A list of 13 rules for healthcare entrepreneurs and investors was tweeted out by healthcare investor and author Lisa Suennen and is a must read for healthcare startups, according to Business Insider.
Suennen says the list took her only a few minutes to write and is what she expects in a startup as an investor. The list came up when reporter Jessica DaMassa asked Suennen to create one after billionaire Mark Cuban published his list of 12 rules for startups.
Suennen has built credibility with over 30 years in the healthcare, tech, and business industries. She runs Venture Valkyrie blog, hosts a podcast, and wrote a book about entrepreneurship in the healthcare sector.
Suennen has spent 20 years in venture capital. Suennen’s 13 rules includes tips to include patients in product design testing, to be patient with the process, and to keep working until your solving a problem that’s keeping customers up at night.
If the problem you're solving isn't keeping customers up at night, keep working.
If you aren't sure who will pay, you are doomed.
.Patients are the point: Don't forget to include them in the design and testing.
Remember, value-based is still a long way off — the business model must account for this.
If your product helps payers but hurts providers and you need both to play, try again.
Consumers won't pay for things they think insurance should cover.
Proof of concept is nice; proof of efficacy and value is essential.
There is no Minimum Viable Product when humans are involved — get it right.
Be clear on how money flows through the system you touch, and who touches the money.
Wellness and prevention are essential, but no one wants to pay for them.
If what it causes is worse than what it cures, you aren't done yet.
Women make 85% of healthcare decisions — make them a key part of the team.
Investing in healthcare is not for the faint of heart — get a coffee because it's gonna take a while.