Health Innovators
Health Innovators

Episode · 1 year ago

Getting ready for the "day after" w/ Eran Ofir

ABOUT THIS EPISODE

As the pandemic continues, we’re finding out, more and more, how deep the roots of disruption from shelter-in-place orders and the upheaval of the national (and international) marketplace go. Innovators are now struggling to ask the hard questions: When do I scale back? When do I scale up? How can I ensure my company survives this turbulent and unpredictable market? All valid concerns and, unfortunately, there are no one-size-fits all answers.

But what if you could pick the brain of an innovator whose company is poised to not only weather the disruption, but hit the ground running once it all quiets down to a “new normal?” What if you could access his decades of innovation experience in fields that cross the service continuum, including telecommunications and healthcare? You would. And you can.

On this week’s episode, we have Eran Sofir, an innovation powerhouse who brings his experience in telecommunications, utilities, retail, and healthcare innovation. He speaks openly and candidly about current market conditions, while also offering his take on what the future might hold. 

Here are the show highlights:

  • The counterintuitive secret that the smartest investors don’t want you to know about investing (9:46) 
  • How the pandemic has forced healthcare providers to finally take telehealth seriously (15:07) 
  • Why smaller nursing home facilities gain a bigger advantage from telehealth than larger facilities (15:43) 
  • How the pandemic will shift the financial trends in healthcare more than anything else in the last decade (17:21) 
  • The biggest advantage healthcare innovators have right now thanks to the pandemic (18:15) 
  • Here’s how to ease the adoption for your innovation after the crisis ends (26:08)
  • The biggest opportunity you have right now that sets you up for easy sales when the crisis ends (31:34) 
  • Why customer feedback is even more important today than before the pandemic hit (39:26) 
  • The trick for hiring the top experts for product development without blowing through your burn rate (40:24)
  • How to create a loyal and rabid following in the midst of the pandemic (42:04) 

I've spoken with dozens of health innovators, and nearly everyone is trying to figure out their best pivot strategy. But they don't know what to change, how to pivot, or if their new pivot strategy is the right move.

So I went into overdrive putting together a clear, actionable 5-step worksheet that will help you quickly define your most viable and profitable pivot path through the COVID crisis. And I’m giving it to you for FREE — no strings attached at https://www.Legacy-DNA.com/Pivot

Guest Bio

Eran Ofir is the CEO and Founder of Somatix, a provider of wearable-enabled RPM (remote patient monitoring) software for healthcare. Eran has a proven history of success in driving business growth and innovation, and building strong business relationships. His expertise working in industries from telecommunications to retail to healthcare gives him a unique perspective on what does and does not work when delivering technology-based solutions and providing customers with the value-driven services they’re looking for.

Eran holds an MBA in finance and marketing and a BSc in electrical and electronic engineering from Tel Aviv University.

If you want to reach out to Eran to learn more about Somatix’s solution, or to simply ask questions, you can reach him at www.somatix.com, or via email at info@somatix.com or erano@somatix.com.

Welcome to CIQ, where you learnhow health innovators maximize their success. I'm your host, Dr Roxy, founderof Legacy DNA and international bestselling author of how health innovators maximize market success.Through handed conversations with health innovators earlier, doctors and influencers, you'll learn howto bring your innovation from idea to start ups to market domination. And nowlet's jump into the latest episode of Coiq. Welcome back CIQ listeners. On today'sepisode I Have I run over with me, who is the CEO andCo founder of semantics. Welcome to the show, run hi, hi,Doctor oxy. So for our listeners that don't know you, just give thema little bit about your background and what you do. So in two thousandand fifteen I established somatics. We do we more patient monitoring. We walkwith hospitals, elderly care facilities and reubsenters, providing them with more patient monitoring platform. My background is building businesses off enterprise grades sus platforms. I've doneit for the last two decades in different domains, telecom, Internet, Utilities, retail and now healthcare, because from my perspective, it's basically the same. We building a cloud based platform foreign enterprise, improving their KPIS and makingtheir life easier, basically through the technology. Yeah, so let's talk about precovid. You know where were you and the innovation process and you knowwhat was your go to market strategy at that point? Right. So,obviously now it's a very different time, while we are in this crisis.I'm in New York, so it's even intensified everything that is happening around.So well, Pre Covid, we started the year in an amazing momentum.We had like the best two months of the company in terms of sales,implementations, pipeline everything, because the product came to a stage where it isrobust, Scala, Bill Mature, it had kind of the needed functionality andwe obtain the clinical validation for it in terms of, you know, improvementof a clinical metrics at the help with the healthcare providers that we walk withand proving the reimbursement codes. Basically, the the entities that walked with managedto bill to get reversed with the sympathy code for remote monitoring. So thatwas a huge point for us in terms of commercial validation. And so everythinglooks great until the beginning of March. We had like nine different industry eventslined up for March to to make him's PEDNNA leading age aging in America.Everything, so kind of our time. Entire marketing campaign collapsed by mid March, and so it's very different, obviously, from an can hardly cope with thenumber of installations and with the tasks and with the delivery to situation toa situation where everything is almost tend still as it is now. kind ofwaiting for this to end and for us to be able to meet again thehealthcare providers, because now they're all all our customers are now in lockdown,the running in emergency situations, because again, we sell to healthcare providers and wejust wait for them to get back to life. Kind of HMM.Yeah. So, you know, I think that your experience is something thatwe're all feeling across the board and varying...

