Author Archives: Arlen Meyers

About Arlen Meyers

Arlen Meyers, MD, MBA is an emeritus professor at the University of Colorado School of Medicine, an instructor at the University of Colorado-Denver Business School and cofounding President and CEO of the Society of Physician Entrepreneurs at www.sopenet.org. Follow along onSubstack.

5 Issues facing medical schools

GUEST POST from Arlen Meyers

Despite the noise and groaning, medical school applications continue to grow, driven by many factors. However, the medical school education model dates back to the Flexner report issued in 1910.. Many are trying to address the challenges of how to train the biomedical research and practice workforce to win the 4th industrial revolution, but progress has been slow.

Medical educators will face 5 basic problems in the coming years:

DEMONSTRATING THE VALUE OF MEDICAL EDUCATION AND TRAINING

According to a new AAMC study, 76% of students graduate with debt. And while that percentage has decreased in the last few years, those who do borrow for medical school face big loans: the median debt was $192,000 in 2018. At private schools, 21% of students have debt of $300,000 or more. The average four-year cost for public school students is $243,902. For private school students, the cost is $322,767. Many medical students in debt marry other medical students in debt. Do the math and the implications of career and family planning, housing and specialty choice.

Some are questioning whether it is still worth being a doctor.

ACCOMMODATING THE MARKET DEMAND FOR NON-CLINICAL CAREER OPPORTUNITIES

Medical students are forgoing residencies, practitioners are abbreviating their clinical careers, side gigs and hustles are hot and many want to create patient value other than seeing 20 a day for their entire career. Physician entrepreneurship is finally getting its rightful due, yet few medical schools offer education and training in it, let alone the business of medicine. There are few entrepreneurial medical schools and, arguably, there is a sick care innovation bubble.

Barriers persist:

  1. Lack of education about how to get an idea to patients, particularly in the core areas of regulatory affairs, intellectual property, the legal environment, reimbursement, business development and building high performance teams.
  2. Lack of seed stage money
  3. Poor internal and external networks to find the right people for their startup or development teams
  4. Poor mentoring platforms
  5. Lack of social support networks
  6. Poor relationships with policy and advocacy partners
  7. Lack of a structured digital health clinical research infrastructure
  8. Inability to find clinical care delivery partners who are willing and able to test digital health products and services
  9. Significant barriers to integrating digital health products into the legacy EMR
  10. Poor innovation culture, structure, process, leadership and incentives
  11. Lack of promotion and tenure credit for academic entrepreneurs
  12. Lack of recognition for medical edupreneurs
  13. Poor entrepreneurial mindset
  14. A toxic, anti-entrepreneurial culture of education and training
  15. High switching and opportunity costs of pursuing a non-clinical career track
  16. Ignorance about non-clinical career development opportunities
  17. Difficulty matching qualified physician entrepreneurs with viable startups and scaleups

18. How to manage a gig economy portfolio

19. Understanding the tax and liability consequences of various compensation schemes

20. Risk management

DECLINING REVENUES FROM RESEARCH GRANTS, CLINICAL EARNINGS AND STATE SUPPORT AND A FAULTY BUSINESS MODEL

Major consolidation and the expansion of academic integrated delivery networks means the rich get richer and poor get poorer. NIH funding uncertainty is pervasive. Some states have withdrawn funding from their public medical schools. Reforms in clinical practice reimbursement will lead to decreasing revenues. Many schools are reaching out to create partnerships with industry with ethical and professional conduct threats. More are relying on philanthropreneurs to put their names on buildings. Many have repacked their technology transfer offices and rebranded them as innovation centers.

Here’s why there is a physician compensation bubble.

DEFINING NEW MARKET NEEDS DERIVED LEARNING OBJECTIVES AND CURRICULUM REFORM AND RESKILLING

U.S. companies are increasingly paying up to retrain workers as new technologies transform the workplace and companies struggle to recruit talent in one of the hottest job markets in decades.

Amazon.com Inc. AMZN 0.54% is the latest example of a large employer committing to help its workers gain new skills. The online retailer said Thursday it plans to spend $700 million over about six years to retrain a third of its U.S. workforce as automation, machine learning and other technology upends the way many of its employees do their jobs.

We need to stop graduating knowledge technicians. Recruiting the traditional triple threat to lead departments is a dead model. Domain expertise needs to be supplemented with communication, creativity, collaboration and complex problem solving to address the social determinants of health and other wicked problems. Here are the principles of medical education reform. Free tuition won’t solve the problems.

The Institute for the Future for the University of Phoenix Research Institute outlines ‘trandisciplinarity’ as one of the ‘Ten Skills for the Future Workforce’ alongside the following: Sense-making, social intelligence, novel and adaptive thinking, cross-cultural competency, computational thinking, new-media literacy, design mindset, cognitive load management and virtual collaboration

Who is the chairperson of your Department of the Future and what are their qualifications?

Here’s how to create a culture of digital transformation.

FIXING THE TOXIC CULTURE OF MEDICAL EDUCATION AND TRAINING AND THE LACK OF DIVERSITY

How many more times do we need to read about physician burnout, stress, mental health issues and suicide? When will we fix how we recruit applicants and faculty to create a more diverse and inclusive talent pipeline?

Medical school graduates are now more racially diverse than before, but they’re still not representative of the general population, according to new research.

