Health care always comes with a few “ouchies” but health IT startup Infina Connect got some real stingers in the latest round of critiques in the Wall Street Journal’s “Startup of the Year” competition.
Vivek Wadhwa, a former Triangle entrepreneur and academic who is a regular Insider contributor to WRALTechWire, grilled the Cary company in Round 3 of the contest. Wadhwa started out by saying he struggled as he went through all of the documents he could find on the company.
“I can’t make heads or tails of them,” he said.” You use so much technical jargon. Even though I’m in the industry, I can’t figure out what you’re saying. Can you please tell me as if I was your grandmother exactly what you folks do?”
Infina is down to the final five in the Wall Street Journal effort aiming to find the best startup startup. The competition has played out online like a reality show as companies are given tasks and are judged on their performance. Companies are also taken to task by veteran entrepreneurs and investors. This week, startups faced “Hot Seat” interviews.
Infina provides cloud-based software that makes it easier for doctors make patient referrals for the lowest cost and the best outcomes. The software also helps manage prescriptions by logging prescriptions, which speeds up insurance reimbursement, gets the medication to patients faster and screens out inappropriate medications.
Infina executives tried to explain the technology to Wadhwa, who urged them to cut down on the jargon and as the company went into more detail about the outcomes of the technology – including about $12 million in savings in North Carolina Medicaid expenses over the last year – Wadhwa came around in his understanding and support of the technology. He said that he’d like to see the Infina’s offering scaled up for use around the country.
“I can see that the drug companies would shudder because suddenly they’re being held accountable,” he said. “But it could lead to significant savings in health care. The entire system could be transformed if we had accountability about what was prescribed, what results were produced and the cost of these things.”
After piloting its technology in North Carolina, Infina has been working to get the technology out around the country. CEO Siu Tong says the challenge for startups is that large companies are wary of partnering with an unknown small company. But he acknowledged Wadhwa’s criticisms on communication.
“You make a very good point that we have to simply our message a lot more,” Tong said.