...degrees. So, you know,let's just talk about the financial impact as a health innovator. I think that'sgoing to vary from innovator to innovator, depending on where they were and thatcapital raising process. But you know, just kind of paint that picture forus right. So it's a very difficult period, I believe, to allstartups. We were a little bit lucky because we had in twenty nineteen bridgeround, kind of a convertible, an agreement for the company of four pointfive million dollar. That was on top of what we had before of seedround and a round. In total, we have raised the today eleven pointfive million dollar, and so we started the crisis in a not so badsituation. But again we are not. The problem is that you continue theburn rate, the regular burn rate of the company, because you want toprepare the company for the day after which we which we believe will be verygood, and yet you don't have revenues coming in because everything is shut downand and and the procuiment departments of your customers or busy, in other things, finding vents and medical supplies and bringing back stuff from pension, kind ofmedical stuff from retirement. So we had to do some actions in order tomitigate that. As many other startups, we had to reduce our burn rate. That included some reduction in force. It included the activities like freezing contractors, that we walk with everything that we could beyond, like, you know, keeping the the core and the software and the servers and everything kind ofrunning and in keep alive more the everything that we could cut. We reducedsalaries across the company by twenty percent. Everyone obviously accepted it because don't understandthe need for free you know, versus retiring more employees. So we hadto do you know, where we agreed with the board, we with allboard is for the actions that we're going to take and and you know,we discussed the various scenarios of fair what will happen, if this will endon June or no Ghoston, and so on, because it's different scenarios andwe hope for the best. Yeah, absolutely, and you know, Ithink hope is definitely the right word. You know, as a leader ofa company, being able to spread that hope, I think is really important. And when you can give your staff hope that there's going to be alight at the end of this tunnel and brighter days are ahead, you know, I think that's where you know they can recognize that, you know,yesterday, today and tomorrow, they're going to be making a big difference inthe world right to the work that you're doing and and so kind of juststick with it and make the sacrifice that we're all making in some former fashion. So let's talk about what you're kind of thinking that might look like ina few months. Of course, none of us know when this will happenand you know it sounds like you know each state is going to be ina different phased approach at a different time. But you know, you and Iwere talking that. You know there's been varying degrees of adoption of differenttypes of digital tech and healthcare. And so how do you see this covidcrisis having a silver lining for your company and kind of what you're predicting theadoption might be in the future? We and and so this is exactly thehope perspective, because we believe, both the employees, the management the investors, that the market after the crisis will be very good for us. Weexpect our business to pick because everyone now...

