“Preston is exactly what healthcare needs right now: • Someone who can see and articulate the problems • Cultivate meaningful solutions to those problems • And still stay positive I love learning from Preston. He effectively teaches what he knows and is a determined force for good for healthcare. I'm putting my bets on Preston to bring effective change and am excited to watch him lead.”
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Atlanta, Georgia, United States
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Contributions
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Here's how you can foster trust and rapport with physicians through emotional intelligence.
It can be a delicate balance. But if you have built trust and a respectful relationship upfront, then this shouldn't be an issue. Bother sides will naturally seek the feedback and always assume it comes from a well intentioned place. They key is respect, good intentions, and empathy.
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Here's how you can foster trust and rapport with physicians through emotional intelligence.
Empathy is the most underrated skill in business. People want to feel heard and understood. That's true of patients, physicians, anyone. When we focus on empathy during interactions, it's amazing what we can do together.
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Here's how you can overcome common obstacles when launching a new healthcare startup.
Healthcare is about physicians delivering amazing care with a backdrop of endless laws, rules, and regs governing the system. Understanding what is required to be compliant is paramount to initial and ongoing success.
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Here's how you can overcome common obstacles when launching a new healthcare startup.
When building a pitch story, the most important thing is credibility. The worst thing you can do is tell an outlandish financial story. Be conservative, know the numbers, and back them up. They will all be wrong anyways, but it's about showing the thought process and again, building credibility.
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Here's how you can overcome common obstacles when launching a new healthcare startup.
Engaging is great. More than that, there should be a physician on the founding team. Leading. Who better? The value unlock is amazing. Unfortunately we have a false narrative about the business acumen of physicians.
Experience & Education
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Tracy Health
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Beta Gamma Sigma
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Founder, Vice President
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Explore more posts
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Blake Madden
How'd HCA, Tenet, CHS and UHS do in Q1? Here's a handy little table I put together on high level financial and operating performance in Q1 2024. Net Revenue & Growth: • HCA Healthcare - $17.3B (11.2%) • Tenet Healthcare - $5.4B (6.9%) • UHS - $3.8B (10.8%) • Community Health Systems - $3.1B (1.0%) Adjusted EBITDA & Margin: • HCA - $3.4B (19.3%) vs. $3.2B (20.3%) in Q1 2023 • THC - $1.0B (19.1%) vs. $0.832B (16.6%) in Q1 2023 • UHS - $0.526B (13.7%) vs. $0.421B (12.1%) in Q1 2023 • CHS - $0.378B (12.0%) vs. $0.335B (10.8%) in Q1 2023 Same-Store Admissions Growth: • HCA - 6.2% • THC - 4.2% • UHS - 5.7% • CHS - 3.8% Same-Store Patient Days Growth: • HCA - 5.4% • THC - 3.2% • UHS - 4.4% • CHS - 3.1% Same-Store ER Visits Growth: • HCA - 7.2% • THC - 4.0% Conclusion: Volumes were STRONG in Q1 given effects of calendar and ongoing, sustained elevation in utilization, leading to a favorable setup for most of these operators. Side note: does it bother anyone else that Community Health Systems' logo is CHS, but its stock ticker is CYH? PS - if you like breakdowns like these, join 30k+ others on my newsletter Hospitalogy! https://lnkd.in/gniNmHvz
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Kevin B.
