We spend a lot of time talking about how to align your startup’s vision with the realities of the business of healthcare. You can have the best idea in the world, but if you don’t properly validate your offering with customers, clearly and concisely explain the value it will bring them, close deals, and deliver on your promises then it will amount to nothing. Each of these steps is critical to your success. However, you can get many of them right and still fail. The best way to prevent this fate is by tying them all together with a financial plan that’s based on reality and considers the long-term goals for your startup.
Today we talk with Kristian Marquez, CFA, Managing Director for FinStrat Management, Inc. about how to properly manage your startup’s finances. The good news is that you don’t have to be perfect. Kristian tells us you should expect to get a lot of it wrong and have to clean it up along the way. That’s ok. His advice: go bare-bones in the beginning when it comes to finances, legal, and generally “papering your business”. That way, you can put all of your resources into ensuring you have a product that people will actually pay you for. That means more time talking with customers, managing your pipeline (and not lying to yourself about it), practicing selling, and cultivating the confidence to ask for the close.
Kristian walks you through this early-stage strategy, explains when it is time to bring in the experts, provides guidance on debt vs. equity funding, and even helps you prioritize your spending based on the type of company you want to build.
This episode pairs well with:
- Episode 30: Why You Should Always Be Preparing to Sell Your Company with Dexter Braff
- Episode 85: Lessons on Selling in Healthcare w/ Dom Cappuccilli
- Episode 103: Selling to Health Systems: Advice for Digital Health Startups (Part 1)
- Episode 105: Selling to Health Systems: Advice for Digital Health Startups (Part 2)
- Episode 149: How Health Systems Think with Neil Carpenter
- Episode 163: What’s your Early Adopter Strategy? with Dr. Roxie Mooney
Kristian Marquez, CFA – Kristian serves as Managing Director for FinStrat Management, Inc. FinStrat Management (“FSM”) is an outsourced financial department services firm providing fractional accounting, controller services and CFO services. In the role, he’s responsible for the overall execution of the Company’s business plan, and the identification and realization of Company product strategy and vision. Prior to founding FSM, Kristian served as President, CEO and CFO of MDAgree Inc. a provider of store-and-forward telemedicine services designed to make physician-to-physician clinical collaboration more efficient and more profitable. Prior to MDAgree, he was the Vice President and General Manager of the Clinical & Quality Outcomes department, as well as an inaugural employee, of Inovalon, Inc. (NASD:INOV). Under his oversight, Inovalon’s quality management product portfolio achieved six straight years of double-digit revenue growth based on new product introductions, organic market share gains and strategic acquisitions. Earlier in his career, he held a number of senior roles in accounting and investment management services, as well as served as an officer in the United States Marine Corps. Mr. Marquez graduated with a Bachelor of Science, General Engineering from the United States Naval Academy, and has been a Chartered Financial Analyst (“CFA”) charterholder since 2004.
FinStrat Management (“FSM”) is an outsourced financial department services firm.
Exclusively serving B2B SaaS companies, we provide fractional: Chief Financial Officer, controller and accounting services.
Please email email@example.com if you’d like a free consultation.
This episode is brought to you by:
The Substance Use Disorder Treatment and Recovery Loan Repayment Program (STAR LRP) gives behavioral health providers up to $250,000 to repay school loans in exchange for working full-time for six years at an approved site.
The Health Resources & Services Administration (HRSA) oversees this new program designed to help recruit and retain a more diverse set of behavioral health providers focused on combating the substance use disorder (SUD) epidemic.
HRSA SUD treatment investments have resulted in adding more than 2,800 doctors, nurse practitioners, physician assistants, mental health professionals, registered nurses, pharmacists, and substance use counselors to communities most in need.
We know that the most evidence-based treatment for SUD is a comprehensive approach that incorporates medication and behavioral health counseling. HRSA funding supports members of interdisciplinary healthcare teams who help patients overcome opioid addiction through treatment and recovery.
The STAR LRP includes additional disciplines and broadens the site types for those working to help patients overcome substance use disorder.
The STAR LRP is open to a wide range of providers in direct treatment or recovery support for substance use disorder patients. Behavioral health clinicians, paraprofessionals, clinical support staff and others trained in substance use disorder treatment are encouraged to apply.
Visit the STAR LRP website for a full list of eligible disciplines. Apply now through July 22, 7:30 p.m. ET.
Listen right here:
You can also find this episode on your favorite podcast network such as:
Trying to drive change within your healthcare organization? Launching a new product? Having trouble getting decision-makers’ attention and buy-in?
We’ll help you understand the whole picture so that you can align your innovation with the things decision-makers care about. And then we’ll help you execute It’s not easy, but it’s possible and we’ll help you get there. Sign up here and we’ll keep you up to date on healthcare industry news with podcasts, blog posts, conference announcements and more. No fluff. No hype. Just the valuable (and often not-so-obvious) information you need to get things done.
Music by StudioEtar