...realize in terms of our customers,hospitals and elderly care facilities and so on, they all realize the importance of fairremote patient monitoring. They all understand that they need the in in timesof urgency that are short staff and they need technology in order to attend tothe needs of patients. They need to be capable to see with AI technologieswhether they are there is a detoriation of a patient or improvement and to becapable to respond to it, basically in intervene. But they don't have theenough men power to, you know, go one by one and check them. Now it's just not feasible when they are so overwhelmed. We believe thatthere will be a strong support from the regulation, that the tail in thatwe see in terms of a reinbrastment codes and tell health and everything will beeven bigger with all kinds of incentives from the federal governments and from the state, from the states and and the most important. Everyone realize now that therewill be probably a second wave of covid nineteen next winter. So they havea window of opportunity of kind of six months between the end of this crisis, when business will get back to two normal, and until all, tothe new normal, let's call it, until they need to get themselves equippedwith such technologies. So we expect our market to be crazy after you know, as business open up, as healthcare providers will be getting out of thatemergency scenario that they are now in. Yeah, you know, it's interesting. I think smart investors see what's happening and instead of pulling money back,you know the right thing is pouring more money in right because that day iscoming. It's just around the corner. We see many acquisitions now happening ofEmot, present monitoring and the clinical decision support system. Yesterday they were twobig quisitions of the UK and we saw in the last three months a fewacquisitions like that again, because people understand that home care and remote monitoring andthat concept of telehealth is going to prevail strongly. So now as we speak, now what we we talk with peas and we talked with VC's. Sothey are kind of sitting on the fence. They are not yet making, youknow, big moves. They wait to see. The main question thatis being asked in, you know, those daily conversations that we have withthem, is when is it going to end? Because it's very different.If the businesses back to the new normal on June, so you still have, you know, half a year to walk and and return to revenues andexpand the boat risingly and you expansion and everything, or the business is goingback to walk only on September. Then you know within two months you're alreadygetting into holidays and year and and that's it. The year is lost.So everyone waiting to see. Okay, so what's the government going to do? When are they bringing businesses back to to life? So that's, Ithink, is really the most important question currently in in that financing industry.Yeah, for sure. So, you know, one of the things thatI think is really interesting about the work that you guys are doing is you'reserving a lot of the populations that are in nursing homes right and we're singmore, more and more of those conversations about, you know, being hotspots and really what's going to be our mitigation strategy going forward? And Ithink, like you had mentioned earlier, you know we'll go back to normal, but it will be a new normal...

...and you know. So how doyou think, what role is technology like yours going to play in in thenursing homes going forward around those, you know, social distancing and mitigation strategiesto make sure that those healthcare professionals are at risk and you know. Sojust kind of talk about that a little bit. So we need serves,elderly care facilities across the care continue. We have independent living, assisted living, subacute, rough term care and nursing homes. We also serve hospitals forthe business case of fair DISJOB, remote pasion monitor and go distalations, aswell as reabsenters. Yeah, but the elderly care facilities are really our lockingfruit now, even prior the covid nineteen crisis, what we saw there isthat the because of regulation, especially two things. One was the availability offair remote patient remote pasion monitoring code for them from January two thousand and twenty. So they all started playing with the with that, which is a newrevenue stream for them. That's that's a great so that was one thing andthe other thing that is also new is what's called community health choices, meaningthem being audited like twice a year on their quality metrics, false readmissions,pressure Wat sairs, utiis and so on, and they are getting a grade,and we did grade, like if they are five stars or four starsand so on. Two things happen. First with the higher grade, thefirst to get patients into their subacute children care and nursing homes, so theirdepartments are being filled first, and the second thing is that with a highergrade they get more payment per patient per day in their subocute care and andthere's in them and nursing home. So they all understood even before, youknow, it was just starting. That's why we really miss all those events, marketing event, industry events, and that got canceled. But they allunderstood at the first you know, in the first two months in fact,from even from q four of two thousand and nineteen, that there is abig change here in terms of the financial models that you run your elderly caurefacility on. And we indeed so it's not a coincidence that we saw allthe big players like Amazon care and appl and Google and best buy even buyingcompanies that are doing more present monitoring and clinical decision support systems and AI,because they all figured out suddenly. And the corporate we saw a comcast buildingquill like providing a home care service to their twenty two million subscribers at home, and we saw a teen t suddenly opening ATT healthcare. So all theycorporate America. Everyone understood that. Again because of the demographic Syne in theUS, because of the number every day in the US tenzero people are gettingto be older than sixty five right. So so the numbers are obviously thereand elderly care is the fastest growing segment in US healthcare, like for thelast three years or so. So the trend was obvious, but it wasn'ta necessity, and that's it. That's the big difference. Like auntil Marchtell health was nice. It was more relevant to the bigger elderly care facilities, you know, the ones that are more like a network and they havea CIO and it department in place and some of them even innovation officer.But this smaller ones didn't need it because they thought well, some of them, you know, even don't use kind of electronic health records to which weintegrate and and and so on. But now it's completely different because now eventhe smaller ones, effect the smaller ones are in in a war situation becausethere are very short stuff. They don't have enough people, that quarranteed.So they can send in many cases people,...

