How relationships can shake up the healthcare industry
By Elise Colcord, Client Advocate
A note on our Town Hall Speakers: Perspectives in and outside of our industry
As a fairly young company disrupting the payments portion of a mammoth healthcare industry, we like to keep our edges sharp. One way we’re doing that in 2016 is hosting speakers one a month. They come from different angles of the healthcare space and, occasionally, other industries, talking about their expertise and passing on nuggets of business & life wisdom. It’s an opportunity for us to develop individual take-aways and also incorporate them into Patientco.
“Sell your story. If I were only as good as my last stock pick, I wouldn’t have a job today,” advised Sandy Draper, the man who can make stock move with the simple utterance of a syllable.
Sandy Draper, Managing Director Equity Research for SunTrust Robinson Humphrey, is an English educator by schooling and an equity research analyst by trade. Sandy has spent the last 20 years specializing in Healthcare IT and CRO’s industries. In 2013 & 2014, he was named the number one stock picker in Healthcare Technology by Starmine.
With achievements like that, it’s easy to see the influence he wields on stocks. Yet he didn’t get these just by luck. Transitioning from teaching English to stock analyst is no small feat. According to Draper, the first influential relationship he established was with his interviewers, and he kept building from there.
“Having no prior background, experience, or anything remotely relating to Wall Street on my resume, I literally used my public speaking and English skills and talked my way into the job,” said Draper.
In his career, he’s proven himself through consistent work, solid recommendations, and research that helps build on the quality relationships he’s established. Over time, Draper has found these relationships a critical element to staying relevant, not only in his career but in every aspect of life.
“Find a way to build relationships – and that’s how you build a career. You need to have the other person remember you,” offered Draper. “Tell the story about the companies you cover. Talk to the people who work there. It feels like my job is to build relationships.”
In the current healthcare environment, that point could not be any more relevant and crucial. With EMR’s and cloud-based technology transforming the healthcare scene, all parties involved are wary of what next steps they should take.
Doctors now double as physicians and data interpreters. Patients have morphed into consumers.
They’re channeling their best bargain shopper; looking around for pricing, recommendations, and track records before actually committing to medical services. Why? Because like any modern consumer, they want to know whom they’re entrusting with their health and money AND that they are getting the best value
“There are a lot of doctors who are ostriches with their heads in the sand. They know this change is coming but don’t know how to work in this world where patients are now cost comparison consumers. Patients are now asking around and looking at doctors who have done the most procedures for what they’re needing,” said Draper.
The healthcare industry is complicated, occasionally frustrating, and absolutely changing. Both sides, healthcare providers and patients alike, want to know what to expect and how to best navigate uncharted waters
As Draper alluded to, it needs to be conquered and streamlined one slice at a time
By utilizing digital health technology and relationships to bridge the gap between patient and provider. More tech companies are moving to the cloud to become more nimble and agile in order to chip away at the healthcare industry’s inefficiencies by providing value-based care.
His recommendation: Keep chipping away at your slice of healthcare to create a more intuitive experience for everyone involved.
“Patients are looking for a seamless experience; and today, nothing in healthcare is seamless. You can’t make the whole model [healthcare] that way, but you can take a slice and fix it. Make a piece of it seamless, and that’s what Patientco is doing.”