According to Mercom Capital Group, the majority of consumer-centric healthcare funding went into the mobile health category ($401 million in 45 deals), and within mobile health, $129 million went to 23 companies developing apps, and $226 million went to 17 companies developing wearables.
No wonder then, there are a number of healthcare startups that have come up covering the entire spectrum across health, medical and fitness industries. Few have successfully landed funding to develop their healthcare software and market their software but many are still at large looking for money to help them get by their initial period of traction.
Here are all the healthcare funding sources and healthcare technology grants that you need to raise funding for your mobile healthcare company.
17 Healthcare Technology Grants
1. Physicians Foundation Interoperability Fund
The physicians foundation is reducing barriers to promote physicians’ participation in exchanging healthcare information by working on the EHR (Electronic Health Records) interoperability. A safe platform for health technology exchange is needed to share and compile data between clinical facilities and healthcare professionals.
The Physicians Foundation Interoperability Fund assists this technology platform by aiding to cover one-time interface expenses for healthcare professionals and their practices across certain states – Georgia, Louisiana, Connecticut, Missouri, South Carolina, and New Jersey. Grant size offered is $500,000 for the health information technology category.
2. Practitioner, Patient, and Computer International Symposium
This symposium was conducted to bring together researchers to analyze the impact of EHR on the physician-patient relationship, best practices for inculcating computers in the medical field, and role of humans in device and software design, while ensuring patients’ care.
The grant size is $100,000 and it’s for clinicians, patients, technology designers, medical educators, and government and institutional leaders.
3. Louisiana State Medical Society Educational and Research Foundation
Dr. Andrew Schwarz was engaged in researching healthcare professionals and EMR (Electronic Medical Records) adoption in Louisiana. This study will be taken up nationally by the Louisiana State Medical Society Educational and Research Foundation.
The point of analysis would be to detect inhibitors or regional drivers of EMR adoption, differences between adopters and non-adopters, and patterns that lead to MU (Meaningful Use). This research will determine issues for adoption EMR and help to develop educational and targeted EMR technology for physicians to incorporate.
4. Medical Society of Virginia Foundation
This project is focused at supporting implementation and adoption of health information technology. The aim is to assure that the Virginia doctors are prepared to gain meaningful use of the certified EHRs. This project also works on developing a system at the state level for effective healthcare data exchange, and the grant offered is $150,000.
5. Colorado Medical Society Foundation
The aim of the project is to aid healthcare professionals to adopt health information technologies. The project team will work collaboratively to offer web-based tools and resources to educate, inform, and train medical professionals to incorporate and select meaningful use of the EHR certified technology; grant provided is $150,000
Further, the Colorado Medical Society founded the CMSF (Colorado Medical Society Foundation) to manage financial programs that wish to improve access to health services and care for Colorado.
6. California Academy of Family Physicians Foundation (CAFPF)
The aim of this project is to focus on challenges and requirements for adopting health information technology, and the grant size provided is $145,237. The project addresses healthcare professionals’ readiness to implement EHR for a small group of physicians.
Further, this project consists of a self-assessment tool to analyze the readiness for EHR incorporation, online HIT Resource Center, a curriculum to prepare for EHR usage, and a post-implementation assessment tool.
7. Physicians’ Institute for Excellence in Medicine
The project by the Physicians’ Institute assists medical practitioners while adopting EMRs and to meet the requirements of meaningful use. Also, 10 practices that haven’t incorporated EMRs will be chosen to receive consulting services and support.
Professionals will be provided a monthly consultation from electronic medical record consultants for tools, project support, and on-going advice, and the grant size offered is $150,000.
8. Military Medical Photonics Program
The US Air Force of Scientific Research is funding between $250,000 – $2,000,000 for developing medical photonics devices. This grant is unclassified and is considered for treating soldiers. This proposal needs experience in combat care, military medical care, and collaboration with military medical centers.
This funding is applicable for small businesses that have a team of biomedical scientists, engineers, and relationships with university medical institutions.
9. Neurostimulation/Neuromodulation Device Development for Mental Health Applications
The NIMH (National Institute of Mental Health) is offering fundings of the desired amount to small or large businesses and entities for mental health applications. The medical devices considered for the project are the ones that will improve or enhance via hardware or software, the effectiveness of brain simulation devices.
The proposal also focuses on creating new brain stimulation devices that can be approved by the U.S. Food and Drug Administration. This is a highly research oriented project and hypotheses are considered as well.
10. NCCIH (National Center for Complementary and Integrative Health) Proposal
The NCCIH in the United States is accepting proposals and recommendations from medical device developers for Small Business Technology Transfer Grants. The aim of the project is to monitor behavioral or biological processes that are applicable for body and mind interventions.
Further, another focus is to enhance or practice the efficacy of body and mind interventions. A funding of $400,000 is available for small businesses in the USA, and clinical trials are optional. This is a lucrative opportunity for medical device developers to collaborate with a mind-body specialist to validate a medical device.
11. Innovation Award Fund for Devices and Medical Tools
The NIDDK (National Institute of Diabetes and Digestive Diseases) and NCI (National Cancer Institute) are granting funds for innovative medical devices and tools that can monitor certain health data continuously.
