Health2047 Inc., the Silicon Valley-based innovation subsidiary of the American Medical Association (AMA), has spun out its portfolio company Emergence Healthcare Group (“Emergence”). 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.
“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.”
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.
Redefining Private Practice
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).
“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.”
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.
Physicians want to focus on patient care
“After 20 years of working with physicians, I was inspired by this fiercely independent group with an innate love of medicine – physicians who take pride in improving the lives of patients and communities in which they live. Yet business management has become one of the biggest day-to-day challenges for physicians. I knew there had to be a better way to help,” said Chun. “Emergence was born from every interaction I’ve had with physicians, founded on the belief that each and every physician has earned the opportunity to practice in the setting of their choice without needing an MBA on the fly to thrive. I’m thrilled to be rolling up my sleeves alongside Health2047 as we empower every physician who wants to pursue or remain in private practice. We’ve got their backs.”
Milestones in health innovation
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)
About Emergence Healthcare Group
Emergence Healthcare Group offers the first integrated turnkey practice platform designed for physicians in private practice to thrive without the administrative headaches that come with running a practice. Physicians can focus on the health of their patients knowing Emergence is focused on the health of their practice. For more information on Emergence Healthcare Group, please visit https://www.emergencehcg.com/.
Health2047 Inc. is a Silicon Valley business formation and commercialization enterprise committed to finding, forming and scaling the companies needed to transform U.S. healthcare at the system level. The company’s specific areas of focus include chronic disease prevention, data utility, radical productivity enhancement, and value-based payment. Health2047’s deep relationships with both the American Medical Association and its network of strategic partners create a unique force multiplier that helps drive large-scale changes in healthcare. For more information, please visit http://health2047.com.