Leading Forward: Insights From the 2025 Digital Health CEO Summit

At Rock Health’s 2025 Digital Health CEO Summit, over 100 digital health CEOs convened at the New York Stock Exchange for a day of honest, off-the-record conversations. While the setting was aspirational, the focus was firmly grounded in the realities of leading, building, and scaling in today’s digital health landscape.

This year’s gathering marked a notable shift—from a peak of (not always rational) exuberance to one of deliberate execution toward sustainability. Across panels and discussions, five key themes emerged that reflect where the industry is—and where it’s headed.

Leading with Clarity in Uncertain Waters

Leadership today requires both decisiveness and adaptability. Amidst an uncertain policy landscape, internal pivots, and evolving investor expectations, a common thread emerged: clarity—of purpose, direction, and communication—is a CEO’s greatest asset. In moments of uncertainty, confident focus can be more powerful than certainty itself.

One CEO put it succinctly: it’s better to make a decision and iterate quickly than to sit around in indecision. Another noted that the real test of leadership comes not during high-growth periods but during moments of recalibration—when confidence must be upheld even amid ambiguity.

Leaders acknowledged the emotional toll all this can take, including the desire to show up optimistically—for teams, investors, prospects—amidst “people constantly telling you it’s not going to work.” Their advice? Find a posse of supporters—which may include competitors. As one CEO noted, “sometimes those you compete with have the most empathy for what you’re going through.”

Raising with Intention

Capital is still available—but it’s no longer easy or abundant. Focused entrepreneurs may ultimately benefit from the current environment with fewer tourist investors and inflated valuations, especially if they gain investors who bring capital and strategic value. The takeaway: not all money is equal.

Several founders shared stories of walking away from promising deals that didn’t feel right. As one said, “You can recover from running out of cash. It’s much harder to recover from a misaligned board.”

Finding Trajectory-Shifting Partnerships

In today’s environment, fit matters more than flash. A panel of CEOs acknowledged that all too often, partnerships are pursued for the prestige of a logo, and may not have much impact past the initial announcement.

One CEO posited that the way to distinguish a true partnership from a passing press release is its ability to offer a long-term growth unlock, “demonstrably changing the trajectory of the business.” This unlock might ultimately reduce the need for capital or even take the place of future acquisitions.

When done well, partnerships act as accelerants. When misaligned, they can drain time, resources, and momentum. One leader shared how a seemingly ideal partner on paper ultimately proved to be a cultural mismatch—setting the company back years. The clear takeaway: mutually aligned self-interest and long-term thinking matter more than brand names or distribution reach.

Building Companies, Not Exits

Leaders emphasized that the foundation of a successful exit (most often via acquisition) begins with running a great company. Maintaining optionality when it comes to exit strategies is important, but overly fixating on specific outcomes—be it a public or private exit— can distract from building sustainable, long-term value. As one CEO put it, “I want to know what’s your building strategy, not exit strategy.”

From the acquirer lens, when used strategically, M&A can be a powerful tool to accelerate market entry and scale—not just a means to consolidate. The true challenge lies in integrating teams and cultures.

Despite the growing pains of an acquisition, leaders acknowledged that some staff attrition can prove beneficial, allowing more aligned team members to step up and lead through the transition. As one panelist noted, “Business, first and foremost, starts with people—if you get the right people, the rest takes care of itself.”

Thinking Beyond the IPO

The dream of going public hasn’t faded, but a more sober, clear-eyed perspective marked this year’s conversation. Leaders discussed the complexities of preparing for public life—from internal governance to investor communications—and emphasized that going public is a transformation, not just a transaction.

An IPO isn’t the finish line—it’s the beginning of a new kind of accountability. Rather than timing the markets, CEOs are focusing on readiness: having the right systems, storytelling, and culture in place to thrive under public scrutiny.

As one panelist noted, “Everything becomes visible—your numbers, your narrative, your leadership. If you’re not ready to live in the sunlight, you’re not ready to go public.” The conversation wasn’t anti-IPO—it was about knowing when, why, and how to take that step with intention.

A heartfelt thank you to everyone who joined us. We’re continually inspired by the visionary leaders driving impact across the digital health ecosystem. Special appreciation to our sponsors: Fenwick + West, Penner Family Foundation, HSBC Innovation Banking, American Medical Association, and CVS Health Ventures.

We look forward to gathering again at Rock Health Summit on September 30th in San Francisco. To attend or sponsor, reach out to events@rockhealth.org. Stay in touch by signing up for our mailing list here.

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