Types of health data that can be funded are related to metabolites, nutrients, microbiome, metabolic signals, and circadian metabolism. Proposals regarding cancer-based circulating metabolites are considered as well, and initially, the funds provided would be $200,000.
12. Device Production, Advanced Imaging, and Clinical Capabilities in Digital Dentistry
The National Institute of Dental Craniofacial Research is providing grants to promote optimization, innovation, and customization of health technologies that are used in digital dentistry. The fund offered is $1.5 million in the second stage with no limit for the amount funded in the first phase projects.
Proposals can be submitted for new image processing abilities in dental radiology, medical devices development for digital imaging, and devices integrated with 3D printing or imaging tools that support timely delivery of medical products.
13. Microbiome and GI (Gastrointestinal) Explorers
The National Institute of Health is funding $500,000 for developing medical devices for treating or handling digestive and gastrointestinal disorders. Types of devices considered for funding are clinical devices that measure microbiome in the GI tract, and smart pills that can be swallowed.
For this grant, clinical trials are a requirement and funds are available for non-profit organizations, small businesses, and other entities based in the USA.
14. Rehabilitation and Disability Research Projects (DRRP)
Funding of $500,000 is being granted for medical devices that support those who need rehabilitation and are suffering from disabilities. Independent Living, The National Institute of Disability, and Rehabilitation Research is offering four grants for the same amount.
The aim of this project is to create an independent living community and lifestyle for people with disability and rehabilitation problems.
15. Clinical Trials of Medical Devices
The NINDS (National Institute of Neurological Disorders and Stroke) is offering funds for clinical trials of medical devices such as diagnostic, surgical, or rehabilitative devices.
This grant is for small businesses who can perform clinical trials, and fundings for the phase trials are between $150,000 – $225,000; amount for phase to and beyond can be increased till $1.5 million.
16. Wearable Alcohol Biosensor
The Government of the United States is providing funds to small businesses to create a discreet and non-invasive medical device that can monitor blood alcohol levels on a real-time basis. The funding is $1.5 million.
Initial product development and design phases don’t need clinical trials, and there’s no requirement for a collaboration with any external educational or research organizations.
17. HEAL Initiative
The HEAL initiative is a part of the National Institute of Health and is offering grants of $2 million throughout phase 1 and phase 2 via an STTR (Small Business Technology Transfer) program.
This initiative focuses on developing medical tools and technologies that are related to pain management. The requirements for this grant are partnership of small businesses with an educational or research facility.
Other Funding Sources for Healthcare Startups
A San Francisco-based accelerator, Rock Health provides early stage startups with healthcare funding and support. Healthcare companies receive funding up to a $250,000 investment from the Rock Health Fund, apart from $35,000 worth of goodies, services and discounts from Apple, SalesForce, etc.
The accelerators take place in Boston, Chicago, Florida, London, Nashville and Salt Lake City, with applications for Boston and London still open. Healthcare companies can expect to raise a seed round of up to $50,000 from Healthbox.
Applications for 2015 are now open. This accelerator is based in New York City and offers a 3-month intensive program that includes access to capital, clients and mentors. You get $20,000 in cash and over $70,000 in perks, office space and a dedicated community to help you succeed.
Infuse Digital Health
Once accepted to the program, healthcare companies go through a 24-week program with services investment to the value of $75,000 along with seed healthcare funding of up to $75,000.
Pilot Health Tech NYC
This is another New York City-based accelerator that provides healthcare funding of up to $100,000 each to 10 pilot projects that will take place in the New York City.
The program seeks to match early-stage healthcare SaaS or healthcare technology companies with key NYC healthcare service organizations and stakeholders, including hospitals, physician clinics, payors, pharma companies, nursing associations, major employers and retailers. Each pilot project will test a technology prototype in a healthcare setting for a period of approximately 4-9 months.
New York Digital Health Accelerator
8-10 growth-stage digital healthcare companies that are developing cutting edge technology products for healthcare providers and patients will be accepted into the 5-month Accelerator class.
The program will provide $100,000 in up-front funding per company from a syndicate of leading venture capital and strategic investors. The companies will also have access to a leadership program with participation by a network of successful entrepreneurs, and they will be afforded access to the Statewide Health Information Network of New York (SHIN-NY).
This accelerator and seed fund targets healthcare companies/start-ups that are using technology to create new, consumer-facing health and wellness solutions like telehealth applications, from innovative online platforms, services and apps, to consumer tools and products.
Benefits include investments of a minimum $50,000 with 6 months in incubation period. They also offer a collaborative office space in Manhattan.
StartUp Health Academy
For entrepreneurs who are transforming healthcare, StartUp Health Academy is a global, long-term coaching program and trusted peer network focused on increasing the equity value of its startups. Entrepreneurs are required to attend in-person quarterly Summits which take place in New York City, San Francisco or Washington, DC, and Cleveland, Ohio.
71 healthcare companies that have passed through this academy have raised more than $148 million collectively in seed, Series A and Series B rounds of healthcare funding. And half of their companies have raised more than $1 million.