Rocky Hill, Conn., August 1, 2007– Connecticut Innovations (CI), the state’s quasi-public authority responsible for technology investing and innovation development, today announced that it is providing assistance – both financial and in-kind – to Equity Health Partners LLC (EHP) of Chester, Connecticut, through CI’s new Pre-Seed Support Services Program. EHP is the first company to receive assistance through this program. The funding will be used to help EHP accelerate the development of an innovative concept for a web-based software service that will enable health care providers, payers and purchasers to design and implement clinically-integrated quality improvement (CQI) and Pay-For-Performance (P4P) programs. EHP’s software will be especially valuable to health plans and employers trying to implement CQI and P4P programs across a diverse network of health care providers. Likewise, health care providers will find EHP’s software an easy-to-use and cost effective way to measure, report and be rewarded for clinical quality improvement.
EHP’s software is based on lessons learned while operating a series of successful pilot projects in Middlesex County involving ambulatory care providers and local insurers. “EHP figured out how to overcome many of the barriers to physician adoption of IT-based clinical quality improvement tools—and as a result, they generated terrific clinical and financial results for both our physicians and the insurers,” said Michael Kazakoff, MD, vice chairman of Middlesex Professional Services, Inc.
EHP’s founders include Mark Borton, Dean Sperry and Bob Bausmith. Mark Borton brings to EHP 20 years of product and market development expertise, including 10 years in medical and communications software. Dean Sperry’s background includes 15 years in commercial banking and 10 years as a principal in strategic marketing with clients including IBM Global Services and the Atlanta Olympic Games. Bob Bausmith specializes in the design of large-scale and adaptive IT systems and brings to the company a detailed understanding of the health care services industry as the former chief application architect for Aetna and the chief systems architect for UnitedHealth Group.
CI’s Pre-Seed Support Services Program helps innovative, high technology entrepreneurs develop companies in Connecticut. The CI team provides mentoring, coordination of services and funding for business assistance that will prepare the technology company for future investments. The types of services that an entrepreneur may access through this program include: intellectual property reviews, technology reviews, business plan development and reviews, market analyses, market entry strategy development and other related services, in addition to direct investment by CI and its network of allied investor organizations.
Governor M. Jodi Rell commented, “Entrepreneurs are a tremendous asset to our state, and a program like the Pre-Seed Support Services Program that encourages and assists them is invaluable. I wish the Equity Health Partners founders much success in growing their new venture and am confident that this program will – over the course of time – nurture a host of other entrepreneurs, helping them fulfill their dreams and business goals and advancing our technology sector.”
“We are pleased to have EHP as our first client in the Pre-Seed Support Services Program,” said Charlie Moret, managing director of business development for CI. “The Pre-Seed program has been extremely well-received by entrepreneurs and other venture capital firms because it fills an important gap in the business development cycle, namely—moving from an idea to a viable business opportunity. We chose EHP as our first Pre-Seed client because the company had a compelling business idea, a strong management team, and was at a stage where we could significantly accelerate its success. We also chose EHP because the company is working on one of the biggest problems in the country—and hence, one of the biggest opportunities—health care quality and affordability.”
“We are honored to be selected as the first company to receive Connecticut Innovation’s Pre-Seed support,” commented Mark Borton, a founder of EHP. “CI’s milestone-based, rapid-cycle business development process works well for proving the value of the idea and the ability of the company to realize it. We look forward to continuing to earn CI’s support for our quality improvement and collaborative care management software, and to bringing this innovative solution to health care providers and insurers in Connecticut.”
About Connecticut Innovations, Inc.
Connecticut Innovations (CI) is a quasi-public organization dedicated to driving a vibrant, entrepreneurial, technology-based economy in Connecticut. CI stimulates high-tech growth by investing in: early-stage Connecticut technology companies; university/industry research collaborations; technology transfer; and, clean energy initiatives through the Connecticut Clean Energy Fund. CI also fosters collaboration among government, business, nonprofit and academic organizations to advance technology growth and promotes public policies consistent with CI’s mission. For more information on CI, please visit www.ctinnovations.com.
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