On April 28, the InvestMaryland Challenge will award more than $750,000 in prizes and crown four new winners. Those top companies will be chosen from a dozen finalists and awarded $100,000 top prizes, one each in IT, Life Sciences, Sustainability & Exploration, and Defense & Security. More than $350,000 in other prizes will be awarded as well. MDBizNews asked the same five questions of all 12 finalists in the run up to the Finale. Today's featured finalist is Vheda Health, an IT finalist from Columbia. Cofounder and CEO Shameet Luhar took our questions.
1. What does your company do? Give us your elevator pitch in 100 words or less.
Vheda Health is leading the field of digital medicine with effective and innovative health programs providing the right mix of human touch and technology that address the growing epidemic of chronic disease. By automating care plan compliance for high-cost chronic populations, we save customers $15,000 per prevented hospitalization. Our flagship product is a clinically-supported smartphone intervention that engages individuals through weekly video visits with a dedicated Vheda health coach, real-time compliance monitoring, and a focus on overcoming psychosocial barriers. We offer Vheda directly to health plans and self-funded employers.
2. What sets your company apart from others in the same, or a similar, space?
What differentiates Vheda Health from companies in the space is our use of data and making it actionable through live care team interactions and a recommendation engine. By developing relationships with members, we address key compliance barriers quicker and reduce hospitalizations at a faster rate than traditional paper-based and telephonic programs.
3. Why is your company important to Maryland?
Our company is important to Maryland because we are the Maryland story. We graduated from Howard County high schools and attended local universities. Healthcare is one of the few remaining industries that is being reinvented, yet with innovative minds, Maryland is underrepresented. Given our Maryland roots, it's time to give back to our state that has already given us so much.
4. What would the $100,000 top prize allow you to do?
The top prize enables Vheda Health to scale the business, including a laser focus on acquiring new health plan customers and deploying product enhancements to support the populations we serve.
5. Based on what you've learned during your time with your company, what is the first piece of advice you would give to a new entrepreneur?
Entrepreneurship is a roller coaster ride with ups and downs; with many more downs you are never prepared for. Every part of your business – from the team to product and business model – will be pressure tested. Do not take it as criticism. Use it as motivation. Always be in constant pursuit of your vision – this is what ultimately separates a successful entrepreneur from an unsuccessful one.