1️⃣ Number one strategy I found in med device to consistently level 🆙 your customer base and crush your number. The momentum you can build by doing this will potentially increase your capacity to the breaking point. You will have to make a decision. Continue without changing and lose customers or scale your team to meet the demand. The year I figured this out I earned a Rolex, a trip to St Martin, and a voucher for another similar trip. Only 4 of 200+ reps qualified for a Rolex. And my territory was in OKC. On January 1st of that year I was notified that my largest hospital just inked a contract with another division of our company. Reducing sales price by 35%. Not only did I need to make up that 35% to true up to last years baseline sales, I needed to grow 24% to hit quota. And to add to those challenges outside of my control, our division vp of sales told me at our NSM that in previous years he tried to get the OKC market going but it was extremely hard. Then he said, “But good luck.” When I left the NSM I was too busy working my strategy and increasing my capacity to care about things I couldn’t control. 💰💰After a year of building your knowledge base and customer base, only add new customers that are busier or have higher potential than your bottom 2 customers combined. It changed everything. It is a simple strategy but takes a lot of work and discipline. #growsales #devicesales #meddevice #momentum #levelup
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Tai Brown
Happy Friday Unicorns!!💫 Have you joined TOSI Unicorn Central Station yet? Or are you in the community but haven’t opened TUCS emails? Here is what could be if you immerse yourself into the vibrant community! Are you looking for a deep sense of belonging and unparalleled support? This exclusive community of healthcare professionals brings exceptional support from alumni, current students, and our founder Tai. Whether you’re a current student, alumni, future student, or you are simply passionate about the body altering aesthetics industry, TUCS is the ultimate professional community to network with professionals around the world, mingle with other unicorns that have similar interests, and grow not only as a healthcare professional but your personal well-being🧘🏾♀️ Discover what type of unicorn you are as well as what it means to be that unicorn in your email!! We want to find the magic that lies within each provider which is meant to be shared with the world🤸🏽♂️ TOSI Unicorn Central Station is an intersection where four diverse train lines converge, creating a unique hub of connectivity, unique perspectives, and contributions to the world of body aesthetics. Providers from different destinations and paths unite👭🏽 to share their stories and experiences with those embarking on different courses. TUCS is a high-spirited community hosted on Discord, where you will be sorted into one of four unique houses (Vegas, Montana, Big Apple, or Aspen) based on your answers to a short quiz. Unveil your inner wizardry, discover your unique persona, and embark on a journey that will redefine your sense of self🦄 #tosiuniversity #thetosimethod #TUCS #connection #network
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Preston Alexander
Profit ain’t shoot It’s about the cash Top 21 health systems by: Revenue Operating income Cash from operations Operating income margin Cash from operations margin Of note, Baylor Scott & White seems to win Whatever that means $14B revenue $982M op income $2.1B cash from ops 7.0% op income margin 14.8% cash from ops margin Cash margins in league with the publicly traded companies HCA: $65B revenue $7.7B op income $9.4B cash from ops 11.9% op income margin 14.5% cash from ops margin Tenet: $21B revenue $2.5B op income $2.4B cash from ops 12.2% op income margin 11.6% cash from ops margin The newly formed Advocate it also raking in the cash $32B revenue $707M op income $2.6B cash from ops 2.2% op income margin 8.2% cash from ops margin My perennial favorite Ascension: $28B revenue ($3B) op income $1.4B cash from ops -10.7% op income margin 4.8% cash from ops margin Don't stop at the income statement Talk to a CFO, it's about the cash P.S. If you liked this chart, even though it's tiny, you'll love The Healthcare Breakdown, where I make way better pictures Check it out here: https://buff.ly/47NeASx See you out there!
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Preston Alexander
Hot take: Value based care ain’t it Why? Two reasons 1/ VBC organizations are still driving volume 2/ VBC profit is just contract arbitrage Don’t get me wrong, VBC should work, makes sense, and represents a necessary paradigm shift in our healthcare system But in its current form, with the current players, and the money mechanisms, it ain’t it Yet That’s all folks! P.S. if you like hot takes and Looney Tunes, you’ll love The Healthcare Breakdown It’s the Taz of healthcare periodicals Bad A, irreverent, and underrated Check it out here: https://lnkd.in/gVRtQGZN See you out there!
