John Beadle

And I think every health system in particular, when, you know, I think life sciences and payers operate similarly, but health systems, I think, are laser focused on ROI and impact.

Well, the margins so low they have to be.

They have to be.

And so I think what you've started to see over the last two and a half years is where are there signs of technologies driving real impact?

And the venture community, I think, used to operate in such a way that they would make a lot of bets and they viewed them more as, you know, we're going to sprinkle a lot of seeds.

We're not going to know which ones will germinate until later.

We're open to having multiple bets in a similar category, etc.

I think what you're starting to see is folks doubling down a lot sooner than they used to, not making competing bets, being a bit more concentrated in the strategy.

and being willing to deploy a lot more capital in single companies that they believe are gonna be big winners.

And then venture capital firms in the same way that Aegis will say, we wanna make a bet in a particular space, we're gonna bring it to all of our health systems, we're gonna make sure there's demand in place before we build the company.

and that there's anchor customers and we'll build case studies etc i think vc firms now companies will stay in stealth a lot longer they'll deploy across a lot more customers and they'll have a lot more funding from day one to be able to blitz scale and try to make it so it's very hard to build a competitor so where i really see us in the cycle is i think folks are doubling down on apparent winners that have been king made in one form or another a lot sooner than they used to

And, you know, it means there's not as many new entrants in a lot of spaces.

It's a really great question.

I wish I had a crystal ball and could tell you.

The last generation of healthcare IT companies performed very poorly, as you know, on public markets.

So I think there's a lot of trepidation around, you know, going public.

Hinge and Omada, I think, created some level of confidence in the markets.

you can do okay those were both you know low single digit billion type outcomes which is fantastic for early investors and many cases not as great for later stage investors who are investing at very very high valuations i think the big open question is going to be the new winners that we've started to see you know bridge is one that i think everyone is thinking about thinking about are they going to go public in the next two years they're seeing so much revenue growth

Camura is another, which has grown primarily by M&A.

And then you have the new winners, the open evidence of the world, which have driven a lot of adoption, but not necessarily a huge amount of revenue yet and are going to need to head into this accelerated phase of now taking 40% of all doctors in the US are now using the product.