By: Justin Irizarry
When it comes to startups, healthcare business opportunities are in no shortage. Recent developments like healthcare reform, an increase in healthcare technology, and an aging population have contributed to the perfect breeding grounds for the industry to explode. Throw in eager investors and innovative entrepreneurs and you’ve got a healthcare boom. However, not everyone can succeed as a healthcare startup business. Here are some things to keep in mind when you’re trying to make your healthcare startup work.
- Find those willing and ready. When it comes to healthcare startups, you want to bring people who are ready and willing to help into the fold. Healthcare business opportunities can attract lots of eager people, but if they aren’t ready or able to help provide energy, innovative thoughts, and steadfast dedication, don’t waste your time. Find those who are willing to help you learn and are eager to see your business grow and succeed.
- Get on board with regulations. The healthcare industry is full of rules and regulations. Healthcare business opportunities come with red tape – but that doesn’t mean you have to shy away from it. Get comfortable with the regulations in the state where you’re opening your healthcare start up and know them through and through. If you’re choosing to open a healthcare franchise, you might even have some help with these pesky regulations through the franchisor’s support system. Regulations are a process just like any other system in healthcare. Don’t get overwhelmed; simply work your way through the hurdles and obstacles.
- Make friends with the giants. Healthcare is full of massive players. When you’re evaluating your healthcare business opportunities and getting a startup off the ground, it can be daunting to think of playing in the same field as the biggest players. Don’t be intimidated – there’s no way to get around working with them, so embrace it!
- Don’t expect it to be quick. Healthcare business opportunities come with a long sales cycle. So, be prepared to settle in for the long haul. Entrepreneurs need a lot of patience when it comes to healthcare startups. Things like regulations can take a long time to work through and put your outlook on a five- to 10-year plan instead of one to two. This isn’t like the tech industry where you’ll find your business go from nothing to billions in less than a year.
- Networking is key. As with any business venture, networking is crucial. As the old saying goes, it isn’t about how much you know, it’s about who you know. Focus on being collaborative and coachable. Learning from people who’ve been where you are or who’ve worked in the industry for their entire careers can be the best education you can get when it comes to healthcare business opportunities. In healthcare specifically, it’s hard to be a lone wolf. You need a team of people who have lots of knowledge to help you on your journey.
Healthcare entrepreneurs face unique challenges when it comes to the ample healthcare business opportunities available. Getting a healthcare startup off the ground is different than a traditional business. Thankfully, a large and dedicated network of healthcare professionals willing to lend a hand is out there – it’s all about finding them!
Justin holds a B.A. in Economics from Cornell University, where he was a 4-year varsity baseball scholar-athlete, and a M.B.A. from The Wharton School at The University of Pennsylvania, where he was a Joseph Wharton Fellow. In addition, he has earned the right to use the Chartered Financial Analyst® (CFA) designation, the most respected and recognized investment designation in the world. Justin has more than 13 years of experience acting as a trusted advisor and interim executive for a wide range of companies. His diverse business experience has led him to advise for boards of directors and senior management teams in the education, information, digital real estate, medical, and technology industries. Justin started his career on Wall Street with the Education and Information Group at Scott-Macon, Ltd. As the Vice President of Scott-Macon, he was responsible for sourcing and executing transactions in the $50 – $300 million range. Justin joined OrthoNOW® in 2010 and started the Franchise with Dr. Alejandro Badia in 2012. In addition to his role as Co-Founder &CFO, he serves as the Director of Operations of OrthoNOW® Doral.
Justin remains active with his alma mater and serves as a volunteer mentor to incoming freshman as part of the university’s Alumni-Student mentoring program and as a university interviewer for South Florida applicants to the university. Justin was recently named a Top 40 Under 40 by South Florida Business Journal for his contributions to the South Florida community as the CFO and Co-Founder of OrthoNOW®, the nation’s only network of orthopedic urgent care centers, and for his work in developing and activating a business model that changes how South Floridians access expert orthopedic care on-demand and at a cost-effective rate.