Higher education feeds the medical school pipeline and has its own problems that need to be fixed.

There are many parts to the contemporary economic bubble diagram and medical schools could be one of them is they don’t address these problems.

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Data alone won’t change doctor and patient behavior

GUEST POST from Arlen Meyers

Would displaying the calorie count of menu items make you eat healthier food? Does weighing yourself every day make you lose weight? Does having a Fitbit or pedometer make you exercise more? The answer is probably no, but, that does not necessarily mean we should throw the baby out with the bathwater, According to some, there are some tactics that can help data motivate people to change

  1. Finding our what data matters to a particular person.
  2. Using peer pressure when sharing and comparing data
  3. Displaying the data in a format. time and place that is more impactful to a person than another way
  4. Timing the delivery of the data e.g. at the point of care via EMRs
  5. The proper use of warnings and alerts that don’t create alarm fatigue
  6. Personalized carrots and sticks that link the data to incentives or disincentives to change
  7. Finding people who have the most pain and are willing to change to nudge them over the edge
  8. Behavioral economic techniques e .g. gamification.
  9. Linking data to emotional triggers driving change
  10. Using techniques to remove unconscious bias in making decisions
  11. Finding the right technologies, like infrared sensors in spigots,to monitoring hand washing before entering an ICU
  12. Spreading good habits and interfering with bad habits using social media to create social contagion.
  13. Clarifying the “why” change is necessary
  14. Creating a vision of the result of the “what if”
  15. Involving end users early in helping to design the change process

To move people you have to WATER the planted

  1. They have to be willing, preferably internally motivated
  2. They have to be able
  3. They have to have a trigger
  4. They have to have an expectancy of a reward
  5. They have to be reinforced so they don’t lapse back into bad behaviors.

Here are some more tips on how to break up with your bad habits.

Everyone knows that changing your own or someone else’s behavior is a Herculean task. Sick care data scientists and population health entrepreneurs driving the connected health movement will need a lot more tools than just displaying data to make a difference. Plus, achieving he quintuple aim will mean not just changing doctor and patient behavior, but also making sure that the new behavior translates into value.

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How to make doctors more productive

GUEST POST from Arlen Meyers

The economists tell us that labor productivity is a measure of the amount of goods and services that the average worker produces in an hour of work. The level of productivity is the single most important determinant of a country’s standard of living, with faster productivity growth leading to an increasingly better standard of living. Given recent stagnation in wages, however, some are re-examining the link. It turns out if you make more things or produce more services, you don’t necessarily make more money. In the case of doctors, the reverse is true. If you make more money it does not necessarily mean you are more productive.

Continuing a decadelong trend, total cash compensation increased in 2019 for physicians across all major specialty groups, including primary care, medical, surgical and hospital-based specialties. This is driven primarily by a tight labor market — organizations are offering increasingly competitive pay packages as they vie for the same talent.

While pay increases, productivity remains flat, or has even decreased slightly. SullivanCotter notes that primary care physicians have seen a 14.7 percent increase in total cash compensation, while work RVUs, a measure of productivity, have declined 0.2 percent from 2014-19. Hospital-based physicians are the only exception to this trend. They’ve seen 5.2 percent growth in median wRVUs from 2014-19.

As noted in a recent WSJ article, perhaps we are experiencing a kind of Solow Paradox 2.0, with the digital age more around us than ever except in the productivity statistics. There are several reasons for this lag. First of all, we’re in the early deployment years of major recent innovations, including cloud computing, IoT, big data and analytics, robotics, and AI and machine learning. Notes McKinsey: “The challenge of adoption in the current digital wave may be even harder because of the broad range of uses of digital that not only help improve current processes but fundamentally transform business models and operations.”

While leading edge companies are already leveraging these advances, most are still in the learning stages. The most sophisticated companies have been pulling far ahead of everyone else in deploying these advanced technologies. According to McKinsey, “Europe overall operates at only 12 percent of digital potential, and the United States at 18 percent, with large sectors lagging in both. While the ICT, media, financial services, and professional services sectors are rapidly digitizing, other sectors such as education, health care, and construction are not.”

Given all the changes and demands on the sick care system, many experts are suggesting ways to increase sick care worker productivity. If you are a clinician, the measure now is straight forward i.e. the number of relative value units you can generate and how much revenue and reimbursement that translates to for you or your employer. Some are trying to move the goals posts or change how we keep score, but, for now, most doctors are being measured and compensated by how many points they put on the board. One of these days, though, CFOs are gong to have to figure out what to do with all those doctor cash cows.

On the other hand, some doctors think we should abandon measures of doctor productivity.

Healthcare is a key component of the US economy, but healthcare spending increases consistently outstrip GDP growth. Improving productivity in healthcare delivery could change this dynamic without harming patient care.

Charles Duhigg has written about what makes people productive in his book, Smarter, Faster, Better. For those of you who just read the conclusions sections of scientific and medical journal articles, here are the takeaways as they could potentially apply to sick care workers:

1. Make people feel like they are owners, not renters. Expand their locus of control, constantly reminding them about how the work they do is about something they care about. Remind yourself and co-workers that you are building a cathedral, not just laying stones. Suppose doctors and other employees were owners instead of cogs?