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Joseph Pazona
CME - “I’ll take well intentioned, comical moneymaking schemes in healthcare for $200 Alex” Add continuing medical education (CME) to the long list of healthcare verticals that get it wrong. I’d love to share a story about how not understanding CME cost me $1000 plus a negative course of action on my national practitioners database record. In the state of Alabama, you must perform 25 hours of CME per year. I went to a conference that counted for 22 hours. Since I was a faculty member with a university, I mistakenly thought that medical school lectures that I had organized and legitimately given, counted for the other 3 hours. I was wrong. I was audited. I was asked for a certificate. I answered, “what certificate?” I was fined and reprimanded. I didn’t learn this crap in residency? How was I to know what counted as category 1 CME? Oh that’s right! It’s the stuff that makes someone else money that counts. I gotcha. Unless you spend thousands of dollars to go to some conference in San Antonio, or even worse, hundreds of dollars to take some online test that is useless, your educational activities “don’t count.“ Are there free CME activities? Absolutely. But you get what you pay for. More importantly isn’t the time of doctors worth something a little more valuable? I don’t know maybe like taking care of patients? Unfortunately, there’s not much we can do about these mandatory regulations. Maybe the best thing we can do is get a group of us disruptors together, form our own accredited conference, and work to solve the broken healthcare system. I’ll suggest Tuscany, but I’m open to suggestions. #cme #physicianburnout #physicians #healthcare #medicaleducation #physicianwellness
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26 Comments -
Preston Alexander
Health system success is about money We know these numbers... $128M in cash $4.2B in revenue $2.6B in net assets $1B in proceeds from sales $263M in investment income $487M in cash from operations We never see these numbers... Number of patients' lives saved Number of patients returned to health Number of clinicians who feel safe and supported Number of people who were kept out of the hospital Number of patients who received the best possible care Success and purpose are misaligned P.S. Interested in seeing the numbers and how they should align? Head over to The Healthcare Breakdown, it’s all in there. Check it out here: buff.ly/47NeASx See you out there!
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Erin L. Albert, MBA, PharmD, JD, DASPL 💊
📍 How to work with us at Mark Cuban Cost Plus Drug Company, PBC - a classic: 💊 1. If you're a pharmacist, clinic, or hospital looking for other B2B options to buy low cost prescription drugs for your patients, consider shopping the Marketplace - and there's no quotas to buy: https://lnkd.in/gypvkXde 👩🦰 2. If you're a patient in need of a lower cost or another option for a mail order pharmacy and pay cash - check out: www.costplusdrugs.com. 👩🏿⚕️ 3. If you're a prescriber and your patient wants their meds sent to cpd.com, check out this page: https://lnkd.in/gsyQU7hJ. 🏡 4. If you're a patient but love your local pharmacy and want to keep your prescriptions closer to home with your local #pharmacist - great! Check out www.teamcubancard.com to see if we stock your drugs and/or have your pharmacy included in our pharmacy network today. Cost of a #TeamCubanCard? $0. 🛜 5. If you're a retail pharmacist PIC or pharmacy owner and want to join our retail pharmacy network - welcome. Our baseline dispensing fee is going up soon as well - hop in the cue before the rush! Fill out the form to learn more at: https://lnkd.in/gnruGTkH. 🏥 6. If you're a hospital and want to know more about our 503B facility and buying a product we manufacture on the FDA shortages list, LMK and I can connect you. 💵 7. If you're a payer and want to connect with us, complete the form at this page: https://lnkd.in/gcnq33kF. ❓ 8. If you have a general query that does not fit any of these categories, you can email us at: info@costplusdrugs.com. 🧑🏼🔧 9. If you're looking for a #job with MCCPDC, check out our jobs page right here at LinkedIn! https://lnkd.in/gegjQBq3 (Please note that we do not currently work with recruiters at this time.)
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Sean K. Shahkarami, CPA, CFF, MAc
Critical Issues in Healthcare that Everyone Should Know but Are Complicated (Explained as simply as possible) 1. Declining Reimbursements (Even Though the Dollar Amount Payments May Increase) Declining reimbursements are probably the most urgent problem in healthcare right now. Reimbursements are a more technical term and represent revenue in healthcare (at least in the traditional model where healthcare organizations are being “reimbursed” for services by the insurance carriers) and as reimbursements decline, providers struggle to maintain profitability. Yes, healthcare is a business and without profits the medical practices will not survive. How can there be “declining” reimbursement and the cash payment for some services still increase year-over-year? Short answer: CMS (Center for Medicare and Medicaid Services) publish publicly the annual fee schedules (technical term for an organized table of reimbursement rates) that the commercial insurance carriers base their reimbursement rates on. CMS uses a relative value unit formula to calculate the cash payments for each service. There are three components in the RVU model - Practice Expense RVU, Malpractice Liability Insurance Expense RVU, and Work RVU. The RVUs are adjusted for geographic price factors, essentially to factor in the cost of living differences between different regions, states, cities, etc., and then are multiplied by the Conversion Factor. The formula: (PE RVU x GPCI) + (MP RVU x GPCI) + (wRVU x GPCI) x Conversion Factor The Conversion Factor is arguably the most critical component of the formula and has decreased year-over-year for the past 20 years. This is why providers and healthcare experts keep ringing alarm bells on declining reimbursement. However, that does not always mean the actual dollar payment has decreased for each CPT code/service (though, many cash payments have decreased). This is because CMS analyzes the actual historical revenues and expense of Medicare participating hospitals and medical practices at the CPT code level and assigns RVUs to each service based on these metrics. Overall, healthcare expenses have been increasing and based on the RVU allocations there are services that have still “increased” in total cash payment despite declining conversion factors. The PROBLEM is at this point Medicare rates are basically breakeven points based on legislation that mandates CMS changes to meet certain federal budget requirements. The components of RVUs are based on expenses - actual expenses, so just because these increase they are just covering rising expenses. The conversion factor is the profitability component of the formula and has been shrinking for over 20 consecutive years.
