This Week Health

Today on Insights. We go back to a conversation Host Bill Russell had with Lucienne Ide, Founder & Chief Health Innovator at Rimidi. The topic of discussion was From Scientist to Entrepreneur. And Lucy tells Bill what it’s like being a physician and then becoming an entrepreneur. 

Transcript

Hello and welcome to another episode of Insights. My name is Bill Russell. I'm a former CIO for a 16 hospital system ???? and creator of This Weekin Health IT. A channel dedicated to keeping health IT staff current and engaged. Our hope is that these episodes serve as a resource for the advancement of your career and the continued success of your team. Now onto the ???? show.

Today on insights. We go back to a conversation host Bill Russell had with Lucienne Ide Founder and Chief Health Innovator at Rimidi. The topic of discussion was from scientist to entrepreneur and Luci tells Bill what it's like being a physician and then becoming an entrepreneur.

So I did a dual MD-PhD program with the goal of having a career in a large academic medical center and running a research lab and seeing patients and once I got into residency and really got a feel for what the actual practice of medicine is like and what actual hospital operations are like, I just became fascinated by all of the opportunity to make that work better. Right. And sort of a system level analysis of why do we do this this way? And why haven't we changed in light of evidence and sort of that endless why?

Yeah. The PhD in you, the scientist in you came out. You looked at the hospital operation and you're like, this, this can be better.

I'm curious about, Elon Musk talks a lot about using the scientific method and is that essentially your approach? You have a hypothesis you're like we could do this better. I think if we do this, this will be better. Is that, how is that how you approach your company and your entrepreneurial efforts?

Yeah. And I think, often I get asked about being a physician and becoming an entrepreneur. And I actually think that scientific training is much more preparatory for shifting into entrepreneurship, because exactly, you see a problem, you create a hypothesis of what's underlying that problem.

How could you solve that problem? And then you just start to iterate on that. You try something, you gather evidence. DId that work? Did that not work? Okay. Let's change that little piece to see if we can get it to work better. And in our journey, when we first launched a platform it was standalone and we had people who loved it, but said, I, I can't scale this across my organization if it's not integrated to the EMR.

So then we start down that pathway. Okay. How do you do that? What is FHIR? What does that mean? What's the future? So it's sort of endless peeling back layers of an onion.

Yeah. When you're hiring now, do you look for people who have a scientist kind of background or are you pretty broad in terms of who you hire?

I think I look for people who are curious, right? Cause at the end of the day, that's what, that's a comment trait of a lot of scientists, is just fundamental curiosity and a willingness to explore things they may not know a lot about and to sort of continuously learn. And so certainly when people join our team, it's like, this is, this is a young, nimble company and what we're doing today may be different than what we're doing three to six months and you need to want to go on that journey with us.

I want to go back to your background. So you, PhD, MD. You worked in venture capital. This is a question I'm asked a fair amount is you know when when's the right time for someone to look at venture capital, PE, angel investing or bootstrap, no investing at all, if you're, I mean, where do the different strategies really work the best?

I think depending on the stage to the company, what kind of product you're building, you know if you can bootstrap a technology and start generating early revenue and fund the company through that, I think that's a great mechanism. That's hard. If you're building clinical software that needs to comply with HIPAA and a lot of other regulatory burdens. It's hard with the long healthcare sales cycles to bootstrap something, I would say. That's been my experience. But you'll see people in healthcare with more consumer facing technologies, less clinical technologies who can take that path.

Overall, I think it's just important to get alignment of the people you've raised money from are becoming the longterm part of your team and know that. And be aligned with them as to what your goals are, what your values are. And to me that's much more important than the type of money is that you're raising money from people who are wanting to go on the same journey with you.

Yeah. So you're not just taking money from somebody who's going to give you money. That is one of the problems people are like, I finally found somebody to give me money. And so when you say to them, are all those things aligned? There's our values, objectives.

They're like, they're going to give me money. That's probably a path towards destruction isn't it?

You know there are going to be bumps in the road right. And ups and downs and turns and having people who are willing to go through those times with you and be supportive. Their role, isn't always to be supportive. Their role is to question you and help make you better but you want that fundamental alignment at the end of the day. What's the problem we're trying to solve. And do we believe in the same thing?

I want to thank Tracey for another great episode. If you have feedback regarding the content and materials that you just heard ???? and would like to help us to amplify great thinking to propel healthcare ???? forward, please send us a note [email protected]lthit.com. Thanks for listening. That's all for now. ????

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