Health Tech: Bill Battey On How Mindyra Health Corporation’s Technology Can Make An Important Impact On Our Overall Wellness
An Interview With Dave Philistin
Resiliency. Keep learning and asking out of the box questions tied back to customer needs. Nine out of ten questions may be thrown out, but one might just stick. In our case, the ideas of delivering risk measurement tools and the development of population screening tools came from our clients. In our experience, if they like the product/service, they want to see you succeed and improve services.
In recent years, Big Tech has gotten a bad rep. But of course many tech companies are doing important work making monumental positive changes to society, health, and the environment. To highlight these, we started a new interview series about “Technology Making An Important Positive Social Impact”. We are interviewing leaders of tech companies who are creating or have created a tech product that is helping to make a positive change in people’s lives or the environment. As a part of this series, I had the pleasure of interviewing Bill Battey.
Bill is the Founder and Chief Executive Officer of Mindyra. Formerly, Bill was Managing Partner of Deep Harbor Partners, a private investment business focused on direct investment in healthcare, trust & wealth management and technology start-ups; and prior to that, Bill was CEO of Samoset Asset Management company, a private wealth management firm. Bill graduated “cum laude” from Williams College with high honors in his history major and holds a MBA from Columbia Business School, where he was student president and received the Business School Award for outstanding service to the school.
Thank you so much for joining us in this interview series. Before we dive in, our readers would love to learn a bit more about you. Can you tell us a bit about your childhood backstory and how you grew up?
Academics and sports had a significant influence on me in my childhood. I grew up in Connecticut where I attended a day school and found my love for academics — particularly in Math and History. Soccer, lacrosse, tennis, and skiing piqued my interest as a child. Combining the two things I loved, I went on to attend Williams College for a B.A., and then Columbia University Business School for a M.B.A.
After business school I started work for an investment banking firm, The First Boston Corporation, in the New Business Group and pursued a career in investment banking in the U.S., Europe, and the Pacific for just under 30 years — ending with my career as a Group Head of Research and CEO of the firm’s Data, and Analytics business, which I had established. This was at a time of rapid growth for the industry and for my firm.
I had planned to retire after my career with First Boston but found myself unable to do so. My wife’s advice was great: “Do something you’re passionate about, something that matters.” This struck me. I have always had an interest in improving mental health treatment capabilities in my non-profit life and have allocated much of my free time to helping local communities improve care. I wanted to build on this. I set up an investment business that targeted investments in healthcare, leading to the start of Mindyra.
Can you share the most interesting story that happened to you since you began your career?
You know how you might come up with an idea from time to time, and you think for certain that a big company must already be doing exactly what you had in mind?
It happened to me.
I bounced my initial idea (based on my experience at First Boston) off two of our (now) Clinical Board members. Use technology and science to provide capabilities that establish a scalable protocol for the systematic collection of mental health data, the analysis of which will logically lead to improved accuracy of diagnosis and better care at a substantially less cost to society. I focused initially on three capabilities:
- Improved mental health scanning and diagnostic tools (covering all major illnesses) that help improve diagnostic accuracy.
- Link to appropriate best of class, individualized treatment plans.
- Measure functional outcomes of the care provided, using data science to help dramatically improve care.
Prior to our arrival, clinicians and payers overwhelmingly used only single condition testing (one illness at a time). These tools are quite useful for one condition but not for the screening of a large population. Of course, particularly not in the pandemic world we live in where over 50% of all individuals who experience mental illness present with more than one condition. Our online systems cover all major illnesses in minutes with great accuracy.
Our premise is simple — if you are not collecting data systematically in an agreed protocol, you cannot rely on the quality of data, therefore there are very limited scalable scientific opportunities to learn what works best and what is not working. If you establish one protocol for testing you need to cover kids, adolescents, adults and seniors — the population. There are no shortcuts. It’s really all about creating high quality data at scale, the interpretation of which will improve care insights for practitioners and end results for individuals.
Data is the “new oil” as some have said.
If we get this right, we can impact care in the world.
None of us are able to achieve success without some help along the way. Is there a particular person who you are grateful towards who helped get you to where you are? Can you share a story about that?
There are two people — a former Head of Institute of the Living, and the other a former Head of McLean and the New York State Mental Health System. All I had was an idea, and with the help of these two men, my idea came to fruition. They helped me create an outstanding clinical advisory board, hire the right people, and create what we believe to be the best mental health toolkit in the marketplace, covering all major illnesses, improving diagnostic capabilities and the ability to measure functional outcomes at scale
Each man had a national profile which helped to accelerate the fulfillment of the idea. They believed in my vision — to help millions of people gain appropriate access to care at an attractive price and a belief that no one should go without care. They took a chance when no one else would. Now, we are working together to make it all happen. Each of these men currently serve on Mindyra’s Clinical Advisory Board.