2. Many say you should choose a stretch goal and break it down into SMART (specific,measurable,achievable,realistic,timeline) objectives. When it comes to innovation, though, some think DUMB goals make more sense than SMART goals. Taking it one step further, HARD goals are better motivators:

Question #1: Animated. “Think about where you want your career to be, and describe to me exactly what you’re doing (what kind of work you’re doing, who you’re working with, what your days look like, etc.) one year, three years, and five years from now.”

Question #2: Heartfelt. “Describe at least three reasons why you want this goal (note: the reasons can be intrinsic, personal, and/or extrinsic).”

Question #3: Difficult. “What are the three to five most important skills you’ll need to develop to achieve this goal? How will you develop those skills?”

Question #4: Required. “What do you need to have accomplished by the end of the next six months to keep on track toward achieving this goal? What about by the end of the next 90 days? The next 30 days? What’s one thing you can accomplish today?”

3. Start with the end in mind, create a retrograde pathway, and focus. Ask, “what next and by when?”

4. Envision multiple futures and open yourself to multiple options

5. Make teams more effective by focusing on the how (give everyone a chance to speak and are safe) instead of the who.

6. Push decision making to the person closest to the problem. Rule makers , managers, bureaucrats and many physician executives have a very hard time with this one.

7. Innovation is mostly about doing old things in new ways. To connect the dots and harvest institutional history, become an “innovation broker”. Innovation brokers don’t just build network pipes and pumps, but instead accelerate the flow of information and fix the pipes that are clogged.

8. Customers buy emotionally and justify rationally. Inventors and innovators should do the same. The user defined value of an idea or invention is often more aptly measured by how it makes you feel, not what you think about it.

9. The productivity curve maxes out at some mean level of stress. Something that is boring or a task that is overwhelming does not drive productivity. In fact, excessive stress, change fatigue and administrivia crush productivity. Some seem to think that the way to make doctors more productive is to make them conform to rules and mandates telling them how to be more productive.

10. Just because you have realized a creative breakthrough does not mean it will create user defined value. Be open to the fact that your baby might, in fact, be ugly. Statistically, most are.

11. Get rid of the SHIT in your life. Mitigate technofatigue.

12. Use these AI tools to streamline your day

13. Do a better job of coding

14. Minimize no shows

15. Use the OKR system to measure your results.

Here are six more keys to improving physician workflow.

Of course a much easier way is to make doctors wear performance-monitoring wearables.

Virtual and face to face mentors help too.

Sick care labor economists debate whether productivity is increasing or decreasing and whether it is contributing to an increased standard of living. If you want one answer, ask your neighbor, the pediatrician. Or, maybe we should just all learn from Leicester City to solve the Solow paradocs.

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Why Sick Care Innovation Centers Don’t Deliver

GUEST POST from Arlen Meyers

If you work for a big, established company, you’ve probably been noticing the sudden rise of a new trend: the innovation lab. Companies as diverse as Delta Air Lines, Target, Google, Pfizer, Marriott, Autodesk, Fidelity Investments, Ford, Verizon, and Stanley Black & Decker are jumping on the bandwagon. Most don’t deliver.

Open innovation labs like this bring The Garage Experience inside the four walls of the corporate business environment – freely available for everyone to use and experience.

Univerisities have joined the parade, creating undergraduate and graduate innovation and entrepreneurship centers, despite the fact that there is scant evidence that they work.

The new thing in sick care administration is to create healthcare innovation centers, modeled somewhat after other industry R/D and skunk works. Their goal, ostensibly, is to innovate our way out of the sick care and health care mess. They focus mostly on quality, cost, process improvement, patient experience, sometimes doctor experience and access to care and range in size, scope and vision. A recent review identified 50 hospital innovation centers. Steve Blank calls it innovation theater

Considering how deeply companies rely on innovation, it is astonishing how bad most of them are at finding, developing, and implementing new ideas. Global companies pour roughly $1 trillion yearly into innovation; estimates are that at least 10% of that sum — $100 billion — is completely wasted.

Here is an example of one that is successful. Some have combined designers and, can you imagine, are also asking patients what they want.

Here is a building dedicated to sick care innovation in Denver.

Now,even the AMA is in the game and has anted-up $15M.

As you would expect, there are now conferences, webinars and white papers about health innovation centers, best practices and their impact to date. Accelerators are changing to accomodate the realities of the sickcare industry.

Corporations are creating innovation outposts to stay ahead of the curve.

Sick care (over 90% of the US “healthcare” spend is for taking care of sick people) innovation center leaders and participants will need to address some issues to be effective and deliver impact:

1. The last mile. All the systems engineering in the world won’t make a difference until we crack the code on how to change human behavior.

2. The rules. Most will have relatively limited impact until and unless the reimbursement rules substantially change. Rules drive ecosystems that create business models that deploy and scale innovation. Right now innovation centers are trying to use new tactics but can only deploy limited innovation strategies without a new playing field. They are living in the no man’s land between the now and the new.

3. Systems thinking overcoming silos. Healthcare is notoriously siloed at almost every level, from department to department to one sick care system to the next.

4. Patient willingness and ability to engage. The assumption is that more patient “engagement” will be mean better outcomes. That needs to be validated and we need to do a better job of targeted patient segments who want to take responsibility for their care and assume the consequences for the results.

