MEQUON - Concordia University Wisconsin is offering a new health care initiative to promote entrepreneurial thinking with $50,000 behind it.
The college's Batterman School of Business and School of Pharmacy have partnered with The Dohmen Company to offer this initiative designed to promote the creation of new business plans in health care. The initiative will focus on areas of chronic illness such as diabetes, hypertension, and blood pressure issues.
Those looking to participate in the initiative are invited to a May 19 live event at the Mequon campus, 12800 N. Lake Shore Drive.
Andrew Traynor, the chairman of pharmacy practice at CUW's School of Pharmacy, spoke about the overall "triple aim" goal of better care, better clinical outcomes, and lower costs. He said this focuses on the important issues faced today.
"We were very fortunate to receive a very generous gift from Dohmen Co.," Traynor said. "We hope that this is a part of the incremental change that needs to happen in our communities."
A big driving force for the initiative revolves around the need for appropriate medication use in the local community. Many things factor, including how much is spent on prescription medication and how they are or aren’t achieving their goals, Traynor said.
According to Traynor, two accelerator tracks will begin in summer. A "service accelerator" track targets ideas to improve quality as well as creating efficiencies within healthcare organizations. The second track, the "start-up accelerator" track is designed for those who focus on market-based technology or service solutions.
Those who participate will be offered business coaching support in preparation for a fall pitch event. Winners will receive cash awards and will have the chance to participate in a statewide, 12-month learning collaborative through CUW and the Alliance for Integrated Medication Management, a national nonprofit that works with health systems, health centers, primary care clinics and others.
The start-up accelerator track will be a start-up organization or a new Wisconsin-based company to support services or to become a new entity in itself. This organization will get $20,000 of the $50,000, Traynor said.
Only the top 10 groups in the service accelerator track will be accepted after the judging event in fall and the remaining money will be split among them, he said.
To learn more about the initiative, visit www.cuw.edu/cmma.