Can you please give us your favorite “Life Lesson Quote”? Can you share how that was relevant to you in your life?
My father was an extraordinary man. He put himself through Yale, graduated in 3 years, and landed on Omaha Beach on D-day with 200 men under his command. He was both a successful businessman and an amazing father.
My father only ever asked one thing of me, and that was:
“Whatever you choose to do, give it your all; outwork everyone else in the room and attract team members in your work that share your passion and expand your capability.”
His message to me as a young business person was — “Never, ever, give up!”. That is a quote that every entrepreneur should have hanging above their door.
You are a successful business leader. Which three character traits do you think were most instrumental to your success? Can you please share a story or example for each?
Creativity, drive, and the ability to attract talented people.
Creativity: Sometimes it’s helpful to NOT be part of an industry when you start a business in that industry. Probably like all of us, I had seen many friends and family members use psycho-social services but was intrigued with the opportunities to help improve healthcare. Every new business starts with an idea; you experience paying for a service and think how it could be made better. For me, this is how the idea for Mindyra started.
Drive: I live with my father’s advice — “Never, ever give up!”. I find if a business idea is right on and you can simply articulate how you might fulfill that idea, you can make it happen. Clients and investors are attracted to driven, high energy people capable of delivering on a strategy that can be clearly outlined and yes, people who never give up.
Ability to Attract Talented People: At the end of the day any business succeeds or fails because of its partners/employees’ talents and the buy-in to a company culture that succeeds for clients. The leader of any business starts with ONE employee — himself or herself — and needs to build the team to accomplish an exceptional business mission.
Ok super. Let’s now shift to the main part of our discussion about the tech tools that you are helping to create that can make a positive impact on our wellness. To begin, which particular problems are you aiming to solve?
We have many different tools which aim to solve different problems. All the major tools we have developed are deemed clinically “valid and reliable” and cover the entire population. They are:
Mindyra — 9™ — was developed to screen large populations for a company, school or government for 9 conditions responsible for over 90% of all individual conditions.
Mind Health Survey™ — is a diagnostic survey developed to cover over 70 mental illness conditions.
Care Progress Survey™ — is the transdiagnostic survey we developed to measure treatment outcomes from a functional point of view
Mindyra Wellbeing Index™ — reviews the health risk (mental, physical, and social) in a population
Mindyra Data Insights™ — is an analysis engine for assessing health risk, incorporating employee, financial and all healthcare data
Mindyra Mental Health Program™ — provides one online platform, combining testing and services to provide mental healthcare solutions ranging from education, self-help, peer group support, community resource options, tele coaching and teletherapy. All services provided have the capability to track the outcomes of the care solution being utilized.
All services are provided for the entire population (kids, adolescents, adults, seniors) who may be underserved or underrepresented, in both English and Spanish.
How do you think your technology can address this?
At the end of the day, we help corporations, governments, and schools measure health risk (mental, physical, social) in order to determine mental health early intervention options which, have a high probability of preventing mild and moderate mental health conditions from becoming severe.
In a world where over 50% of all employees are affected by mental health, and job turnover and absenteeism are at all-time highs, with Mindyra’s capabilities C-Suite leaders can accurately identify employee health needs and deliver a broad range of mental wellness options that can be measured and return on investment calculated.
Can you tell us the backstory about what inspired you to originally feel passionate about this cause?
Unfortunately, families for generations have had to experience both mental health and substance use challenges. As a child, I saw this firsthand — the effect that mental health illness had on my family was significant.
As an adult, I volunteered at two mental health “clubhouses” — one in New York City and one in Stamford, CT., while I was working at First Boston. There I saw the beauty of mental health care delivered one on one. However, about half of the American population experiences at least one mental health illness over a given year and only 50% get care. Therapists are limited in numbers and in many cases, the average person cannot afford basic mental health care or simply cannot find the appropriate care for their situation. The question for me then became: “How would it be best to deliver education and target the ‘right’ individualized care option or measure outcomes for an individual?”
The common market view is that anyone suffering from mental health issues of any kind needs a therapist. If you review McKinsey’s latest research — 80% of any population does not need a therapist or even a coach but rather may benefit from self-help, peer group support or general education and research. So, technology can play a very meaningful role at scale for appropriate services to be delivered based on valid testing results on a 24/7 basis.
The testing system I envisioned, and which we have now commercialized, covers all major illnesses and delivers data that can be used to learn what works best and what doesn’t for an individual — that is the Holy Grail.
How do you think this might change the world?
