Today is Talix’s First Anniversary!

Author:
Dean Stephens
Date:
October 5, 2016

Exactly one year ago today, on October 5, 2015, the Talix brand launched at the Health 2.0 conference in Santa Clara. Following the conference we celebrated with a launch party at a local winery in San Francisco, where we all raised a glass to the new, exciting adventure in front of us.

Talix Launch Party 2

Talix Launch Party

Just three short months later, on January 8, 2016, Talix celebrated its first day as a standalone company.  We had spun out of Healthline Media after my investors and I sold the fast-growing consumer health information site to Summit Partners for over $95 million. While it was just our first day as a company we had grabbed 15 years of intricate software IP development around mining unstructured health text. We combined that knowledge with 50 of the best engineers and medical informatics people on the planet to give Talix an immediate presence in the marketplace.

It’s been a whirlwind of a ride since we raised those glasses at the winery! I couldn’t be more proud of our hard-working and talented team of developers and product managers, sales and marketing, finance, IT and HR staff, and board members and investors. Every one of them has played an integral part in vaulting us to so much success in such a relatively short period of time. Anniversaries are the perfect time to both reflect back as well as look forward, so I hope you’ll join me and read on as I do a little of both.

A Very Successful First Year

A lot has happened in this first year since Talix officially became a brand:

  • We started off on solid footing by raising $14 million in seed funding from investors who were confident in our ability to succeed in this fast growing healthcare risk adjustment market.
  • Since our launch, Talix has brought not just one, but two analytics-driven, automated risk adjustment products to market. First, we introduced Coding InSight for Providers, developed to help clinicians code more efficiently and accurately even at the point of care. A short time later we launched Coding InSight for Payers, designed to help professional coders at health plans increase their efficiency and productivity.

 

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Coding InSight Product Launch

  • These successful product launches brought a succession of real customers. Our early adopters converted from beta projects to live customers. We continued to win new customers by beating out the competition in every head-to-head bakeoff and through the powerful endorsements of our satisfied partners.
  • We’ve been on the stage, presenting our product and ideas alongside our customers and partners at some of the biggest conferences in the healthcare industry, including Health 2.0, HIMSS16, a succession of RISE events, including RISE Nashville and RISE West, and multiple NextGen user meetings.

 

Memorable Moments

Of course, along with all the hard work, there’s been plenty of fun and a lot of memorable moments:

  • Some favorite moments over the last year have stemmed from the opportunity to celebrate Talix’s launch through a series of blind wine tasting events. These In Vino Veritas events, as they’re called, started as internal team building events for Healthline and Talix staff. In 2016, we took them on the road, launching them with great success at HIMSS16 and the Aspen Institute’s Healthspottr Retreat.
  • When Talix first launched, we were sharing space with our Healthline colleagues. Due to the rapid growth of both companies – along with needing to comply with stringent HIPAA requirements – we soon found ourselves in need of our own space. After a couple moves, I discovered an amazing opportunity that was literally over my head. So, at the beginning of September, Talix moved up to the third floor of our office building in SOMA. With plenty of room to grow, lots of windows with views of San Francisco that let in natural light, and, very importantly, ample kitchen space, I believe Talix has moved into our “forever home.” I take a great deal of pride in knowing that staff can do their work in a comfortable, collaborative and completely HIPAA-compliant environment.
  • Trade show marketing, particularly in the healthcare world, is crucial to increasing visibility and credibility. So for the 2016 trade shows we made the decision to go bold and invested in what I’ve been told numerous times is easily a “best in class” Talix booth. It’s spacious, great-looking and comes equipped with a pretty amazing 80-inch touch screen monitor that’s perfect for demonstrating our Coding InSight products. I’m a big fan, and I look forward to every chance we have to deploy it.

 

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We’re not afraid to show off our products!

Year Two…and Beyond

I couldn’t be more excited about what’s in store for Talix as we head into our second year and beyond.

Why? If I had to boil it down to one word, it’s MACRA. Along with the vast majority of our Republican and Democratic representatives in the United States Congress who approved it, we believe that MACRA is the vehicle for pushing the market into a true value-based contracting model. Value-based care and Alternative Payment Models will ensure that the fee-for-service death spiral continues and that risk contracting and risk adjustment will replace it.

The migration to value-based care is accelerating. By 2020, we can expect value-based contracts will cover half of the insured population in the U.S. This shift will lead to better care outcomes, better cost management, and more access to care. All of it will rely on the technology-enabled power of patient information.

That’s good news for Talix. It’s great news for anyone who wants high quality and affordable healthcare for themselves and their family.

And, of course, we have more product launches on the horizon. Talix will continue to find innovative ways to help providers and payers master risk adjustment and address the challenges of value-based healthcare and risk-based contracts.

I want to sincerely thank our colleagues, customers, partners, investors, family and friends for all their support in making Talix’s first year such a success. I look forward to many more!

Dean Stephens is the CEO of Talix.
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