Krishna Yeshwant

M13 is thrilled to lead the Series A in RadiantGraph which is focused on personalization in healthcare. As we continue to invest in early stage companies it is abundantly clear that the biggest indicator of success is the founder and his or her ability to execute on their vision of the future. In this case, I don't think I have seen much better founder-market fit than we have with founder and CEO Anmol Madan. We believe in his vision: in order to have the best patient outcomes in healthcare we need increased personalization and AI is the breakthrough to get us there. Anmol started one of the pioneering digital health companies Ginger and then was Chief Data Scientist at Livongo and Teledoc. He has done it all: early stage, late stage, public company. And he deeply understands the nuances of the healthcare market from all angles which is critical for success. While there are many players building healthcare-specific AI capabilities, RadiantGraph is focused on outcomes: The platform is already processing personalization models for more than 3.5 million people, despite launching just last year. Excited to partner with my friend Adam D'Augelli and the great True Ventures again and Morgan Blumberg who has been deep in the healthcare market with me for many years. More on our thesis in the blog below. https://lnkd.in/evDDmC3W

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Some VC investors believe that brick and mortar - referring to a physical presence of some kind - should be avoided at all costs. Yet, the track record of clinic and hybrid care businesses in health care indicates otherwise. ==> One Medical (sold for $3.9 billion to Amazon), Oak Street (bought by CVS for $10.6 billion), Lifestance (IPO at $7.5 billion market cap), and PE-backed Premise Health (acquired by OMERS Private Equity for $1.1 billion) If a clinic is indicated as the optimal way to deliver care for that patient population, there are creative ways to build and operate them. Full article below with advice and strategies on how to build and operate hybrid clinics from my teammate Anarghya Vardhana from Maveron, Amir Dan Rubin from OneMedical Group, Steven Eidelman from Modern Animal and more!

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Here’s your recap of last week’s health IT news 🗞️ 👇 🤖 AI Products • Emergency Services, Inc. + Augmedix Go ED: The emergency medicine group adopted the new ED-specific AI ambient scribe solution.    • Color + OpenAI: The cancer care tech company partnered with the GenAI giant to build a AI clinical decision support copilot.    • AKASA Medical Coding: The AI RCM vendor known for its AI prior auth tool AKASA Authorization Advisor released a new GenAI medical coding solution.    • Humata Health: The AI prior auth for providers vendor closed a $25M funding round led by healthcare org-backed funds The Blue Venture Fund and LRVHealth.    • Wellsheet + Concord Hospital Health System: The AI-enabled Smart EHR UI solution announced a client-reported 16.3% reduction in length of stay and 40% decrease in time spent in the EHR via its partnership with Concord Health, as well as the release of its new LLM-generated handoff summary feature. 🍎 VBC • BSIM Healthcare Services + Innovaccer: The healthcare provider—embarking on its first VBC contract—adopted the pop health data platform for analytics. 🩼 Durable Medical Equipment • Parachute Health: The DME e-prescribing and ordering solution released an update that integrates prior authorization. ⚕️Clinical Staffing • Matchwell + Indiana Hospital Association: The clinical staffing service partnered with the hospital member org to create the first state-wide resource pool for temp staffing. 🧑‍💻 Virtual and At-Home Care • Deaconess Health System + KeyCare: The Indiana-based health system adopted the Epic-based virtual care provider for around-the-clock virtual urgent care.    • UC Davis Health + Current Health: The health system launched a new RPM program for high blood pressure in partnership with Best Buy Health’s care-at-home platform. 🧠 Food for Thought: We came across a couple of good resources this past week on the current state of healthcare data information exchange: • This article in Health Affairs from Deven McGraw and Tina Grande provides a comprehensive overview of some of the patient health data abuses we've seen come to light in recent months, as well as a number of policy recommendations to improve the health information exchange landscape for all participants. https://lnkd.in/e_GEQ-JJ  (h/t Alya Sulaiman)    • This episode of Health Gorilla's InteropTalk gives a helpful update on the current state of affairs, with a particular focus on the state of trust across the health data exchange community and how the definition of "Treatment" may evolve. https://lnkd.in/e96AJG-5 (h/t Brendan Keeler) --- Reminder: you can sign up for the Elion Briefing to get the latest healthcare tech news delivered to your inbox each week 📬 👉 https://lnkd.in/e2UJ3ckP

