Healthworx Venture Capital & Innovation Intern (Summer 2021)
Please Note: we are targeting rising Juniors for 12 weeks in the Summer of 2021 to fill roles in Baltimore, MD and Washington, DC for these internship roles.
Healthworx was born out of a strategic imperative to proactively transform and reimagine the future of health care. Originally launched within CareFirst BlueCross BlueShield—the largest commercial health care company in Maryland, Washington, D.C. and Northern Virginia—Healthworx has become a guiding light for innovation both internal to CareFirst and beyond.
Equal parts investment arm, strategic partner, commercialization engine, and incubator, Healthworx is an agile group of health care experts dedicated to realizing a healthier future and a better health care experience. This team is leading a movement to re-engineer how health care is created, delivered, supported, and measured across a wide spectrum of purpose-driven ventures and strategic collaborations.
About the Summer 2021 Healthworx Internship Program (4 Potential Tracks):
Corporate Venture: Sourcing and evaluating new investment opportunities, building investment theses, and supporting portfolio companies
Corporate Development: Enhancing CareFirst through acquisitions of innovative companies and forming impactful partnerships.
Commercialization: Developing new businesses that allow CareFirst to solve unmet needs while creating solutions for the market, generating diverse revenue leading to greater sustainability for both CareFirst and Healthworx, and extending its footprint outside of the current service area creating exposure to new markets
Healthworx Hub: A platform for early-stage internal and external innovators developing and incubating early-stage innovations for a future of healthcare that is more equitable, accessible and affordable. The Healthworx Hub team manages both the high-level strategic development around the Hub, and the day-to-day programming, co-working, investments, and other engagements. Launching in early 2021, Healthworx Hub is quickly iterating on its strategy and programming to best support innovators, and is looking for a hungry and creative individual to help it further develop and execute on the vision.
In addition to the day-to-day work supporting their respective tracks, interns will receive a special curriculum which includes ‘lunch and learns’ with CareFirst associates and/or executives, access to ecosystem start-ups, entrepreneurial and healthcare focused workshops, and networking/community building events.
PRINCIPAL ACCOUNTABILITIES:
Corporate Venture:
1. Seeking out new investment opportunities. Helping the Healthworx team establish its presence and expand its ecosystem among company executives, venture capitalists, service providers and subject matter experts
2. Performing research and analysis of new markets, technologies, and business models; leveraging an unyielding curiosity to help the team keep pace with future trends in healthcare.
3. Evaluating potential investment opportunities. Uncovering what makes future portfolio companies special and how to de-risk their path forward.
4. Engaging with the entrepreneurial community. Being an authentic voice for Healthworx’s mission and vision and building meaningful, lasting relationships.
5. Assisting and supporting Healthworx portfolio companies. Acting as a true partner to, and advocating for, management teams as they navigate the entrepreneurial journey.
Corporate Development:
1. Supporting corporate development initiatives including mergers & acquisitions, joint ventures, strategic contracting and partnerships
2. Engaging with internal and external stakeholders to support the day to day execution of corporate development initiatives
3. Conducting broader strategic discussions and developing new opportunities that advance CareFirst’s strategic objectives
4. Developing operating and valuation models for acquisitions, partnerships and joint ventures
5. Evaluating, modeling and conducting due diligence on potential corporate development investment opportunities
6. Performing ongoing research, financial modeling and analysis to inform investment decisions
7. Creating compelling, persuasive presentation materials to communicate key learnings and recommendations to internal stakeholders
Commercialization:
1. Conducting market research to identify commercialization opportunities which solve unmet needs
2. Conducting business model research and creating new business models including “what,” “why,” and “how” Healthworx can pursue new ventures using the Business Model Canvas or other frameworks
3. Supporting product design by translating business requirements into product and/or service requirements and creating business plans that align with these requirements
4. Conducting financial modeling to support business model and business plan development
Healthworx Hub:
1. Supporting the early-stage incubation and investment program undertaken in partnership with LifeBridge Health, including:
a) Supporting the current start-up cohort with resources, curriculum, introductions, etc
b) Providing insight into the application and due diligence process for the next cohort, including identifying trends in healthcare start-ups, recruiting interesting companies, and evaluating their viability and strategic alignment
c) upporting overarching program measurement and strategic direction
2. Increasing the scope of stakeholders engaged through the overall Healthworx Hub, including:
a) Researching gaps in the current network and identifying other potential stakeholders
b) Strategizing and executing events or other engagements to connect with and support those stakeholders
c) Reviewing feedback from past events to assess overall success and opportunities for improvement
d) Outreaching to other similar corporate innovation hubs to iterate on the overall strategy and opportunities
Minimum Qualifications:
Required: You must be a rising Junior or Senior with the intention of working in the Baltimore, MD location in the Summer of 2021. This position requires an individual working towards a Bachelor’s degree in an accredited college or university. Must have a cumulative GPA of 3.5 or above. We are looking for students seeking degrees in business (eg. finance, entrepreneurship, accounting, marketing, management, economics), Technology (eg. Information Science, Information Systems), or healthcare (eg. policy, informatics) and are passionate about healthcare innovation and investing.
CareFirst believes that diversity and inclusion among our teammates is critical to our success as an organization, and we seek to recruit, develop and retain the most talented people from a diverse candidate pool.
Required Abilities/Skills:
- Independent thinker and self-starter who can also work as part of a team
- Excellent interpersonal skills and the ability to positively interface with and establish and maintain effective working relationships with both internal and external stakeholders.
- Strategic and creative decision maker who can motivate self without constant supervision
- Attention to detail and excellent analytical and problem-solving skills.
- Excellent written and verbal communication skills including assisting with presentations and proposals.
- Excellent organizational skills and ability to set priorities.
- An independent means of transportation. Local travel may be necessary.
- Demonstrated skills with various computer applications/software, particularly those related to database management and the development of presentations.
CareFirst BlueCross BlueShield is an Equal Opportunity (EEO) employer. It is the policy of the Company to provide equal employment opportunities to all qualified applicants without regard to race, color, religion, sex, sexual orientation, gender identity, national origin, age, protected veteran or disabled status, or genetic information.