The Enterprise 2-11-19
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www.slenterprise.com February 11, 2019 Volume 48, Number 29 $1.50 Utah called nation's Weber & Davis BusinessCounties of Golf healthcare industry PAGE 15 pages 15-18 Sponsored by: innovation 'hotbed' A new report from Seattle-based healthcare think tank Cambria Grove and the Economic Development Corporation of Utah (EDCUtah) shows that Utah is a hotbed for healthcare industry innovation. pages F1-F8 Released Jan. 30, the report is titled “Utah Health Care Innovation Landscape.” With an employment density that is more than twice the national average, Some attendees at the recent Silicon Slopes Tech Summit take a moment to race toy cars at the Utah saw healthcare innovation jobs grow Stack Real Estate booth while a general session presentation is broadcast in the background. The by more than 22 percent over the past fi ve third annual event at the Salt Palace Convention Center attracted about 23,000 people. years, according to the report. The study, Sponsored by: conducted in 2018, quantifi es the healthcare innovation work taking place in Utah and Silicon Slopes leaders pledge classifi es it into the categories of health IT; digital health; life sciences; and innovative services such as telehealth, concierge care or patient navigation platforms. $5 million for computer science The study found that the healthcare sec- nard, CEO of Pluralsight. “In the last 12 tor has had a signifi cant impact on Utah’s Brice Wallace months, so much has happened and so much economy and directly accounts for $7.1 bil- The Enterprise has changed to the point that we’re now lion in sales and output, or dollars spent and confi dent to declare that we have a state produced as a result of employment or capi- Silicon Slopes’ push to get comput- strategy and a commitment by the gover- tal investment in the industry. er science in every Utah school was an- nor to get computer science in every school The healthcare innovation sector em- nounced last year, but this year, the organi- across Utah, including rural Utah, by 2022 ploys 34,130 in the state, with an average zation’s leaders have made a huge fi nancial — four years from now. … And because of compensation of $90,250 compared to the commitment to the effort. what’s happening, I know that this is going state average of $55,442 per worker. Fifteen During the recent Silicon Slopes Tech to be a reality for our state in four years, and percent of Utah’s healthcare sector jobs are Summit at the Salt Palace Convention Cen- there’s nothing more important to our tech- in innovation that accounts for 25 percent of ter, fi ve leaders each promised to give $1 driven future right here in Silicon Slopes.” the total output. million to match funding they hope will be Gov. Gary Herbert’s budget recom- The study found that there was $312.3 approved by the Utah Legislature during its mendations include $3.9 million for Talent million in total venture capital investment current general session to improve the pipe- Ready Utah grants to support the expan- in 2017 in healthcare innovation compa- line supplying the workforce for the tech in- sion of computer science course offerings nies. dustry. in Utah secondary schools and aims to of- In addition, when capturing direct, in- Since last year, “we have experienced incredible momentum,” said Aaron Skon- see SUMMIT page 4 see HOTBED page 11 Lampropoulos named chamber's Giant in our City Fred Lampropoulos, founder of South disposable medical devices and holds over president and CEO of the Salt Lake Cham- Jordan-based Merit Medical, has been 800 patents and pending applications rep- ber. “It’s not just Fred’s business acumen named by the Salt Lake Chamber as its 40th resenting inventions used in diagnostic, in- that has earned him his success, but also his Giant in our City. The annual award honors terventional and therapeutic procedures. leadership style, his drive and determina- those with exceptional With manufacturing facilities in the United tion, which he credits to his time as a Spe- and distinguished service States, The Netherlands, France, Ireland, cial Forces offi cer in the U.S. Army, that and extraordinary profes- Mexico, Brazil, Singapore and Austra- have helped make Merit Medical what it sional achievement, the lia, Merit Medical employs close to 6,000 is today. This is a man who has not only chamber said. people and generates nearly a $1 billion in built a billion-dollar company with the goal Lampropoulos found- global revenues. of saving people’s lives, but a leader who ed Merit Medical in 1987 “When you consider that Utah’s life has also made it his mission to build people with the goal of becom- sciences sector accounts for almost 8 per- up.” Fred ing the world’s most cent of the state’s GDP — about $13 billion Prior to founding Merit Medical, Lam- Lampropoulos