My guest today is Meghan Nechrebecki, the founder and CEO of Health Care Transformation, the first-of-its-kind boutique healthcare consulting firm focused on creating a value-based consumer-centric healthcare system. Based in Los Angeles, Meghan has been innovating across the complex U.S. healthcare system for over a decade. She graduated at the top of her class at Johns Hopkins with a Master’s of Science in Public Health. She’s also a speaker and the author of My Health Care Transformation Handbook: Everything I Need to Manage and Improve My Health.
Here’s the breakdown of my chat with Meghan:
[06:30] Don’t overlook the priceless experience you get from working in corporate and seeing what works and what doesn’t work in your industry. Sometimes what doesn't work becomes your business idea.[07:20] Meghan understands the healthcare system, how it works and how it doesn’t work. That’s the real benefit she brings to the marketplace. [08:20] Having someone to help you start your company is important. Find someone to bounce ideas off of and a support system that understands and affirms you. It’s good to have an idea, but it’s even more important to act on it and come up with a solid business plan. [09:50] There is always going to be something you don’t know on your entrepreneurship journey. Entrepreneurs find a way to figure it out and move their business forward. [10:50] A big challenge is knowing when to leave your job and go full-time into entrepreneurship. When you’re trying to decide when to take the leap, seeing business revenue coming in is a great way to build the courage and confidence. You may need to change your lifestyle to make the leap financially possible. If you need more time than money, sometimes it's best to take the leap and leave the job to build your vision.
[12:40] Having different revenue streams is important to sustain a business. The Health Care Cube is like the “Netflix of Healthcare." Meghan has a revenue stream through people using The Health Care Cube and through consulting with healthcare companies on how they can improve their patient outcomes.[14:20] Meghan decided to crowdfund her business. She hasn't wanted to take on investors because she wants to have as much control over her vision as possible. She ultimately wants to help people. It’s important to maintain the integrity of your vision, and that's the benefit of self-funding and crowdfunding.
[17:25] Crowdfunding is very helpful in kickstarting a company, but it's also a lot of work. You need to decide on what platform you are going to use, as they are not all the same. Then you have to create the landing page. How will you make people feel confident in donating? What perks will they get? Creating a video to engage donors is really important. But even after the page is set, you need to create a marketing plan to promote it.
[19:20] Start with a list of who you know, and then decide how best to communicate with these people. You want to get a pile of money right away to inspire others to donate. People are more likely to back something other people are backing. #SocialProof
[21:20] Personalizing the communication to donors is so important. It is a lot of work, but leveraging the personalization of text messages or emails can make a big difference. Also, making known your goal, where you are currently and where you are hoping to be can really make a difference.
[23:48] Tap into your network first. They care the most. You don’t need the biggest following on social media, as long as you start with the people who know you and ask them to help. When they give their support, you feel motivated to make it work for their sake.[25:18] There is an emotional side of crowdfunding, when asking for money and often getting rejected. Get used to being uncomfortable and do it anyway. It's not always easy to ask people for money, but if you know your project is going to help people and make a difference, it’s worth it. You are ultimately asking people to make a difference in others' lives. It’s giving money to a cause - not you as a person. [26:45] Nos aren’t fun. It will sting, and it is understandable if someone doesn't want to donate. You take the no and you move on. There’s going to be highs and lows. There are so many highs that make it worth it in the long run.
[28:40] If you’re an entrepreneur who’s leaving a full-time job with benefits, there are so many health insurance options for you! Do not fear. If you're under 26, you're eligible to get on your parents'. If you're married, you're eligible to get on your spouse’s. If that isn’t possible, you can go to healthcare.gov to find your marketplace and shop for the right plan for you. And if you’re not making an income, you may be eligible for Medicaid.[31:25] It is very possible to get health insurance on your own, and it is so important to do so.
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