Today, I’m proud to share that McKesson Ventures has made a strategic investment in PokitDok. As the venture capital arm of McKesson Corporation, currently ranked 11th on the Fortune 500, McKesson Ventures operates independently of McKesson Corporation and has a team dedicated to helping facilitate accelerated growth in strategically relevant healthcare businesses like ours. They join our strong group of investors who recognize the fundamental shift taking place in the $3T US healthcare industry, which, as I recently pointed out, is going global.
Last month, the NVCA reported that Corporate Venture investment in the entrepreneur ecosystem hit a 15-year high in 2015. Traditionally, these investors are focused on near–term, tactical investments that are tightly interfaced with their traditional business development efforts. However, a subset of these investors – including McKesson Ventures – are thinking longer–term, looking at emerging markets and companies that will shift the landscape around their company and their customers. These types of relationships can better prepare companies for the disruptions brewing around the corner, and even help them get ahead of the trend by introducing new technologies to their enterprise customer engagements to gain competitive advantage. Our new relationship with McKesson Ventures will encourage productive innovation around certain critical issues in healthcare, including interoperability and technology changes to the underlying system that legislation continues to drive.
Tom Rodgers, Senior Vice President and Managing Director at McKesson Ventures will join as a board observer. Here’s what he had to say about the recent investment:
“McKesson is an established provider of enterprise-level healthcare data solutions, and our technology is the backbone to many of the critical healthcare transactions taking place every day. PokitDok connects robust data streams like ours through an open platform for software engineers, health systems and their partners to build new and nimble products for patients and providers, giving them the consumer-centric offerings that today’s consumers demand. Easy-to-use tools such as price transparency, scheduling, and one-click payments are just the beginning of what’s possible with PokitDok’s underlying technology.”
PokitDok streamlines the business of health, by providing a development platform of Application Programming Interfaces (APIs) to process eligibility checks, claims, scheduling, payments, identity management and other business transactions. Our transaction volume is triple what it was last month and we expect it to grow exponentially in the months to come.
One of McKesson’s core customer segments is hospitals and health systems. As an example of how PokitDok can help serve that market, picture a large hospital system that operates a spectrum of departments and services. Our APIs could help that hospital run its non-acute lines of business, such as imaging and urgent care, on business models aimed at the increasingly engaged consumer – to attract patients, on boarding with eligibility and other benefit information and driving greater asset utilization through flexible scheduling and payments. Imagine giving patients the ability to shop, schedule and pay for an MRI, or other such service, online. Early adopters already have this underway. Our technology can be easily integrated with back office systems to improve efficiency, margins and ultimately, drive the cost curve down. PokitDok can give health systems the ability to build new patient-centered experiences like this - and beyond.
McKesson Ventures and our entire team believe wholly in powering an easily navigable, effective and efficient healthcare industry. It is a privilege to take this next step with them.
Share the health,
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