HealthTech Hustle

“If you’re growing an early stage team that is mission-driven, you have to use people that believe in
what you’re doing and are doing it for the right reasons, and ultimately will get you to where you’re
going.” -Jaden Risner [20:02]

Who is Jaden Risner and how did he get into his area of expertise? [1:15]

He’s originally from California and was lucky to join the Naval. Both his parents had terminal illnesses
which led him to the healthcare sector. He saw a need for a better way to support families and so
founded Family Proud. He wanted to give a platform for family members to offer support remotely to
their sick loved ones especially when they cannot be there physically.
Is Family Proud just for military families only? [3:50]

They started with only the military side but realized that what they offered applies to any family in need.
They had started with the pediatric oncology space but have now diversified to any family in need due
to recent events and are offering it for free.
How did he transition from being a military employee to an entrepreneur? [5:03]

He used what he learned in the military and applied it in as an entrepreneur like utilizing scarce
resources, the ability to take on a mission, and the ability to grow a mission-driven team. It was a big
jump for him though passion-driven and took all the energy from the military and focused on a new goal
that was his business. The motivating factor is being able to help families that are in need.
How did he strategize what to focus on vs what not to focus on? [6:56]

His initial plan was to continue learning as much as he could from both the tech and healthcare worlds
before he started to execute. He wanted to have the ability to absorb and understand the space before
setting off and it still applies even though he has more tools in place today. He prioritizes by having a
game plan of identifying what is important, the problem, and how to solve it. He credits his team for all
the success as he had no previous experience in the health tech industry.
How did he find the right team for his startup? [9:43]
He ‘hustled’ himself into getting the right people by networking and reaching out to people through
traditional means. He understood the problem from the patient and family’s perspective and knew he
had to go out and get people with the right skills to help him reach his goals. He recommends for
genuine humility when reaching out and building relationships.
What role does he play more on his company? [14:23]

As a CEO, you have to be willing to wear many hats but as you grow and build your team you can then
start to let others lead with their expertise. He believes that as a CEO you have to ultimately be the
visionary and strategist for a startup as you execute the plan.
How does he go about attracting his target audience to the platform? [16:24]
They are now focused on getting organic support engagement through the families and support
networks like family groups and support organizations. They find it easier for them to go through the
organizations to get the message to the families than any other means.
What are the challenges he has faced in starting a company in the healthcare tech industry?[19:12]

The immense cost of hiring a team to build a product as he didn’t have the required skill set has been a
challenge. The process of building a foundation for the company pre-product by finding the right people
that believe in what you’re doing. Identifying the customers and partners in the space willing to work
with his company.
What advice does he have for a healthcare entrepreneur who wants to bring their product
into the market? [21:12]

If it’s a passion, just keep showing up and find the right team. Keep the motivation!
Jaden answers the rapid-fire round of questions. [22:53]
Relevant Links:
Website: https://www.familyproud.com/
Facebook: https://www.facebook.com/FamProud/
Instagram: https://www.instagram.com/familyproud/
Subscribe to the podcast:
Apple Podcasts https://apple.co/2x0G3UmSpotify https://spoti.fi/3dVzK4XConnect with me: ...

Key Takeaways

• Storytelling is such an important aspect when presenting your work. Whether you are talking to an investor or a potential partner, incorporating a storytelling flow when communicating about the problem that your company is addressing and your solution to it makes your pitch more memorable. Keep improving how effectively you communicate the work that you are doing and run a few demo presentations to figure out the miscommunication, flaws, and gaps in your message and work at weaving that into your story right at the start of the presentation.
• For smaller companies, it is important to understand the processes and producers in place for working with bigger companies and learning to follow them well. Large organizations do not work in the same method and system as startups and once you understand how the big players work and how to approach them, you can easily crack into their budget cycle as a partner.

Key moments

• 01:08 – Jim talks about his background as a professional and his journey into Health Tech
• 21:18 – The commonalities and connections between Jim’s entrepreneurial background and the work that he is doing now
• 27:25 – Learning how to prioritize and problem solve
• 34:16 – How to present effectively to VCs and build partnerships
• 36:20 – Mastering the art of storytelling
• 41:19 – Managing time effectively as a VP at Journi Health
• 48:00 – The importance of infrastructure and systems in a company
• 50:00 – Rapid Fire Round

Quote

• “The art of storytelling is the most important skill I learned when communicating to leave an impact.” – Jim Kean

Subscribe to the podcast:Apple Podcasts - https://apple.co/2x0G3UmSpotify - https://spoti.fi/3dVzK4X Connect with Rodney:Healthtech Hustle - WebsiteRodney Hu - LinkedIn Connect with Jim Kean:Journi Health - WebsiteJim Kean - LinkedIn

Intro
Meet Josh Albrechtsen, the President, and co-founder of Cortex Healthcare. Cortex is a healthcare
software technology that provides real-time patient updates for healthcare providers follow-up calls,
hospital alerts, performance metrics, and more.
In this episode of Health Tech Hustle Podcast, the host Rodney Hu talks with Josh as he shares his
journey from a technology career to the healthcare industry. He explains in detail how Cortex came
about, their mission, the work they have put in place to grow the company, and the industry challenges
they face.
Listen in to learn what Cortex is doing to offer support to elderly people and nursing homes employees
to help curb the spread of the Coronavirus among them. You will also learn some important tips if you’re
planning to start a healthcare software.
Top Takeaways:

• Following the heart even if it means stepping into unchartered waters.
• Understanding how healthcare technology software works.
• The ups and downs of growing a company from the ground up.
• Supporting clients amid COVID-19.
• Marketing vs sales for startups.
• The importance of using automation for efficiency.
• Advice for anyone wanting to start a healthcare technology.

