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In today’s episode, co-host Carrie Nixon talks with VEDA Data Solutions co-founder and CEO Meghan Gaffney about the impact of “peripheral” healthcare innovations, those platforms and technologies which were not initially designed for healthcare.
Listen to discover:
How a political entrepreneur and an astrophysicist saw an opportunity for healthcare innovationWhy in-network and out-of-network physician coverage info is so cumbersome to find, use, and update—for all parties involvedWhat spurred the “No Surprises” Act in Congress and how it changed VEDA Data Solutions’ businessHow COVID impacted data companies like VEDA DataHow Meghan embraced her Silicon Valley outsider status to attract the right opportunities and employeesIf you’re wondering how your IP can be used in the healthcare sector, if you are a provider or healthcare plan leader who wants to reduce the time lag of updating in-network data, or if you’re a female founder or Silicon-Valley outsider looking for ideas on fundraising and key partnerships, then you won’t want to miss this episode!
Quotables“These amazing ideas come into the healthcare sector from a completely different industry and have a real role to play” Carrie Nixon on Ep15 of @DecodingHealth1 w/ @NixonGwiltLaw https://sliceofhealthcare.com/category/decoding-healthcare-innovation/
“a high-paced game of telephone between providers & health plans every day…it can take weeks for patients to get updated info on where to seek care.” @meghangaffney Ep15 @DecodingHealth1 @NixonGwiltLaw https://sliceofhealthcare.com/category/decoding-healthcare-innovation/
“Benefits to everyone down the line: patients get the info they need, providers get paid correctly and on time, and health plans are in compliance.” @megangaffney on Ep15 @DecodingHealth1 @NixonGwiltLaw https://sliceofhealthcare.com/category/decoding-healthcare-innovation/
“...the way we care for almost 400M people with quality is to reduce the administrative cost as much as we can, and we can use data to do that.” @megangaffney of @veda_data on Ep15 @DecodingHealth1 @NixonGwiltLaw https://sliceofhealthcare.com/category/decoding-healthcare-innovation/
Fundraising tips for women-led startups: “there is an advantage when the book wasn’t written for you, and that is that you don’t have to follow the rules because they weren’t made for you anyway.” @megangaffney of @veda_data on Ep15 @DecodingHealth1 @NixonGwiltLaw https://sliceofhealthcare.com/category/decoding-healthcare-innovation/
Find out more about veda hereConnect with Meghan on LinkedIn and follow veda on LinkedInMore on the No Surprises Act, which goes into effect on January 1, 2022
Recommended Resources -
What you’ll get out of this episode
Why Headspace and Ginger merged into Headspace Health (and how that partnership came to be)Why Russ ventured into the digital health space after success in more traditional tech startups like Bizo (acquired by LinkedIn)What Headspace Health is doing to improve adolescent mental health—and how it impacts societyWhy Headspace Health decided to target the employer market before payers and direct-to-consumer models—and how those markets are expandingWhat unexpected benefits you’ll get from a mentor if you’re open to it (and other founder advice!)If you’re a startup founder, investor, mental health advocate, or want to learn more about selling to employers, you won’t want to miss this conversation.
Quotables
“As a society, we have to start thinking about our brain health much earlier” @glassruss of @headspace on Ep13 of @DecodingHealth1 w/ @NixonGwiltLaw #https://sliceofhealthcare.com/category/decoding-healthcare-innovation/“one of those mind-meld moments: clear cultural and mission alignment, fit between their wish/our need” @glassruss on @carebyginger @headspace merger on @DecodingHealth1 @NixonGwiltLaw #https://sliceofhealthcare.com/category/decoding-healthcare-innovation/
“Often I’m thinking about a decision & it seems hard until I talk to a mentor. They make it so obvious.” @glassruss #startupadvice Ep13 of @DecodingHealth1 w/ @NixonGwiltLaw https://sliceofhealthcare.com/category/decoding-healthcare-innovation/
Learn more about the recent $3B Ginger/HeadSpace merger hereFollow Russ on LinkedinGinger Partners with AmeriHealth Caritas District of Columbia to Bring Free On-Demand Mental Healthcare to 110,000 Medicaid Plan Enrollees[Video] 4X Growth in 5 Years: Why Investment in Mental and Behavioral Health is Exploding Episode 11: Obvious Truths our Healthcare Policy Still Doesn’t Support: Mental Health as Standard Healthcare
Recommended Resources
Join the ConversationAre you a digital health or health system innovator? Tell us what topics and people you’d like us to cover in future episodes:
– Website – LinkedIn – Twitter – Instagram – YouTube
Follow our daily updates on LinkedIn:
– Carrie – Rebecca
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In this episode, you will discover:
How to make KOLs a part of your strategy Why you need short, engaging videos What to budget for marketingKey Takeaways:
The best way to utilize KOLs when reaching out to CIOS is to have them speak at your events. Part of your social media strategy should also be to boost your KOL’s profile and leverage the content they’re creating. CIOs like videos because they’re short, easily digestible, and engaging. Make short case studies and make your websites and webinars engaging and digestible. Make sure to always demonstrate ROI. 5-10% is the industry standard for allocating a budget for marketing. However, it still depends on what you have to work with or work around based on your company’s size, resources, and how many KOLs you have. The main responsibility of a marketing team is to understand the company’s specific buyer, get to know how they tick, where they get their information from, and how they like to be marketed and sold to.“CIOs are humans, and we all have such short attention spans. So if you're going to try to get your information about your technology solution in front of them, you need to do it quickly, and you need to do it in an exciting and engaging way.” - Erin Erban
