#25 – From Physician to Founder: Scaling Iora Health to a $2 Billion Exit | Rushika Fernandopulle
11/09/23 • 33 min
The healthcare space has long been a transactional one, seeing patients as numbers instead of human relationships. In 2004, Dr. Rushika Fernandopulle began to challenge the status quo and create an entirely new model of care delivery that finally put patients at the center of healthcare.
Rushika Fernandopulle is the co-founder and former CEO of Iora Health, a value-based primary care group based in Boston that was acquired by One Medical in 2021, where he served as Chief Innovation Officer. One Medical was acquired by Amazon earlier this year for close to $4 billion. Rushika currently serves on the staff at the Massachusetts General Hospital, on the faculty of Harvard Medical School, and on the boards of Families USA and the Schwartz Center for Compassionate Care.
In this episode, Hercules Capital’s Katie Segien is joined by Rushika Fernandopulle to discuss how he created a new delivery model for medicine, Iora Health’s business model evolution, going from bootstrapping to six rounds of funding, and other topics.
Topics Include:
- Rushika’s mission and experience in transforming healthcare
- How he created a new delivery model for medicine
- Iora Health’s business model evolution
- Going from bootstrapping to six rounds of funding
- Rushika’s process for building an optimal team
- Advice for entrepreneurs who are struggling to raise capital
- And other topics...
Dr. Rushika Fernandopulle is a practicing physician who has spent decades improving the quality of healthcare delivered to patients. He was co-founder and CEO of Iora Health, a value-based primary care group based in Boston that delivers better quality, lower costs, and improved satisfaction for both patients and providers. Iora was acquired by One Medical in 2021 for over $2 billion, which went on to be acquired by Amazon earlier this year for close to $4 billion.
Rushika was the first Executive Director of the Harvard Interfaculty Program for Health Systems Improvement and Managing Director of the Clinical Initiatives Center at the Advisory Board Company. He serves on the staff at the Massachusetts General Hospital, on the faculty of Harvard Medical School, and on the boards of Families USA and the Schwartz Center for Compassionate Care.
The healthcare space has long been a transactional one, seeing patients as numbers instead of human relationships. In 2004, Dr. Rushika Fernandopulle began to challenge the status quo and create an entirely new model of care delivery that finally put patients at the center of healthcare.
Rushika Fernandopulle is the co-founder and former CEO of Iora Health, a value-based primary care group based in Boston that was acquired by One Medical in 2021, where he served as Chief Innovation Officer. One Medical was acquired by Amazon earlier this year for close to $4 billion. Rushika currently serves on the staff at the Massachusetts General Hospital, on the faculty of Harvard Medical School, and on the boards of Families USA and the Schwartz Center for Compassionate Care.
In this episode, Hercules Capital’s Katie Segien is joined by Rushika Fernandopulle to discuss how he created a new delivery model for medicine, Iora Health’s business model evolution, going from bootstrapping to six rounds of funding, and other topics.
Topics Include:
- Rushika’s mission and experience in transforming healthcare
- How he created a new delivery model for medicine
- Iora Health’s business model evolution
- Going from bootstrapping to six rounds of funding
- Rushika’s process for building an optimal team
- Advice for entrepreneurs who are struggling to raise capital
- And other topics...
Dr. Rushika Fernandopulle is a practicing physician who has spent decades improving the quality of healthcare delivered to patients. He was co-founder and CEO of Iora Health, a value-based primary care group based in Boston that delivers better quality, lower costs, and improved satisfaction for both patients and providers. Iora was acquired by One Medical in 2021 for over $2 billion, which went on to be acquired by Amazon earlier this year for close to $4 billion.
Rushika was the first Executive Director of the Harvard Interfaculty Program for Health Systems Improvement and Managing Director of the Clinical Initiatives Center at the Advisory Board Company. He serves on the staff at the Massachusetts General Hospital, on the faculty of Harvard Medical School, and on the boards of Families USA and the Schwartz Center for Compassionate Care.
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#24 – Scaling up in Biotech, Raising $300M for a Single Pharma Product | Mark Hahn
Successful biotech companies require a capable CFO to guide the company through conducting clinical trials, securing regulatory approvals, establishing scalable production, and adeptly conveying value to healthcare stakeholders.
Mark Hahn is a seasoned executive with over 25 years of CFO experience. He is currently the CFO of Verona Pharma, a clinical-stage biopharmaceutical company focused on developing and commercializing innovative therapies for the treatment of chronic respiratory diseases with significant unmet medical needs.
In this episode, Hercules Capital’s Janice Bourque is joined by Hahn to discuss his experience as CFO of Verona, Dova, and Cempra, the intricacies of single-asset companies, preparing a company for FDA approval and commercialization, identifying a successful launch, and much more.
Topics Include:
- Mark’s experience as CFO of Verona, Dova, and Cempra
- The intricacies of single-asset companies and the challenges when raising capital
- The steps a CFO should take when preparing for FDA approval and commercialization
- What biotech companies should focus on before presenting to the FDA
- How to know when you’ve had a successful launch
- Mark’s experience as a CFO with a late-stage asset
- And other topics...
Mark Hahn is a seasoned CFO with over 25 years of experience. He joined Verona Pharma as CFO in 2020. Prior to Verona, Hahn served as CFO of Dova Pharmaceuticals through its 2019 acquisition by Swedish Orphan Biovitrum for $915 million. There, he was instrumental in raising capital and launching the company’s first commercial product. Prior to Dova, Hahn was CFO of Cempra, where he led the company’s IPO and several subsequent follow-on offerings until the company’s acquisition by Melinta Therapeutics in 2017. Earlier, Hahn was the CFO of several other public and private companies. Hahn began his career at Ernst & Young. He received a Bachelor of Business Administration degree in accounting and finance from the University of Wisconsin-Milwaukee and is a certified public accountant in Maryland and North Carolina.
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#26 – Biotech and the Public: Breakthroughs, Drug Prices, and Public Relations | Rich Aldrich
In the dynamic field of life sciences, skillful operators ensure the efficient development of medical innovations, while insightful investors provide crucial capital and strategic guidance. Rich Aldrich's 30+ year career uniquely bridges both sides, having played key roles in founding and managing successful ventures in the industry.
Rich Aldrich is a co-founder and partner at Longwood Fund. Before Longwood, he founded RA Capital Management and has been instrumental in co-founding and contributing to the growth of notable biotech companies, including Sirtris Pharmaceuticals, Concert Pharmaceuticals, and Vertex Pharmaceuticals, among others.
In this episode, Hercules Capital’s Janice Bourque and Rich Aldrich discuss key lessons in operations and investment, the advantages of public investing, the attributes of a strong management team, Rich’s reflections on the industry and much more.
Topics include:
- Transitioning from operations to investing
- Rich’s key lessons from public investments
- The advantages of public investing
- Attributes of a strong management team
- Current areas of scientific interest for Rich
- Emerging challenges in life sciences
- Deciding whether or not to commercialize
- Rich’s reflections on the industry’s evolution
- And other topics...
Rich Aldrich is a co-founder and partner of Longwood Fund, an early-stage life science venture firm. With over 30 years of experience in the life sciences space, he has co-founded and helped build several biotech companies including Sirtris Pharmaceuticals, Concert Pharmaceuticals, and Vertex Pharmaceuticals, among others. Before the Longwood Fund, Rich founded RA Capital Management, a life sciences investment fund with an AUM of over $9 billion.
Rich received his undergraduate degree from Boston College and an MBA from the Amos Tuck School at Dartmouth. He currently serves as a Director of Longwood portfolio companies Axial, Sitryx Therapeutics, and Colorescience.
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