...people from one department to another becausethey need to answer isolate them, you know, they're not to spreadthe virus and so on. So, regardless whether you were a big nursinghomes or small nursing home, now everyone understand that they need technology and maybefor the first time they will see like real financial incentives for them through theyou know, government and federal support and in order to to go there,to make the jump that they need. Because healthcare, you know, weall know that that's probably the most conservative industry in the in the US.You know, I walked in different industries. I've built a business in utilities towardsthe energy companies, you know, small grid, the billing and Crm, and I've built a kind of a cloud based point of sale to retailers. So the industries are always you know, they are moving slow, but thereis no industry that is slower or more risk averse than healthcare. Yeah, completely. But now, and everyone we're talking, as you know,for the last decade about that health care will go through transformation as well.Like all these other industries before and now health care we get into a transformationphase probably in the next two years, I think that we will see financialtrends in terms of technology and IT in healthcare that we haven't seen for thelast decade. I completely agree, and you know I keep saying this,for as absolutely terrible and heartwrenching as covid nineteen is, we can have somepositive view of the silver linings right, because we got to have some hopesomewhere. And the silver linings is, I think that this, this pandemic, is changing the mindset. Change increased, like you said, increasing the necessityin the need for digital tech and healthcare. So my mark, mybackground is in marketing and you know, a big part of what I've donehistorically over the last couple of years is helping brands create awareness and create demandfor their solution. And I mean right what I hear you describing is thatthere is more awareness than we have ever had and there's more demand, andit's kind of happened overnight. And so what we might have had to dofor years trying to persuade people that you have the solution to a problem that'sreally important but not really important for them or not the priority right now,and a lot of that has shifted. So I think that's great. Oneof the things that I think of is that, so you know, companiesusually are successful to a great degree based upon their ability to create that awarenessand demand for their solution. And so now, as the overall awareness anddemand like across the country, I think that it changes the competitive landscape right. So it doesn't just create opportunity for you, but it creates opportunity forevery telehealth remote monitoring company. So you know, what are some strategies ortactics that you're thinking of or that you have in place over the next coupleof months to make sure that when elderly care facilities, when hospital systems arethinking about like, okay, we've got this new normal, I'm ready toinvest in this, what are you doing to make sure that they're aware ofyour particular brand and that they think that you're the better solution compared to thecompetitors? Right, that's let's obviously you know the million dollar question how youdifferentiate yourself and how you write. Basically,...

...what's coming after? So one thingis to be perfectly aligned and ready for the day after in terms offair having the producting place, making sure that we can, we suggest nowdeployments that are done within forty eight hours. So once you say that you areinterested, we've built the new process in order to make sure that wecan get to decide like within forty eight hours and do kind of scoping andactivate the system for you, because it's all sus right, it's all cloudbased, or only need to do is get to a web interface and andthen we give them the small bands and that are doing the gisture detection andmeasuring all those physiological measurements and and and that's it. So that's one thing. The other thing is they keep presence in the media kind of in variouschannels in order to explain our differentiation. Because before the crisis, many awhen you got to an elderly care facility, for example, or for hospital,they weren't there. In most cases they weren't looking for a more patientmonitoring, unless you know the few that you know we are walking with andthey were interested before, but most of them were not. And you know, when we explain there then about our competitive advantages, you know you don'tneed to do any hardware installations, Beimer sensors, base station. All youneed to do is have like a weble device on the end of the individualkind of you can shovel with it, you can, you know, youcan charge it only like once, you know, every fourth to six daysand so on. It walks everywhere, indoors and outdoors, because again,we are on the individual. We are not installed at all. You don'tneed to send technician and we have that proprietary justed detection technology. It wasall nice, but now we and translate it to okay. So what doesit mean to you? It means to you, as the is, thehealthcare provider, two things. One, savings, because this will cost youone scale less then everything else that exists in the market. So if youwant to deployed fast, you will need to allocate less financial resources. Andwe all know that right after the crisis they will be stretched. Honey.They all tell me like every week, Oh, we've lost twenty million dollarthis this quarter and we spent like a by April we already spent like almostour entire budget for the year, and stuff like that. So there allyou know, super they we all be super straightched for for money. That'sone and too, because of the fact that with our solution you don't needinstallation of technician or no maintenance and it's all cloud based, it means thatit's much faster. So they can deploy and they can adopt their procedures,their medical procedures to it, to walk with the system very quickly and beprepared for the next winter. Right we don't know yet if they will bevaccination until then and in any case we know that they will need something.But then, so you do? You know, we do what we canin order to be ready so that the minute we can get into the elderlycare facilities the day after, we will. That's so, you know, it'smainly preparing the company and making sure that the product is ready, themarketing is ready, definance is ready, everything is so you come kind ofwith the package. So you know, in a way it's a good timeto organize your offering in a packaging,...

