Spry Labs Launches in Cincinnati.
The Venture-Building Studio Aims to Help Stakeholders Solve Healthcare Industry Problems.
CINCINNATI, Ohio (June 30, 2016) – Cintrifuse launched Spry Labs, a venture-building studio. Housed in Union Hall, Spry leverages Cincinnati’s startup community to solve pressing healthcare problems for companies and commercializes the solutions. Working with founding member Mercy Health and key partners like The Health Collaborative and Bethesda Inc., Spry takes a fresh approach to tackling today’s healthcare challenges.
“Health providers, payors and employers told us they need a rapid, focused approach to problem solving led by people who understand the healthcare industry but are not shackled by it,” said Emily Geiger, Spry Labs’ Managing Director. “Spry Labs uses human-centered design and venture-building services to help companies proactively face a $1 trillion disruption in the healthcare ecosystem.”
The healthcare market is shifting from volume-driven care models to value-driven models. Fifty percent of all insurance models are projected to be a pay-for-value or bundled payment model by the end of 2018. Coupled with rising cost pressures, the healthcare ecosystem needs to deliver a higher quality, lower cost of care that is focused on patient satisfaction.
“Mercy Health is committed to providing accessible, leading-edge care at the time patients need it,” said Jeff Carr, Mercy Health Chief Innovation Officer. “As a founding member of Spry Labs, we will engage in innovative, creative work that overcomes barriers, challenges traditional thinking, solves problems and ultimately improves the health of our communities.”
Consumer healthcare involves using technology to empower people and those who care for them to track, manage and improve the health of their patients. The solutions created by Spry Labs will focus on value-based, consumer-centered healthcare.
“Bethesda Inc. made a significant grant to Spry Labs because solving healthcare delivery challenges requires fresh thinking and new ways to collaborate,” said Jill Miller, President, Bethesda Inc. “We believe the Spry model has the potential to deliver powerful ideas that can transform consumer healthcare.”
Unlike accelerators and incubators, Spry Labs is modeled as a venture-building studio. The structure allows leading industry talent to partner with companies and quickly innovate around new ideas. By operating in a lean fashion and testing solutions quickly, the lab pushes concepts towards rapid success or rapid failure.
It’s a valuable strategy for large companies, providing them a focused way to innovate and gives them a modern approach for achieving growth. Outputs include refined business models, digital prototypes and new startup companies.
“Leveraging Greater Cincinnati’s assets – both in healthcare and consumer insight - to create viable businesses is the perfect play for our region,” said Wendy Lea, Cintrifuse CEO. “Establishing Spry is a significant milestone toward making Cincinnati the premier destination for startups in the Midwest.”
Spry has over 20 concepts in its pipeline. These concepts range from patient navigation through the healthcare ecosystem, a community benefits tracking tool and data dashboards for employers. Spry will showcase its first design sprint at the Healthcare Innovation Xchange on September 29.
Cintrifuse facilitates the building of high-growth companies in Cincinnati, OH. The organization fosters and maintains a network of funders, educators and talent in order to support startup companies throughout their life cycle. Cintrifuse puts the entrepreneur first and dedicates itself to the success of its members.
Unique to other startup advocacy groups, Cintrifuse also operates a for-profit fund that strictly invests in other venture funds (a fund of funds). Investors in the fund represent top-tier global corporations like Procter & Gamble, Kroger and Western & Southern. With Cintrifuse, large corporations get access to innovation, VCs increase their deal flow and entrepreneurs thrive in a fertile startup ecosystem.
Born from Cintrifuse, Spry is a dynamic venture-building lab. As boot-on the ground industry experts, the Spry team accelerates and launches validated consumer-driven healthcare models. With an eye on the future - Spry solves problems with speed, focus and agility.
About Mercy Health
Mercy Health (formerly Catholic Health Partners) is the largest health system in Ohio and one of the largest health systems in the United States, employing more than 34,000 employees in Ohio and Kentucky. With $6 billion in assets, Mercy Health operates about 450 health facilities, including 23 hospitals, eight senior living communities, five hospice programs and seven home health agencies. Its accountable care organization, Mercy Health Select, is one of the top 10 ACOs in the country for Medicare Shared Savings, generating more than $15 million in savings in 2014. In keeping with its mission, Mercy Health provides about $1 million per day in community benefit services. Mercy Health is a founding member of Health Innovations Ohio, which focuses on providing health services that result in higher quality, better health and greater value. For more information, visit www.mercy.com or connect with Mercy Health on Facebook, LinkedIn, Google+, Pinterest and Twitter (@LivingMercyHlth).
About Bethesda Inc.
Bethesda Inc. is a major funder of healthcare transformation and co-sponsor of TriHealth, the leading integrated health delivery system in southwest Ohio. Since 2010, Bethesda Inc. has invested over $29 million to transform healthcare delivery in our region. In addition, Bethesda Inc. directly oversees the operations of the Bethesda Fertility Center, which leads the region in new technologies and fertility success rates that surpass national averages, and Bethesda Foundation. Learn more at Bethesda-inc.org.