Digital Health Startups - Episode Details
What you’ll get out of this episode:
- Dr. Michelle Stephens shared her personal and professional journey, from early inspirations to co-founding Oath Care, a digital health app.
- Oath Care aimed to revolutionize pediatric care with a community-driven approach but faced challenges scaling its innovative service model.
- Key factors in the company’s closure included difficulties in scaling and securing a solid customer base amidst a crowded digital health market.
- Dr. Stephens highlighted the importance of learning from failure, emphasizing the need for resilience and adaptability in startups.
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Read About Digital Health Startups
The Genesis of Oath Care
Dr. Michelle Stephens, co-founder of Oath Care, began her career influenced by personal experiences in healthcare that shaped her passion for improving pediatric care. Her journey from a nursing background to spearheading a startup stemmed from her desire to address gaps in the healthcare system, particularly in pediatric and maternal care.
Challenges Faced by Oath Care
Despite the innovative approach combining medical advice with parental support, Oath Care struggled to scale effectively. The startup’s model, highly praised for its community-driven approach, found it challenging to build and maintain a substantial user base. The onset of COVID-19 shifted the focus away from physical spaces to digital platforms, further complicating the implementation of their service model.
Reflections on Shutting Down
Dr. Stephens discussed the painful decision to shut down Oath Care, reflecting on the high risks involved in entrepreneurship. She emphasized the valuable lessons learned about market dynamics, customer engagement, and the importance of having a strong foundational audience before expanding services.
Moving Forward: Lessons for Future Entrepreneurs
In her candid reflection, Dr. Stephens advised future entrepreneurs on the necessity of flexibility and the willingness to adapt strategies based on market feedback. She highlighted the potential benefits of forming strategic partnerships and focusing on core strengths to mitigate risks associated with startup ventures.
Embracing Failure and Resilience
Concluding her discussion, Dr. Stephens spoke on the importance of embracing failure as part of the entrepreneurial journey. She stressed the role of resilience and the potential for past failures to pave the way for future successes, encouraging a mindset that values learning and growth from every experience.
WORD FROM OUR SPONSORS:
Our sponsors for this episode are Sage Growth Partners and Quantum Health
Sage Growth Partners accelerates commercial success for healthcare organizations through a singular focus on growth. The company helps its clients thrive amid the complexities of a rapidly changing marketplace with deep domain expertise and an integrated application of research, strategy, and marketing. For more information, please go to www.sage-growth.com & follow Sage Growth Partners on social media – @sagegrowthpartners
Quantum Health is an award-winning consumer healthcare navigation company that delivers an unparalleled consumer experience based on empathy and trust, enabling employers to achieve industry-leading satisfaction rates and independently validated claim savings. Launched in 1999, Quantum Health’s model is based on years of consumer research and the insights learned from guiding millions of consumers and their providers through their healthcare journey. Visit: https://quantum-health.com/ and follow Quantum health on social media – @Quantum Health
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