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Meet Gerald Gallagher, the newest member of the Healthworx venture capital team. Gerald recently shared his perspective about what inspires him, what he's curious about and why he's happy he chose to join the Healthworx team.
Q: What inspires you in your work?
A: As an investor, I’ve spent significant time in insurtech, fintech and financial services and digital health. Initially, when I was looking to break into venture, I positioned myself as a “heavily regulated industries” investor. I was drawn to complicated barriers to entry and entrepreneurs who could operate in complex frameworks. However, time and time again I’ve been drawn specifically to the future of healthcare. The opportunity for impact is enormous, and we’re only beginning to see transformations in healthcare that have taken years in other industries like financial services.
To that end, I’m extremely happy to join Healthworx as a part the venture team. I want to spend the next phase of my career finding operators and companies improving what I consider the two primary drivers in healthcare: access and outcomes.
Q: What do you think drives innovation in healthcare?
A: I think the future of health is incredibly divergent based on where you live and how much money you have. I am curious how Social Determinants of Health (SDoH) will be used in a real-world context and tied to outcomes and value-based care. I believe policy is a key driver, second only to innovation and change in corporations and consumers. It could be as obvious as a pro-athlete flying to another country to receive stem cell treatment, while chronic injuries cost regular Americans billions of dollars a year.
In a post-pandemic 2021 (more likely 2022), digital health is front and center, as VCs invested more than $26B in the space in 2020 alone. Innovative companies and new approaches to healthcare will produce the outcomes we’ve been looking for in areas like interoperability and value-based care. A large portion of the population was forced to adopt to a new digital normal, and things like telemedicine visits went from novelty to norm.
Q: What are you working on that you’re excited about?
A: At Healthworx, we’re focusing on a few key areas where I think serious short-term impact is at hand, and long-term impact is around the corner. I firmly believe that the best entry point for impactful investing is where you can understand the problems of the customers, and that’s why I joined the team. At Healthworx, we’re fortunate to have proximity to a major payer who has millions of members that we can work directly with on meaningful initiatives, based on their needs.
Unfortunately, technology isn’t always the best solution when you’re dealing with disadvantaged populations, who are particularly vulnerable to gaps in healthcare. Sleek iOS apps don’t work when you’re trying to monitor the health of a patient with limited access to WiFi and an Android. You must meet the customers where they are. The consumer comes first, and we can drive the future of the business of healthcare by investing in great founders working on complicated problems.
Q: When it comes to the future of healthcare, what are you curious about?
A: I’ve learned a great deal about where these solutions fit into our future with previous investments in companies like Health Gorilla and Kit, and through advisory work with companies like MemoryWell. I think there’s still plenty of room for future growth, and there are numerous opportunities in digital health.
I’m excited about digital front doors, home testing and remote patient monitoring, chronic disease management, interoperability and useful applications of patient data, actionable SDoH insights, aging and end-of-life care, and AI and machine learning in real world applications (particularly diagnostic imaging), to name a few. I’ll write a follow up post exploring some of these areas more in depth as I continue to build out thoughts in the space.
Q: How can someone best connect with you?
A: I’d love to connect if you’re working on or investing in anything that could be relevant to us, and I’m sure I’ll be expanding and changing this list as I continue to learn and grow with the team. You can reach me at Gerald.gallagher@healthworx.com
Healthworx seeks, nurtures, and builds the solutions that are changing healthcare. We are a team of leaders who pursue their curiosity. We bravely embrace challenges and actively practice empathy. We drive forward with a bias for action and collaborate to unleash the power of collective thinking. Why are we committed to these values? To deliver the transformative results required to improve the way healthcare works for all. If you’re looking for your next career move and our values resonate with you, then connect with us. You can learn more about our open opportunities here. Please note, the link will take you to an external career website.