“Bill, if you create a system that provides a scalable mental health protocol at a low price, you will change the world of mental health.” — that is a direct quote from a man on our Clinical Board, who at retirement ran the largest behavioral care system in America.
He is right. We are changing the world by using unique online testing science to drive better quality diagnostic and treatment data that allows for predictive analytics that will deliver superior clinical and financial returns.
Keeping “Black Mirror” and the “Law of Unintended Consequences” in mind, can you see any potential drawbacks about this technology that people should think more deeply about?
In using algorithms to define illness and active machine learning to better understand optimal holistic treatment opportunities, there is an inclination to let the software be the answer. Our answer is that the software is created by humans and will always need to be overseen by our Clinical Board of Advisors. We need to actively manage this data learning, so that way we can feel comfortable in delivering solutions.
Here is the main question for our discussion. Based on your experience and success, can you please share “Five things you need to know to successfully create technology that can make a positive social impact”? (Please share a story or an example, for each.)
First, be true to your vision, but not in the tactics it takes to get there. While we remain a business based on clinical excellence, we started in a B to C model, then adapted to a B to B model for clinical healthcare systems, and now we’ve adapted to serve employers as they provide the most scalable opportunity available where we can have a significant and positive impact. The value proposition has not changed. We run systematic testing which allows for better quality data to be delivered, the analysis of which allows us to provide access to the right care for each individual and measure outcomes of that care — all at a low and affordable price. If your vision is big enough and can be simply explained to others, that is the best recruiting tool for any CEO.
Secondly, bringing a liberal arts approach to building technology is extremely helpful. It involves building a team of smart, motivated people who bring development, clinical, marketing, research, customer success and operational expertise to the company. In many cases it helps to be an outsider, providing a different perspective, asking different questions, and providing solutions to initial problems. Together, you can produce a powerful, positive impact on the delivery of a technology and service platform to meet customer needs.
Third, new and existing clients are the best at articulating their current and future needs. The most exciting part is they ask for partnership on how to best construct the services and enhance engagement. Just because you are small and new to the industry does not mean you can’t deliver world class solutions. If asked, clients will contribute to making solutions better. Simply put — do not be afraid to ask.
Fourth, look for opportunities to engage leaders in sectors of excellence most important to you. In our case, we look to the Clinical, Human Resources, Technology, and Serial Entrepreneur sectors. Create opportunities and rewards as an incentive for them to assist you, also inviting them to refer business to your company.
Lastly, resiliency. Keep learning and asking out of the box questions tied back to customer needs. Nine out of ten questions may be thrown out, but one might just stick. In our case, the ideas of delivering risk measurement tools and the development of population screening tools came from our clients. In our experience, if they like the product/service, they want to see you succeed and improve services.
If you could tell other young people one thing about why they should consider making a positive impact on our environment or society, like you, what would you tell them?
I love this question as a healthy “older guy” or “infinity years old,” (as my daughters say!).
For “younger” folks — 20, 40, or 60 — I tell them: “No matter what your age, absolutely nothing is holding you back. Attack a big idea. Do not assume others see it. Explain it simply and attract other talented people who believe in your vision. Be prepared to adapt as you go.”
As my wife said to me, “Do something you are passionate about that matters.”
Is there a person in the world, or in the US with whom you would like to have a private breakfast or lunch, and why? He or she might just see this, especially if we tag them. :-)
If I could bring him back, my answer would be Sam Walton. Sam — the creator of the largest TEAM in our country’s history and, at the time, America’s largest fortune, after having failed several times — changed the breadth of retailing and the integration of technology in running a more efficient retail business. He welcomed technology’s impact on the connection of his main suppliers to inventory on his shelves. It made a huge difference to his business.
As a young investment banker, I was fortunate enough to deliver the first business our firm ever did with Walmart. I did have a chance to have breakfast, a cookout, a drive, many meetings and one scary flight with him over several years. However, I’d love to talk to him now with Amazon moving ahead and his company competing around the world. He would have thousands of good ideas for us.
In the days when I first met him, there was no airport in Bentonville. I flew to Fayetteville and he picked me up in his red Ford 150. We talked as he drove me to the one Holiday Inn in his town. The conversation was all about family, hunting, and fishing.
He kept to his vision, selected outstanding people, used technology to refine his business model and always took care of his people and customers.
Breakfast at the Holiday Inn (hope it is still there!), and this time it’s my treat!
(That offer goes to all reading this article who become Mindyra clients… see you in Bentonville for breakfast!
My Treat!)
How can our readers further follow your work online?
To follow me online, you can simply add me on LinkedIn or go directly to Mindyra’s website.
Thank you so much for joining us. This was very inspirational, and we wish you continued success in your important work.