5. Shifting value factors. Medical care is becoming commoditized. Patients can’t judge quality and cost since they are so opaque so they use service, speed, convenience and experience as proxies. There is relatively little correlation between satisfied patients and the quality of care they receive.

6. Data integration and interoperability. Resolving the protect but share dictum will be challenging.

7. Measuring and defining innovation. Big orbit change is necessary, not incrementalism. Innovation is a measure of the multiple of user defined value that results when compared to the existing competitive offering.

8. Lead innovators, don’t manage innovation. We need leaderpreneurs and followers with an entrepreneurial mindset willing to fail at low cost.

9. Innovation management systems. There are many ways to foster, package, test, validate, prioritize and deploy components of an R/D portfolio. The process needs to efficient, effective and transparent to the users .

10. Execution. Inspiration and perspiration. In the end, no idea, invention, discovery, or process is worth much without a team who can execute or deploy it.

11. Long sales cycles prolonged processes of decision making.

12. Different business models to develop digital health and process improvement products

13.Overcoming the main barriers to physician adoption: a)evidence based safety and effectiveness, b) concerns about liability, c)getting paid to do whatever you propose that d) will not interfere with workflow, take more time and further abbreviate face time with patients.

14. Entrepreneurs outperform intrapreneurs

Here is an example of a “different” model. We need scalerators, not accelerators.

Healthcare innovation centers seem to have a different focus than community based entrepreneurship centers. Yet, they should both be focused on the same thing: transfering value to patients. Physician centered value centers should have the following features:

1. Focus on creating value transfer to patients, not startups

2. Create a separate value proposition for the different kinds of physician entrepreneurs: private practitioners, technopreneurs, intrapreneurs, investors, consultants.

3 Include rapid prototyping facilities

4. Integrate non-MDs from other industries to create a larger, more eclectic community of interest

5. Include patients and others who might help with the customer discovery and development process

6. Include human subjects trial support

7. Accomodate the schedules of practicing clinicians

8. Use state of the art teaching technologies

9. Have an active and effective mentoring process

10. Create a business model that doctors will buy

A recent study provides details for the 10 top success factors for hospital innovation:

1.      Use a clear step-by-step innovation method

2.      Establish an Advisory Group to guide innovation concepts and proposals

3.      Focus on consumer needs, rather than technologies to direct the innovation

4.      Generate Big ideas by focusing on core outcomes, not the symptoms

5.      Minimize early funding by focusing on a minimal viable product

6.      Support projects with innovation experts (design, engineering, business)

7.      Utilize an iterative prototyping to quickly build and test the best product

8.      Nurture publicity and storytelling to raise visibility, excitement and funding

9.      Include industry experts/ vendors/ investors to support commercialization

10.  Develop power users to give hands-on training and coaching for innovations to build key behaviors and practical experience

“What is the source of this hostility to innovation?”, “Is the under-performance in innovation episodic or systemic?” and, “What is causing this value-destroying gap between stated intent and actual reality?” Here are 3 reasons.

In fact, like many industry innovation centers, my guess is that few sickcare innovation centers are creating much impact and should be closed, particularly if they are just high priced, high tech suggest boxes. Here are five reasons why they should be shuttered.

In addition, the establishment of university-affiliated incubators is often followed by a reduction in the quality of university innovations, according to a new study co-authored by a Baylor University entrepreneurship professor.

Here are some reasons why it is so hard for BIG MEDICINE to innovate

Most don’t and that’s part of the reason doctors have been disintermediated and marginalized from the value creation process.

We need to rethink accelerators and incubators given their marginal success record of creating scaleable companies. Scale up expert Sherry Coutu believes that most innovation facilities today are failing in their duty to help startups and corporates work effectively together and bring products to market at scale. Whether in terms of running successful proof-of-concepts, giving access to talent and finance, or even providing the hardware required to scale up their work, these things are traditionally lacking from the modern incubator.

The challenge for enterprises looking to make strides then is to back up their innovation strategy with the organizational capability to scale up the experiment i.e minimally viable pilots.. Hagel and Seely Brown advocate a seven-step process:

  1. Locate your edge, which is likely to be an emerging business opportunity that has great potential to scale up rapidly.
  2. Identify your changemaker/s who fully understand and will embrace this opportunity.
  3. Position this individual/s outside the core of the organization.
  4. Take a lean startup style approach and experiment relentlessly in order to accelerate learning.
  5. Deprive the team of much in the way of support or resources.
  6. Encourage the team to connect and partner with other parties outside of the organization to gain the support they need.
  7. The new venture should look to create a new product or service and not cannibalize the core business, at least to begin with

Sick care organizations can also learn some lessons from other industry corporations that are trying to partner with startups.

Sick care innovation centers might be a fad or an important tool for fixing what’s broken. We’ll have to see. In the meantime, enjoy yourself at all those conferences.

 
Image Credit: Pixabay

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What are your roles, holes and goals?

GUEST POST from Arlen Meyers

If and when you decide to start your own company or work with a client, you will have to have a plan to evolve as a leaderpreneur i.e. someone who know how to lead innovators. Doing so will require that you periodically assess your personal and oganzational roles, holes and goals to see if you are still the right person to do the jobs that need to be done.

