Next Things First

Maybe this will fill the “Capital Gap” by Rob Coppedge
October 15, 2008, 8:52 pm
Filed under: innovation, quality, venture capital | Tags: ,

For those with good ideas but no ability to talk VCs or angels into backing you – perhaps we can turn to the guys who brought average consumers access to really expensive manned space flight. The X Prize has teamed up with Wellpoint to launch a new prize: 

[X Prize and Wellpoint] have announced an open competition to devise solutions that improve health care cost and quality, and they’re dangling a prize of at least $10 million for the winner. “Reinventing and rebooting the U.S. health care system is not to be taken lightly,” said XPrize Chief Executive Dr. Peter Diamandis. “Its an audacious task but, we think, very achievable.”

Contest details will be worked out by early next year. But essentially the competition will look for ways to “dramatically improve” cost and quality, said Brad Fluegel, a WellPoint executive vice president… The contest organizers are thinking big picture. Fluegel said they will look for a system of solutions instead of one or two improvements…  Potential solutions might involve ways to streamline insurance reimbursement or the medical claims process that reduce administrative costs. They also might include solutions that help patients better manage chronic conditions like diabetes.

So we can’t raise $5 million for a company to do one thing, but we can get $10 million if we figure out how to do everything… only in health care.

Posted by RobC


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