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Backed By Major Investors, Startup Aims to Transform Healthcare

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Editor’s Note: Sponsored by Monday Properties and written by ARLnow.com, Startup Monday is a weekly column that profiles Arlington-based startups and their founders. The Ground Floor, Monday’s office space for young companies in Rosslyn, is now open. The Metro-accessible space features a 5,000-square-foot common area that includes a kitchen, lounge area, collaborative meeting spaces, and a stage for formal presentations.

Two years ago, every major healthcare provider was facing a massive change in the way they would operate when the Affordable Care Act was signed into law, and almost none of them knew exactly what was changing.

Frank Williams was the CEO of The Advisory Board Company – a healthcare consulting firm — when he and his colleagues realized the knowledge gap was not just a burgeoning problem in their industry, it was an emerging market.

“We were going through a massive change of service that was massively complex, and no one knew how to do it,” Williams said.

Evolent logo at its Ballston officeWith a $25 million investment from The Advisory Board and the University of Pittsburgh Medical Center, Williams helped launch Evolent two years ago, with a mission to help guide medical providers through the changes in America’s health care system.

Now, Evolent occupies two floors of the new 800 N. Glebe Road building in Ballston, and has a satellite office in San Francisco. Evolent serves MedStar Health in this area, IU Health in Indianapolis and Premier Health in Ohio, among other companies.

Even with a $25 million investment, Williams said the hardest part of launching Evolent was convincing healthcare systems that they needed Evolent’s services.

“We’re talking about a significant vision of transforming the whole organization,” Williams said. “How do you convince a MedStar to work with us?”

Ultimately, Williams said, it was not how much money Evolent raised, but from where. The backing of The Advisory Board and UPMC gave it credibility in the eyes of potential clients.

“UPMC is a $10 billion health system,” he said. “That gave us an immense street credibility.”

Evolent's headquarters in BallstonOnce Evolent signs on with a client, the work doesn’t get any easier. The big shift for providers with Obamacare, Williams said, is providers have to provide healthcare for a population at large, not at a client-by-client basis. Instead of caring for patients only while they are within a hospital’s walls, the new approach Evolent teaches in continual care, including calling patients to check in on their well-being.

Evolent uses massive sets of data to “engage patients with their health,” Williams said. It also helps companies with risk and financial management and sets up businesses’ infrastructure in the new system.

The new system has found resistance, but that comes with all change. Williams said once doctors, nurses and other healthcare workers see the difference — more time with patients, a focus on wellness as opposed to “filling a bed” — they embrace it.

“Everyone needs to think very differently,” Williams said. “You really have to invest time into it, but I think when people see they can spend a lot more time with their patients, they are excited. It’s very exciting.”

Workers at Evolent's Ballston officeEvolent was being conceived before the Affordable Care Act was even passed, and Williams said the months before it was signed into law were “very wobbly.” Even with the debate in Congress before the recent government shutdown and much of the rhetoric during the 2012 presidential campaign, Williams never thought his company’s future was in doubt.

“People had the view that they wouldn’t have to change [if Obamacare hadn’t passed],” Williams said. “Now, they would acknowledge that people are asking for value, and they would have anyway.”

Today, Evolent has close to 400 employees, many of whom work remotely with the clients in markets across the country. Last month, Evolent announced a $100 million investment from TPG Capital, a firm with more than $40 billion worth of global assets.

Now, Williams is focused on being a leader in the market that is brand new, but a part of the largest industry in the country, healthcare. Even though clients signing up for Evolent have to make a big leap of faith, demand has been high, Williams said.

“Market demand has been there more than we expected,” Williams said. “This is a huge potential transformation in the industry and hopefully much better care for all of us. If we’re successful, we’re truly transforming an industry.

Don’t Settle for Student Loans to Pay for Online Education

Online college programs are becoming a more popular choice for prospective students, with one study finding that more than 6 million students enrolled in at least one online course in fall 2015. The popularity of these courses can be attributed in part to their flexibility with working adults' schedules, students' ability to progress more quickly through online programs and, oftentimes, cheaper tuition. [See 10 low-cost online bachelor's programs for out-of-state students.]Online degrees can be beneficial to many college students, but some studies have shown online learners complete their programs at lower rates than students at traditional brick-and-mortar campuses. Individuals with student loans but no degree comprise two-thirds of defaulted borrowers. Though these numbers are not encouraging, just like for traditional programs, there are ways to reduce how much you'll need to borrow for an online program to ensure you won't become one of these statistics. Don't just settle on borrowing student loans to cover the whole cost of your program and living expenses. Instead, start thinking about how to cut costs and cover your balance in different ways, such as the following. -- Grants and scholarships: Even though you are taking an online course, you can still apply and receive grants and scholarships. But your first step should be to complete the Free Application for Federal Student Aid, commonly referred to as the FAFSA, which will allow you to receive a Pell Grant if your expected family contribution is low enough. The EFC criteria and award amounts are adjusted annually, but the 2017-2018 academic year awards range from $606 to $5,920, which could significantly lower the amount you borrow annually. Your next step is to apply for scholarships. You can start by checking online scholarship search engines, such as the Salt Scholarship Search, College Board's BigFuture and Peterson's. But don't forget to take advantage of local organizations and your school's financial aid office. Both may offer scholarships that you can't find with a national scholarship search. [Review these 10 sites to kick off your scholarship search.]For instance, organizations like the Elks Club, Knights of Columbus or the Rotary Club typically offer scholarships annually to local students. Just because you're going to school online doesn't mean you're ineligible. Visit your local library for scholarship listings, and ask around town. You might be surprised how many local organizations offer scholarships. While these scholarships typically aren't large, every little bit counts. Each dollar you receive in a scholarship is a dollar you don't have to borrow and pay interest on. -- Work-study: Another option for online students may be work-study awards. Not all students enrolled in online programs are eligible, but students at some schools -- including, for example, SUNY Empire State College and Liberty University -- are. Work-study awards are not given upfront like scholarships and grants. In most cases, they are an offer to earn up to the awarded amount if you secure an eligible work-study job. While there is a misconception that all work-study jobs must be on campus, students can work for off-campus, nonprofit or public employers as long as the work is in the public's interest. You may be able to work for a for-profit employer if the job is relevant to your course of study. No matter who the outside employer is, it will need to have an established agreement with your college for you to receive work-study funds. Remember, to be eligible for federal financial aid, you must be enrolled and pursuing a degree or certificate. If you're not working toward a credential, Pell Grants and work-study won't be option, but you may still be able to take advantage of private scholarships -- just be sure to read the eligibility criteria carefully. [Explore what to know about financial aid in online programs.]-- Pay as you go: One of the great benefits to enrolling online is the flexible schedule, which can allow you to complete your college coursework around your responsibilities. But prospective students often overlook using their part- or full-time job earnings as an option for paying for college. Almost 80 percent of college students in 2015 worked at least part time while attending classes, according to the National Center for Education Statistics. By budgeting and thinking strategically about your college costs, you can likely reduce your dependence on student loans by paying a portion out of pocket. Many -- but not all -- online programs are less expensive than traditional programs and often have shorter payment periods. Six, eight or 10 weeks are common course durations. Because of the frequency of payments in an online setting, you may be well-placed to pay as you go and possibly avoid borrowing altogether. Attending college online and avoiding student loans may be challenging, but if you are willing to put in the effort, you can limit the amount you need to borrow. More from U.S. News Q&A: Understanding Student Loan Discharge Eligibility Student Loan Refinancing Isn't Right for All Borrowers
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