Key Moments:

• 1:12 - How Josh transitioned from a stable technology career to the healthcare industry.
• 3:26 - What is the healthcare problem he saw the need to fix before he joined Cortex healthcare?
• 5:05 - Josh explains how Cortex technology works to benefit the patients even though they are not the target audience.
• 8:10 - The birth of Cortex from the ground up and the fear of a zero-revenue company.
• 9:49 - He describes the financial stability that they have experienced in this COVID-19 crisis and what they’re doing to support their clients and patients.
• 13:20 - When did Josh discover his entrepreneurial spirit and nurtured it?
• 15:18 - What does the role of the President of Cortex involve?
• 17:12 - How to make work easier with automation technology.
• 20:08 - The power of creating an efficient sales model through branding.
• 22:33 - He talks about the major obstacles they have experienced as a company especially in the beginning.
• 24:22 - How to retain employees.
• 26:29 - The mistake of focusing on revenue too early instead of growing the business.
• 27:29 - Josh describes the three ROI pillars they used to market themselves.
• 29:29 - What advice does Josh have to anyone wanting to start a healthcare technology?
• 32:08 Josh answers rapid-fire round of questions.

Relevant Links:
Website- https://www.cortexhc.com/
LinkedIn- https://www.linkedin.com/in/joshalbrechtsen/

“One of the things that entrepreneurs are great at is being creative, so you have to leverage your network and if you have no network, get advisors that have a network”- Stacy Kirk [25:05]
What is Stacy’s background with health tech? [1:14]
She had a 22-year long career in tech right out of college and found herself going through different channels towards healthcare. In 2007, she joined Zynx Health which focuses on evidence-based care, to lead a software development team. She got an opportunity to work with a lot of great technology and how it impacts patients and doctors.
How the idea of Posture came about? [2:00]
She started her Quality Works company that is focused on consulting with different companies that do not concentrate on technology but need to identify the best practices of improving their tech organization. The consistent problem she found with healthcare tech small and medium companies was their inability to grow because of not having HIPAA compliance. This led them to lose opportunities to work with hospitals and larger buyers because they couldn’t afford the high cost of an onsite security officer.
She started Posture where these companies can hire a virtual security officer for $99 a month and get the opportunity to build the HIPAA compliance program.
Did she want to solve a problem with Posture? [4:05]
A small-medium company can't get a privacy and security officer per HIPAA compliance. She wanted to help these companies grow by creating something efficient and time-effective for entrepreneurs as they focused on other things. She also wanted a price that startups could afford since HIPAA compliance is a process and not a one-day event.
How does her company provide value with their price range? [6:54]
The reason why they’re so affordable is that they leverage tools that haven’t been used before. They use digital tools like automation to generate policies for effectiveness so they do not have to repeat the same things over and over again.
What type of team did she put in place? [9:00]
Stacy believes that putting up a team for a tech company is not an easy task. But she had the tech team provided by her other company Quality Works and reached out to her co-founder who had experience in this specific field. Together they were able to put up a team that solved the problem easily and simply.
Does she have anyone in her team that deals with the healthcare aspect? [12:03]
She and a few of her team members have experience with the healthcare sector and are looking forward to including more minds as they grow.
How did she come up with her business model? [13:08]
When she first started, the idea of charging so little seemed unreasonable to her advisors. Her motive, however, was to start up with reasonable prices for a growing young business and a doctor’s office. The technology helps with being efficient which reduces the manpower and the expenses.
Are they available to the public? [14:46]
They have clients and are available to the public all ready to help with the program. They have a 30-day free trial in place.
How has going to the Beta stage helped with the growth of her company? [16:00]
Their first clients in the Beta stage did not like the product since it was lacking a personal side. Creating a technology product must include people’s thoughts and what they need. The realization helped them become more personalized in their future Beta trials until they found the balance. They train their team every month to ensure that everyone still remembers how the system operates even though most of their services are automated.
Who is their target audience? [19:51]
All healthcare providers, doctors, and all small and medium-size healthcare tech companies. Basically, anyone that is required to have a HIPAA compliant program.
What are the ups and downs they have faced? [20:55]
The idea in itself was big and trying to tackle it was overwhelming. She lost out on time, resources, and frustrations with the team trying to solve something that huge. Finding a way to narrow focus is what has helped them move faster and be more efficient.
What advice does she have for an entrepreneur who wants to do something similar? [23:11]
Do not underestimate the value of validation and trust.
How would people go about building trust with customers? [24:48]
Leverage your network or get advisors that will get you a network. Creating strong bonds helps a lot with trust.
Stacy answers the rapid-fire round of questions. [26:42]
Relevant links:

Website:
https://postured.io/