Roles have to do with which position you will play on the startup, scaleup or grown up team? Is it a problem seeker, a problem solver, a money finder, a business builder, a customer finder, a scorekeeper, a legal eagle, a people connector or some other role that your title may or may not completely convey?

Holes have to do with which problems you are tasked to solve not just in your organization, but where you have personal knowledge, skills,attitude and competency gaps as well. What are the expectations?

Mindset is but one of many entrepreneurial competencies you will need to succeed. Others include:

Opportunity recognition pertains to one’s ability to scan and search for new information, connect the dots between incidents that appear to be unrelated with limited cues, and recognize patterns or ideas that suggest potential opportunities in the myriad cues or signals that they receive (Baron, 2006).

Conveying a compelling vision/seeing the future reflects an individual’s proclivity for effective communication where he or she can translate his or her vision into condensed, clear, and intriguing messages to important stakeholders (Chen, Yao, & Kotha 2009).

Ability to maintain focus yet adapt speaks to the entrepreneurial experience. This ccan include considerable ambiguity and uncertainty, significant obstacles, ongoing emergence of new opportunities, and continuous change in circumstances (Morris et al., 2012). The entrepreneur must continuously adapt, change, modify, and switch while maintaining a self-regulated focus in the midst of volatile conditions (Haynie & Shepherd, 2009)

Resilience captures the cognitive tendency of an individual to cope with stressful, adverse, and devastating situations, to be able to recover from failures, and to constructively sustain his or her efforts to pursue goals. In reality, successful entrepreneurs are not easily beaten by distress or rejections. Instead, they are able to remain or resume a calm state of mind, to tactically frame and analyze problems, dig into the root cause of failures, and to search for ways to get back on track again (Sinclair & Wallston, 2004).

Interdisciplinary teamwork and collaboration refers to the ability of individuals to form partnerships with a team of professionally diverse individuals in a participatory, collaborative, and coordinated approach to share decisionmaking around issues as the means to achieving improved health outcomes (Orchard & Curran, 2003).

Assessing the feasibility of an opportunity emphasizes the need for innovators to make evaluations or judgments on whether emerging information or changes would lead to viable opportunities with profit potential (McMullen & Shepherd, 2006).

Self-Efficacy/Confidence relates to an entrepreneur’s self-confidence and selfassurance about his or her ability to take on challenges, to perform certain set of tasks as needed or expected, and to control processes, contingencies, or consequences in the entrepreneurial pursuit (Bandura, 1997; Baron & Markman, 2005; Tierney & Farmer, 2002).

Building and using networks concerns one’s ability to establish, maintain, and structure his or her contact network(s) in ways that foster relationships, enhance access to opportunities and/or resources, and potentially lead to realization of his or her objectives (Aldrich, 1999).

Tenacity/Perseverance refers to the extent to which entrepreneurs are committed to seeing their vision through, to endure the long journey to carry out venture creation, to work fervently despite challenges or adversity, to maintain interests, and persist with efforts in achieving goals (Duckworth & Quinn 2009; Hmieleski & Corbett, 2006).

Understanding of healthcare systems entails having a firm grasp of the various components of the health system and an understanding of the major issues faced by the stakeholders.

Resource leveraging/Bootstrapping describes the need to overcome resource constraints by leveraging resources from others. It also reflects a tendency for innovators to demonstrate an inclination towards effectual rather than causal reasoning in bringing together unique resource combinations (Greene &Brown, 1997; Honig, 2001; Politis, Winborg, & Dahlstrand, 2011).

Creative problem solving/Imaginativeness is characterized by Schumpeter (1942), who posited that creative destruction plays a key role in the innovation process. Innovators who start something are engaged in a process of creative imagination in which opportunities are exploited by continuously combining resources in new ways (Kirzner, 1973; Chiles, Bluedorn, & Gupta, 2007).

Design thinking is a human-centered, prototype-driven process for innovation that can be applied to product, service, and business design. It is the process of questioning, observing, and experimenting, so that you can become better equipped to capture valuable information and develop new business ideas. It requires experimentation in order to understand how things work, to test new business ideas or different approaches, and to look for valuable insights that may emerge in the process (Brown, 2008).

Guerrilla skills is a label adapted from a warfare context, describing approaches that center on clever ways to take advantage of one’s surroundings, do more with less, to rely upon unconventional tactics, and to utilize resources not recognized by others in accomplishing tasks within entrepreneurial firms (Schindehutte, Morris & Pitt, 2008).

Risk management/mitigation involves the systematic monitoring, assessing, hedging, transferring, and/or exploiting multifaceted risks encountered as an innovation initiative unfolds. Risk-aversive attitudes discourage individuals from innovative activities (Cramera et al., 2002), while successful entrepreneurs are willing to first recognize and bear the uncertainty or risk needed to take entrepreneurial actions, and are able to manage risk rather than simply trying to avoid risk (McMullen & Shepherd, 2006).

Cross disciplinary knowledge refers to an understanding of the connections, interrelations, and interactions between different fields of knowledge (Mosseri, 2006).

Change management is the ability to understand and manage driving forces, visions, and processes that fuel large-scale transformation (Kottler, 2011).

Information management is the collection and management of information from one or more sources and the distribution of that information to one or more audiences.

Behavioral economics refers to an understanding of psychological, social, cognitive, and emotional factors on the economic decisions of individuals and institutions, and the consequences for market prices, returns, and resource allocation (Lin, 2012). It is the understanding that drives decision making.

