Author: Alicia Varughese

From Analytics to Action – Part II

Posted on by Alicia Varughese

In Part I of this two-part series, we noted that the rise of data analytics in the business of health care represents important changes in roles and responsibilities.  This includes the fact that more physicians and clinicians – because of their prior experience in analyzing data – are finding themselves moving up to the executive suites of their organizations.

The graphic above shows few examples of how Big Data and the need to implement a value-based care approach have been key drivers in the creation of these new roles. Out of these, the roles of Chief Strategic Officer and Chief Data Officer are seen to rely heavily on data analytics. A general description of each role follows:

Chief Strategic Officer – This might also be referred to as Chief Technology Officer (CTO).  Some of the primary responsibilities include improving performance management systems, imparting the CEO’s vision to the clinical team and staff, overseeing business and corporate development, leading market research and integration.  An example of this new role currently in action is David Cannady, Chief Strategy Officer of Mercy Health, Ohio’s largest non-profit healthcare system.

Chief Data Officer – Alternate names for this role include Chief Data (Analytics) Officer (CDO) or Chief Health Information Officer (CHIO).  This role focuses on providing a centralized control of data management, leveraging analytical tools, tackling issues of interoperability, and harnessing data to strategize population health initiatives and improve patient outcomes.

Some current leaders performing in this role are: John Pyhtila, Ph.D., Chief Data and Analytics Officer at Partners HealthCare, a Boston-based non-profit hospital and physicians network; and Terri Steinberg, MD, MBA, Chief Health Information Officer and VP Population Health Informatics for Christiana Care Health System, a Delaware-based private, non-profit hospital network.

Bringing analytics to action continues to present challenges and opportunities within the health care system, including changes within senior management roles and responsibilities.  As the health care industry continues its march toward a value-based, consumer-driven approach, data analytics and strategic decision-making will go hand-in-hand.  At the same time, the influence of other industry C-suite models will continue to be felt within health care leadership.

The PLSG remains connected to the growing impact of data analytics affecting health care and the life sciences.  Reach out to us to learn more.

From Analytics to Action – Part I

Posted on by Alicia Varughese

As healthcare organizations shift to a value-based care approach, more clinicians, physicians, and nurses can expect to be armed with easy-to-use, self-service analytics.

The common denominator promises to be enormous amounts of data. But simply gathering data makes up only half of the equation. The other half requires careful analytics, performing quality evaluation and interpretation of that data, to drive key decisions across the organization.

Progressive change in healthcare will include moving toward this heavily data-driven decision-making process. This is where we see the role of data analytics come into play. But this is not only limited to the point of care. Another major impact of data analytics we can see happening is the change in the current C-suite structure in provider organizations.

With the shift from a fee-for-service model to a value-based model, hospitals consolidate and form larger systems, making hospitals no longer the focal point of streamlining operations. As such, senior management will need to possess the skills of a thought-leader and data-driven decision maker moving forward.

That means that while organizations have access to data, the next most important step is to read this data, analyze it, and then define metrics and strategies to drive better quality of care and patient outcomes. In other words, leaders should be able to translate these analytics into action. Also, expect more physicians and clinicians to move up to C-suite roles, based on their experience and ability to understand and analyze data as a means to provide quality care, as required by the Affordable Care Act.

By utilizing the power of data analytics and innovative technologies, larger health care organizations are adapting to bring technologies to the targeted population around them, rather than driving patients into hospitals. Leaders in this approach, marked by implementing population health management initiatives, include Kaiser Permanente and the establishment of virtual hospitals that is being done at Intermountain Healthcare.

PLSG remains plugged into these data analytics trends as part of our mission. In Part II of this series, we will examine some of the new C-suite roles being created to accommodate the rise in data analytics in health care.

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How to Venture Into the Business World from Academia

Posted on by Alicia Varughese

Networking, networking, networking! Chances are, if you’re a college student, you’ve heard this before. The best way to set yourself up for success after graduation is through networking with professionals within your desired field. Of course, this is a very important step to transition from academia to the business world, but there are several other tactics one should keep in mind when trying to break in to the professional world of life sciences.