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I’m excited to share my recent conversation with Joel Beasley | Modern CTO on the Modern CTO Podcast. We discussed my pivot from clinical medicine to the founding of Northpond Ventures, focusing on practical lessons from career transitions and the real-world impact of biotechnology innovations. Here are some of the highlights:  1. How I managed to reshape my career around personal strengths and market needs 2. The importance of support systems in overcoming professional challenges 3. How venture capital can drive scientific innovation into marketable solutions 4. An overview of Northpond Ventures’ strategy in fostering partnerships with leading academic institutions You can listen to the full episode here: https://lnkd.in/eGDzY98h #Biotechnology #Tech #Leadership #CareerChange #VentureCapital #Entrepreneurship

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🌟 Boston’s Trailblazing Health Tech Startups! 🌟 I thought it would be nice to give a little shout out to some of the health tech startups in Boston putting in work. PathAI – Leveraging artificial intelligence to enhance the accuracy of pathology diagnoses, PathAI is paving the way for more precise and efficient disease detection. Akili Interactive – Bridging healthcare and digital therapeutics, Akili is developing video game-based treatments for cognitive disorders, bringing a unique approach to mental health and wellness. Biofourmis – This predictive health analytics leader offers remote patient monitoring solutions, allowing healthcare providers to offer personalized care and anticipate patient needs. Ginkgo Bioworks, Inc. – Specializing in synthetic biology, Ginkgo Bioworks is transforming drug development and diagnostics by creating custom organisms, fueling innovations in biotechnology Omada Health – A pioneer in virtual care, Omada Health provides digital health solutions to manage chronic conditions like diabetes, hypertension, and mental health, bringing healthcare directly to patients. Buoy Health – Powered by AI, Buoy Health offers personalized health guidance and telehealth support, helping users make informed decisions about their health from home. Eqrx R – Focused on affordable drug development, EQRx is working to make essential medicines accessible, addressing one of healthcare’s biggest challenges—affordability. #BostonHealthTech #InnovationEcosystem #DigitalHealth #HealthcareInnovation #Startups

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I used to spend 2-3 hours daily on clinic notes, skeptical of AI scribe technology. However, I've been impressed with RevMaxx, a generative AI company transforming clinical note creation by listening to physician-patient conversations and automatically generating comprehensive notes. This platform accurately captures crucial ICD-10 codes, saving valuable time ⏰. 👉 Why This Matters: - **Reducing Physician Burnout:** Administrative tasks are a significant contributor to physician burnout. Innovations like RevMaxx alleviate this burden effectively. #HealthcareInnovation #AI #PhysicianBurnout #MedicalDocumentation #HealthTech #RevMaxx

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A little late, even though this process started in July.... Excited to share our latest investment in Heads Together Health!! We met Steve DeVrieze in October last year, and we think they are poised for impressive growth! Read more here: https://lnkd.in/ecYcqqkn #earlystagestartup #earlystageinvesting #VCinvestment #ncstartups #nctechstartups

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Big healthcare AI news yesterday as Tempus AI received the first-ever CPT code for an algorithm-only analysis of previously-sequenced, laboratory developed test transcriptomic data. TLDR: AI molecular phenotyping has a new business model. The PurISTSM test uses RNA profiling to identify molecular subtypes in patients with advanced pancreatic ductal adenocarcinoma, which may inform first-line therapy selection and management. While I'm skeptical that payer balance sheets are going to solve the "who pays for healthcare AI" problem, the reimbursement pipes for clinical AI are maturing. I am surprised to see more progress for usage-based vs. performance-based models given the many challenges with FFS economics. It will be interesting to see how payers assess the "medical necessity" and therefore reimbursability of clinical AI as these models come to market. https://t.co/eLe18SmihV

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As the discourse shifts from models to compound AI systems / agents, we need better AI benchmarks to evaluate multi-modal and multi-step task performance, especially in healthcare and life sciences. When we wrote the first paper demonstrating ChatGPT's performance on the USMLE, we chose the US Medical Licensing Exam as a benchmark for accessibility, speed, and ease. This benchmark was never intended to represent AI model performance on real-world clinical tasks. Today, I still see so many research teams and startups using benchmarks (like the USMLE) that are ill-fitted for assessing the true clinical or scientific performance and utility of the models they are developing for real-world contexts. Benchmark development may be seen as a "less sexy" area of research, but it is of paramount importance. Years after the rise of the transformer, we still lack adequate benchmarks for so many single-step tasks in biomedicine. With compound AI systems (i.e., architectures that integrate multiple AI models to perform complex tasks) emerging, we need new benchmarks for agentic behaviors. I'd argue that developing an agent with novel capabilities without at least proposing a companion benchmark (if an industry standard does not yet exist) may hinder the adoption of said agent, especially for high-stakes workflows. Designing more benchmarks that capture/simulate real-world clinical and scientific workflows will help us mitigate the major discrepancies observed between in silico and in vivo performance and better support safe + effective deployment of AI in biomedicine. There are already brilliant people focused here, and we need more. DMs are open if you're researching or working in this area of multi-step/multi-modal benchmarking in healthcare and life sciences! #healthcare #ai #artificialintelligence #generativeai