Resources:
Tom Rice on LinkedIn: https://www.linkedin.com/in/tom-rice-626717/
Erin Dixon on LinkedIn: https://www.linkedin.com/in/erindixonmedia/
Get the 2023 Healthcare Technology Marketing Guide: Marketing and Selling to the Health System CIO : https://www.merrittgrp.com/2023-healthtech-marketing-guide/
Episode 36: Understanding Digital Health's ROI with Charm Economics Founder Adam Block, PhD
Learn more from Carrie and Rebecca:
Healthcare Insights (a monthly deep dive into specific topics for innovators): https://nixongwiltlaw.com/healthcare-insights
Telehealth/Virtual Care Mgmt Update (a biweekly LinkedIn newsletter tracking legal and policy changes across the nation): https://www.linkedin.com/newsletters/telehealth-virtual-care-update-6901900767960068096/
Website: https://nixongwiltlaw.com/
Carrie on LinkedIn: https://www.linkedin.com/in/carrienixon/
Rebecca on LinkedIn: https://www.linkedin.com/in/rebeccagwilt/
NGL on LinkedIn: https://www.linkedin.com/company/nixon-gwilt-law/
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In this episode you will discover:
What surprising channels influence health system CIOs mostWhat KOLs are and why they should matter to youHow to apply trends and statistics from this report to your marketing effortsKey Takeaways:
75% of buyers get their product info from events, and that’s why it’s important to show up. When choosing which to attend, keep in mind where you’re going to get the most ROI for what you’re going to spend. 65% of buyers say a product’s regulatory status is only somewhat important to the purchasing decision. Don’t throw out the importance of compliance but invest in figuring out creative pathways to reimbursement. (For more on this, visit NixonGwiltLaw.com—that’s our special sauce!)According to statistics, CIOs trust media more than online media. Key opinion leaders are very important in reaching out to CIOs as they amplify the science associated with a company solution and lend a company a lot of credibility. The best way you can apply these statistics is not by focusing on one and abandoning the rest of the media but by keeping balance and diversification in your marketing strategy. Lean more into what works and less on the ones that don’t, but don’t completely abandon a channel just because it’s not the best.“What we learned from the survey is that just because something isn't reimbursable, or in this regulatory framework, yet doesn't mean that buyers don't see its potential to make an impact.” - Erin Erban
“Our current recommendations to our clients, it's still about having a balance, and not going all-in on one or two channels - there needs to be diversification.” - Tom Rice
Resources:
Tom Rice on LinkedIn: https://www.linkedin.com/in/tom-rice-626717/
Erin Erban on LinkedIn: https://www.linkedin.com/in/erindixonmedia/
Get the 2023 Healthcare Technology Marketing Guide: Marketing and Selling to the Health System CIO : https://www.merrittgrp.com/2023-healthtech-marketing-guide/
Episode 36: Understanding Digital Health's ROI with Charm Economics Founder Adam Block, PhD
Learn more from Carrie and Rebecca:
Healthcare Insights (a monthly deep dive into specific topics for innovators): https://nixongwiltlaw.com/healthcare-insights
Telehealth/Virtual Care Mgmt Update (a biweekly LinkedIn newsletter tracking legal and policy changes across the nation): https://www.linkedin.com/newsletters/telehealth-virtual-care-update-6901900767960068096/
Website: https://nixongwiltlaw.com/
Carrie on LinkedIn: https://www.linkedin.com/in/carrienixon/
Rebecca on LinkedIn: https://www.linkedin.com/in/rebeccagwilt/
NGL on LinkedIn: https://www.linkedin.com/company/nixon-gwilt-law/
Decoding Healthcare Innovation on LinkedIn: https://www.linkedin.com/company/78064103/
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Guest hosts Reema Taneja, Esq., and Kaitlyn O’Connor, Esq. of Nixon Gwilt Law sit in for a vacationing Carrie and Rebecca in this episode. These veterinary telehealth legal experts (and dog lovers!) talk to Mark Cushing, Founder and CEO of the Animal Policy Group, about the growing market for “TelePet,” which is telehealth for pets.
How TelePet has evolved over timeWhat challenges currently existWhat need TelePet fills in veterinary care What stakeholders can do to help expand access to TelePet services
Listen to this episode to discover:About our Guest
Mark Cushing is the Founder & CEO of the Animal Policy Group. A long-time political strategist, government regulatory advisor, corporate executive and former litigator, Mark focuses his advocacy practice on providing high-level strategic advice and services to clients with needs at any level of government, and key trade/industry associations in the U.S., Canada and Mexico.
Since 2004, Mark has specialized in animal health, animal welfare, veterinary and veterinary educational issues and accreditation, developing a cutting-edge practice across these sectors. He currently leads several industry coalitions and initiatives. Mark has guided successful accreditations for a growing list of veterinary colleges, and is co-founder of the Veterinary Virtual Care Association.
Mark has recently penned Pet Nation, a book that tells the inside story of how companion animals are transforming our homes, culture, and economy. Mark is a frequent speaker at veterinary medicine and other animal policy-related conferences.
About the Company
The Animal Policy Group monitors all 50 state Legislatures, Veterinary Medical Boards and Pharmacy Boards 365 days a year. Then they rely on relationships in each state, and industry partners, to implement effective plans for success.
