Healthcare Innovator | Employer Marketplace
Healthcare venture capitalists and investors usually know a lot about healthcare. They know Life Sciences, Medical Devices, Hospitals, Biotech......but they often don't know enough about the Employer Market.
This market is still hot! A growing number of healthtech, digital medicine, virtual care, population health and digital therapeutics companies are starting to target this marketplace. Point Solutions, including condition management, pharmacogenomics, care management, telemedicine, precision medicine, access to care and care coordination are some of the breakouts looking for a blockbuster experience.
Many healthcare innovators come to the table with assumptions about employer needs and wants. Often they're misguided. We help venture capitalists and investors with their portfolio. We're looking for a long term relationship with investors. A range of services will better equip your investment team to speak the language of the employer market, shape your product and understand competitive barriers, appreciate the role of brokers and consultants. An informed pitch that hits on what self-insured employers are really looking for is a passport for a successful first step in this space.
We approach advice and guidance with flexibility and scalability and can work with both formal and informal arrangements . We believe that a longstanding, trusted relationship between Advisor and the Investor firm is ideal.
Is the investment you are considering a good fit for the employer market? What does your healthcare innovator need to do to be successful with self-funded employers? We do Product Development Consulting that is scalable and flexible for you and for the companies you invest in.
Many Investor and Venture Capital firms specialize in Healthcare. But this often focuses on Life Sciences, Medical Devices, Hospitals and other areas. The Employer Marketplace is an attractive niche for many investors. We can help you provide education and thought leadership to attract the best innovators for this space.
How do we reach employers? What types of employers should we target? How do we fit into the employer's ecosphere of Point Solutions and third-party vendors? What are the best channels to reach the right employers? We do Business Development Consulting that iWork's best for the companies you invest in.
Do you know the terrain? Do you understand how they make those decisions? How confident are you that you understand the priorities of your target client(s). Retail industry buyers vary tremendously from manufacturing industry buyers. Technology, municipalities, education, services, hospitality, energy all have their own personalities. Large companies buy very differently from small ones. Do you have a Broker and Consultant strategy?
Four important questions you should ask during Product Development:
1. What is your product/solution and why would a SIE want to buy it from you?
2. Can you deliver the client experience and the customer experience an SIE requires?
3. What is the value-proposition your product/solution offers the SIE?
4. How do you successfully identify and reach SIE clients?
One broker or consultant sale can touch multiple potential clients. If you convince a trusted advisor for one client, your innovation has a better chance with other similar clients.
Maybe the client's insurance carrier does what you do, but doesn't do it particularly well. Maybe the plan doesn't cover your test or treatment because it is both expensive and prone to over-utilization. You need to know the answer to these questions before walking in the door.
Have you done what you say you can do with other employers? What was their employee (or plan member) experience? What does your client reporting look like? What service level agreements do you have in place?
Just because your solution is relevant to a big issue- it doesn't mean that what you do will solve for the entire issue. Innovators often believe that since their solution "touches" a costly issue, the returns they can boast include the entire costs of that issue. Credibility is critical, here.
Ultimately, you will face clinicians, actuaries, technicians who will be able to provide peer-to-peer review of your product's claims. Check your science.
If you're already in the market, how have treating providers responded? It's always better to have them on-board and endorsing your solution. Do you have medical specialty society endorsements?
"We're already getting this from our insurance carrier or another vendor. I see that you could do this better- but I'm not sure we need another third-party." Solve for that.
Part of understanding the self-insured employer marketplace is the understanding of the annual cycles which are based on employee benefits renewals. This should not come as a surprise to you in a finalist meeting.