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At the annual Decoding Bio summit, I sat down with Brad Loncar of BiotechTV to discuss how we at Bessemer Venture Partners are thinking about where value accrues for AI in biotech. The short answer: Ultimate value accrues at the therapeutic level. Longer answer: If AI improves drug discovery along any axis (speed, efficiency, cost, new biology, novel chemistry), and becomes a near-ubiquitous tool in the discovery process, value will accrue up the stack. Vertical integration of discovery and development will be essential to capture this value, and the greatest moats will (still) be built in clinical development – trial design, biomarker identification, indication selection, and raw execution.

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The (Healthcare) Ground Beneath Our Feet… This year it is likely that over $10 billion will be invested in the digital health sector – a robust amount, no doubt, but inconsequential when compared to the amount of capital tied up in healthcare real estate assets, which is estimated to be $1.2 trillion by Jones Lang Lasalle. Of that amount, approximately $790 billion is in the hospital sector while the remaining $490 billion is in medical office assets. It is estimated that there are 48.6k facilities with 3.4 billion square feet of healthcare real estate, 42% of which are owned by REITs and another 33% held by other private investment vehicles. Much of the digital health investment is meant to make the physical healthcare infrastructure more productive: greater operating efficiencies, greater patient throughput, more relevant personalized care models with better outcomes. As the healthcare system is being pushed to be more distributed to lower cost sites of care, accelerated now by the rapid proliferation of automation and AI capabilities, the potential impact on healthcare infrastructure assets will be profound. Thoughts on what that might look like... https://lnkd.in/eTfAdUbS #digitalhealth Flare Capital Partners

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I’m thrilled to share that FeelBetter is starting a new prospective research study with Brigham and Women's Hospital, building on the success of our retrospective research study. "Many polypharmacy problems aren’t detected until patients end up in the ER and, in seniors with several chronic diseases and conditions, the simultaneous use of multiple medications ultimately contributes to 10-30% of hospitalizations,” said Lisa Rotenstein, MD MBA MSc, the principal investigator of the study. “Our previous study showed that its platform can be used to identify which patients are at the highest risk of polypharmacy-related adverse events. Based on retrospective data, we’re excited to prospectively examine how the platform can potentially be used to improve patient outcomes, healthcare utilization, and cost efficiencies.” #Polypharmacy #medicationmanagement #AI #ACO #VBC #PrecisionHealth #PopulationHealth

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Incredibly excited to share our updated Healthcare AI thesis. This is not a market map – in 4,000 words, we dive deeply into the research, products, business models, and market entry points that are reimagining healthcare with AI. More specifically, we cover: • Translating AI research into real-world products • Mapping modalities (software, copilots, agents, services, diagnostics, therapeutics) to problems in healthcare • Designing AI business models that unlock billion-dollar markets • Closing current gaps in healthcare AI infrastructure • Distinguishing AI platforms from point solutions Let us know what you think ⤵️

