Five Tips to Break into the Business of Health Care

Many of the brightest students head to the world’s prominent business schools each year to learn how to put into practice ideas that have the potential to change, for the better, how things are done all across the world.


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It’s no secret that health care is one of the biggest global challenges of today. America’s health care system needs innovative ideas in order to reduce costs, improve care and simplify its bureaucratic core. Thankfully today’s students are not deterred by this challenge, with many prestigious education establishments offering complex and interesting learning experiences, such as the Formation of New Ventures course at Stanford University.

If you are a forward thinking entrepreneur, here are five things you could do to transform health care.

1. The economics

The health care system needs to provide a sustainable and high quality level of care whilst simultaneously lowering the unsustainable amounts of money that currently goes into it each year.

2. Affordable technology

Health care entrepreneurs need to utilise current health care technology in innovative ways to establish attainable alternatives to doctor’s office visits and stays in hospital. The development of new apps must provide virtual care access using video technology in ways that ensure the cost of care will be greatly reduced.

3. Startup funding

There is a lot of money available from venture capitalists in the digital health care sphere, however successfully funded startups are often unable to deliver. Interesting and successful solutions will emerge from venture capital, however it is important that entrepreneurs understand what their mission is and how their technology will improve health care before ploughing in money to make it.

4. Go big

Small changes aren’t going to cut it; health care needs risk takers and visionaries to transform how health care is delivered in every community. Combining the resources of large companies, which include access to high quality clinical trial assistants such as, with fresh ideas of smaller teams is likely to deliver positive change in unique and exciting ways.

5. Understand failure

Many startups fail, especially those with a distinct focus on complex issues because they burn through money trying to scale their idea. The need for a strong financial partner and a team with an intricate web of knowledge and skills is vital.

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