Scaling up a health startup
With the recent worldwide stretch in health care systems due to COVID-19, healthcare providers and consumers have eventually been provided with a window for providing healthcare with digital health innovations. However, scaling up your health setup successfully in regions with a significant difference in health systems, reimbursement models, and population needs comes with several vibrant landscapes. To help your health startup navigate the vibrant landscapes, we’ve shared five important elements to ensure a successful scaling up.
Key elements for scaling up a health startup.
- Setting up a launch for your health care startup.
For new health startups going into the market can be quite daunting. This is solely based on the fact that scaling your innovations in regions with already well-developed health setups with significant health systems, models, and many customers can be tough and requires a size fit approach. Therefore choosing the right business environment and beginning a scaling journey by setting up a launch with significant attendees can make people look your way. It’s also important to have connections with in-country and regional networks to pave the way for commercialization and insights into how the market works.
- Demonstrating a business model sustainability.
This element is very vital for any health startup’s success. According to Parikh, the major mistake more often made by startups is taking their seed money and focusing on a given sector or product and setting apart very little for proving the business’s model. This is what sets apart a failed business model from a successful one. Since a successful model looks beyond its base and considers that at one point, its products would have hit the market and the type of customers it will serve; therefore they make assumptions that must be met and build a business around them.
- Solving technical problems.
Several health startups usually build products off a given science formula that they don’t or have never tested in their labs, and even though they do, the real challenge comes from building a working product from scratch. However, its key to note that testing the formulae used is key in development; for instance, Mammoth Biosciences is a good example of a business that deployed this method. Their experiment came in handy as they figured out a new and convenient way of using CRISPER for a cheaper and more convenient diagnostic test of which they obtained an exclusive license. It is key to note that this criterion helps a business model develop cheaper and more accurate means and reduces the extra costs and workforce required to follow other peoples’ formulae.
- Scaling Revenue.
Scaling revenue is also a key element for a health startup. Scaling revenue involves solving all sorts of marketing and scale challenges that all health setups faces. Therefore you should hire n entrepreneur with an experience in this kind of field. It’s key to understand that no matter how good the services are, it’s more often a case scenario in health setups that the patients are not paying for the services. Therefore the entrepreneur will come in handy in laying out and delivering the clear value of providing insight and understanding of sales cycles in the health setup and the payment methods or ways.
- Delighting users with basic services.
This is essential in the creation of market demand. It’s particularly a tough challenge for people in the health sector to create services that delight their users. However, your startup would be successful if one of your goals is continually providing better services with twice the delight of yesterday without necessarily upping the price.