OVERVIEW:
Jason A. Duprat, Entrepreneur, Healthcare Practitioner and Host of the Healthcare Entrepreneur Academy podcast talks with Miriam Paramore, President and Chief Strategy Officer of OptimizeRx, architect and leader of the US Healthcare Efficiency Index, and author of certain provisions in the Affordable Care Act. Miriam talks about her entrepreneurial journey and shares insight on networking and how to best meet customer needs.
EPISODE HIGHLIGHTS:
- As a programmer and solutions designer, Miriam built and led several companies and now, she's an investor.
- She also launched her own consulting firm because she saw a need for setting up HIPAA privacy rules. As a consultant, she wanted to help the healthcare industry digest convoluted data.
- Her mission is to leverage the power of information to improve the US healthcare system.
- Miriam took time to volunteer at nonprofits to develop relationships, which she believes is the key to business networking.
- She encourages entrepreneurs to volunteer. Provide a service, do something good with your life and contribute.
- When it comes to knowing your customers – take time to understand their value and how they get the money for their purchases – and then align your story so they want to buy your solution.
- In order to scale an idea into a company, you need two things: a team and capital.
- Ultimately, consumers and businesses don't care how fast or techy a product is. They just want their problems solved and their needs met.
- If you don't know the answer, find someone who does know or ask. Be willing to be wrong and adjust.
- As the President of OptimizeRx, Miriam oversees the company's enterprise platform for health communications and care management with a focus on medication affordability and adherence.
- Miriam relates software development to her one-button microwave theory. Engineers tend to add all sorts of functions to new products but consumers don't utilize them. Keep it simple.
- Leverage your product-market fit to support sales. Be intellectually curious and then scale and grow.
3 KEY POINTS:
- Miriam identified a need in the market for regulation on healthcare, legislated the technology formats and standards for the exchange of data, and set up privacy and security rules around those formats and standards.
- Take the time to develop relationships with people and lead with value because people do business with people they like.
- Have a solid idea, assemble people you know and trust, and figure out your product-market fit. Well-thought-out business plans with strong management teams are more likely to get funded.
TWEETABLE QUOTES:
“It's in your own best interest to be nice and genuinely interested.” – Miriam Paramore
“If you have an entrepreneurial zeal, just try.” – Miriam Paramore
RESOURCES:
OptimizeRx Website: https://www.optimizerx.com/
Miriam Paramore on LinkedIn: https://www.linkedin.com/in/miriamparamore/
“Blitzscaling” by Reid Hoffman and Chris Yeh: https://www.blitzscaling.com/
Malcolm Gladwell's website: https://www.gladwellbooks.com/
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