...in a way that these kind ofready to be served in a simpler way than it was before, because wewere, you know, running and all over the board and and traveling andyou know, the normal course of business in a started. Hey, it'sDr Roxy here. With a quick break from the conversation. Are you tryingto figure out what moves you need to make to survive and thrive in thenew coviet economy? I want every health innovator to find their most viable andprofitable pivot strategy, which is why I created the covid prove your business pivothit. The pivot kit is a step by step framework that helps you findyour best pivot strategy. It walks you through six categories you need to examinefor a three hundred and sixty degree view of your business. I call themthe six critical pivot lenses. As you make your way through this comprehensive hit, you'll be armed with the tools, tips and strategies you need to makesure you can pivot with speed without missing out on critical details and opportunities.Learn more at legacy and DNACOM backslash kit. Yeah, so. So I thinkI hear you say in a couple of things that you, as wellas other health innovators, maybe need to take a look at their positioning strategy, because how you're positioning your solution in the marketplace might change now that we'vegot this global awareness and global demand. The value proposition might need to berefined, maybe not completely changed. Right, you're still delivering the same value,but how you communicate that might need to be really different. So you'regrabbing those people, you know, those people's attention and and kind of differentiatingyou right out of the gate again, as I think the competitive landscape isgoing to change exponentially. The other thing that I hear you say in isreally pricing models and I think that's interesting because I haven't talked a lot aboutthat yet. You know, there's there's an increase awareness, there's an increaseddemand, we've got probably really much shorter sale cycles. So there's all thesedifferent positives. But then we're talking about prospects that don't have any money.Well, right, it's a difference between copics and OPIS. What I firstsee is that the healthcare providers will be really short on topics, but theywill be able to fund a and new systems and platforms with opics. So, as you and and that's and this gives for example, for example companieslike us and advantage because, unlike the you know, old times remote pasionmonitoring systems, where you needed to invest a large copex at the beginning forinstallation and stuff like that, with subs platforms, the the shift is goingfrom Kopecks to Opex. So it's definitely something that will that we ease thethe adoption for healthcare providers. Yeah, so I think that's that's and Ithink that's really important and very critical and in a huge advantage for you allas right. Right, but now let's, you know, go back to reality, to the existing days something that you've mentioned. Keep dreaming about thatday after it's going to be like rainbows and butterflies. Yes, yes,I know, but still, you know, running a company now, the problemis that, you know, keeping the presence of the company in themarket when you are, you know, stretch with respect to your brain rateand and you know the first thing that the easier thing to cut is marketing. Right. Broke my heart. Yeah, but that's the time, that's thereality of startups. In in a crisis, you keep kind of thetechnical labor because you need to maintain the technical advantage that you have in themarket. And you say, well,...

