Diversifying Revenue Streams in HealthTech:
Tips from Successful Founder Garrett Soames, DMSc, PA-C Ep 47
The healthcare industry is constantly evolving, and with the help of technology, it's changing faster than ever. HealthTech founders face unique challenges, such as obtaining funding, navigating complex regulations, and developing innovative products that can improve patient outcomes.
In this blog post, we'll explore the journey and insights of Garrett, a physician associate turned business owner, who has successfully navigated these challenges and created a thriving HealthTech business. We'll delve into key takeaways from his experience, including how to pursue your passion, the importance of timing, building your brand through networking and collaboration, diversifying your revenue streams, and creating a turnkey medical management company.
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Show Summary
HealthTech founders face unique challenges in the healthcare industry, from obtaining funding to navigating complex regulations and developing innovative products.
In this episode, Sabrina Runbeck interviews Garrett, a physician associate and doctor of medical sciences turned successful entrepreneur, who shares his insights and experiences on entrepreneurship in the healthcare sector.
From improving access to care with his own digital technology to diversifying revenue streams, and building a turnkey medical management company, Garrett offers valuable advice and actionable steps that HealthTech founders can apply to their own businesses.
Listen in to learn how you can turn your passion into a business, seize opportunities when they arise, build a successful brand through networking and collaboration, and more.
Key takeaways:
- Pursue your passion
- Timing is everything
- Build your brand through networking and collaboration
- Improve access to care with technology
- Diversify your revenue streams
- Build a turnkey medical management company
1) Pursue Your Passion
Garrett's career path in healthcare began with his passion for pre-hospital medicine, which he discovered during his high school years. He worked his way through different specialties, including sports medicine, pediatrics, urgent care, and family practice. As a physician associate, he found it challenging to find a job that perfectly fit his interests and skillset. Therefore, he decided to start his own business to pursue his passions. He created a house call MD practice, a telemedicine service for men's health, and a house call IV infusion service. His advice to HealthTech founders is to pursue their passion and make it their business. By doing so, they can create a job that aligns with their interests and values, and make a positive impact on people's lives.
2) Timing Is Everything
Starting a business is a significant decision that requires careful consideration and planning. However, as Garrett highlights, there is no perfect time to start a business. The best time is now. HealthTech founders should not wait for the ideal conditions to materialize. Instead, they should be proactive and take action towards their goals. Garrett started his house call MD practice while working full-time in urgent care and a part-time job at a weight loss clinic. He gradually built his patient base through word of mouth without spending any money on marketing. His business thrived during the COVID-19 pandemic when people needed healthcare services delivered to their homes. HealthTech founders should seize opportunities when they arise and be adaptable to changing circumstances.
"COVID again was serendipitous for us...if I had decided to wait to start the business, I wouldn't have been ready to provide that service. I wouldn't have been prepared. I wouldn't have had staff. It wouldn't have taken a lot of lead-up time...the right time is now because you never know what is coming around the corner." by Garrett Soames, DMSc, PA-C, CAQ-EM, ATC
3) Build Your Brand Through Networking and Collaboration
Networking and collaboration are essential to building a successful brand in the healthcare industry. As Sabrina and Garrett discussed, social media platforms are an effective way to connect with like-minded individuals and share success stories. HealthTech founders can leverage social media to showcase their products, services, and expertise. Garrett's house call MD practice gained recognition through word of mouth, and he plans to expand his business by opening a second branch in Los Angeles, California, and franchising his healthcare delivery model. HealthTech founders can learn from Garrett's experience and seek out opportunities to collaborate with other healthcare providers, investors, and stakeholders to grow their businesses.
4) Improve Access to Care with Technology
If you're in the HealthTech industry, you know that access to care is one of the biggest challenges we face today. But Garrett has a solution. He started a mobile clinic that offers house call MD services and telemedicine, and created his own software system to make it simple for caregivers to schedule appointments for their loved ones. By leveraging technology, Garrett is able to help those who need it most, like the elderly and people in remote areas. So, take a page from Garrett's book and think about how you can use technology to improve access to care in your own business.
5) Diversify Your Revenue Streams
It's no secret that in the HealthTech industry, diversifying your revenue streams is key to success. Garrett knows this all too well, which is why he created three separate businesses that cater to different healthcare needs. By marketing to different groups and offering tailored services, he's able to reach a wider patient base and maximize his profits. You can do the same by thinking outside the box and finding ways to cater to specific healthcare needs in your own business. Whether it's creating a cash-only service or billing insurance for a different type of practice, diversifying your revenue streams is a must.
“We know no matter what, there's always gonna be a moving target of goals. If we're constantly in the realm of having different ideas, then we can get into analysis paralysis. We sabotage our own success because there are psychological tendencies of what push us to get a success level so far.” by Sabrina Runbeck
6) Build a Turnkey Medical Management Company
What grand visions do you have for your company? Garrett has big plans for the future of his company - he wants to create a turnkey medical management company. By creating a franchise-like model, healthcare practitioners won't have to worry about the business side of things like insurance, credentialing, or marketing. Instead, they'll be able to focus on what they do best - providing quality care to their patients. This is a fantastic idea that could provide more flexibility, control, and sustainability for healthcare providers. So, if you have a practice that's duplicatable or a business model that could be franchised, consider following Garrett's lead and building a turnkey medical management company.
As a HealthTech founder, you face unique challenges in the healthcare industry, from navigating complex regulations to developing innovative products. However, there are solutions and opportunities to build successful businesses. Take a page from Garrett's book and think about how you can use technology to improve access to care in your own business, diversify your revenue streams, and build a turnkey medical management company. Pursue your passion, seize opportunities when they arise, and build your brand through networking and collaboration. Take note of these key takeaways and apply them to your own business.
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To gain even more insights from our conversation, head over to our podcast episode.
Listen 🔊 to episode #47 on the “Provider's Edge” podcast
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🎧 SabrinaRunbeck.com/Apple-Podcast
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We hope you found our latest episode insightful and valuable for your healthcare business. We would love to hear your feedback, what you learned and how you plan to apply it to your business.
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