Health2047, which is the Silicon Valley-based innovation subsidiary of the American Medical Association (AMA), has spun out its portfolio company Emergence Healthcare Group. Applying the most innovative models inside and outside of healthcare, Emergence offers the first turnkey practice solution designed to enable greater physician autonomy by relieving them of administrative burdens and financial pressures intrinsic to today’s private practice.
With Emergence, physicians will have more time to focus on the health and well-being of their patients, with the peace of mind knowing that someone is focusing on the health and well-being of their practice.
Why does it matter?
Administrative responsibilities have climbed to more than 20% of a physician’s time and more than 50% of revenue. As a result, physicians find themselves struggling to juggle non-clinical demands with their primary responsibility- seeing patients. As time and financial pressures mount for each individual practice, less than half of all physicians in the U.S. are choosing private practice (from 60% in 2012).
With Emergence’s turnkey practice solution, owning a practice no longer means having to run one. Emergence provides a platform for physicians to launch and manage new practices, as well as manage existing practices: from finding, designing, and maintaining clinic space to hiring, training, and managing non-clinical professionals. Complete day-to-day administrative management includes practice management systems/EHR; billing, collections and revenue cycle; marketing, advertising and growth; reporting and analytics; and customer service.
Improved practice profitability is also uniquely designed into the Emergence model by allowing individual practices to benefit from the economies of scale it generates, which is currently enjoyed by large healthcare systems.
On the record
“Since the onset of COVID-19, independent practices across the country have been increasingly under threat of closure and time-strapped physicians are crumbling under administrative loads,” said Jae Chun, Founder and CEO of Emergence Healthcare Group. “It’s critical that independent practices are able to benefit from new solutions to improve both practice profitability and professional satisfaction.”
“Until now, there have been limited options to support private practice physicians who are grappling with the limitations of time and resources,” said Health2047 CEO Lawrence K. Cohen. “Emergence is an incredible offering for independent practices, and its timing could not be better.”
Emergence Healthcare Group is the latest company to spin out of Health2047, the Silicon Valley business formation and commercialization subsidiary formed by the American Medical Association (AMA) in 2016. Other portfolio companies spun out by Health2047 include:
- Phenomix Sciences, a chronic disease prevention company whose scalable blood-based testing solution enables personalized treatment for obesity by identifying four distinct obesity phenotypes. (2021)
- Medcurio, an instant data access solution that simplifies insight extraction and allows healthcare organizations to harness the full value of their data quickly and efficiently while protecting patient data privacy. (2020)
- Zing Health, a tech-enabled Medicare Advantage plan that helps doctors and communities coordinate improved and individualized care for chronically underserved populations. (2019)
- First Mile Care, a preventive chronic care company building an affordable, scalable and sustainable platform to reverse prediabetes. (2018)
- Akiri, a secure, private “network-as-a-service” that enables the sharing and use of trusted health data in real time. (2017)