According to early indicators, funding for digital health startups decreased so drastically in Q4 2022 that it was almost at levels last seen in 2019.
However, the monetary figures don’t convey the entire picture. It matters just as much how you expand as a digital healthcare business as it does whether you do.
In order to guarantee that care is always focused on the medical needs of the patient and to maintain quality control, a company developed for the long haul should have clinical professionals as part of its leadership.
A framework for startups in the field of digital health is provided here:
Add medical professionals to senior leadership
Adding a doctor as a co-founder is the ideal situation for a digital health firm.
I can talk from experience. A triple-board certified psychiatrist, my co-founder contributes clinical knowledge to all she does. Her contributions are essential to the health and future of the company, from discussing strategy at board meetings and managing our entire clinical staff to analyzing product roadmap decisions with our technology department.
Hiring clinicians as senior leaders with responsibilities outside of clinical practice is useful outside the C-suite. Making sure physicians are aware that they will report to other clinicians rather than non-clinical executives is crucial.
Non-clinical leaders, like as entrepreneurs and C-suite executives, should put their words into action. Even when there isn’t a clear clinical impact, they should always include their clinical partners in business negotiations.
The following are the key advantages of using this strategy:
The clinical and non-clinical collaboration is more active right away; Other team members and clinical staff will notice and respect the inclusion; Clinicians might find something that has a subtly significant but yet clinically indirect effect.
Startups should think about recruiting physicians to join their board of directors in addition to hiring clinicians inside. Instead of becoming a technological firm that operates at the expense of patients, their presence on the board helps a company become a moral and sustainable medical practice that is committed to aiding patients.
A digital health firm should demonstrate this commitment to patient outcomes at every operational level because it sets it apart.
Honor providers’ commitment.
Full-time providers may concentrate more on patient care, which is why they went into medicine, thanks to the allocation of resources and space to them.