The American Medical Association (AMA) today announced that it is investing $15M to become a founding partner of a healthcare innovation company, Health2047, Inc., that will conduct rapid exploration of innovative solutions to the biggest challenges facing the nation’s 1.1 million physicians and the patients they serve.
“Improving the health of the nation is at the core of the AMA’s work and Health2047 will build partnerships to create new solutions for physicians and their patients that improve health care delivery and health outcomes,” said AMA Chief Executive Officer and Executive Vice President James L. Madara, M.D., who serves as board chair of Health2047. “Health2047’s product orientation and entrepreneurial DNA will help forge new paths and bring commercial solutions to market faster.”
A stand-alone, for-profit entity, Health2047 is an integrated innovation company that combines strategy, design and venture disciplines, working in partnership with leading companies, physicians and entrepreneurs to improve health care. Its new Silicon Valley-based innovation studio will draw upon the AMA’s deep subject matter expertise and the organization’s unique relationship with physicians nationwide to develop new products, tools and resources that improve the practice of medicine and the delivery of health care to patients.
Health2047 will collaborate with AMA content experts across a wide range of medical, health policy, and pragmatic practice areas. It will also integrate health care companies, technology companies and entrepreneurs to co-develop, create and spin out offerings that can have large scale, systemic impact on health care and medical practice.
The AMA’s financial commitment to establish Health2047 represents a major step in expanding its innovation ecosystem. Recently the AMA has integrated innovation into its work resulting in internally generated physician-oriented digital tools as well as targeted engagement of health care startups.
“Our investment in Health2047 tangibly underscores the AMA’s ongoing commitment to innovation and collaboration in health care. This dynamic new environment will include the physician perspective in every major innovation cycle, ensuring that physicians play a greater role in leading changes that will move health care forward,” said Dr. Madara.
Through its ongoing work, the AMA is providing opportunities for physicians to engage in innovation and share their ideas, expertise and real-world perspective on the effectiveness of technology in medical practice settings. From revitalizing medical practices to ensuring that digital health helps provide high-quality patient care, the AMA is striving to help physicians navigate and succeed in a continually evolving health care environment.