...there is no market right, sothe I need to freeze everything that is communication and and and mark home andstuff like that, which is very difficult because it means that you are notpositioning yourself, you're not investing in the positioning towards that market that is aboutto happen. And again we come back to the same question of when isit going to hand? Because if it's going to end only in five months, then you can, you know, freeze marketing and get back to it, social media and and everything pr and stuff like the kind of a monthbefore. But if the market is going to be back in two months.You need to keep yourself on the radar right, to keep the presence,to keep the the news, for people to see the the walk that youknow you do. We get calls from Japan, from Italy, from theUK, from Israel, from all over, from, you know, nursing homesand stuff like that, asking about they've seen us in the media.They they want to hear more about the product, they want to see ademo, they want to understand how much it will cost them on how longit will take them to deploy it. So we are having every week allthese conversations. Be Cause of fair you know, we keep that level ofawareness, but it's very difficult to maintain it while you know, you don'tknow until when you need to keep your cash. Yeah, yeah, absolutelyare. Like you said, are we building the awareness, the marketing andthe sales pipeline for two months, for six months, and you know?And it's unpredictable. No one knows, right. Yeah, exactly. HMM. So I think that that is it's very important consideration because I think,I mean, I don't know if I would say that it really like ahealth innovation. You could kind of put it into two complete buckets fifty.But they're definitely those folks that just have a tendency to like just crawl upand a blanket and go we need to stop everything. I don't know thatthat's going to be a successful business strategy going forward. Right now. Wehaven't done that and luckily for me we have the support of the board,which is very important now for se goes. This is critical to avoid kind ofshutting down the company, to keep the company at a high level ofreadiness. Again, obviously we were proactive and we did the whatever cost reductionswe could, but we don't think, and and again I'm lucky in thatperspective, we don't think that hibernation would be the best thought to stuff ayou know, again, it's might be different if we were in a differentbusiness, but given the nature off all customers and what is expected to betheir needs right after the crisis, what we really need to do is tobe prepared. Yeah, and you know, because at some point, like yousaid, you know, whether it's a flip of the switch or whetherit's a slower turn of the dial, you know change is going to happenand who are they going to remember right, right, and so I am seeinga lot of really incredible success stories. I like to say that right nowis such an incredibly proud moment for marketing. I am enjoying the covidcommercials and social media content more than the Super Bowl. I'm like, Imean, like we're just I mean, it's so heartfelt and Compassionate and authenticand real and human, and so there's just so much. I mean,I think that there's a huge opportunity to build relationships through digital channels and it'snot necessarily about selling stuff. It's just...

...about building relationships and strengthening that trustso that way when we do flip the switch, turn the dial and I'mlike, okay, now is go time, then I'm thinking of your brand andnot the other. You know, fifty competitors now right. I thinkthat that's going to be a game changer. I think that's going to be awhat do they call it? A sifteen of the wheat, if youwill, that you know, those companies that can a financially afford to staythe course and they aren't just part of the noise there, but they're they'rethey've got a very powerful strategy for rising above the noise and and they're notjust selling their wares, because that's offensive right now in a lot of ways, but they've they're the ones that are going to win, they're the onesthat are going to come out ahead of this at the end. That's that'strue. We should remember also that probably we'll see a difference also with thecustomers, and because what we believe will happen is that there will be aconsolidation in the industry because the their extent structure is going to change. Theywill need to invest much more in technology and then they used to do before, and they will need to have let's call it a critical mass and minimumcritical mass of stuff in order to maintain quality of service. And in anycase, given the process that already started with the regulation of measuring these elderlycare facilities and rating them and giving them business or funding reimbursement by their bytheir level and not just by the number of beds a, what we'll seeis probably consolidation and MENA's and largest group being created, which means that therewill be fewer customers to sell to, even though it's huge market right,and there will be fewer number of customers to sell to, but the customerswill be larger in terms of number of beds and number of patients and andstuff like that, which makes it an easier sell because typically in healthcare thereis the economy of scale. So the reason there is in order to getto some returnal investment on a new systems, you need to have a certain scale, because then the numbers kind of a run for you. So thiswill make the work of the companies that will exist in in the market alittle bit easier because every customer will be more dominant in terms of the numbersand the revenues and so on. And with what you've mentioned before, theprobable shorter cycles for sale, you know, that's another that's something that should helpwith respect of the missing months in business, because we are probably goingto lose between three to six months of business, you know, if westart counting from March and in order to, you know, keep off financials,we need to catch up after when the business say, we go backto the new normal. So it's going to be interesting like that's it's goingto be a new market, there is no doubt. So I think thatit's really smart and what I hear you say into our listeners is for everyperson it's really important to scan their market right the market conditions are changing.They're changing in different ways for different health innovators, but everyone needs to pauseand take time to scan the market and kind of anticipate what it's going tobe like, to the best of our...