Learn more about the Animal Policy GroupCheck out Mark’s book, Pet Nation: The Inside Story of How Companion Animals Are Transforming Our Homes, Culture, and EconomyWatch Reema and Kaitlyn’s recent webinar on the Top 3 Legal Considerations for TelePet Startups
Additional Resources
Join the ConversationAre you a healthcare innovator? Tell us what topics and people you’d like us to cover in future episodes:
Decoding Healthcare Innovation on LinkedIn
Decoding Healthcare on TwitterFollow our daily updates on LinkedIn:
Carrie
Rebecca
About Your HostsCarrie Nixon and Rebecca Gwilt are partners at Nixon Gwilt Law, a healthcare innovation law firm exclusively serving Providers, Digital Health Companies, and Life Science Businesses seeking to transform the way we receive and experience healthcare. Find out more at NixonGwiltLaw.com.
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In this episode, Carrie, Rebecca, and Zack discuss:
Why Medication Assisted Treatment (MAT) is a proven treatment for Opioid Use Disorder (OUD) Why only 5% of clinicians are licensed to prescribe buprenorphine and how this drives traffic to the black market How telemedicine breaks down barriers and stigmas for clinicians and patients in the treatment of OUD, making them an ideal combination for addressing the opioid epidemic in the U.SKey Takeaways:
What many people don’t know is that we already have working solutions for opioid addiction and have for a very long time. A widely accepted treatment called Medication-Assisted Treatment (MAT) is highly effective at keeping people alive. Breaking down barriers for clinicians as well as for patients is critical to the solution. Only 5% of clinicians are licensed to prescribe buprenorphine, a medication used in medication-assisted treatment. Many people who seek treatment are forced to get medication through the black market. There are two main problems that telemedicine solves in regards to getting a patient into a healthy long-term treatment: getting patients to opt-in and getting them to stick with treatment.“Telemedicine is great for allowing people to get treated privately, and do so in a way that fits into their schedule. It's also great at helping people stick with treatment.” - Zack Gray
Connect with Zack Gray:
Website: https://ophelia.com/
LinkedIn: https://www.linkedin.com/in/zack-gray-58437936
Twitter: https://twitter.com/zarkgray
Learn more from Carrie and Rebecca:
Healthcare Insights (a monthly deep dive into specific topics for innovators): https://nixongwiltlaw.com/healthcare-insights
Telehealth/Virtual Care Mgmt Update (a biweekly LinkedIn newsletter tracking legal and policy changes across the nation): https://www.linkedin.com/newsletters/telehealth-virtual-care-update-6901900767960068096/
Website: https://nixongwiltlaw.com/
Carrie on LinkedIn: https://www.linkedin.com/in/carrienixon/
Rebecca on LinkedIn: https://www.linkedin.com/in/rebeccagwilt/
NGL on LinkedIn: https://www.linkedin.com/company/nixon-gwilt-law/
Decoding Healthcare Innovation on LinkedIn: https://www.linkedin.com/company/decoding-healthcare-innovation/
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In this episode, you will discover:
Starting with the unmet need Improving mental health access Human-centered design process
Before you brainstorm an idea or conceptualize a product or service, consider first what problem, pain point, or unmet need you want to solve and build your organization or company around that. Improving mental health access isn’t only about considering physical factors that hinder people from being able to access the support that they need, it’s also about considering psychological ease. A person with social anxiety, for example, may find it very difficult to talk to initiate a phone call. Commit to having a human-centered design process where your team discovers pain points and unmet needs. Talk to people, do surveys, and do research. Don’t create a product based on assumptions.
Key Takeaways:
“Let's make sure there's a real problem. Let's go through all the different workflows, let's talk to people, let's really understand what are the true unmet needs - the true pain points,? Then, let's have fun.” - Pablo Pantaleoni
About LifeStance Health:
LifeStance Health is one of the nation’s largest providers of outpatient mental health care. The company provides comprehensive mental health care for children, adolescents, and adults experiencing a variety of mental health conditions—from anxiety to PTSD to schizophrenia. LifeStance employs approximately 6,100 clinicians across 33 states and approximately 600 centers in a range of disciplines, including psychotherapy (talk therapy) and psychiatry (medication management), which ensures patients have access to a team of providers with the specific expertise in their unique diagnosis. LifeStance is committed to expanding access to mental healthcare across the country and accepts most commercial insurance plans (this is extremely rare in mental healthcare) to increase affordability.
