Digital Health funding has seen a tremendous increase with $5.4B at the end of H1 2020, beating the prior record of $4.2B H1 2019.
As a startup founder, are you interested in building and scaling the next big Healthcare SaaS platform to solve some of the biggest healthcare challenges? Think no further. More investment will improve overall healthcare. In 2020, the COVID-19 crisis has impacted many industries; Digital Health funding has seen a tremendous increase with $5.4B at the end of H1 2020, beating the prior record of $4.2B H1 2019. Increasing healthcare costs for goods and services drives the need or demand for technology-enabled healthcare services across the spectrum of healthcare. The software-as-a-service (SaaS) model gains traction in healthcare to take advantage of low capital expenditure and a highly flexible operating expense model from some promising startups. More investment is needed to improve overall healthcare accessibility with technology and also reduce costs for healthcare.
Healthcare institutions expect some essential benefits from the SaaS model: here are some questions to answer for prospective startup founders.
Plug and play: Is it possible to adapt the service with zero or low upfront costs?
Takeover: Is it possible to offload specific functions so that they can focus on strategic initiatives?
Security first: Can you prove that data security and privacy will be with absolute safeguards?
Regulations: Can you make sure that the implementation complies with regulations?
How can Product Acceleration help for Healthcare SaaS platforms? Here at Product10x, our strategic view for every startup founder intending to build a Healthcare SaaS platform is listed below.
Focus on the problem space and build a long term strategy and roadmap for the product. Product-led scaling and growth would be the first-class citizen.
Invest in an AI-led product strategy; it is necessary to capitalize on market opportunities and attract early-stage investments.
Look for Product-market fit to enable strong product growth and low cost of service.
Enable Go to market plans that leverage industry experts, advisors in the industry.
Look for opportunities in M&A to drive inorganic growth to be ready for the uptick.
Drive product roadmap and optimization relentlessly to prioritize and maximize the money on hand.
More investment will improve overall healthcare accessibility with technology, which will also reduce costs for healthcare. As a startup founder, growth partners help complement the team with Innovation Strategy, Product Strategy, AI/ML Strategy, Pricing Analysis, and Technology Strategy, Product10x has three Product acceleration programs might be right for you.
About the Author: Suresh Madhuvarsu is a serial entrepreneur and investor. He is the Managing Partner of Product10x Accelerator, a SaaS accelerator that helps founders build and launch successful startups. He is also the Co-Founder and CEO of Salestable, a purpose-built sales readiness platform for SMBs.
Suresh has over 20 years of experience in the technology/SaaS industry. He is a 4x founder with 2 exits. He is also an active angel investor and mentor to early-stage startups. Suresh is passionate about helping entrepreneurs build successful businesses. He believes that technology can be used to solve real-world problems and improve people's lives.
About Product10x: Product10x is a SaaS accelerator that helps founders build and launch successful startups. The accelerator is run by experienced operating partners who have "been there and done that." Product10x provides founders with mentorship, advisory, and access to a network of investors and partners. The accelerator focuses on Product Led Growth (PLG), Sales readiness, and Fundraise readiness, helping founders all the way from product to go-to-market.