Notes from the Field: Real stories from digital health founders
Wisdom from industry leaders Missy Lavender and Samson Magin
Missy Lavender, CEO of Renalis Health and Samson Magid, CEO of HealthSnap join Dael and Sarah to talk about how they have successfully implemented outcome-driven solutions in the Digital Therapeutics (DTx) and Remote Patient Monitoring (RPM) spaces.
In the current economic climate health systems are clamoring for accelerated ROI to justify spending on remote and digital care technologies. Watch this panel discussion to hear real stories from digital health founders who have realized success amid these rising expectations.
Watch this webinar to learn:
Tips on how to successfully build, market, and implement products in today’s marketplace
How digital health CEOs have pivoted in the current economic climate
The outcomes and ROI they are driving for their customers
How to successfully start a tech company without a tech background
Missy Lavender - CEO, Renalis Health
Samson Magid - CEO, HealthSnap
Sarah Bottjen - Director of Professional Services, Redox
Dael Stewart - Lead Product Strategist and Digital Health Vertical Lead, TXI
About the Digital Health expert Dael Stewart
Dael is a Lead Product Strategist for the Digital Health vertical at TXI. With a human-centric approach, he is focused on delivering digital products and services supporting the needs of patients, users, and provider-companies to build more accessible, equitable, and innovative solutions across the digital health landscape. With over 20 years of experience, Dael acts as a trusted advisor to healthcare leaders across the digital health landscape; helping them understand that focusing on the patient and creating ‘sticky’ experiences drives improved outcomes for patients and systems alike. Dael’s curiosity and deep expertise allows him to both challenge and collaborate with clients, colleagues, patient advocacy groups, and healthcare systems—driving innovative end results that improve individual and collective wellbeing.
Summary and Themes Explored in This Webinar
Understanding the Differences Between Digital Therapeutics, Remote Monitoring, and Chronic Care Management
Digital Therapeutics (DTx): Digital therapeutics require FDA clearance to diagnose or treat medical conditions, involving proof of concept studies and rigorous trials.
Remote Monitoring (RM): Remote monitoring entails continuous health tracking using digital tools but does not directly diagnose or treat conditions.
Chronic Care Management (CCM): Chronic care management provides ongoing support for patients with chronic conditions by combining remote monitoring, education, and regular check-ins.
Demonstrating Value and ROI: To establish value and return on investment (ROI), data analysis is crucial. Companies often rely on publications, white papers, and case studies to build credibility. ROI calculations consider factors like reimbursement rates, cost savings, and long-term profitability.
Focus on Clinical Outcomes: The ultimate goal includes improving patient outcomes, reducing hospitalizations, and enhancing the overall patient experience.
Balancing Stakeholder Needs: Creating Effective Healthcare Products for Patients, Providers, and Payers
Patient-Centric Approach: Building healthcare solutions that prioritize the patient experience is key, as satisfied patients are more likely to engage with the product and follow care plans.
Streamlined Workflows: Ensuring that the solution simplifies provider workflows is crucial to gaining their support. When healthcare providers find a product user-friendly and efficient, they are more likely to adopt it.
Tech-Enabled Services: Combining technology with services can help bridge the gap between patient engagement and healthcare provider support, making it easier for all parties involved.
Data-Driven Outcomes: Demonstrating improved patient outcomes and lower total cost of care can be persuasive in gaining payer support, as it aligns with the goals of value-based care.
Advocating for RPM and CCM: Remote Patient Monitoring (RPM) and Chronic Care Management (CCM) should be considered long-term solutions for chronic disease management, not just trends from the COVID-19 era.
Lessons from Digital Health Innovators
Patient-Centric Approach: Prioritize building solutions that patients love, ensuring they remain engaged and motivated to use the platform.
Tech-Enabled Services: Simplify provider workflows by integrating technology that automates administrative tasks, freeing them to focus on patient care.
Proven Clinical Outcomes: Demonstrate improved patient outcomes and reduced total cost of care to justify payer reimbursement and support the scalability of remote patient monitoring (RPM) and chronic care management (CCM) programs.
Surprises and Lessons Learned:
Extended Use: Unexpectedly, patients expressed reluctance to discontinue using the platform after the initial therapy period, highlighting the appeal of the digital therapeutic's continuous support.
Medication Monitoring: Recognizing the synergy between behavioral therapy and medication monitoring, the platform adapted to accommodate this feature, aligning with patient needs.
Iterative Innovation: Embracing an entrepreneurial spirit, the teams continually gather feedback, pivot as needed, and enhance their solutions, ensuring ongoing relevance in the dynamic digital health landscape.
Navigating the complexities of digital health implementation
Change Management: Healthcare providers may resist tech-enabled services, necessitating corporate-level communication strategies to ensure provider comfort and understanding.
Technical Challenges: Integration with electronic health record (EHR) systems like Epic poses technical hurdles, requiring alignment with provider workflows and the ability to support different data models.
Billing and Revenue Cycle: Scaling up brings complexities in charge entry, insurance reimbursement, patient copays, and revenue cycle management, often overlooked by digital health companies.
Partner Collaboration: Collaborative health systems willing to integrate new technologies play a pivotal role in overcoming technical challenges and serve as early adopters.
Intelligent Integration: Customized interfaces aligned with provider workflows streamline data entry and enhance the usability of digital health solutions.
Automated Billing: Implementing automated billing and financial interfaces helps manage large-scale CPT code charges efficiently, reducing administrative burdens on healthcare organizations.
Building the right team is key to digital health success
Strategic Co-Founders: Choose co-founders wisely, considering complementary skills and alignment with the company's mission and vision.
Lean and Agile Teams: Focus on quality over quantity when building the initial team. Lean, dedicated, and mission-driven individuals can make a significant impact.
Value of the Network: Leverage personal networks and relationships to bring in key hires and build a cohesive team with shared values and dedication.
Phased Team Development: Understand the different phases of team development, starting with the initial founding team, then transitioning to key roles for go-to-market strategies, and eventually scaling up with HR and processes to support growth.
HR Importance: Recognize the significance of HR as a company scales, and invest in HR processes earlier in the company's growth trajectory.
Key advice for founders embarking on their startup journey
Believe in Your Mission: Building a successful startup begins with a strong belief in your mission and the value it offers. Ensure that your product or service addresses a critical need in the market.
Quality Matters: Start with a great product that actually works. Quality is the foundation of any successful venture, and it's crucial for gaining customer trust and satisfaction.
Build a Stellar Team: Surround yourself with a talented and dedicated team. A great product is only as good as the people behind it, so invest in assembling a team with diverse skills and expertise.
Resilience is Key: Be prepared to face rejection and challenges. The entrepreneurial journey can be tough, with changing economic landscapes and unexpected delays. Stay resilient and keep pushing forward.
Consistency is Underrated: Consistency in your efforts and presence is undervalued. Keep showing up, engaging with people, and making your presence known in your industry. This builds credibility and trust over time.
Never Stop Believing: Maintain unwavering belief in your vision and mission. Belief fuels passion, and when you're passionate about what you do, it's easier to overcome obstacles and find success.
Published by TXI TUBE