Resources:
Website: https://lifestance.com/
LinkedIn: https://www.linkedin.com/in/pablopantaleoni/
Twitter: https://twitter.com/PabloPanta
Episode 52: Practical Applications of AI in Healthcare with Joseph Zabinski, PhD of OM1Episode 13: Startup, Merger, and Mental Health Advice from CEO of Headspace Health, Russ Glass
Episode 46: Expanding a DTx Business from the EU to the US with Petter Aasa of Vitala
Episode 53: Transitioning a Pediatrics Research Project to a Commercial Healthcare Business with Picterus CEO Tormod Thomsen
Learn more from Carrie and Rebecca:
Healthcare Insights (a monthly deep dive into specific topics for innovators): https://nixongwiltlaw.com/healthcare-insights
Telehealth/Virtual Care Mgmt Update (a biweekly LinkedIn newsletter tracking legal and policy changes across the nation): https://www.linkedin.com/newsletters/telehealth-virtual-care-update-6901900767960068096/
Website: https://nixongwiltlaw.com/
Carrie on LinkedIn: https://www.linkedin.com/in/carrienixon/
Rebecca on LinkedIn:https://www.linkedin.com/in/rebeccagwilt/
NGL on LinkedIn: https://www.linkedin.com/company/nixon-gwilt-law/ -
In this episode you will discover:
The importance of business development in digital health startups Transparency with your investors Taking patient monitoring out of the hospital The advantage of building a key opinion leader networkKey Takeaways:
One common scenario in digital health startups is that they have a high technical and clinical competence, but they don’t have a plan for how the final product is going to be positioned in the market and how the company is going to be financed in the long term. Bring in the right investors as early as you can and have a transparent conversation with your investors about how the journey of the company is likely going to be. Be open about the hurdles that clinical companies have to face in terms of regulations and other expenses. The hospital systems end up spending a lot of resources following up, which ends up taking from the resources that could be spent on treating patients. That’s why any product or service that could take patient monitoring out of the hospital without compromising care will get a lot of traction everywhere. Build the right key opinion leader network in order to really understand how to get the product into the market. It might take some investment of time, but it’ll be worth it. Know where the right places are to go, who the right people are to reach out to, and what is the best approach to get them to buy into your product.“Everything you can do to move services or patient monitoring out of the hospital without compromising care is something that is well getting a lot of traction everywhere.” - Tormod Thomsen
Resources:
Website: https://www.picterus.com/
LinkedIn: https://www.linkedin.com/in/tormod-thomsen-a4b1509/
Learn more from Carrie and Rebecca:
Healthcare Insights (a monthly deep dive into specific topics for innovators): https://nixongwiltlaw.com/healthcare-insights
Telehealth/Virtual Care Mgmt Update (a biweekly LinkedIn newsletter tracking legal and policy changes across the nation): https://www.linkedin.com/newsletters/telehealth-virtual-care-update-6901900767960068096/
Website: https://nixongwiltlaw.com/
Carrie on LinkedIn: https://www.linkedin.com/in/carrienixon/
Rebecca on LinkedIn: https://www.linkedin.com/in/rebeccagwilt/
NGL on LinkedIn: https://www.linkedin.com/company/nixon-gwilt-law/
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In this episode, you will discover:
AI is for optimization and not replacementThe two hurdles to implementing AI in healthcareThe benefit of LLMs in healthcareUsing AI to improve diagnosis and treatmentKey Takeaways:
Every time there’s a new technology, there’s always a lot of fear surrounding it. With AI, we must always focus our intention on and enlighten people with the fact that these technological advances are for the optimization of work and not for the replacement of people. Conservatism in regard to AI will always be one of the biggest hurdles in its implementation. This is because we want to make sure that there will be no harm caused in using this tool. When querying for information that might be critical for treatment, it should be able to give out accurate results. Another hurdle is the integration of AI tools into clinical workflows. LLMs are very good at helping extract and summarize information from messy datasets. A practical application for this is saving clinicians’ time by summarizing physician’s notes. AI can be used as a tool to identify subtypes of diseases within large categories, leveraging patient data to improve diagnosis and treatment.“We're not trying to replace the humans involved in the process. There are many, many things they do that AI will never do as well as them. In my opinion, we're augmenting and helping, just like other tools would.” - Joseph Zabinski
Resources:
LinkedIn: https://www.linkedin.com/in/zabinskijoe
Learn more from Carrie and Rebecca:
Healthcare Insights (a monthly deep dive into specific topics for innovators): https://nixongwiltlaw.com/healthcare-insights
Telehealth/Virtual Care Mgmt Update (a biweekly LinkedIn newsletter tracking legal and policy changes across the nation): https://www.linkedin.com/newsletters/telehealth-virtual-care-update-6901900767960068096/
Website: https://nixongwiltlaw.com/
Carrie on LinkedIn: https://www.linkedin.com/in/carrienixon/
Rebecca on LinkedIn: https://www.linkedin.com/in/rebeccagwilt/
NGL on LinkedIn: https://www.linkedin.com/company/nixon-gwilt-law/
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In this episode you will discover:
How to make KOLs a part of your strategy Why you need short, engaging videos What to budget for marketingKey Takeaways:
