In today's world having an M.D. is not enough. Once upon a time "M.D." was the high water mark of education. A highly respected degree and those who attained it were respected. Today one must have another "M" degree such as a MPH, MBA. Although most M.D.s already have these skills or can easily obtain them by study, online course, or just from 20 years or more of practicing medicine, or running your own medical business, everyone likes letters after their names, the more the better. A sad but true state of affairs where our educational system teaches to the test. Obtaining one of these degrees will expand the vocabulary to enter these new spaces.
The new buzzword is serial entrepeneur. It affords physicians the opportunity to break away from what becomes the hum drum daily activities of clinical medicine. The difference can be very refreshing and give one a new sense of accomplishment, whether it is profitable or not.
Physicians in private practice are entrepeneurs. There are few physicians who do not have an idea for a device or software that would benefit their patients and/or their medical business. There has been an explosion of interest when the digital age began for medicine.
Many physicians designed their own EHR long before there were EHRs and financial incentives. As health reform evolves there is a never ending need for new solutions and/or medical devices.
Treating a patient is different. The patient shares the risk with you. In business you take the risk alone unless you have partners. Physicians are used to managing risk and are excellent in risk avoidance. We share the risk by consulting with others, or outright referring the patient to another expert. Physicians weight risk in regard to doing procedures or doing nothing. We use written informed consents to educate our patients about the reality of their illness and treatments. Medications carry risks as well. Using medications off label is not risk free, and having an untoward event with a drug not approved for that purpose will have you wind up in court.
Business risks are quite different. Some can be measured with financial metrics, such as market demand, competition, and timing.
Physicians have unique training to categorize risks and ability to search for information.
Consulting with financial experts in marketing, financing, and business planning. Like medicine it is beneficial to 'crowdsource' your idea.
Launchpad Digital Health offers a source for expertise and funding. An idea without funding is useless. One needs knowledge in the area of equity funding and venture capital funding and the nomenclature of series funding.
There expertise in Portfolio Investment, The GZ (Ground Zero) Program, and their General Partners, as well as their Advisory Board can guide and assist start-ups. In the News lists some of their previous activities
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