...ability of what it's going to belike on the other side of this and then recalibrating or pivoting their market strategyand in other strategies around this new normal or this new market. Because,you know, I think, I think that there's going to be hardly acase where our pre covid market strategy is going to be a successful strategy goingforward. We're going to have to have something new. Great, great,yeah, you guys have made a lot of progress. Have have done alot of work and exploring that and analyzing that to make sure that you're setup for success. Yeah, we hope. So we're trying to do what wecan. You know, we hope. Don't have a crystal ball and sowe are, you know, preparing the best to the best of ourknowledge, and we are confirming it with our investors and with our customers andother you know, we make sure that they're happy with the system and,you know, we get more. One of the important thing that we donow with the customers that are using now our product is getting their feedback onhow they use the system with the quaranteed residents and with isolated patients, andwe that feedback. We created, for example, a new marketing collateral thatis focused on the relevancy of our system to covid nine two, to healththe providers that are that are, you know, fighting with Covid nineteen,that are, you know, in that challenge. So it's different from fromnormal days because prior to date we were in a different wall and and now, because of a covid nineteen, we switched kind of the questions that weask in terms of a tending to needs that are different than what they usedto be before, because it's not the same clinical measures, it's not thesame processes that they attend to people because, again, the the facilities are inlockdown and residents are guaranteed or isolated and stuff like that. So eventhe product is changing, and it's not just how you position the product,but you really you change the communication later in order to make sure we'll havea two way communication with the patient, right, you add questioneers in orderto see, to try and and monitor subtle changes that you haven't noticed,kind of air you and you look at the other parameters through other devices ordata that they capture in the electronic health records. And so you deeper deepenyour integration with electronic health records in order again to see those changes that arerelate to quaranteed patients. So so you do all changes across marketing, acrossfinance, across product. It's not just, you know, everything is normal likewe used to run before. You change every aspect of the company tryingto prepare. Well, and I think what you just said is brilliant.So I talked a lot about, you know, the last couple of years, about co creation with customers, right, and how incredibly important that is,because you know when you're getting their feedback at all five codes that Icall it, you know, all the way from ideation, all the wayto launch, not just the the the actual like, Hey, I builtsomething, you like it? Yeah, you like it right, like justlooking for them to confirm what you are built, like yeah, I giveyou the thumbs up, and you know in it it sounds like that thatis just as critical today as it was previously and that you know we eatbefore. We couldn't assume that we understood...

...their needs and all the little intricaciesof the features and functionality that we're going to be the most impactful to them. And it sounds like your guys, you know, you're taking that approachas well, even now, in the midst of this crisis that we stillyou know, as the company, you know we can't act like we're theexperts. Are Target Market is the expert and let's just ask them and kindof make them part of that product development process, even during this covid crisis, to make sure that whatever you have is going to meet their needs.When you're flipping this right right. That's something that in fact, we learnedearlier on because we were in we participated into healthcare accelerators in the US whenwe started the company. In order to do the product market feet first.We've been to a dreamy tells in Philly for six months and then attended theNew York the getal health accelerator for another six months. So so that wasvery helpful in the early stages. Offering the product market feet and the volumepropositions across the healthcare full piece, right the the patient, the physician,the provider and the payer, and and now, meaning it's, it's andthen you get to kind of a state of mind that you get all thetime feedback from the customers and you change the products accordingly. And even now, while we are, you know, in in March and April, halfhalf of our technical workforce are working on changes, on those changes that Romethose facilities, those as the liquor facilities, that are dealing with covid nineteen andthe building new inside and are deepening the integration to other systems and thatto monitoring the patients, that are changing the Ui of the APPS and offthe dashboard in order to reflect the parameters that the medical teams perceive as moreimportant now, and stuff like that. That's how important it is. Soyou don't say stay and say okay, well, that's my product and Ineed you, the customer, to learn how to use it in their namescenario, in the new environment. You say the opposite. You say,okay, what is it that you need? We are going to change it toyou and we are going to change it to you within a month,so that this month still, you will be able to enjoy the new buildof the software that contains all those things that you said that will be helpfulfor you. and guess what what this builds? Loyalty. The respawnded thatthey see that we are attending. You've you know, we just we don't. We don't just disappear and wait for them to come bay. So thisis, you know, how we are trying to help our customers. Well, you know that it's such a powerful example because I just live that aswell. You know, I'm not developing technology like a lot of our guestson the show, but we're developing processes and knowledge products for innovators like youto be able to help them deliver, develop their strategy and make sure thatit's going to be the most viable, the most profitable strategy for that particularcompany. And previously we developed what we called COIQ. It was all aboutreally adoption and really being able to educate and inform and help people build thatspecific strategy. And it was so apparent to me the second week of Marchthat the conversations that I was having on this show completely changed. We werenot having conversations about early adoption strategy. It was all about pivot. Soour team the last few weeks complete, I mean busted their butts like yourtech team right, probably working day and night and seven to do their adaptationsand created this pivot kit because the markets needs have changed and it would beI would be a fool to ignore that and continue trying to sell the oldthing when the markets different, completely different.