The best way to utilize KOLs when reaching out to CIOS is to have them speak at your events. Part of your social media strategy should also be to boost your KOL’s profile and leverage the content they’re creating. CIOs like videos because they’re short, easily digestible, and engaging. Make short case studies and make your websites and webinars engaging and digestible. Make sure to always demonstrate ROI. 5-10% is the industry standard for allocating a budget for marketing. However, it still depends on what you have to work with or work around based on your company’s size, resources, and how many KOLs you have. The main responsibility of a marketing team is to understand the company’s specific buyer, get to know how they tick, where they get their information from, and how they like to be marketed and sold to.“CIOs are humans, and we all have such short attention spans. So if you're going to try to get your information about your technology solution in front of them, you need to do it quickly, and you need to do it in an exciting and engaging way.” - Erin Erban
Resources:
Tom Rice on LinkedIn: https://www.linkedin.com/in/tom-rice-626717/
Erin Dixon on LinkedIn: https://www.linkedin.com/in/erindixonmedia/
Get the 2023 Healthcare Technology Marketing Guide: Marketing and Selling to the Health System CIO : https://www.merrittgrp.com/2023-healthtech-marketing-guide/
Episode 36: Understanding Digital Health's ROI with Charm Economics Founder Adam Block, PhD
Learn more from Carrie and Rebecca:
Healthcare Insights (a monthly deep dive into specific topics for innovators): https://nixongwiltlaw.com/healthcare-insights
Telehealth/Virtual Care Mgmt Update (a biweekly LinkedIn newsletter tracking legal and policy changes across the nation): https://www.linkedin.com/newsletters/telehealth-virtual-care-update-6901900767960068096/
Website: https://nixongwiltlaw.com/
Carrie on LinkedIn: https://www.linkedin.com/in/carrienixon/
Rebecca on LinkedIn: https://www.linkedin.com/in/rebeccagwilt/
NGL on LinkedIn: https://www.linkedin.com/company/nixon-gwilt-law/
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In this episode you will discover:
What surprising channels influence health system CIOs mostWhat KOLs are and why they should matter to youHow to apply trends and statistics from this report to your marketing effortsKey Takeaways:
75% of buyers get their product info from events, and that’s why it’s important to show up. When choosing which to attend, keep in mind where you’re going to get the most ROI for what you’re going to spend. 65% of buyers say a product’s regulatory status is only somewhat important to the purchasing decision. Don’t throw out the importance of compliance but invest in figuring out creative pathways to reimbursement. (For more on this, visit NixonGwiltLaw.com—that’s our special sauce!)According to statistics, CIOs trust media more than online media. Key opinion leaders are very important in reaching out to CIOs as they amplify the science associated with a company solution and lend a company a lot of credibility. The best way you can apply these statistics is not by focusing on one and abandoning the rest of the media but by keeping balance and diversification in your marketing strategy. Lean more into what works and less on the ones that don’t, but don’t completely abandon a channel just because it’s not the best.“What we learned from the survey is that just because something isn't reimbursable, or in this regulatory framework, yet doesn't mean that buyers don't see its potential to make an impact.” - Erin Dixon
“Our current recommendations to our clients, it's still about having a balance, and not going all-in on one or two channels - there needs to be diversification.” - Tom Rice
Resources:
Tom Rice on LinkedIn: https://www.linkedin.com/in/tom-rice-626717/
Erin Dixon on LinkedIn: https://www.linkedin.com/in/erindixonmedia/
Get the 2023 Healthcare Technology Marketing Guide: Marketing and Selling to the Health System CIO : https://www.merrittgrp.com/2023-healthtech-marketing-guide/
Episode 36: Understanding Digital Health's ROI with Charm Economics Founder Adam Block, PhD
Learn more from Carrie and Rebecca:
Healthcare Insights (a monthly deep dive into specific topics for innovators): https://nixongwiltlaw.com/healthcare-insights
Telehealth/Virtual Care Mgmt Update (a biweekly LinkedIn newsletter tracking legal and policy changes across the nation): https://www.linkedin.com/newsletters/telehealth-virtual-care-update-6901900767960068096/
Website: https://nixongwiltlaw.com/
Carrie on LinkedIn: https://www.linkedin.com/in/carrienixon/
Rebecca on LinkedIn: https://www.linkedin.com/in/rebeccagwilt/
NGL on LinkedIn: https://www.linkedin.com/company/nixon-gwilt-law/
Decoding Healthcare Innovation on LinkedIn: https://www.linkedin.com/company/78064103/
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In this episode, Carrie, Rebecca, and Adam discuss:
Why digital health startups need to calculate ROI What types of organizations to consider targeting as customersWhat range of ROI Adam sees digital health companies produceHow to supercharge success by creating value pathwaysKey Takeaways:
When you’re pitching to a CFO, they’re going to be looking for the answer to two questions: 1.) Are you going to bring my organization more revenue? 2.) Are you going to reduce the overall cost structure across my organization? You need to have a clear cut answer. CFO’s tend to be calculation-oriented people. There are five types of organizations you can target as customers: Health plansACOs (Accountable Care Organizations)HospitalsEmployer groups Self-insured employersThe ranges of ROI for digital health companies can go as low as 2x to as high as 20x or 30x, depending on the estimates that are used. Create value pathways. Think about how your digital health company is going to lead to potential overall additional revenue or additional savings for your clients. Write it out and add it into your demo.“Pricing is a bit of an art but I’m a believer that ROI should be driving what your pricing is.” - Adam Block
Connect with Adam Block:
Website: https://www.charmeconomics.com/
LinkedIn: https://www.linkedin.com/in/adameblock/
Learn more from Carrie and Rebecca:
Healthcare Insights (a monthly deep dive into specific topics for innovators): https://nixongwiltlaw.com/healthcare-insights
Telehealth/Virtual Care Mgmt Update (a biweekly LinkedIn newsletter tracking legal and policy changes across the nation): https://www.linkedin.com/newsletters/telehealth-virtual-care-update-6901900767960068096/
Website: https://nixongwiltlaw.com/
Carrie on LinkedIn: https://www.linkedin.com/in/carrienixon/
Rebecca on LinkedIn: https://www.linkedin.com/in/rebeccagwilt/
