Lucro has made great strides since our corporate launch last November at the Becker’s CEO Roundtable. In particular, the partnership and industry influence of Lucro’s early adopters, advisors and investors has resulted in a functionally-rich solution and significant market momentum to accelerate innovation in healthcare.
Below is an overview of the recent progress we have made to establish and expand our platform, community, and company.
Broad Support From Key Health Industry Leaders
Advisory Board Now Complete
The purpose of our Advisory Board is to validate our priorities and support our strategies through their expansive industry experience and professional networks.
We are fortunate to have recently added two legendary healthcare innovators to our Board of Advisors. Molly Coye, MD MPH currently serves as Entrepreneur in Residence at the Network for Excellence in Health Innovation (NEHI). Previously, Molly established herself as a thought leader as Chief Innovation Officer at UCLA Health and as Founder and CEO of the Health Technology Center (HealthTech), noted as the premier forecasting organization for emerging technologies in health care. We are also honored to add Anne DeGheest, a highly regarded healthcare technology pioneer, having provided angel funding and mentorship to transformative companies such as Pyxis, VISICU, Omnicell, Nelcor, Massimo and many more.
New Strategic Investors
Lucro is fortunate to have added the financial and strategic backing of HCA and Heritage Group, now joining Martin Ventures’ commitment to fulfilling our mission. In seeking growth capital, we placed great importance on aligning incentives with the network of health systems serving as our design partners and early adopters. These two relationships alone deepen that alignment with organizations operating over 800 acute care facilities and hundreds of surgery centers, clinics, post-acute sites and health plans.
Key New Functionality
An important insight and consistent request we’ve received from the health systems engaged with Lucro has prioritized a new module called My Marketplace. Lucro has been asked to enable multi-site health systems to leverage their scale by aligning internally to drive consistency, transparency and best practices across their organizations. With Lucro, health systems can now privately:
- Identify, understand and manage currently deployed products and services
- Rate and review deployed solutions
- Define and filter new solutions based on corporate standards, existing agreements and GPO contracts
- Configure roles and permissions for Lucro users within their organization
My Marketplace replaces current efforts limited by fragmented spreadsheets, share point files, emails and in-person meetings historically attempting to address these issues.
Another common insight shared by healthcare decision-makers is that they rarely shop for a “product”. Instead, they seek to solve a problem or address an opportunity, generally requiring them to bring together multiple products and services to form a more comprehensive solution.
We created Idea Boards to help healthcare leaders to easily organize, align and collaborate around innovative products. Idea Boards allow an individual to privately “pin” relevant products as they assess a solution. Idea Boards can be privately shared with selected colleagues to enable more effective collaboration internally or with a network of trusted industry peers.
The power of Idea Boards is amplified, under the secure context of My Marketplace, by enabling the reinvention legacy RFI / RFP processes. Healthcare organizations may select certain projects to be published to the community of solution providers within Lucro, offering vendors the opportunity to “pin” their solutions to the relevant Idea Boards for consideration where their product or service may be of value.
This option creates a more efficient way to connect for both potential buyers AND sellers. Rather than wasting resources in the wrong places by assuming that every health system has prioritized a need to buy what they are selling, vendors can now gain visibility to the initiatives for which buyers are actively seeking innovative solutions. Further, healthcare organizations can now redirect an unmanageable volume of cold calls and unsolicited emails toward their approved and published Idea Boards. As a more efficient way to discover and compare innovative offerings, Idea Boards are expected to result in enhanced and accelerated decision-making.
Building The Lucro Community
Two User Experiences: Lucro Professional & Lucro Enterprise
Originally we planned to make Lucro available to health systems beyond our early adopter network this month. As expected, we delivered the functionality originally designed to support discovery, organization and collaboration – both on mobile and on the web - in what we now call the Lucro Professional experience.
However, before making Lucro Professional generally available to users, we are first focusing our resources on a much deeper engagement with our early adopters, delivering what we are referring to as the Lucro Enterprise experience. Lucro Enterprise includes the core functionality for a Lucro Professional user, plus the enhanced functionality of My Marketplace and the ability to publish Idea Boards described above.
As the health systems in the Lucro early adopter network are now implementing Lucro Enterprise across their organizations, they are requiring their existing vendors to claim and complete the solution cards for all of their currently deployed products. Further, many are also redirecting prospective vendors to complete their solution cards as a more concise way to gain an introductory understanding of a product or service to be considered. As a result of the leadership of these health systems, the broader Lucro community will receive the shared benefit of rich, insightful content:
- Once a solution card is completed for one, the content of that solution card is then available for all across the Lucro community. This will exponentially expand a depth of information and engage solution providers across the industry. If your company has not yet engaged in Lucro, you can claim your solution cards (at no cost) by clicking here.
- Huge volumes of ratings and reviews are being collected within each instance of My Marketplace so each health system can understand what their leaders and users think of the products and services they use today. These insights are de-identified outside the originating health system to inform the broader Lucro community as others look to make purchasing decisions.
Based on our focus enhancing the content with the Lucro Marketplace with our early adopters, we plan to begin to make Lucro Professional available by June 2016 with a more robust “conversation” already underway within the platform. Over Q3 2016 we will expand the Lucro Enterprise experience to selected health systems beyond our early adopter network as well. If you are a healthcare leader wishing to join Lucro, please register here and we will give you more details on how and when you can participate.
Accelerated Engagement from Emerging and Established Solution Providers
Through the market influence of our early adopters, health accelerators, industry associations, the media and more, we are very encouraged by companies with healthcare products and services currently claiming and more fully completing their solution cards. The process is simple and free. Additionally, solution providers registered with Lucro now have a link to invite their current client references to offer ratings and reviews for their offerings into the Lucro Marketplace (even if those health systems are not yet in the Lucro community).
Lucro’s team is happy to collaborate with companies to help them understand how to raise visibility with decision-makers, better leverage current clients for growth and, in the coming months, gain unique market insights to best focus resources and to refine messaging. The initial market focus is on digital health, healthcare IT, medical devices, equipment and services companies. Click here to engage with us.
Aligning with Trusted Sources of Industry Insight
Today, there are many respected industry associations, third party advisors, investors and other trusted organizations that provide valuable insights to inform decision-making. We have made remarkable progress by building the appropriate foundation to align with these partners. Lucro offers decision-makers across healthcare organizations a new, independent platform to synthesize the opinions of many of these sources. Our goal is to help every healthcare organization identify not only the best solutions for the industry but gain the context needed to find the best solution for them.
A Call to Action
Lucro is fortunate to now be aligned with many of the most powerful organizations and influential individuals in healthcare. However, this is just the beginning. We invite thought leaders across the industry to join Lucro on this journey. Together, we will redefine the connection between buyers and sellers regarding the innovations with potential to catalyze transformation across the healthcare industry.