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Here’s your recap of last week’s health IT news 🗞️ 👇 🥼AI Clinician Assistant • Suki : The AI scribe announced an SDK and APIs enabling developers to integrate ambient documentation into their applications. • Apricot: The gen AI pre-seed startup focused on reducing documentation overhead for home health nurses launched. • Tampa General Hospital + Palantir Technologies: The health system and the software platform are partnering to develop an AI care coordination and decision support platform. ☎️ AI Contact Center • Mediktor + Sensely: The AI symptom triage solution acquired the conversational member engagement platform. 📋  Patient Administration • Oracle (Cerner) + Loyal: The EHR now offers integration with the patient engagement solution through its Healthcare Marketplace. • HubSpot: The CRM and marketing platform announced it will now offer HIPAA support and sensitive data tools. 🏥 Provider and Practice Administration • LeanTaaS: The AI-enabled facility management solution released updates including: mobile-first live view of OR schedule, predictive staffing automation, and a gen AI solution allowing decision-makers to glean staffing and scheduling insights. ⚕️ Clinical Operations • Keragon: The HIPAA-compliant automation platform launched out of stealth with a $3M funding round. 🧑‍💻 Virtual and At-Home Care • AvaSure + CLEW: The virtual care platform is partnering with the AI-powered remote patient monitoring and analytics company to improve patient outcomes. 🍎 VBC • Evolent + Machinify, Inc.: The VBC org acquired AI Authorization assets from the AI operating system platform.    • ProgenyHealth, LLC + Wildflower Health: The maternity and NICU case management solution is partnering with the women’s health VBC enabler to “help health plans fill gaps, collapse silos and integrate into existing clinical and operational workflows.”    • Health Catalyst + Carevīve: The population health data and analytics company has completed acquisition of the cancer care management solution. 🧠 Food for Thought: • This article provided an interesting look at Nebraska Medicine’s efforts to design a next-generation hospital room, including the four technologies they’ve selected to anchor their work. https://lnkd.in/em-u-a5v    • McKinsey released a survey of 200 global health system executives on their investment priorities. Among the notable findings, 88% listed AI as an area of high potential impact, yet only 40% have implemented any solution thus far and over 20% don’t have plans to invest in the next two years. https://lnkd.in/eK3CeqQ2

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I recently spoke with Katie Palmer of STAT News about the alarming practice of some telehealth companies prioritizing profits over patient safety by prescribing and selling unregulated compounded obesity medications. Compounded medications come with real safety and efficacy risks given they are not regulated by the FDA and whatever molecules are included in the compounded medication are not the same compound as what has been studied in clinical trials and approved by the FDA.  This risk is amplified when they are prescribed through companies focused on maximizing prescription volume and profits with a model that doesn’t provide ongoing clinical oversight or even basic care. These companies are operating in a reckless and opportunistic way that undermines science-based care and puts patients at real risk. At Form Health, patient safety is our top priority, which is why we never prescribe compounded medications. We’re committed to helping people get healthier, not making money by taking advantage  of a vulnerable population with a disease they have struggled with throughout their lives, for which they have often been shamed and stigmatized. Our ABOM physicians only prescribe FDA- approved medications, as appropriate, and patients fill their prescriptions at a pharmacy of their choice. No misaligned incentives here! The obesity medicine space has exploded over the past few years, and it’s not surprising to see bad actors popping up to make a quick buck. But they are making money at the expense of real people’s health. We all have a responsibility to call these parties out and ensure Americans have access to safe, high-quality obesity care. It’s past time to end the GLP-1 compounding bonanza.

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One key reason why healthcare technologies like AI, telemedicine, and software haven't structurally lowered costs or broadened access for the entire system after decades of experimentation (excluding pure financial engineering of payer contracts) is the limited reimagining of care delivery itself, with asynchronous telemedicine as a notable exception. In the same way that digitizing physical paper failed to exploit the capabilities of a new computing medium for word processing, hosting physician-patient conversations over video does not transform the actual delivery of care. In telemedicine, many of the inputs (e.g., clinician time) and therefore cost structures of in-person care persist, which is why we often see fee-for-service telemedicine companies struggle to achieve economies of scale (i.e., growing revenues non-linearly while growing costs linearly). Until we deconstruct the components of a medical appointment – from intake and triage, to chart review, history gathering, physical examination, diagnosis, treatment, and follow-up – we will continue to be underwhelmed by the disconnect between the transformative potential of these technologies and real-world patient/system impact. I’m optimistic that the emergence of reliable and performant medical AI agents will urge us to perform this deconstruction and redesign the fundamental building blocks of a “medical appointment.”

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Platforms are in, point solutions are out as the healthcare AI category leaders come into focus this year. In conversation with Shelby Livingston at Endpoints News, I shared: 1. Why AI-first companies have the greatest platform potential and heuristics for identifying these opportunities at the earliest stages, 2. How companies are differentiating through co-development and distribution partnerships with leading healthcare institutions, and 3. Strategies for navigating anemic budgets and constrained market sizes through business model innovation such as AI-enabled services and pay for performance models Read more here: https://lnkd.in/dJWqv_zC Bessemer Venture Partners Abridge #healthcare #lifesciences #AI #generativeAI

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