Hearst Health Ventures, a recently formed corporate venturing unit of media and information company Hearst Corporation, announced in February an undisclosed amount of investment in Tonic Health, a US-based medical data collection platform. As part of the investment, Ellen Koskinas, managing director of Hearst Health Ventures, joins the Tonic Health board of directors.
Steven Swartz, president and CEO of Hearst Corporation, said: “With Hearst Health Ventures, we are looking for innovative investments that deepen our insight into information-driven solutions that have the potential to improve healthcare quality and efficiency. We are pleased with the opportunity to work with Tonic Health and learn more about effective patient engagement.”
Richard Malloch, president, Hearst Business Media, the group that includes Hearst Health Ventures, said: “Across the Hearst Health network, we are focused on providing vital information and innovative technology to everyone who touches a person’s care.”
Hearst Health was created by Hearst Corporation at the end of January, in recognition that healthcare information has become a chief revenue source for Hearst, and as “a new brand that encompasses its healthcare information businesses, giving the company a consolidated presence across the clinical, pharmacy, home and hospice care, and health insurance markets.”
Extensions of Hearst Health include Hearst Health Ventures, a newly formed fund led by managing director Ellen Koskinas that aims to invest in startups offering health IT solutions and technology-enabled healthcare services: CareInSync, in which Hearst Business Media previously invested, was listed as Hearst Health Ventures’ first investment.
Hearst Health also includes the Hearst Health Innovation Lab, led by Justin Graham, chief innovation officer of Hearst Health, which prototypes healthcare IT ideas and supports projects developed internally, as well as incubating ideas in collaboration with outside clinician-entrepreneurs.
Malloch said: “Through Hearst Health Ventures and the Innovation Lab, we will advance businesses that provide more scalable and cost-effective solutions for high-quality patient care.”