In my first post, I spoke about the importance of reflecting on past experiences to create an awareness of what is required for future success. This is particularly true of the challenges that we have faced as a company. I like to think MedoSync consolidates the experiences of the last three years into learnings that will come with us over the next number of years. As we are three years in business, I have looked at three that have been crucial so far.
1. Always listening to our customers
When I started the business, I was the customer. I was frustrated by the inefficiencies in healthcare billing as an end-user. Fortunately, my position in a hospital enabled me to speak to colleagues facing similar challenges. Over and over, the same challenges came back. I have kept detailed notes over the last three years and can compare conversations with people responsible for revenue cycle management. Like the momentum I so often seek, the more I listen to customers, the sharper the problem becomes, and the more accurate the solution is.
2. Trusting instincts
In my work as an ED doctor, the longer I have been practicing, the more I trust my instincts in different situations. Patterns emerge over time and this has led me to recognise moments where my gut is telling me the correct way to proceed or deal with a challenge. With MedoSync, I have found trusting my instincts has been an important part of momentum building. I think this is particularly true to the human side of the business – choosing who to work with and building trust with customers has been most successful when my gut has aligned with what my head is telling me.
3. The importance of culture
The final lesson flows from my point around people. When you have the limited resources of a start-up, working with the right people acts as a multiplier in building momentum. People are working at pace meaning it is hard to fully appreciate all the work that happens. Culture is the boundary in which all of this work occurs. Colleagues are sometimes asked to do tasks that may not fit neatly into their job description but by applying the values of the company their work is still meaningful and enjoyable.
Hospitals are losing 6-9% of their revenue due to leakages in the billing process. MedoSync stops these leakages by creating the invoice in real-time and ensures hospitals get paid in full.
I am taking more time for reflection and writing up posts related to MedoSync’s areas of expertise: medical billing, healthcare, technology, and being a start-up in that ecosystem.