Sickcare Entrepreneurship Challenges in 2020

Sickcare Entrepreneurship Challenges in 2020

Sickcare Entrepreneurship Challenges in 2020

Sickcare entrepreneurs face many hurdles trying to navigate the innovation roadmap.

One that is particularly important, but frequently overlooked, is how their intervention will impact those responsible for workflow and dissemination and implementation.

Consequently, as part of your analysis and planning, you should make the "WHAT is happening now" checklist: Workflow and Handoff Analysis Tracker.

Give yourself 10 points if you have considered each of the following and explained how you intend to address the issues:

Do you have a thorough understanding of the people, systems and workflows required now to make something happen? What would be better if they used your product? What about EMR integration and interoperability? Have you identified bottlenecks, gaps or inefficiences that your solution will specifically fix or improve? Have you determined the roles of each of the stakeholders you need to convince to pilot, pay for or use your product e.g influencers, payors, decision makers, champions, sabateurs, end users, intermediate users? The roles are as follows (though it’s important to note some job titles might occupy more than one role):

  1. Initiator: Starts the buying process or shows initial interest
  2. User: Uses your product regularly
  3. Influencer: Convinces others the product is needed
  4. Decision maker: Gives final approval for the purchase
  5. Buyer: Owns the budget
  6. Approver: Final approver who pushes the initiative on a larger scale (typically someone in the C-suite)
  7. Gatekeeper: Blocker in getting a product implemented or approved
  8. Sabateur : Goes out of their way to prevent buying your product or service
  9. Regulators: People who make the rules
  10. Third parties: Intermediaries, like insurors, PBMs or others who play a role in the decision

Do you have a value proposition for each of the above that does the job they want you to do? How can you make adopting your solution a priority?

Do you understand your target's decision making process and people, the time it takes to make decisions and their budgeting and payment rules?

Are you sure you are solving the right problem with the biggest impact?

Is your business model viable, particularly your revenue model?

Do you have a plan to overcome the regulatory and cybersecurity issues?

Do you have a convincing go to market strategy and ways to overcome the barriers to dissemination and implementation? For example, we are seeing a lot of AI sickcare "solutions". Butwhen do stakeholders trust the word of a machine, and when do they resist it?

Have you accumulated evidence that validates your assumptions about the above questions?

How did you do? Is it time to persevere, pivot, polish or pull the plug?

Arlen Meyers, MD, MBA is the President and CEO of the Society of Physician Entrepreneurs.

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  • Josh Kennedy

    Excellent article

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Arlen Meyers, MD, MBA

Healthcare Expert

Arlen Meyers, MD, MBA is a professor emeritus of otolaryngology, dentistry, and engineering at the University of Colorado School of Medicine and the Colorado School of Public Health and President and CEO of the Society of Physician Entrepreneurs at www.sopenet.org. He has created several medical device and digital health companies. His primary research centers around biomedical and health innovation and entrepreneurship and life science technology commercialization. He consults for and speaks to companies, governments, colleges and universities around the world who need his expertise and contacts in the areas of bio entrepreneurship, bioscience, healthcare, healthcare IT, medical tourism -- nationally and internationally, new product development, product design, and financing new ventures. He is a former Harvard-Macy fellow and In 2010, he completed a Fulbright at Kings Business, the commercialization office of technology transfer at Kings College in London. He recently published "Building the Case for Biotechnology." "Optical Detection of Cancer", and " The Life Science Innovation Roadmap". He is also an associate editor of the Journal of Commercial Biotechnology and Technology Transfer and Entrepreneurship and Editor-in-Chief of Medscape. In addition, He is a faculty member at the University of Colorado Denver Graduate School where he teaches Biomedical Entrepreneurship and is an iCorps participant, trainer and industry mentor. He is the Chief Medical Officer at www.bridgehealth.com and www.cliexa.com and Chairman of the Board at GlobalMindED at www.globalminded.org, a non-profit at risk student success network. He is honored to be named by Modern Healthcare as one of the 50 Most Influential Physician Executives of 2011 and nominated in 2012 and Best Doctors 2013.

   

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