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Adam Solomon, MD, MMM, FACP
How did this whole Stars thing start? In 2007, CMS established the Star Rating System to compare quality in a standard fashion between plans. They started with prescription drug measures (Part D had just started in January of 2006), and then in 2008, added health plan-specific measures (Part C measures). Now, although I used the words “plan-specific” here, I need to clarify that Stars Ratings are assigned at the contract level, not the plan level, and all plans under a given contract receive the same star rating.* [I’ve already run into one of these convoluted explanations and I’m just 2 paragraphs in! In my next post I'll try to explain in simpler terms.] When the part C portion launched in 2008, CMS rated each plan contract on a scale from one- to five-stars in 36 individual quality metrics clustered into 5 categories or domains (Staying Healthy, Getting Timely Care from Doctors, Plan Responsiveness and Care, Managing Chronic Conditions and Handling of Appeals). In 2009, they moved to an aggregated system in which the scores within each category/domain were also combined into overall Part C and Part D plan scores. This made it simpler for beneficiaries to compare options. Then, in 2011, CMS created an overall combined Part C and Part D summary score for MA contracts offering both (these are called MA-PD plans). Now patients had a way to compare quality between plans, but that wasn’t enough to drive business. In 2010, when congress passed the Affordable Care Act (ACA), it created quality bonus payments (QBPs) for Medicare Advantage plans. These payments started as a CMS demonstration program from 2012 through 2014 with QBPs awarded to plans with at least three stars. They ended the demonstration in 2015, but continued to award QBPs to plans with at least four stars. The stipulation was that the financial incentives had to be used to improve member benefits and/or reduce costs for members enrolled in the health plan. To sweeten the pot even further, in 2012, CMS began allowing plans with five stars to enroll beneficiaries outside of the annual election period (October through December). That is, plans with five stars could enroll new beneficiaries all year long. Lastly, because of the data collection lag, the ratings in any given calendar year represent the results of data collected two years prior (that is, the 2024 star ratings were reported in October of 2023 and were based on 2022 results).
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Bobby Guelich
IMO, we don't hear enough of the real story when it comes to M&A in healthcare. As someone who spent a lot of time in the weeds of healthcare operations in prior roles, it always struck me that these integrations must be incredibly challenging to navigate (having never had to go through one myself). That's why I appreciated Deepa Sheth's reflections in part 2 of our Q&A in last week's Elion newsletter. (As a quick reminder, Deepa is the former Chief Corporate Development Officer at SCAN and a former SVP at Oak Street Health). From our discussion: 🟩 Q: Are there any hard-won learnings from your experiences at SCAN and Oak Street that you can share? 𝗗𝗲𝗲𝗽𝗮: Despite having led the functions of M&A and Partnerships in prior roles, I am the first to admit that inorganic growth can sometimes be the wrong approach, even in times when capital is cheap and M&A feels like the attractive approach. We've seen ample vertical integration, even some unsuspecting horizontal integrations over the last decade. Some of them were winners and many were not. Outside of the Optum model, where no competitors exist at that size and scale, for most organizations in VBC, the roll-up strategy is nuanced and challenging to get right. The expected synergies that you outline in a deal memo for a board are often not realized, at least on short- or medium-term time frames, or in the ways they were originally envisioned. You really have to believe in the existing value of the acquired organization, their ability to hold onto and grow that value post-acquisition, and the ability to weather the short-term pain and costs of the M&A integration to see the bigger value creation years down the road. Something I’ve learned is that small M&A or investment activity often takes the same amount of energy, time, and resources to be successful as larger-scale transactions. For example, if you’re a VBC company and you want to roll up some mom-and-pop private practices that only have a few hundred patients each, each may take just as much effort, and opportunity cost, as an asset that has tens of thousands of patients. And so I think making sure that if you're swinging, aim for the fences for an exceptionally strong value proposition and solid existing financials. And it doesn’t hurt to set your “base case” goals on paper as your actual “low case”.