customer-focused health annually — you see just how big of an im- care company. Now, 30 years later, Merit pact Fred Lampropoulos and Merit Medical is a leading manufacturer and marketer of has on Utah’s economy,” said Derek Miller, see GIANT page 11 2 • Feb. 11-17, 2019 • The Enterprise - Utah's Business Journal Simplus announces acquisition OODA Health expanding by 60 jobs in Utah of Australia-based Sqware Peg A San Francisco-based healthcare IT com- for meetings and site visits and connected them Simplus, a Salt Lake City- grow our presence and continue pany with operation in Utah intends to expand its with people in the community, according to Co- based sales technology compa- making an impact in the glob- operations in Salt Lake City. OODA Health ex- hen. ny, has acquired Sqware Peg, a al Salesforce marketplace. We pects to add 60 employees to its 24 already work- “Working with local economic development appreciate ing in the state, according to an announcement teams has been very positive. Everyone has been the contin- made jointly by Salt Lake City and the Economic helpful in providing guidance, advice and media ued support Development Corporation of Utah (EDCUtah). help,” Cohen said. “They helped us better under- of Sales- The company will add a tech and engineering of- stand the landscape in Salt Lake City, which was force Ven- fi ce, the statement said. very helpful for a company based out-of-state.” tures, who OODA Health is focused on transforming “As a best state for healthcare and an emerg- has been an the healthcare payment system by enabling col- ing tech scene, Utah is the optimal landing place incredible laborative, real-time interactions between pro- for this innovative company,” said Val Hale, ex- partner to viders, insurance companies and patients. To ecutive director of the Governor’s Offi ce of Eco- both Sqware accomplish this, the fi rm is building a real-time nomic Development. “OODA’s presence in Utah Sydney, Australia, sales software Peg and Simplus.” payment platform, beginning with two products, will elevate the state’s award-winning healthcare vendor. Sqware Peg was Simp- Reid Meldrum, managing one for patient payments and another for payer industry as they increase personal care and de- lus’ fi rst Salesforce Australian director of Sqware Peg, will be- payments. These products reduce administrative crease costs.” partner, the company said. The come a prominent Simplus share- costs and allow healthcare professionals to spend “We’re excited for OODA Health to join a investment is Simplus’ fi rst in- holder as part of the acquisition, more time caring for their patients, the company vibrant, diverse, global innovation hub with some ternational acquisition and sixth according to a release from Simp- said. of the greatest entrepreneurs and companies in Salesforce consulting partner ac- lus. “I am thankful for the oppor- “Salt Lake City has an impressive concen- the world,” said Lara Fritts, Salt Lake City’s quisition since 2016. Salesforce is tration of world-class technical talent, undoubt- economic development director. “This dynamic tunity I had almost four years ago a cloud-based customer relations to lead Sqware Peg through to this edly due to the great quality of life in the area,” community was highlighted when our team con- software package used by both next phase of growth," Meldrum said Seth Cohen, co-founder and president of nected OODA Health to the Silicon Slopes Tech companies. said. Simplus brings another level OODA Health. “We want to continue investing Summit.” Sqware Peg has been using of resources to help Sqware Peg in our employees and leveraging Utah’s impres- “The opportunity for impact is enormous,” the Salesforce technology since sive technology and engineering talent.” said Theresa Foxley, president and CEO of ED- 2004. It has offi ces in Sydney and continue to thrive in the growing The name OODA Health is taken from the CUtah. “Not only does OODA Health bring more Melbourne. Salesforce ecosystem in Austra- “OODA Loop,” a concept that emerged from a innovation and quality jobs to Salt Lake City, but “Sqware Peg is a pioneer lia. We’re excited about what the U.S. Air Force acronym that stands for “Observe, they are also working on new solutions to solve in the Asia-Pacifi c region,” said future holds for Simplus in Aus- Orient, Decide, Act,” an emblem of the compa- our nation’s risinghealth care costs. Their culture Ryan Westwood, CEO of Simp- tralia and New Zealand, as we ny’s approach, Cohen said. EDCUtah provided will be a nice addition to our Silicon Slopes com- lus. “We are thrilled to work with will be able to expand our current the company research, hosted them several times munity.” the talented leadership of Sqware offering to include innovative Peg and combine forces to further quote-to-cash solutions.” UTAHÕS PREMIER BUSINESS & LITIGATION GROUP.