Leadership There is a strong link between leadership and innovation

Mindset Innovation starts with the right mindset

Goals have to do with your personal and organizational key performance indicators , objectives and key results.

Your compensation will often be tied to how you answer these questions, so be sure you understand and agree with the answers before joining the team.

Your roles, holes and goals will evolve as an enterprise grows ( or be irrelevant if your enterprise fails) so you will need to evolve with them. Here are some tips on how to change your personal leadership strategy as things inevitably change.

It is but one of many startup and scaleup challenges

Here’s how to keep your job as your or your client’s company grows:

Creating, scaling and reinventing a business is a movie, not a snapshop. So is your personal development, so pay attention to both and create a plan for next steps or someone will find it for you. Sometimes that’s the exit.

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How to survive the quarter-life crisis

GUEST POST from Arlen Meyers

Some doctors are getting restless. Whether they are part of the young and the restless, the desperados or the old and the grumpy, they are thinking about limited career half-lives or how to help patients in a way other than seeing 20 a day for forty years.

We’ve all heard about the mid-life crisis. It’s that “is this all there is ?” moment. But, did you know that the quarter life crisis, is, according to some experts (particularly those interested in getting you use their products) an epidemic?

But, let’s first define the quarter-life crisis quickly in case you’re not aware of it. “Many people have heard of the quarter-life crisis, a period of insecurity and doubt surrounding careers, relationships and finances experienced by people in their mid 20s to early 30s ”

For most doctors, this is the period when they are just starting their medical careers due to the 12-15 years required to complete premed, medical school and residency. Then, it takes another 5 years in clinical practice to just find the bathroom.

As if becoming secure in medical practice isn’t enough, now you have to deal with questionable relationships, a mountain of debt and an iffy career pathway given all the changes in medicine and the lack of corporate loyalty and generational attitudes about job security, the gig economy and work-life balance. Add to that, you are skiing down the happiness curve.

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What should you do?

  1. Start building a side gig
  2. Have a financial plan to pay off your debt, save for retirement, live within your means and protect your assets
  3. Adopt an entrepreneurial mindset and develop and practice entrepreneurial habits
  4. Expand your networks, particularly with people who are not doctors. Are you Linkedout?
  5. Have a Plan B career option. You probably won’t want to pay someone to help you, but find a coach if possible.
  6. Adjust your expectations
  7. Develop resilience in the face of headwinds and PISS on burnout
  8. Find a mentor, sponsor or friend who you can trust
  9. Have a sit down with your spouse or partner
  10. Take advantage of the multiple free resources available
  11. Build your social support network and engage them face to face and online
  12. Get experience doing something other than clinical medicine.

Count on it. There will be hard day ahead.

The Medicare trust fund will be depleted in 2026, the administration said. By contrast, the government said last year that the trust fund would be exhausted in 2029.

In a companion report, federal officials said the Social Security Trust Funds for old-age benefits and disability insurance, taken together, could be depleted in 2034, the same year projected in last year’s report. The fund that helps tens of millions of retirees is expected to be depleted a year earlier than projected last year, while the outlook for the disability trust fund is more favorable.

The bottom line is prepare yourself, your relationships and your career for what lies ahead. Don’t die with regrets.

Wouldn’t it be great if you had the choice of practicing medicine for free, moving on to something else or being able to be on the 10/20/30 plan ?

Now that the snow is starting to fall, you might also want to buy a new pair of skis.

 o Twitter@ArlenMD and Co-editor of Digital Health Entrepreneurship

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How to build successful community open innovation networks

GUEST POST from Arlen Meyers

Everyone seems interested in getting the most impact out of their innovation efforts. Collaborative Innovation Networks (COINs) have mushroomed since the invention of the Internet and cheap mobile communications. Community based innovation and biomedical and health online innovation networks have the potential to speed new product development, offer alternative financing platforms for early stage ventures, provide education, information and support to those with particular diseases and help to lower the costs and speed of clinical trials. A recently announced collaboration between the FDA and PatientsLIkeMe will make it easier to do post marketing surveillance for drugs.

However, questions remain about their effectiveness in creating value, security, commercial and clinical validity, legal status and sustainability.

A important question is whether COINs, particularly in biosience and health, create lasting impact, and , if so, under what circumstances. Based on my experience co-founding a non-profit COIN and contributing to efforts to transform it into a sustainable entity that meets its mission i.e. getting biomedical and health ideas to patients, leaderpreneurs need to overcome several hurdles:

1. A relentless focus on advancing a clearly defined, easy to understand mission.

2. Creating and validating a business model that generates enough revenue to sustain the organization.

3. A marketing effort that uses state of the art social media techniques to target those most interested in supporting your mission.

