1. What inspired you to get involved in health IT?
3. What do you think is the number 1 mistake that healthcare entrepreneurs are making? How should we do it differently?
It’s very important early on to work with real patient data and understand payment models. So many entrepreneurs don’t look into where in the hospital’s finances and budget categories they can expect to find revenue. As an investor, I want to be crystal clear about metrics. How do you know you are doing well? What are you tracking? From that you can start building a business model.
As a health entrepreneur, you need to understand the hospital administrators’ constraints. Healthcare is a complex industry with a third party payment system. If you want people to pay for your stuff, it has to come from a billing code or people have to pay out of pocket. There has to be so much value that people are willing to pay out of pocket.
4. What advice do you have for young entrepreneurs who are entering the health IT field now?
It’s a very interesting time to be in the healthcare space. The companies that are getting traction and are likely to be successful are the ones focus on solving clinicians’ needs and have realized a clear payment mechanism for their service or product.
Consumers are very much prepared to be proactive about their health, this is a real paradigm shift. That gives me real confidence because as an entrepreneur, you don’t want to be in a nice to have category. You want to create something that’s indispensible. There is better acceptance among consumers that they’re prepared to do things at home. They no longer expect to just end up in the hospital and have their problems solved by healthcare professionals.
Are you a thought leader in digital health or do you know someone who is? Give me a shout at firstname.lastname@example.org – I would love to chat!
This post was written by Yashvi Shah, Marketing Associate at SeamlessMD.