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Mohammad Ashori MD
If you're a physician in the B2B space and believe PAs and NPs don't have a place in healthcare you will find only a narrow work niche. Not saying you should change your opinion to find more work. Instead, think of healthcare as a constantly evolving system that is night and day apart from one zip code to the next. NPs and PAs can play an integral role in healthcare. Can they be substituted for physicians? Of course not. A corpsman isn't a physician. An NP isn't a physician. The FDA isn't a physician. And the president of the US can't be a physician. As physicians we can't do this alone. We need others to help keep us in check, educate us, train us, extend our reach, catch our blindspots, and have a bigger impact. If we can get barbers to run BP checks on their patrons to increase hypertension awareness then we can get NPs and PAs in the right roles where they thrive and where patients experience better outcomes.
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Joshua Free PharmD, MBA
Current Pharma 340B playbook: Red states: 340B is linked to illegal immigration Blue states: 340B benefits rich white neighborhoods Purple states: just make stuff up Reality: the base 340B discount is similar or less than market pricing drug manufacturers offer anyway. The discount grows only by their own actions—when their list prices grow and best prices shrink. And it’s not worth much at all if not for the outrageously high cost of drugs in the US. #340B #340Bprogram #pharmacy #pharmacist #healthcare #cv340B Community Voices for 340B https://lnkd.in/dPKhvw3N
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Salwa Nazakat 🇵🇸
The most successful healthcare providers I partner with are: - Forward-thinking - Detail-oriented - Patient-focused They handle their revenue cycle management proactively and continually improve their processes. But the least successful providers I encounter are: - Seeking quick fixes - Expecting instant results without effort - Only addressing issues when they become critical Take control of your practice's financial health and optimize your billing processes.
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Richard McLemore
How much should a deposit to lease a room in a memory care facility when the inclusive fees are $7500/mo The deposit required to lease a room in a memory care facility can vary widely based on factors such as the facility's location, reputation, and specific policies. However, it's common for facilities to ask for a deposit that ranges from one month's rent to a specified amount that can be used for potential damages or as a security deposit. For a facility with inclusive fees of $7,500 per month, the deposit could typically be in the range of: One Month's Rent: This is a common standard, so you might be expected to pay $7,500 as a deposit. Fixed Deposit Amount: Some facilities may have a set deposit amount, which might range from $1,000 to $10,000 or more, depending on the facility's policies. First and Last Month's Rent: Occasionally, facilities may require both the first and last month’s rent upfront, which in this case would be $15,000. It’s important to directly contact the memory care facility for precise information, as these details can vary significantly. Additionally, ask about any refundable vs. non-refundable portions of the deposit, and any other associated fees to be aware of.
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Daniel Paull, M.D.
Nothing will really fix our healthcare system. That is because there are certain entities: hospital systems, pharma, health insurance companies that profit immensely off of it right now. Changing it amounts to affecting their bottom lines. These entities have huge lobby arms and budgets, so they are already in the ear of congress. Getting change on a legislative level will be near impossible. Legislative changes while necessary, are also very slow. One legislative change that would save time and effort and be better for patients would be if health insurance companies had medical liability for their denials. It makes sense that they should have medical liability in that they are making medical decisions which could and often do cause poor outcomes. So they could still deny care if they want to, they will just have to face the consequences if there is as bad outcome. If this law were to ever pass (it wouldn't) then you would see prior authorizations and denials go down dramatically. This would be in the patient's best interest. Right now, health insurance companies can deny all sorts of care and have no negative results from it. They are still collecting premium money and just don't have to pay out. #healthinsurance #healthcare #medicine
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Daniel Paull, M.D.