4. Minimizing spending on things that don’t add user defined value.

5. Continually offering new products and services as part of the platform.

6. Telling your story in a way that it appeals to the heart, not the head of potential supporters.

7. Engaging and building the community of interest until it reaches a tipping point.

8. Transitioning from working in the COIN to working on the COIN once it has reached a critical mass.

9. Cheaply creating and killing experiments early when it is clear they won’t yield positive results

10. Expanding your influence to interface or open networks with overlapping interests. COINs need to be COPINs-collaborative open innovation networks

Building collaborative open innovation networks requires:

  1. An organization with leadership to coordinate, grow and engage the community of interest
  2. A compelling value proposition that meets the jobs, gains and pains of participant stakeholders
  3. A communications plan that uses various message delivery channels

4. Metrics and a dashboard to measure both inputs and valid outputs

5. A viable business model

6. Leadership

7. Network engagement and advocacy

8. Innovation

9. Branding

10. A sustainable competitive advantage

Open innovation is about encouraging your teams and leaders to expand their internald external networks, make diversity and inclusion part of the corporate culture, encourage people to have outside interests and understant that your industry cannot be changed from inside only.

Collaborative, or open innovation, collaborative innovation, are “…activities organizations use to improve their rates of innovation and problem solving by more effectively leveraging the diverse ideas and insights of employees, customers and partners.” Here are some ways to measure their efficiency and effectiveness.

There are four essential steps to open innovation.

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The perils and pitfalls of DIY medicine

GUEST POST from Arlen Meyers

Have you noticed all the self checkout stations at your grocery store? One person overseas 10 stations instead of having 9 more, expensive clerks at each register. Or how about beer walls that make bartenders obsolete?

DIY medicine is coming to an iPhone near you and investors are taking notice. Maybe it’s time to fire your doctor. Here’s is an analysis of the future of sickcare and the impact of digital technologies. Your doctor will much different in 2025.

Chinese companies have been busy weaving together the online and offline worlds, trying for an ever more seamless fit. Convenience stores that have no sales assistants or cashiers are popping up in big cities. E-commerce giant Alibaba Group Holding Ltd. BABA +0.23%and its rival JD.com Inc. JD +0.17% have poured money into department stores and grocery chains. Some day will will see clerkless sick care convenience stores so patients can get what they need to do DIY medicine. After all, customers go to convenience stores to get convenience, not service.

Now, Amazon has taken it one step further. The deceptively simple premise of the proposition is that you simply scan an Amazon Go phone app at an entry gate, shop for whatever you like and walk out the door. No checkouts, no card transactions, no bagging.

A concerned father recoded a glucose monitor to make it easier to track his newly diagnosed diabetic son’s blood sugar. Dr. Siri is in your pocket.

We are witnessing the transformation of patients to patient-customers to patient-scientists to patient clients to patient consumers to prosumers to patient-self providers. Want to know your latest numbers? Just order your test online. How about knowing your genetic profile or testing yourself for HIV or an over the counter genetic test for breast cancer?

Here are some more technologies that can prevent you from having to visit a doctor.

Want to change your DNA using mail-order parts? Just go to Body Hacking Con to find out how. Here’s why it is a bad idea.

Do it yourself (DIY) medicine and behavioral health is becoming commonplace with the availability of online diagnostics and blood tests, more sophisticated consumer health products, remote sensing devices and wearables, digital health mobile medical apps, and community based support and education groups. Crowd funding platforms and digital clinical research tools have also turned patients into clinical research investigators and investors. For example, a recent evaluation of remote monitoring for abnormal cardiac rythm points out the issues with false negatives and false positives and how that affects guidelines for detection and evaluation.

In a recent ruling, manufacturers of direct-to-consumer (DTC) genetic health risk (GHR) assessment systems were directed to withdraw pending 510(k) submissions to the US Food and Drug Administration (FDA) as this device type is now exempt from premarket notification.

What will be the impact of DIY medicine? While there will be many unpredictable results and unintended consequences, there are major considerations:

1. Is DIY diagnosis and treatment better than the present model and does it achieve the goals of improving population health while lowering costs? Does it add value, and , if so, where? Digital symptom checkers aided by AI are largely operating in the dark. The saying goes that a little knowledge can be a dangerous thing. Will these technologies actually drive up the costs of care instead of lowering them? In most instances in medicine, unlike other industries, new technologies tend to supplement, not replace other technologies thus adding to the cost and utilization.

The market for direct-to-consumer (DTC) genetic tests is booming—with companies such as AncestryDNA, 23andMe and MyHeritage blanketing media with ads for the at-home tests to uncover information about ancestry or genetic mutations and variants that could lead to health problems.

A recent small-sample survey published online March 22 in Genetics in Medicine found these tests may produce false-positives in 40 percent of variants when subjected to clinical confirmation testing.

2. How will the enormous amounts of self generated data created by the these quantify self initiatives be stored and accessed given the present EMR infrastructure and models? In previous posts, I’ve discussed the anatomy and physiology of digital health and it’s evolving embrology. Who or what will be responsible for doing something with the results? Will it be the responsibilty of the patient to enter results in an open electronic medical record?

3. What new business models need to emerge to sustain any improvements in health that result?

4. What impact with DIY medicine have on the legal and regulatory environment of biomedical and health innovation and entrepreneurship?

5. What is the role of the doctor as they become increasingly disintermediated?

6. What are the ethical and legal implications and challenges?

7. How to we educate and train doctors to partner with patients?

8. What new jobs will need to be created to manage increasingly complex patients self diagnosing and treating themselves?