NGL on LinkedIn: https://www.linkedin.com/company/nixon-gwilt-law/
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What a minimum viable revenue model isWhat 5 questions they ask every new revenue model clientWhy healthcare business rules are different from every other industryWhy determining a revenue model must include designing a compliant business arrangementWhat happens when your revenue model is noncompliant
In this episode, Carrie and Rebecca discuss:Download the checklist here: https://bit.ly/3TxMKCN
Find the episode transcript at our website: https://nixongwiltlaw.com/dhi-podcast/
Key Takeaways:
The first question you must ask is, “what are you selling”? For example, a vendor of RPM is often selling software, devices, and clinical services in the form of management services. Identifying who your customers are or what revenue streams you have available is a key step in figuring out what the available payment mechanisms are. You may have more options than you think.In healthcare, designing a compliant business arrangement is key to capturing revenue without getting yourself in trouble. Noncompliance is a revenue risk.Consider what documents you need to make the arrangement viable.There may be more than you think due to the complexity of the healthcare industry.“If you’re using those non-compliant business arrangements to capture the revenue, that revenue down the road may be clawed back from you.” - Carrie Nixon
Learn more from Carrie and Rebecca:
Healthcare Insights (a monthly deep dive into specific topics for innovators): https://nixongwiltlaw.com/healthcare-insights
Telehealth/Virtual Care Mgmt Update (a biweekly LinkedIn newsletter tracking legal and policy changes across the nation): https://www.linkedin.com/newsletters/telehealth-virtual-care-update-6901900767960068096/
Website: https://nixongwiltlaw.com/
Carrie on LinkedIn: https://www.linkedin.com/in/carrienixon/
Rebecca on LinkedIn: https://www.linkedin.com/in/rebeccagwilt/
NGL on LinkedIn: https://www.linkedin.com/company/nixon-gwilt-law/
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In this episode discover:
How to apply experiences from other industries to healthcareWhy you need to focus on customer experience in healthcare How to navigate the challenges of working in the home health spaceWhat the advantages are of being missions orientedKey Takeaways:
Being in varied and different roles or industries gives you the unique opportunity to provide your learnings from those roles and apply them to your current ones. Learn the industry as fast and as deeply as you can and inject your experiences.Other companies treat their customers as guests, but it’s different in healthcare. It’s time for companies to step up and make healthcare a more personalized, pleasant, and convenient experience. There are certain challenges that come with a home-based healthcare service like Sprinter Health. Some of them are hiring qualified people, managing their time, and dealing with the challenges each city presents. Being mission-oriented will help the company navigate through rapidly changing times and prevent people from being distracted by “shiny objects” that appear along the way.“Being mission-oriented, and always keeping your eye on what you're trying to achieve is super important. In this market where things are changing and innovation is happening, if you have that kind of North Star guiding your decisions, it is incredibly helpful to navigate…”- Seema Otoya
Resources:
Connect with Seema on LinkedIn: https://www.linkedin.com/in/seemaotoya/
Company website: https://www.sprinterhealth.com/
Careers at Sprinter Health: https://jobs.lever.co/SprinterHealth
Learn more about Care at Home on the Nixon Gwilt Law blog: https://nixongwiltlaw.com/care-at-home
Learn more from Carrie and Rebecca:
Healthcare Insights (a monthly deep dive into specific topics for innovators): https://nixongwiltlaw.com/healthcare-insights
Telehealth/Virtual Care Mgmt Update (a biweekly LinkedIn newsletter tracking legal and policy changes across the nation): https://www.linkedin.com/newsletters/telehealth-virtual-care-update-6901900767960068096/
Website: https://nixongwiltlaw.com/
Carrie on LinkedIn: https://www.linkedin.com/in/carrienixon/
Rebecca on LinkedIn: https://www.linkedin.com/in/rebeccagwilt/
NGL on LinkedIn: https://www.linkedin.com/company/nixon-gwilt-law/
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In this episode, you will discover:
A simple definition of a value-based enterprise Why are Value-Based Enterprise arrangements very well suited to digital health companies? How Value-Based Enterprises reward teamwork between organizationsKey Takeaways:
A value-based enterprise or VBE, is essentially a regulatory construct that permits substantial freedom in how organizations can pay providers for services. That freedom is gained in exchange for adhering to certain requirements around the relationship between the parties and how providers participate in value-based care initiatives. Digital health companies come from the tech world, and the tech world is all about subscription-based revenue. Payment based on a capitated model is one of the explicitly contemplated types of payment systems within the value base enterprise exception. Digital Health Companies have a leg up on other businesses because they're working within that capitated framework.The promise of value-based enterprises is that they really reward the organizations that are able to get together and work as a team. The government has recognized this and has built constructs that allow people to dip their toes in the water and explore to see how it works and maybe build something better.“I discovered a lot of things that I think make value-based enterprises very well suited to digital health companies. They have a leg up on other businesses because they work within that capitated framework. A lot of the benefits that come with being a tech-oriented business can carry over into that quality accountability type world.” - Luis Argueso
Resources:
Website: https://www.inhealthadvisors.com/
LinkedIn: https://www.linkedin.com/company/inhealth-advisors/
Twitter: https://twitter.com/inhealthadvice
Learn more from Carrie and Rebecca:
Healthcare Insights (a monthly deep dive into specific topics for innovators): https://nixongwiltlaw.com/healthcare-insights
Telehealth/Virtual Care Mgmt Update (a biweekly LinkedIn newsletter tracking legal and policy changes across the nation): https://www.linkedin.com/newsletters/telehealth-virtual-care-update-6901900767960068096/
Website: https://nixongwiltlaw.com/
Carrie on LinkedIn: https://www.linkedin.com/in/carrienixon/
Rebecca on LinkedIn: https://www.linkedin.com/in/rebeccagwilt/
NGL on LinkedIn: https://www.linkedin.com/company/nixon-gwilt-law/
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In this episode you will discover:
The food allergy and treatment landscapeProtein design opening a new landscape of treatment possibilitiesShifting from investing to the operational side of startups and navigating the world of biotech as a female CEOKey Takeaways:
The treatment for food allergy is difficult because it requires a balancing act between efficacy and safety. This is because food proteins that are needed to train the body to reduce its allergic reactions are often also the cause of allergic reactions. Through breakthroughs in protein design, Ukko has shown that it is possible to isolate the two parts of a protein and create a new one that can be used for more effective and safer immunotherapy, essentially removing the harmful part of the protein and keeping the part that trains your body to reduce its allergic reaction. The best thing that VCs can do is to experience the operational side, it makes you a much better VC on so many levels. It shifts your empathy and your understanding of what the CEO is going through. If you make the move from VC to founder, you will have great tools that will also make you a better fundraiser.“I think that the best thing VCs can actually do is experience the operating side. There's something about understanding the roller coaster, the experience, the day to day of this person who just walked into your room - this is their blood, sweat and tears.” - Anat Binur
Resources:
Website: https://www.ukko.us/
LinkedIn: https://www.linkedin.com/in/anatbinur/
Twitter: https://twitter.com/abinur
Learn more from Carrie and Rebecca:
Healthcare Insights (a monthly deep dive into specific topics for innovators): https://nixongwiltlaw.com/healthcare-insights
Telehealth/Virtual Care Mgmt Update (a biweekly LinkedIn newsletter tracking legal and policy changes across the nation): https://www.linkedin.com/newsletters/telehealth-virtual-care-update-6901900767960068096/
Website: https://nixongwiltlaw.com/
Carrie on LinkedIn: https://www.linkedin.com/in/carrienixon/
Rebecca on LinkedIn: https://www.linkedin.com/in/rebeccagwilt/
NGL on LinkedIn: https://www.linkedin.com/company/nixon-gwilt-law/
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In this episode you will discover:
What is a patent? How soon should you invest in patent protection? What you need to know about design patents for digital companiesWhat the advantages founders gain from talking to a patent attorney
A patent gives you the right to exclude others from making, using, selling, or importing your invention. It is a defensive measure to make sure that your work is protected. Invest in patent protection for your idea before publicly disclosing it without a confidentiality agreement so that you won’t risk losing your rights. Once you disclose your invention publicly, you’ll have one year to file for a patent. Creating an interesting graphical user interface for an app, for example, can be protected under design patents. That’s a way for companies to protect the user interface for some applications. Anybody can file a provisional application with the PTO, but it’s still more advantageous to talk to a patent attorney since they will make sure that the claims are as broad as possible to cover all possible different iterations.
Key Takeaways:
“USPTO is a ‘first-to-file’ system. So it's not necessarily first to invent, it's whoever's in the door first. So if they are about to disclose it at a trade show, or to prospective investors, then they want to make sure that their patent is in the office.” - Giordana Mahn
Resources:
Fish & Richardson Attorneys Author IAM Article "Neglect Begets Opportunity in Femtech IP": https://www.fr.com/insights/thought-leadership/articles/fish-richardson-attorneys-author-iam-article-neglect-begets-opportunity-in-femtech-ip/
Protecting Your Femtech IP(Webinar): https://www.fr.com/insights/webinars/protecting-your-femtech-ip/
The Basics of Design Patents(Webinar):
https://www.fr.com/insights/webinars/the-basics-of-design-patents/
Successful Patent Strategies for Digital Health and Digital Therapeutics(Webinar):
https://www.fr.com/insights/webinars/successful-patent-strategies-for-digital-health-and-digital-therapeutics/
Fish & Richardson: https://www.fr.com/
LinkedIn: https://www.linkedin.com/in/giordana-mahn-32832212/
Women Of Wearables: https://www.womenofwearables.com/
Learn more from Carrie and Rebecca:
Healthcare Insights (a monthly deep dive into specific topics for innovators): https://nixongwiltlaw.com/healthcare-insights
Telehealth/Virtual Care Mgmt Update (a biweekly LinkedIn newsletter tracking legal and policy changes across the nation): https://www.linkedin.com/newsletters/telehealth-virtual-care-update-6901900767960068096/
Website: https://nixongwiltlaw.com/
Carrie on LinkedIn: https://www.linkedin.com/in/carrienixon/
Rebecca on LinkedIn: https://www.linkedin.com/in/rebeccagwilt/
NGL on LinkedIn: https://www.linkedin.com/company/nixon-gwilt-law/ -
In this episode, you will discover:
How interactive patient care will impact the future of healthcare How vendors can be successful in the digital health space What technologists and innovators should keep in mindKey Takeaways:
