In this episode of the SeamlessMD Podcast, Dr. Joshua Liu, Co-founder & CEO of SeamlessMD shares how to raise Series A funding for a health-tech startup using SeamlessMD as an example. See the full show notes below for details.
Guest(s): Dr. Joshua Liu (@joshuapliu), Co-founder & CEO at SeamlessMD
Episode 25 – Show notes:
[0:50] Why healthcaretechnology is different than other software regarding investor expectations forclinical evidence, study design reliability & validity, and integrations;
[4:47] Dr. Liu explains the semantics of a Series-A and how the priorities for a company at Series A stage includes growing the sales & marketing team following a proven, repeatable sales process and further developing product;
[7:51] Why integrationsare more complicated in healthcare technology compared to other technologiesdue to single-platform Electronic Health Record (EHR) companies that aresimilar to operating systems for the hospital and are highly selective overintegrations;
[10:38] HowSeamlessMD hit important milestones prior to raising Series-A funding,including:
• 15+ clinical studies by academic hospitals with good results in improving patient outcomes such as length of stay, readmissions, ER visits, costs;
• Demonstrated strong business model & post-pilot revenue expansion;
• Validated EHR integrations with companies such as Epic & Cerner;
[13:44] HowDr. Liu leverages Series-A funds to meet the increased demand for digitalpatient engagement in the market, by specifically growing product leadershipthrough deeper integrations and an expanding library of use cases and healthsystem partners;
[16:37] Whyit is important to choose strategic investment partners, such as investorswhose motivations are aligned with the values of the company and who canprovide moral support;
[24:25] Dr.Liu recounts a memorable piece of advice on customer-centricity he receivedfrom an investor; “listen to customers first, followed by domain experts, theninvestors”, implying that investors are fantastic for leveraging pastexperience, but are removed from the business and therefore can sometimes lack specificcontext;
[26:50] HowSeamlessMD investors share common traits including:
1) They care a lot about the mission impact ofthe company;
2) They are long-term thinkers and understand the myriad barriers facing healthcare technology companies; and
3) They have patience;
[28:35] HowDr. Liu found strong investors and venture capital firms via well-developedrelationships overtime;
[32:29] How investing is a numbers game that requires resilience, and why it is important to maintain long-term relationships with long-term players;
Recent news from SeamlessMD
September 23, 2021
WEBINAR: Reduce Surgical Backlog & ED Visits with Surgical Remote Monitoring
On September 21, 2021, SeamlessMD, in partnership with Thunder Bay Regional Health Sciences Centre (TBRHSC) hosted a webinar discussing the use of Surgical Remote Monitoring technology to improve clinical outcomes.
SeamlessMD Podcast - Episode 48 - Dr Carmine Simone: Pioneering Digital Patient Engagement in Ontario
In this episode of the SeamlessMD Podcast, Dr. Joshua Liu, Co-founder & CEO at SeamlessMD, and marketing colleague, Alan Sardana, chat with Dr. Carmine Simone, thoracic surgeon and Vice President of Clinical Programs at Michael Garron Hospital (MGH), Medical Lead for Covid Response at MGH, Medical Director for Integrated Programs for Sunnybrook Health Sciences Centre and MGH, and Associate professor in the Department of Surgery at the University of Toronto. See the full show notes below for details.
UAB presents at 16th Annual Academic Surgical Congress showing 94.7% patient activation with Patient Engagement Technology
UAB recently presented an abstract at the 16th Annual Academic Surgical Congress entitled, “Who chooses not to use Patient Engagement Technology (PET)?” which examines the key factors behind why Colorectal, Cardiac, Thoracic and Gynecology patients may or may not choose to enroll in a PET.