9. How do we solve the issues about data, data everywhere?

10. So what? Who cares? How much? Who pays?

11. How do we address the challenges of direct to consumer health products?

12. We run the risk of a Sickcare as service business (Sickcare a a S) model. We would just sell you what you need to take care of yourself and then, if you have problems, don’t call us (we won’t give you a phone number of the person who sold it to you, like Comcast). Instead you’ll have to call tech support and waste hours getting your product or service to work.

Unfortunately, the research shows that 1) patients are terrible consumers, 2) there is little or no correlation between quality of service, bedside manner or patient experience with quality of care, and 3) patients are also lousy diagnosticians, at least according to their doctors.

Do we really want sickcare to be like self driving cars? Putting the ability to diagnose and treat illness in the hands of patients will create profound change. Much like the personal computer revolutionized and, in some respects, fundamentally altered our society, decentralized medicine and it’s democratization is doing the same. Fasten your seat belts. Your doctor will watching as you use the check out kiosk.

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Can sickcare really be a self-driving car?

GUEST POST from Arlen Meyers

The 4th Industrial Revolution has happened, but it is taking a very long time for it to create the sick care spring . The convergence of technologies has already impacted many industries, including heavily regulated industries like financial services, mining, energy and the automotive industry. Take that self-driving Googlemobile you see speeding down your block and you’ll experience what I mean.

Can or should the sick care industry experience ever have something comparable to the self-driving doctor or the self-driving patient? There are barriers and sick care ain’t Uber.

  1. AI in sick care comes with its own issues not the least of which are the lack of large data sets.
  2. Sickcare has overlooked 5 basic digital principles
  3. We are still trying to balance whether to ask for forgiveness or permission
  4. We lack a whole product Healthcare IT solution. Instead we have smokestacked bits and pieces: a sickcare haphazard IT solution (SHIT)
  5. Trying to balance high tech with high touch and maintaining some semblance of a doctor-patient relationship when the forces seem to be more centrifugal than centripetal
  6. The lack of data scientists who understand sick care
  7. Too much sick care and not enough healthcare
  8. The costs of IT solutions that are severely impacting the hospital and practitioner bottom line and, in some instances, driving them bankrupt.
  9. Patients and doctors who are unable. fearful or unwilling to ride in a self driving car and assume the risk of being in one
  10. Regulators and status quotidiens who are resisting the inevitability of it all.

The two technologies – electric vehicles and digital health – and their market and industry dynamics seem to running parallel courses:

1. Both function in highly regulated industries.

2. Both require large capital expenditures to be scaled.

3. Both are driven by technology innovation, particularly, in the case of EVs, battery storage.

4. Both are supported or hindered by rules and regulations and the economic incentives to buy, lease or use them.

5. Both are dominated by a few major industry players.

6. Both are facing similar technology adoption and penetration challenges.

7. Both rely on supporting ecosystems, like charging stations around the US, to sustain growth.

8. Both have high-profile entrepreneurs wearing the sneakers who are rabid earlyvangelists.

9. Both are challenging heavily entrenched status quotidiens.

10. Both will have many unintended consequences that are impossible to predict.

Just like smarter cars will be traveling on smarter roads, smarter patients and doctors will need smarter ways to help them navigate the complex sick care highways.

Of course, the pace of change is relentless and one of these days DIY medicine, AI and machine learning and the internet of things will be mandatory courses (online of course) for all first year medical students. Just be sure you are wearing something civil when the driverless Sickcaremobile is parked in front of your house and puts your picture on Sickcare Earth.

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The Value of Value Chain Analysis

GUEST POST from Arlen Meyers

Disrupting competitors or an industry essentially means doing something to take market share away from your competitors or get non-users to buy your product or service at at profit. There are many examples of sickcare entrepreneurs doing it and usually the tactic is to introduce new technologies. However, according to one researcher, most disruption comes from inprovements in how you change and improve the value chain.

Value chain analysis means looking at each of your customers or potential customers and mapping out all of the activities that they are need to do in order to acquire products and services. For example, here is pharmaceutical company value chain:

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Value chain analysis is a way to visually analyze a company’s business activities to see how the company can create a competitive advantage for itself. Value chain analysis helps a company understands how it adds value to something and subsequently how it can sell its product or service for more than the cost of adding the value, thereby generating a profit margin. In other words, if they are run efficiently the value obtained should exceed the costs of running them i.e. customers should return to the organisation and transact freely and willingly.

Conceptually, this was an industrialized view of how a company works. The arrow starts with the supply chain, with the customer at the end. Most S&P index companies founded before the internet era still operate with this value chain mindset.

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A Business Model (BM) describes the way a company returns profit/value to the business while delivering the product to customers. A Business Model shows as such how a company makesprofit from its products. Creating a VAST business model in sick care is elusive for many reasons. Not having one is one of the main reasons why your business will fail.

Defining the value chain to a customer helps you indentify and exploit potential business model opportunities. Here is how the value chain informs the business model canvas.

Here are some differences between the two and a brief history of how these terms have evolved.

In sick care delivery, there are three basic ways for doctors or other sickcare professionals to innovate their way out of the mess we’ve caused: technology innovation or adoption, execution and customer/patient experience. In most instances, changing the value chain or business model is more effective than technology diffusion and implementation.

If you are trying to change sick care to healthcare, seek to understand before being understood. One step in that process is to be a problem seeker , not a problem solver and that means understand the value chain. You’ll find it valuable.

 
Image Credit: Pixabay

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