The pandemic accelerated the growth of the digitalization of healthcare. Healthcare providers need to look into leveraging technology that will reduce the burden of work for nurses and staff so that they could focus on what is important. Missing information is a huge reason for stress both for patients and providers. Anything you could do to fill the gaps in information ensures a better overall experience for the patient and improves the outcome, possibly helping them recover more quickly. It’s impossible to be good at everything, but there is always one thing that you’re great at. As a vendor, apply this mindset by focusing on one specialization that will make you preferable to a feature or functionality that might already be established. People who are great at developing technology and creating solutions should never lose sight of the human element. Another thing to keep in mind is that new technology only works if it is ingrained in the culture and that there’s adoption of how it’s going to work in the organization. Lastly, keep it simple.“What's happening with digital technology is we are looking for the ability for us to create force multipliers that reduce the burden of work for nurses and clinical staff that allow them to focus on what's really important, and that's taking care of patients’ medical clinical needs.” - Dave Bennett
Resources:
Website: https://pcare.com/
Dave Bennett on LinkedIn: https://www.linkedin.com/in/staywellbennett/
Learn more from Carrie and Rebecca:
Healthcare Insights (a monthly deep dive into specific topics for innovators): https://nixongwiltlaw.com/healthcare-insights
Telehealth/Virtual Care Mgmt Update (a biweekly LinkedIn newsletter tracking legal and policy changes across the nation): https://www.linkedin.com/newsletters/telehealth-virtual-care-update-6901900767960068096/
Website: https://nixongwiltlaw.com/
Carrie on LinkedIn: https://www.linkedin.com/in/carrienixon/
Rebecca on LinkedIn: https://www.linkedin.com/in/rebeccagwilt/
NGL on LinkedIn: https://www.linkedin.com/company/nixon-gwilt-law/
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In this episode, you will discover:
Why price transparency is importantHow to understand the impact between a $0 option and a $250 option in the moment of decisionHow data transparency impacts patient access and health equityKey Takeaways:
Moving to a more consumer-directed and consumer-focused model means focusing on creating more transparency on the area of pricing. By bringing this information upstream, we will be able to build trust between the patient and the provider. The difference between a $250 drug and a $0 drug can be meaningful to a lot of people. Providing this option isn’t impossible, it’s only a matter of getting the right answer to the right decision-maker when those things are happening. Consumer-driven healthcare is the most important health equity issue to solve. Half of America can’t incur $1,000 of unexpected expenses without financial ruin. Providing information to the right people can go a long way in contributing to the solution.“Things that we can automate, we should automate.” - Kyle Kiser
Resources:
Website: https://arrivehealth.com/
LinkedIn: https://www.linkedin.com/in/kyle-kiser-68ba218/
Learn more from Carrie and Rebecca:
Healthcare Insights (a monthly deep dive into specific topics for innovators): https://nixongwiltlaw.com/healthcare-insights
Telehealth/Virtual Care Mgmt Update (a biweekly LinkedIn newsletter tracking legal and policy changes across the nation): https://www.linkedin.com/newsletters/telehealth-virtual-care-update-6901900767960068096/
Website: https://nixongwiltlaw.com/
Carrie on LinkedIn: https://www.linkedin.com/in/carrienixon/
Rebecca on LinkedIn: https://www.linkedin.com/in/rebeccagwilt/
NGL on LinkedIn: https://www.linkedin.com/company/nixon-gwilt-law/
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In this episode, you will discover:
How continuous touch can help patients’ health improve continuously
What the similarities and differences are between the EU and the US in the healthcare space
Why healthcare companies should focus on preventive healthcare
What Petter recommends for EU companies that plan to expand to the US
Key Takeaways:
Remote therapeutic monitoring codes came about with the belief that continuous touch with a patient during the course of their needs for exercise and therapy is going to help them progress instead of backsliding. This part of the process needs to be reimbursed to make sure that it is continually done and that the patient’s well-being continuously improves.
The US and EU face similar challenges. Both markets don’t have a strong focus on preventive healthcare, focusing more on improving reactive measures. One difference is that the EU is very good at building innovation but is not good at supporting companies’ transition to adaptation which is why many EU companies migrate or expand to the US.
Both the US and the EU market have a lot of incentive to focus on prevention: an aging population leading to a high prevalence of chronic diseases, rapidly increasing healthcare costs, and how diet, sleep, alcohol, and tobacco usage account for 90% of the total health determinants.
Find the right regulatory and compliance partners because that is the hardest thing for a startup coming overseas to navigate through. Massive amounts of time, energy, and money can be saved by partnering with experts.
“We're focusing on providing the best possible care for the patients while also solving a big problem for the providers, which has been that they don't have the right tools, energy, or the time to focus on prevention. They're stuck focusing on reactive treatments, which are fine, but it's not where the future is at.” - Petter Aasa
Resources:
Website: https://www.vitala.health/en/home
LinkedIn: https://www.linkedin.com/in/petter-aasa-103245a9/
Learn more from Carrie and Rebecca:
How NGL helps International Companies Enter the US Healthcare Market: https://nixongwiltlaw.com/international
Case Study: https://nixongwiltlaw.com/case-study-antidote-health
How NGL Helps DTx Companies Find a Path to Commercialization: https://nixongwiltlaw.com/digital-therapeutics
Healthcare Insights (a monthly deep dive into specific topics for innovators): https://nixongwiltlaw.com/healthcare-insights
Telehealth/Virtual Care Mgmt Update (a biweekly LinkedIn newsletter tracking legal and policy changes across the nation): https://www.linkedin.com/newsletters/telehealth-virtual-care-update-6901900767960068096/
Website: https://nixongwiltlaw.com/
Carrie on LinkedIn: https://www.linkedin.com/in/carrienixon/
Rebecca on LinkedIn: https://www.linkedin.com/in/rebeccagwilt/
NGL on LinkedIn: https://www.linkedin.com/company/nixon-gwilt-law/ - Daha fazla göster
