Hey! I just left the outstanding HLTH 2023 conference with fresh impressions and takeaways, which I want to share! So, here are the five key insights to consider:
1. Most CEOs who run smaller startups and fundraise now confirm that current times are much more difficult than 2-3 years ago. But I do witness with my own eyes how those who are very determined and focused and build their startup right raised excellent 5-10M Series A rounds in the past six months. Thus, do not give up, and keep pushing smart. It is happening despite challenges, even now!
2. I have met several successful European companies (Series A and B) who just made a move and took their first steps toward their market expansion to the United States. They are somehow disoriented with the complexity of US healthcare vs European. My advice: if you are a European company that wants to rock the US healthcare stage, get yourself an experienced local “guide” (Healthcare BizDev/Sales/Partnerships veteran exec). Finding and getting a good one is often challenging and expensive, but doing it yourself is even tougher.
3. Many companies try to collect a combination of clinical and claims data to extract valuable insights and make more sophisticated decisions and recommendations. It may be much harder than you think to “reinvent your own wheel” for data platforms and all needed enterprise EHR integrations by yourself, and it often fails. Consider selecting the right tools and verified healthcare data professionals so you can trust your healthcare data platform to work.
4. Value-based care is complicated. If you aim to package it right and be profitable, consider getting a hands-on strategy from the right person who knows the space rather than trying to figure it out yourself.
5. Many vendors provide similar services, but their stages and prices may differ significantly. Thus, you should consider challenging bigger, well-known brands’ safe decisions. Looking beyond and experimenting with smaller, hungrier vendors may pay off (risk along with the risk).
For me, the HLTH conference is about awesome, intelligent, and innovative people impacting our world. So, BIG THANKS to everyone listening to me, sharing your thoughts and visions, and exchanging ideas. I had the pleasure of meeting with everyone in the last three days.