How does an entrepreneur meet the needs of diverse consumers and make an impact on society? The answer is not entirely simple, but the first step is ensuring that you actively work to understand the communities you are trying to reach. We sat down with 2-time MassChallenge HealthTech alum, Moving Analytics, a 2020 Platinum Winner, to learn how Moving Analytics has worked to provide easier access to cardiac rehab for all populations, with specific initiatives to maximize impact for their diverse group of consumers.
Founded in 2013, Moving Analytics is a tele-health company that has helped thousands of patients access life-saving cardiac rehab after they have experienced a cardiac complication like a heart attack through Movn, an innovative app-based virtual cardiac rehab program.
The program, built in conjunction with Stanford and validated over multiple clinical trials, combines behavior science, remote monitoring, and personalized coaching. Moving Analytics helps patients avoid worsened health outcomes while significantly reducing readmissions rates through 300%+ improvements in cardiac rehab completion rates. The company has partnerships with Kaiser Permanente in California, CDPHP in New York, Highmark Health Plan, Allegheny Health Network, and the Veteran Affairs Medical Center with plans to expand to more states in 2021.
HOW MOVING ANALYTICS LEVERAGED MASSCHALLENGE
Moving Analytics initial business model was a SAAS model targeted at hospitals, the company used the 2018 MassChallenge HealthTech program to pivot their model to target health plans.
“During our second time at MC, Anthem was our sponsor and it was a great opportunity to learn how health plans work in general. It helped us to create a whole new business model for Moving Analytics,” said co-founder Ade Adesanya. “We went from being a software company to being a healthcare provider that was working directly with health plans to deliver care.”
“MassChallenge is very important because [they] do a good job setting expectations on the other side with those [partner] organizations,” said Adesanya about how MassChallenge HealthTech helped his team navigate their partnerships during the program. “Saying, ‘hey, these are startups, and they are trying to figure this out.’”
Beyond their partnerships, Moving Analytics looked towards organizations in the MassChallenge network to evolve their company. For one, they worked with Seae Ventures to further engage health plans.
MOVING ANALYTICS’ APPROACH TO PATIENT-CENTRIC INNOVATION
Moving Analytics’ emphasis on inclusion in product design has given them the ability to create immense impact for patients. Research shows that patients who participate in cardiac rehab live longer and have fewer readmissions. However, 80% of patients don't enroll because facility-based cardiac rehab due to barriers like transportation, conflicting hours of operation, and cost all hinder patients’ abilities to complete the program. According to the Agency for Healthcare Research and Quality, only 24.4% of Medicare-eligible patients participate in cardiac rehab programs.
“When you think of cardiac health, communities of color tend to have poorer outcomes. The national participation rate in cardiac rehab is 20%. When we look at it within communities of color and women, it’s probably less than 10%,” said Adesanya.
In 2016, Moving Analytics created a virtual cardiac rehabilitation program, Movn. Movn produces the same outcomes but has 4 times higher participation rate at a fraction of the cost.
“We have seen an increase of representation of women, people of color, and people in general doing cardiac rehab now that we give them the option to do it at home. I think it works better for the lifestyle,” said Adesanya. “They can do it where they are and don’t have to travel, take time off work, and can fit it in a busy schedule.”
Moving Analytics continues to evolve their product to service high-need populations, recently recognizing, for example, the need to support veterans. To connect veterans with access to Movn, the company worked with Atlanta VA to address telehealth access by providing veterans with tablets and data plans. When Moving Analytics launches state-specific programs like these, they also try to ensure that the back-end staff are representative of the communities they are serving.
“In general, we’re seeing that tech and mobile health is increasing access to care for people who were traditionally underserved, who couldn’t physically get to rehab centers before and now they can through technology,” commented Adesanya.
MOVING ANALYTICS’ ADVICE TO FELLOW ENTREPRENEURS
For startups to be successful in maximizing impact, they need capital. When Moving Analytics co-founders started out in 2015, they had a challenging time raising capital. This spring, they raised $6M in a Series Seed-2 round led by Aphelion Capital, LLC with co-investments by OCA Ventures and Seae Ventures.
Adesanya notes that while capital opportunities are now better for founders of color, they are certainly not perfect. He advises fellow entrepreneurs to be aware of the various types of investments that he categorizes as neutral money, strategic money, and distracting money.
“I think it is very important to be careful and make sure there is alignment and be sure of the expectation of the role investors are going to play in your growth,” said Adesanya.
While the road to attain investors was challenging, Moving Analytics’ investors have encouraged the company to think bigger and scale. The team has continued to redesign their services, assess the needs of diverse consumers, and never take ‘no’ for an answer when finding capital.
The biggest connection to all these elements of success is maintaining open-mindedness. Adesanya reiterated that it took an open perspective to not only navigate working with investors, but also to support a customer base and shift distribution channels. The world of innovation is consistently changing and startups should be looking to grow while the world evolves, he said.
“Go with an open mind... As founders or even as people we want to come with ‘hey we got this, we know how everything works,’ but it you really want to make a pivot, you must be humble.”