Over the last few years, the healthcare industry has undergone an incredible revolution. Mobility solutions deployed across the care continuum are providing higher quality patient care. The shift from fee-for-service to fee-for-value – no matter how the political environment affects the market – is prevailing. Beyond that, innovation and digital tools are supporting this shift. In the U.S. alone, there are more than 6,000 medical device companies. Around 80 percent of them have fewer than 50 employees. Creative solutions to longstanding problems abound.
When growing a startup, there are typically three main areas of focus: sales, operations and the back office. By nature, the DNA of most entrepreneurs – including but not limited to those in healthcare – leads them to focus most of their attention on sales. This often results in a common challenge for entrepreneurs: the fixation on sales means they are not looking at the whole picture. Entrepreneurs all share the passion and vision regarding their company’s key audiences, particularly who will buy their products and how much they will sell. However, the operations and back office teams are needed as well to help drive an entrepreneur’s product to that world-changing next level. Continue reading
Any market that experiences a boom of innovation and creates transformative start-ups has a typical lifecycle. It often starts with deregulation, followed by start-ups popping up and creating a market of many competitors with novel but often similar products who find short-term success. At some point, however, the competition becomes too fierce, and not everyone can survive. Some business strategies, products, and operations will find long-term success, while others will not.