Working to Make the World a Healthier Place | Opinno

Opinno has previously profiled a number of startups that aim to make the world a better place from the perspective of health care and health management. Where do these sorts of entrepreneurs get their training and expertise, though? Today?s post attempts to answer that question by looking at a sampling of the most successful ? and perhaps most questionable ? health-based entrepreneurships out there. Writer Julianna Davies, who is an expert in what a healthcare MBA entails and how to get one, serves as guide.

As Schools Develop Healthcare MBA Programs, Graduates Work to Make the World a Healthier Place.

The development of a thriving company culture is one of the most important aspects of a successful startup company. Yet, culture is often overlooked among fledgling startups. As startup culture begins to take root in the health industry, development of an effective company culture could prove an effective aid for entrepreneurs looking to aid medical practitioners and patients.

There are many diverse examples of startup culture, though traits that are common among startups can often still be defined in relation to their more established corporate counterparts. Often, employees are drawn to work for startup companies because of the freedom and encouragement of innovation inherent in a business that is developing its business model and culture. Many find themselves stifled at large, risk-averse corporations with a lot to lose, but startups are usually more open to new ideas and more accepting failure. Small startups are also often more likely to acknowledge the achievements and ideas of individual employees, in many cases eschewing the top-down, centralized decision-making that can cause the pace of innovation to slow at larger companies.

While the freedom, encouraged innovation and acknowledgement many associate with startup culture is appealing to many, it comes with its share of disadvantages as well. Startup companies are usually working with limited capital, and as such, salaries are often lower than they would be at a large corporation, even while responsibilities are often increased. Stability is also rare, with many startup companies shifting focus or enacting necessary layoffs with little notice. However, there are a number of best practices that startup companies can adhere to to limit the necessity for tumultuous growing pains, with many reinforcing the importance of a focus on effective company culture.

Frank Addante, founder and CEO of online ad trading platform the Rubicon Project encourages startup companies to define their company values. These values are ?the guiding principles for how you expect your team to behave internally and externally,? he says. He also emphasizes the importance of establishing a development committee. ?Select a diverse group of people from every department (and office) in the company and challenge them to come up every week with a new culture idea that can also be implemented in a week. This creates momentum and constant improvement,? says Addante.

For years, health and medical-related startups have experienced slower growth than computer and technology focused companies, only receiving 3% of venture funding in 2010. Just the same, ?recent evidence suggests that that may change soon. Investment in the digital health space lead to more than 120 ?health tech? related startups receiving funding in 2011. However, in order to compete in the massive and extremely competitive US healthcare industry, health startups will need to demonstrate tremendous patience and an ability to consistently innovate.

One of the fastest growing health care startups is Retrofit, a Chicago based business tailored towards busy professionals who are struggling to lose weight without overburdening their schedules. Retrofit builds clients through a customized program led by a team of experts, a dietician helps break down and rebuild the client?s eating habits, and clients check in weekly via Skype video chat, eliminating the need to pair them with local coaches. Retrofit has found success largely by refusing to depend on a massive budget salesforce, but instead rely on its track record and referrals from satisfied clients. Retrofit CEO Jeff Hyman believes that Retrofit, with its culture of data-driven fitness programs and hard science, will soon lead to substantial changes in the personal fitness industry.

However, some health startups are already showing signs of flawed cultures that could lead to potential long-term issues. ZocDoc, a New York business that recently raised $90 million in capital, offers a program that allows users to set an appointment with a doctor, but some believe ZocDoc may already be overreaching in its marketing. ?There are lots of interesting debates about whether our health system is broken,? says David Whelan, Forbes health care writer, ?but I promise you that nobody having these debates has pinpointed the inability to get a doctor?s appointment as part of the problem.? Whelan calls this sort of hyperbole ?The Apple Effect,? in reference to the mission statement and lofty rhetoric of Apple and company founder Steve Jobs. ?There?s an unofficial requirement that tech companies can?t just build a great product. They also have to make the world a better place,? says Whelan. ZocDoc is already offering a service that many could find useful, but if they continue to make promises far grander than what they deliver, they may be causing long-term damage to their company.

While health care startups are in their nascent stage, there is no better time for their leaders to begin building an effective culture that attracts employees, investors and a users. Without a focused ideology from which to build a successful culture, even the most innovative companies can get lost in the labyrinthine healthcare business. However, in healthcare, the pool of clients is all but limitless, and those businesses that stand out can expect a long and mutually beneficial relationship between clients and company.

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Julianna can be reached at?julianna.davies21(at)gmail.com

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Source: http://www.opinno.com/working-to-make-the-world-a-healthier-place/