Yeah, and you know, Idon't know that we'll ever sell that old thing again, right, becausewhere it? Because I don't know that, I mean, and if I wasbanking on well, let's just get through this and then, you know, three months then they'll be ready to buy the old thing, probably notlike it's you know, it's probably just going to be different for now on. Yeah, I'll not can completely change. I expected to. The next twoyears will be around selling it systems that could help in a period ofepidemics. Yeah, that says. I believe that it will even get toa kind of a regulation, guidelines of the system that every healthcare provider needsto have in order to cope with such is. Such a thing didn't existbefore and now it will probably be kind of a mondaytory tool in their toolkey and you know, we will adopt our product portfolio for for death messagingas well. Yep, completely, you know, and I love what you'resaying, because it sounds like you're saying that like it's just part of whoyou are as a company to stay close to the customer, because even theadaptations that you're making to the product technically right now, you still don't knowhow long that's going to have a shelf life. Right. So like wemay be pivoting six or eight times over the next six months or the nextyear. Right, it's kind of like, okay, well, that work fora couple of months, but now regulation stepped in and their needs,the demands, are changed again, and so it's, you know, it'sjust part of business, right. We just continue to keep our ear peeredor open to the market, stay close to our customers and continue to meettheir needs on an ongoing basis. Absolutely the One thing that I've learned inthe last two decades of building enterprise grade business is that you need super attentiveto the customer. You need to listen and not comment, with the approachof I build this wonderful thing and I'm going to educate you. The customerhow to use it and you're idiot. Something's wrong with you. Yes,exactly, round approach right. So that's so. That's basically you and andit's really at the DNL of the company right to be a listening organization.We do what we do not because we build product for the shelf, butwe listen to the customer and we build a product according to today. Sobecause that the healthcare experts, not us. Well, thank you so much forall this incredible wisdom that you shared with our listeners today. I thinkthat there are so many Golden Nuggets that folks are going to find in tothe show. Thank you so much for your time. Thank you, DoctorRoxy. As we wrap up and get a hold of you with somebody isinterested in your your solutions or if they just want to, you know,kind of bounce ideas off of you as we're all trying to navigate this newmarket together. So first of all, they could. They could go toour website, www dotcom, and that's and, and there is an infor film there. They can send an email to in for it, SOMOTICSCOM, and they can also send an email to me directly, Rano era andO at Somotics, dicomb, and you know we always try to respond withinforty eight hours and provide the material and get into a zoom session and soon. It's easy, very easy, to find us. We are basedin New York, eastern time, and we are here well. Thank youso much, and be safe and be well. Thank you you as well. Stay safe. Thank you. Thank you so much for listening. Iknow you're busy working to bring your life changing innovation to market and I valueyour time and your attention. To save...

...time and get the latest episodes onyour mobile device, automatically subscribe to the show on your favorite podcast APP likeapple podcast, spotify and stitcher. Thank you for listening and I appreciate everyonewho's been sharing the show with friends and colleagues. See You on the nextepisode of Coiq.

In-Stream Audio Search

NEW

Search across all episodes within this podcast

Episodes (111)