CareFirst Partners With D.C.’s Halcyon Incubator To Support Promising Healthcare Startups

Posted on 2019-10-10
Updated on 2019-10-10 09:00:00

Baltimore — Healthworx, the corporate investment and innovation organization of CareFirst BlueCross BlueShield (CareFirst), plans to provide up to $200,000 to support emerging healthcare entrepreneurs seeking to join the Halcyon incubator, a Washington, D.C.-based fellowship program for social entrepreneurs.

The partnership between Healthworx and Halcyon ensures that one of the eight slots in each of the next four cohorts to join Halcyon is dedicated to an innovative venture in the healthcare sector and places a member of the Healthworx team on the committee that will select it. Healthworx is focused on identifying innovative solutions to reduce the cost of healthcare and improve medical outcomes for patients.

“This investment aligns with our strategy of supporting innovative entrepreneurs and startup companies that are committed to finding ways to disrupt and transform our healthcare system,” said Ricardo Johnson, Senior Director of Healthworx. “In Halcyon, we believe we have a partner that will foster the development these ventures will need to be impactful and help CareFirst transform healthcare in the region.”

Halcyon accepts eight ventures into its 18-month program twice a year. Its 11th cohort joined the program in September 2019. All Halcyon entrepreneurs receive free residency for five months, workspace, a stipend and resources including legal and technical support, mentorship, and coaching. Since Halcyon was founded in 2014, entrepreneurs selected for the incubator have, collectively, raised more than $100 million and created more than 1,000 jobs.

“Knowing that healthcare is one of the most important sectors for our social entrepreneurs, we wanted to find a partner who would work with Halcyon to ensure founders in this space have even greater support as they grow,” said Kate Goodall, Halcyon’s CEO and Co-Founder. “Collaborating with Healthworx will open new pathways for healthcare founders here at Halcyon.”

Applications to join the next cohort of emerging ventures at Halcyon Incubator are due Thursday, Oct. 10, at 5 p.m., Eastern. That group will be selected by the end of this year and join Halcyon Incubator in February 2020.

About Healthworx

Founded in 2017, Healthworx is the corporate venture, corporate development and commercialization arm of CareFirst BlueCross BlueShield. Healthworx enables CareFirst to work with pioneering healthcare companies to bring breakthrough technologies to its members and other stakeholders. Through strategic investments and partnerships, Healthworx furthers CareFirst’s mission to improve healthcare quality, increase access to care and reduce costs for its stakeholders.

About Halcyon

Halcyon is a new kind of nonprofit organization. We lift up innovators and creators who seek to make the world a better place, giving them the tools and opportunities they need to bring their ideas to life. Halcyon’s signature programs are residential fellowships: the Halcyon Incubator and Halcyon Arts Lab. Other programs include By The People, an arts and dialogue festival, and the Halcyon Awards, which celebrate extraordinary accomplishment in areas like art, social enterprise, and policy. Since its founding, Halcyon has built programming around the core tenets of space, community, and access, continuously evolving to identify and provide a haven for big dreamers and risk-takers the world over.

About CareFirst BlueCross BlueShield

In its 82nd year of service, CareFirst, an independent licensee of the Blue Cross and Blue Shield Association, is a not-for-profit health care company which, through its affiliates and subsidiaries, offers a comprehensive portfolio of health insurance products and administrative services to 3.2 million individuals and groups in Maryland, the District of Columbia and Northern Virginia. In 2018, CareFirst invested $38 million to improve overall health, and increase the accessibility, affordability, safety and quality of health care throughout its market areas. To learn more about CareFirst BlueCross BlueShield, visit our website at www.carefirst.com or follow us on Facebook, Twitter, LinkedIn or Instagram.