Since starting my role as an Executive Associate at the Pittsburgh Life Sciences Greenhouse (PLSG), Western Pennsylvania’s only pure life sciences investment firm, I have had the opportunity to attend several life sciences networking events throughout the city where I’ve fielded questions from many recent grads who are eager to break into the business side of the field. You might think that these students, who have put in the time to pursue such a challenging degree, would be able to do this with ease, but that is not always the case! I can assure you, it is not as easy as it may seem. As someone who has successfully done so, I’d like to share a few myths associated with the field and ways to combat the fears and limitations you may have.

MYTH:   “A researching role is my only option as a Life Sciences Professional.”

FACT:  Many Masters and PhD level graduates have a preconceived notion that their only option after graduate studies is a post-doc which leads into either more research or a teaching profession. This is simply not true. If you’re ready to throw in the towel on research following your collegiate career, there are many options out there to choose from. Here are a few of them: Tech transfer, patent law, investment analysis, market research, competitive intelligence, entrepreneur, etc. Remember to do your research to find the right career fit for you.

MYTH:  “I’ve spent my collegiate career thus far with a very niche focus. I worry my experience won’t be enough to land a job and that I do not have the business skills necessary to succeed.”

FACT:  You’ve spent a lot of time, energy and money pursuing this specialized degree but you feel you are missing out on learning business-focused skills. This is a common problem with many students on the life science track. I would strongly encourage that you take up a few business courses during your time at school to brush up on your business skills. In addition, you can glean valuable experience from researching and learning on your own, networking, volunteering at university-based business consulting programs and internships. At the PLSG, we offer a year-round internship program to encourage students to pursue positions in order to gain necessary experience and work skills.

MYTH:  “I love my STEM degree, but I don’t think I’ll be able to get a job with it. There aren’t a lot of options for me.”

FACT:  Nonsense! The STEM field is growing and at a rapid pace. And it pays well too. The average wage for all STEM occupations is $85,570, nearly double the average for all occupations. My advice to you would be to pay close attention to the changing trends in the industry. Job opportunities rise and fall, so you must be nimble and be able to change with the tide.

MYTH:  “I don’t need to network. I’ll earn my degree and everything will fall into place.”

FACT:  I’ve mentioned it before and I’ll mention it again; network, network, network! Networking is crucial. Based on personal experience, I have found the power of networking to be the most effective way of connecting with people for job opportunities and gaining an understanding of the life sciences career track. In addition, LinkedIn is a powerful networking tool that many people do not use to its fullest potential. I recommend connecting with people whom you aspire to be like. The more you can leverage the power of networking, the more it will be clear for you about the path you plan to take. Even better, try to connect with professionals and students who have taken the same leap as you plan to take.

Now that we’ve dispelled a few myths associated with a career in life sciences, I hope that you feel confident in pursuing your career! Remember, do not feel limited. There are many ways you can cross the bridge from academia to the business world.

PLSG’s Commitment to Investing in the Western Pennsylvania Region

Posted on by Alicia Varughese

PLSG’s Commitment to Investing in the Western Pennsylvania Region

By Phil Petraglia, Vice President and Chief Financial Officer at PLSG

The Pittsburgh Life Sciences Greenhouse (PLSG) has made significant investments to the life sciences industry in Western Pennsylvania since its inception in 2002. As our programs and portfolio clients continue to thrive, we are always looking to build upon past success to further enrich technology and innovation in life sciences and biotech in the area.

Here’s a quick break down on our recent accomplishments for the region:

  • We currently have $42M under management
  • We operate a $8M venture fund under the Accelerator Fund
  • The PLSG has helped to bring more than 125 products from our portfolio companies into commercial market, with more than one-third regulatory approval
  • In our executive development program, we have:

o   Imported 13 companies into the region

o   Brought 13 CEOs/executives into the region as Executives-in-Residence

  • 45 employees have gone through executive program, 29 remain in region as C-level, 15 of which are CEOs

o   There are more than 410 companies in our portfolio

o   We have invested in a total of 75 companies

o   There has been a total of 8 exits for nearly $300M

o   $930M capital in after PLSG funding, highly leveraged

o   $2B in conservative market valuation for our investment portfolio

  • More than 34 companies have used incubator space at PLSG
  • There is more than 200 years of life sciences experience on staff
  • Team members raise have raised more than $1M in careers
  • Nearly 2,000 direct jobs created in region and another 12,000effected

 The PLSG had a great year in 2014 and is well positioned for continued growth in 2015. We look forward to continued to advancements in the life sciences category and stand by our commitment to foster the development of researchers, entrepreneurs and emerging companies in Western Pennsylvania.