The vicious cycle in healthcare is as follows: Health insurers decide to lower reimbursements (thanks CMS) and add more hoops to jump through in order for a physician to get paid for the work that they've done. The physicians now seeing their reimbursements go down, and more requirements for "billing" start to try and regroup by hiring more billing/coding/prior authorization specialists. The new staff/infrastructure that is required to bill/collect costs money, so the physician now tries to see more patients to make it up. More patients require a larger space with more staff This keeps happening over and over again, to where now the physician is seeing as many patients as possible while being as efficient as possible. Eventually they come to a point where they have maxed out their patient load and efficiency, and are still losing money due to decreased reimbursements and increased overhead. In comes hospital systems and private equity to scoop it all up. The physician sells their practice. Now the physician is employed with full loss of autonomy while still having to maintain the same work load. Burnout city. Or you can get out of the vicious cycle by doing direct care and cursing it all back down to hell where it came from. How? I poured all of my knowledge into my insurance free medical practice course. I wish I had it before I started, it would have saved me a lot of time and money! #healthcare #medicine #businessofmedicine #directcare
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Chris Smurthwaite
Big Company gets into healthcare with a mission to "disrupt what's broken!" Here is why that's such a tough challenge: 1/3 - Healthcare Data Is Not Consumer Data. ◾ There are restrictions with healthcare data versus shopping or geolocation data. ◾ Even the greatest consumer companies struggle to monetize health data. 2/3 - The Network Effect. ◾ Rarely is a healthcare service purely direct-to-consumer. ◾ It takes time and trust to build a strong network of payers, customers, providers, before a company can disrupt a health segment. 3/3 - Regulations. ◾ Healthcare has complex rules and laws. ◾ Companies that don't invest in Compliance put their business at considerable risk. Ways to navigate these challenges if you're a big company getting into healthcare: 1/3 - Start Small. ◾ Pick one component of healthcare to master. ◾ Then repeat at the next step along the healthcare value chain. 2/3 - Partner with Established Healthcare Companies. ◾ If you've identified an opportunity, find partners who can accelerate your vision to capitalize versus building something yourself from scratch. 3/3 - Hyperfocus. ◾ Don't take on more than 1-2 initiatives at a time. ◾ Be patient, and focus on areas of highest business impact and health outcome improvements. What challenges have you encountered? #Health #Strategy #BizDev #Strategy #Partnerships #CorpDev #Healthcare #Data #Tech #Collaboration #Growth #TripleAim 🦍
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Elle Pierson RN, MBA - TEDx Speaker, Reputation Strategy Consultant
TIP for my fellow Healthcare Business Consultants 👉🏾 Want to decrease the length of your corporate sales cycles? Then do this... NEVER STOP PROSPECTING Seems simple, right? Yet so many NEW healthcare consultants STOP prospecting. I see this frequently as a consulting mentor to many. Remember this: 👉🏾 The goal is to stay "Top of Mind." Your ideal buyer may not be ready to purchase today, but when they are - you want to be the first person that comes to mind. If you stop prospecting...you'll be forgotten. 👉🏾One, two, three touches just isn't enough to convert a completely COLD corporate lead. It takes time to build a rapport and trust. Would you invest 75K in a stranger? Probably not...keep prospecting. 👉🏾 And lastly, lead generation and prospecting are totally different. Lead generation is all about building your list of ideal buyers. Prospecting is all about building a relationship with them. Most people skip this part and jump right to pitching. If you're getting a lot of "NO's" it's probably because you're not building relationships with your ideal buyer. Did you find that helpful? If so, let me know if the comments. -Elle ✨ Nursing Leader Turned Healthcare Business Consultant #BusinessConsultant #HealthcareConsultant #BusinessMastery
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Explore MoreOthers named Preston Alexander in United States
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Preston Alexander
Phoenix, AZ -
Preston Alexander
Highly Motivated Sales Leader with 18 Years of Experience | Expert in Sales Management and Development | Passionate about Building Strong Relationships and Delivering Exceptional Results
San Gabriel, CA -
Preston Alexander
Gilbert, AZ -
Preston Alexander
Denver, CO
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