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The winning formula for many entrepreneurs is to “disrupt” archaic industries with dated technological infrastructure. It worked in industries such as transportation, SaaS, e-commerce, etc., but it is rarely the fruitful path in healthcare. Most healthcare technology fails because it does not integrate into existing workflows. With many existing friction points for patients and clinicians, you have to meet the consumer where they are, understand the systems in which they live and work, and then adapt your technology to solve an unmet need.
To ensure technology aligns the interests of the four Ps — patient, physician, provider and payer — ask the following:
• Does it solve a compelling need for each?
• Does the implementation seamlessly integrate into everyone’s workflows?
• Does it create value over whatever already exists for all four Ps?
The best way to answer these questions and create a successful business model is through strategic partnerships.
Who are you looking for?
In the early days, this will mean fewer, more tailored partnerships. Rather than creating a minimally viable product and selling it to the biggest name knocking on your door, pursue smaller scale partnerships, allowing deeper connections and insights into the patient population you are serving. Resist the urge to move fast and break things; instead, be the solution patients, clinicians and payers(!) are looking for.
The following is a checklist to help you find the right partnerships.
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