数字医疗公司在2021年,但自公开市场萎缩,与数字卫生资金减少。不过,与去年的增加投资,公司的估值上升,许多获得了独角兽的地位,一个术语给私营公司价值十亿美元或更多。但公司价值这些高价格太早,允许不切实际的增长预期?“我们不寻找运营商的重点是这个价格。这是我需要多少资本进入下一个阶段的变形?当我需要筹集更多资本,我如何才能做到这样,通过最小化稀释团队激励,也因此我下一轮我仍然可以得到一个持平或圆的?”Emily Melton, managing partner at Threshold Ventures, said during a discussion at the HLTH 2022 conference last week. Companies now have to learn to navigate the downturn in the market where there was once essentially free money, Andrew Adams, cofounder and managing partner of Oak HC/FT, said. That led to high 409A valuations that may have pushed teams into areas that didn't make sense to the core ethos of the business. "I think what you do with your precious cash resources and time in the day is really refocus on those efforts and reprioritize," Adams said. "It's kind of more of a logical process as opposed to trying to turn the ship immediately. " Overall, the panel agreed that the investment downturn would continue, with some saying the lack of funding may even worsen as time progresses. "There's any number of things that would change what the macro picture looks like, but I'm looking at it and expecting the rest of this year, whatever remains of it, and maybe going into '23 to look worse and then really kind of a challenging situation in '24. So, largely, what I'd like is for companies to have a perspective of how they can make their cash last into '25, if possible," said Krishna Yeshwant, general partner at Google Ventures. Melton agreed with that sentiment. Still, each investor noted the importance of focusing on having a unique offering and leveraging technology in a way no one else has done to ensure investment sustainability. "I think the message ought to be how do we build a great company and how do we do it in a way that everybody's going to say, 'Wow, I want to invest in that company because I see the path," said Glen Tullman, CEO of Transcarent and managing partner at 7wireVentures. Understanding a clear path to profitability, ensuring the company has a suitable capital runway and that its board and investors are supportive of the company's mission is crucial, Tullman said. "I've seen a lot of companies say, 'We just want to last. We want to cut whatever we need to cut so we can last three years.' Venture isn't about how long you can last because you can cut and make it last five or six years. It's about how you quickly get to something that is differentiated," he said. Yeshwant adds it's vital to have a plan as to how the company will reach profitability. "We've all seen in the environment 25%, 50% of companies out there, certainly in digital health and digital more broadly, don't actually have that plan of how they're going to get to profitability. They have a plan for growth, but they don't have a clear plan on profitability or positive unit outcomes," Yeshwant said. "I think the environment with low interest rates supported that for a while. I think we're kind of in a moment where that environment just won't tolerate that anymore." The investors noted specific motifs they'd like to see the next unicorn companies focusing on in healthcare, with Yeshwant stating mental health, senior care and primary care are important to him, and Adams noting he'd like to see future unicorns in the Medicaid space. Melton emphasized the need for women's healthcare to become healthcare. "We're allowing politicians to drive decisions around our bodies, and a lot of that is because we don't have the education or the clinical context to make those decisions. And it's not just a thing about healthcare. It's an economic imperative. Women are driving the workforce. We are expanding the GDP, and we need to actually get access to the right kind of health care if we're expected to continue to be productive members of our society. " Tags: