Perhaps one of the best videos on SaaS if you are running a Software as a Service company is from David Skok of Matrix Partners: Driving SaaS Success Using Key Metrics
Enterprise Value vs Equity Value
Enterprise value (EV) and equity value/market value (MV) are business valuations. Enterprise value (EV) is used when considering the purchase of a business, whereas equity value/market value (MV), is used when considering an investment in the common stock of the business. A great resource for reviewing these valuations definitions.
The net assets of a business are funded by a combination of debt and equity. It follows that the value placed on these net assets must be the same as the value placed on the equity plus the value placed on the debt.
The coronavirus pandemic jumpstarted the digital health tech market with solutions that bring a stronger connection between patients and doctors. More physicians are turning to new innovations that can improve the patient experience and raise the level of care necessary as we navigate these new times. Here’s my take on what’s ahead in health tech in 2021 and beyond.
Remote Patient Monitoring (RPM)
RPM is going to be a big part of our future due to COVID-19. RPM tools allow physicians and medical professionals to remotely monitor patients in real-time tracking a patient’s well-being. Medicare and Medicaid as well as other insurance companies are now receiving reimbursement for RPM. Additionally, Internet-connected blood pressure cuffs, scales, and the like can be used for RPM. IoT devices are also part of the RPM future, such as IoT glucose meters for diabetic patients, IoT thermometers, and sleep monitoring devices. By adding RPM from providers such as KeepWell,100Plus, and MD Revolution, practices can focus on patient care and have access to real-time patient data and remote staff support. With more physicians turning to virtual care, telehealth and EHRs that manage this critical patient data are proving to be the lifelines to modern healthcare going forward.
Telehealth & Telemedicine
Telehealth visits are going to supersede in-person visits as time goes on. Because of COVID-19, the world changed and Medicare and Medicaid, as well as other insurers, started paying out for telehealth visits. Telemedicine will continue to grow at a very quick rate, and verticals like mental health (psychology and psychiatry) and primary care fit perfectly into the telemedicine model, for tasks like administering prescription refills (ePrescribing) and ordering labs. Hyperlocal medical care will also move towards more of a telemedicine care team experience. Patients that are homebound families with young children or people that just recently had surgery can now get instant care when they need it. Location is less relevant because patients can see a provider from anywhere.
Machine learning will become an even bigger part of healthcare in 2021. For example, machine learning combined with telemedicine will give more insight to a physician in a remote setting reading voice intonation and facial expressions for a patient’s mood, pain, or depressional flags and the like. ML will be able to indicate and provide mood data to the physician in real-time and will allow the doctor to take any immediate action. ML-powered medical copilot scribing can help write a draft chart as the patient and doctor chat via telehealth. A lot of information is exchanged quickly, and having a real-time scribe will save time for the medical community. Companies like Diagnoss ML Medical Coding Assistant are partnering to provide ML-based scribe services. There’s also ML for early diagnosis, for example during a telemedicine appointment if a patient has a consistent cough or drop/change in tone of voice is detected, this can also be flagged to the provider to ask more questions to a patient. Practices can accelerate their business during the pandemic and integrate solutions like Holly by Nimblr.ai. This virtual assistant is vastly improving a practice’s operations and efficiencies by managing inbound and outbound scheduling calls, telehealth workflows, reducing no shows, and filling canceled slots.
Apple rolled out a series of new products and features over the past few months that will greatly impact healthcare and bring more benefits to physicians and patients. Apple is one of many players in the industry making the investment and committed to bringing the latest innovations to healthcare. Here are just a few of Apple’s exciting announcements:
Apple’s new Blood Oxygen sensor in the Apple Watch Series 6 can change the way consumers monitor their health.
The new iPad Air features more power and functionality such as an all-screen display, a smaller Touch ID sensor, new cameras, and a redesigned speaker system that will help medical staff expedite log-ins, run apps more efficiently, and review X-rays and other images.
Picture in Picture is new allowing a provider to watch medical videos while multitasking.
HomePod mini can read off reminders and texts to a medical professional from home.
iPhone 12 now has 5G with improved performance and speed. The Phone 12 Pro video camera enables providers better than ever medical video. Also, when complex medical scans need to be reviewed, this new technology can allow physicians the ability to download images faster than ever and could be lifesaving.
The Pop-Up Testing Clinic
COVID-19 has ushered in a new way of testing that has never been seen before across the country. The white tents scattered around parking lots and connected to medical facilities have proven that this new way of testing is working. Furthermore, the data that is being collected, stored, and reported at the pop-up testing clinics and then shared with various local, state, and federal public health databases is critical. Companies are creating integration tools to help share and analyze this data.
If you haven’t already, take a look at some of these new developments in digital health tech to see how they can improve your practice and ultimately enhance the patient experience. Take the time to research and determine the solutions and partners that are the best fit for your practice and patients’ needs.
DrChrono’s First Virtual Healthcare Hackathon 2021 Invites Developers to Build New Applications on the DrChrono API
Submissions are open for DrChrono Hackathon 2021; Over $15,000 awarded in cash and prizes
DrChrono Inc., the company developing the essential platform and services for modern medical practices, today announced that it will host its first Virtual Healthcare Hackathon 2021 inviting developers and designers the opportunity to leverage the DrChrono API to build new and original applications and tools for the healthcare industry. To celebrate the most innovative projects in each category, DrChrono will be giving over $15,000 in cash and prizes. COVID-19 has made a noticeable impact on the healthcare landscape and the needs of patients and doctors can benefit from new apps that can address doctor/patient data exchange, health analytics and online scheduling to name a few.
“We believe the best solutions in healthcare are built with technology prowess and an innovative spirit, not just from clinical expertise. We’re excited to see tech-forward developers put themselves in the shoes of a doctor, patient, or medical staff and build something that will bring their practice into the modern age of healthcare and also for practices that are managing the changes brought on by the pandemic,” said Daniel Kivatinos, co-founder and COO of DrChrono. “Whether a developer builds with a primary care physician, cardiologist, or urgent care clinic in mind, they can make an immediate impact and build cutting edge tools on the DrChrono API.”
DrChrono Virtual Healthcare Hackathon 2021: How it Works, Requirements and Criteria:
Requirements and what to submit: Entrants will need to sign up and obtain access to the required developer tools from DrChrono and complete a project as described in the official Hackathon rules and requirements. Entrants will be required to create an app and share a link to the application designed, a list of technologies and data sets used, a brief explanation of how the tech was used, a slide deck, and a 5 minute video that includes footage that explains the project’s features and functionality through a comprehensive demonstration.
Criteria: Overall appeal, patient usefulness, physician usefulness and visual accessibility.
Categories: Founder’s Choice, Doctor’s Choice, Patient Experience, Modern Health Solutions and Engineer’s Choice.
Dates to remember: Submissions will open on December 1, 2020 and the deadline to submit is January 12, 2021. Winners will be announced on January 29, 2021.
Judges: Michael Nusimow (CEO and Co-Founder of DrChrono), Daniel Kivatinos (COO and Co-Founder of DrChrono), Dr. Ali Sadrieh, Doctor of Podiatric Medicine (Founder of evo Advanced Foot Surgery), Lyndsay Donhoff (Vice President of People and Culture at DrChrono), Shahram Famorzadeh ( Vice President of Engineering at DrChrono) Marjon Harvey (Vice President of Sales at DrChrono), Angie Morales (Director of Marketing at DrChrono), and Steve Goldberg (Director of Engineering at DrChrono).
Prizes: More than $15,000 in cash and prizes including Apple iPads, Apple Pencils, Apple gift cards and Amazon gift cards.
DrChrono develops the essential platform and services for modern medical practices to make care more informed, more interactive, and more personalized. The open platform powers electronic health record (EHR), practice management, medical billing, and revenue cycle management solutions for thousands of physicians and millions of patients, and is fully extensible via a robust API and marketplace of applications and services. The platform is facilitating millions of patient appointments and is processing billions of dollars in medical billing. For more information visit www.drchrono.com.
It’s what you practice in private that you will be rewarded for in public.
Time is short and running a company takes an enormous amount of focus, having a family and maintaining friendships is an important part of being a whole person. Shawn Stevenson talks about relationships correlating directly to your health, if you have good relationships, your health dramatically improves. In life one of the most important things is our health, be sure to make it a priority.
I hear people saying the words “work-life balance,” are important, I once heard someone talk about “work-life integration”, which is a better way to think about work and life. Why? If you can integrate your working life and home life, you can maintain the pressures of work and the needs of family and friends for a longer period. Life isn’t a quick race, startups aren’t a quick race, startups take time, so thinking about building a startup is like planning to run across the country, what is the easiest, smartest route you can take without falling apart along the way.
Below are some insights, ideas, and thoughts on how to have more life in balance.
According to the U.S. Census Bureau, the nationwide average spent driving one-way commute to work is about 25.5 minutes, with Americans spending more than 100 hours a year commuting. Think about leveraging that time always for something productive, I always capitalize on that time. If I’m driving, I ask myself what can I do to be making an impact today? Or is there something I should be learning, or someone who I can call on this trip. The car and commute time is a great time to capitalize on a phone call or learning, listening to an audiobook.
Having a support system and social life outside of work is important, whether it be a sports team, a board game meetup, a Pokemon Go group, be sure to find a group of people you can connect with. For my family, we are part of the local YMCA, they provide members “instant social events,” where I can take my son and have a great time. My son joined the local basketball team, it helped us both get out and about without the need to plan events, they provide great resources. I highly recommend checking out the Y.
I spend about two-thirds of my time on my business and about one-third of the time networking. If I didn’t network a part of my time, DrChrono would have never have gotten in Y Combinator, we wouldn’t have found our enterprise sales leader at Stanford or found our first designer Hong. I focus on my strengths and find others who can fill my gaps.
Choose your peer group really well. The number one way to improve or play at a high level is to populate your working life with high performers.
I connect with people at least once a week that help me grow personally or professionally.
I have several people that I consider my “accountability partners’ who keep me on track and push me in areas of business and personal life that really keep me accountable.
Always have walking meetings, at DrChrono part of our company culture and to have good team communication, we tend to go on a lot of walks. Strategy walks are always productive giving, getting updates and learning from my team.
In the early days even before we incorporated back in 2008, Michael and I would go on lengthy walks to talk about action items we needed to take to build a company in healthcare. We both knew creating a lasting company in the healthcare space would be a long-term endeavor.
Communicating rapidly every step of the way would be critical. We would stroll to local coffee shops in New York City, talk along the way, grab a coffee, talk some more and walk around the city. Walking also paid off in finding some critical team members. A great example: We hired Hong our design leader simply by going on walks with him. Hong and I knew each other as friends. I would tell Hong a bit about what Michael and I were working on and he would give me input on design, we did this a bit and those walks led to him joining us early on.
Walking made us more productive. We would go for a walk, get our legs moving, blood would be flowing and get our minds in a good headspace where we would think clearly about the company. We have been doing this since the beginning of the company.
The same goes for phone calls, one of the best ways to stay in shape, be mentally healthy is to simply get up and walk around. Get a standing desk as well as your draft and send out emails. The human body wasn’t designed to sit for long periods of time, humans were designed to hunt way back when.
WORKING OUT & SLEEP
If you don’t make time for health now you will be forced into illness later, the most important thing in life is to have enough energy to tackle the problems of a day, if I don’t have enough energy I won’t perform well. I educate myself on what keeps me healthy on a weekly basis, learning from books and podcasts. For example, does water help in the mornings? Nothing tastes as good as feeling healthy.
Some tools for health that I use:
TRX Tactical is great for travel – One great way to stay in shape is TRX it’s mobile keeps you healthy and you could bring it anywhere traveling at work anywhere.
Resistance Bands are also great for travel – Another great way to stay in shape is resistance bands there actually really mobile you can throw them in your backpack.
Small Home Gym – One secret to staying healthy long term is to make a small investment in a small home gym. You don’t need anything big but a few items to really allow me to get a quick workout in on the days I simply don’t have time to go to the gym. You can buy a small weight set and kettlebells at Costo or Target for home.
Lose It! – I use it to track how I am doing with my general health.
Spark your mind daily, be careful what you let into your mind. I am trying to create sustainable greatness and focusing on my family and my business for the long term I really think about stayings invested in the long term payoff. I am playing a 10-year game, not the 6-month game so looking at things long term helps me. I believe that preparation and getting in the right state of mind allows me to put the best me out there.
Motivate – an alternative to Peptalk, just as good for the mindset
My commute is important to me, since time is everything, having a short commute makes a world of difference. I used to have a job where I worked from home and at the other extreme, I had a job where I committed several hours a day. It was really the long commuting hours job that was hard. Having a short commute makes my life way better, I can hop in the car and be at work somewhat fast.
I make sure to spend time with my son and my wife I generally drop my son off at school every day making sure I have that small bit of time in the morning making sure I am there for him. Being a good dad is important to me.
Highest value things are done when I have good “brainpower.” Throughout the day I have different times where I get a lot of work done. Here’s what I find helps me the most:
Set intentions and get priorities straight
Mornings are coveted focus time for me. I generally wake up after 6-8 hours of sleep a night, do a workout to prime myself for the day ahead. Have a glass of water and then try to figure out what will have the most impact. List out up to three things that if you accomplish them, you have made a big impact.
Your priming morning – first 60 minutes is most important. Really focus on important meetings, hard tasks and things that need to be pushed forward, i.e. important initiatives.
Then the highest value thing should be tackled first – the profit that produces results – 60 minutes no interruptions.
20 minutes – do something else like going for a walk around the block
Making time for creative thinking, for me, is sometimes at night and sometimes in the mornings, and the weekends but keeping times for this is critical.
I always create bubbles of focus, having times or days where I focus on a task. I have my “Menlo Labs” like what Thomas Edison has, a place to totally focus and an offline distraction-free, it is important to get a deep focus on one task per day.
I do like to change up my environment, I tend to work in various conference rooms at the office, I sometimes take an Uber and work in a different location, i.e. Starbucks is a great place to work for a change of environment.
You can always create more money but you can’t create more time, ”seize each day.” Remember that.
My three key areas are:
Taking time for personal development
Taking time for thinking strategy
Taking time for action and execution
Maximize every second of the day
Have training team time
Stay fully present while focusing on your time
I tend to focus on what I want (the outcome), not always tasks and everything I need to do all of the time which has allowed me to really build a company over 10 years. Here are some of my other suggestions for making the most of a productive day that has worked well for me over the years:
Be unorthodox and be unreachable at certain times to do deep focused work
Have a schedule that works for you
Get gas when no one else does, get your groceries when no one else does
Lines can kill your day suck time
Teach people how I wanted to be comminuted with, e.g. calendly & slack
Check email at specific times
Whatever you focus on multiplies
Time block on specific tasks
Spend time on profit-producing activities
Have a perspective you only have 24 hours
Don’t say “I have tomorrow”
Identify my highest four times – when do you get the best results
Figure out when you have the best focus, not when society says you need to do this task at x time.
Always remember habits define me
Some additional strategies that I use:
Think 3 or 4 steps ahead of the business
Stress is not your enemy. Focus on getting results and it reduces stress
Change your environment to change your stress
Shift my perspective
If you have a problem try to come up with two solutions
Analyze why I am stressed
Weekly master plan – work on planning out your week for an hour – a powerful purposeful intention
Always have a deadline
Celebrating weekly progress
Quick celebration and quick recover
Train your mind like a muscle, and not multitasking – do one thing to completion
Since I have my phone with me I have several critical apps I use. Here are some:
Evernote – I use this app as a general note-taking app for any meeting, it runs on any device.
AirTable – A great databasing app, great to track lists of investors, business dev
Calendly – helps me scale and allows people to find times on my calendar that work for them,
Become an expert on what apps are out there for task tracking and pick one. Education is also very important. I view learning as a lifelong endeavor. Books, audio and videos to spark my mind.
MOOGs are really taking off and there are a few that I use all of the time to sharpen my skills –
Audible – A must for everyone who wants to listen to an audiobook on the go. I use it when I am doing laundry.
CreativeLive while cooking on the weekends, I am always learning something new from the ever streaming masterclass courses that are happening. The Apple TV app is great.
Udemy is great for learning anyplace, I generally am going through a course a month to sharpen my skills in business.
Schedule a few vacations, book them now, I have been booking vacations far out, I book them and don’t wait. Having a vacation booked sets a precedent that you have slotted time off, the act of booking the time off will allow you to have some future time to look forward to. I sometimes don’t book anything too extravagant, maybe some time with family where we go drive to a hotel for a week.
Michael Nusimow and I named third year in a row by alma mater Stony Brook University as tech visionaries
Michael and I have been honored by our alma mater Stony Brook University as recipients of the 2016 40 Under 40 Award. The 2016 Stony Brook 40 Under 40 award winners are selected for accomplishments and contributions in industries such as education, technology, healthcare, law, sports, science & engineering and many others.
We are thrilled to be recognized once again by our alma mater Stony Brook University. We want to thank the staff and alumni committee for recognizing our efforts and we feel privileged that we can give back to the Stony Brook community.
Michael and I continue to engage with Stony Brook University’s student and alumni community. We enjoy working closely with the young entrepreneurs and students in the engineering and computer science schools and furthermore helping them learn what it takes to build a tech startup in Silicon Valley. Michael and I started drchrono in 2009 with the mission to make healthcare more innovative with the drchrono Electronic Health Record (EHR) platform for physicians and patients. drchrono’s fully integrated mobile EHR solution is transforming how providers are caring for their patients. Michael Nusimow has a B.E. in Computer Engineering & Computer Science from Stony Brook University. I hold an M.S. in Computer Science and a B.S. in Computer Science & Psychology from Stony Brook University.
Today Y Combinator ambassador to the east Alexis Ohanian came by our office’s.
He spoke about how YC helped him with his startup Reddit and how he is now working on breadpig.com.
There was one thing that Alexis mentioned that really made me think why they are so succesfull at what they do. I think some of the secret sauce that YC has is a weekly dinner. I don’t think it is just the dinner that drives startup product but the demos. Demoing to peers who judge, drive Startups to work a little harder. But it isn’t just that, imagine demoing to the founders of google, or the founder of facebook. Now that is pressure… That drives home a secret message. Get product out fast. Period. You don’t want to look like the startup who didn’t do their homework.