SOTM – Virtual Health: Leveraging Healthcare Analytics & Generating 1000% Growth in Revenue Since Business Formation
Healthcare is always evolving to better fit the needs of patients. When we get sick, we all want the best care possible! Adam Sabloff was working for a large conglomerate when he recognized that seniors and the chronically ill could greatly benefit from next-generation care delivery and technology, which could help make their living environment a more organic extension of their healthcare needs. Adam took his vision and started VirtualHealth, where he is currently the Founder and Chief Executive Officer. His idea has become a visionary collaboration among a group of leaders with backgrounds spanning healthcare, technology and finance. Today, VirtualHealth is a first-of-its-kind, comprehensive, cloud-based solution for value-based care.
1. What made you decide to start VirtualHealth? What unique purpose in the market does it serve?
AS: My world shifted when a close family member received a late-stage diagnosis. Our system has amazing doctors and nurses, but we’re not using them the right way — the system is broken for the sickest and most vulnerable patients. Our models of care and technologies are outdated. It became my personal mission to build technology that would allow proactive care management, meaning delivering the optimal care at the right time. The VirtualHealth platform makes this possible for more than 6 million patients (and growing). Keeping people healthy also reduces the cost of care, so it’s a true win-win.
2. What has been the hardest challenge as business owners, and how did you handle it?
AS: We built a technology and approach based on whole-person care, and we were early. The industry had not yet fully realized the importance of clinical information (such as blood pressure and medication information), but also social determinants such as income level, education and zip code. Like any disruptive technology, we faced a lot of skepticism and adversity. Our approach was to combine our innovations with proven traditional methods. This made it far easier for us to get clients to onboard and incrementally improve, rather than asking them to change everything about how they operated.
3. Is it more difficult to be an entrepreneur/business owner in the medical field? Why or why not?
AS: The medical field is slow to change because the stakes of being wrong are so incredibly high. Introducing a new technology or approach is often a multi-year process that requires a lot of proof points along the way. For this reason, I would say it can be more difficult for entrepreneurs, but I also think it offers greater rewards in terms of purpose and impact.
4. How did you handle growth to ensure clients’ and employees’ needs were being met?
AS: We’ve experienced more than 1,000% growth in revenue and staff since January 2016. It’s kind of unbelievable to say that! Looking back, the most important thing for us was to ensure the company culture was not diluted by that growth. I was so proud when Modern Healthcare selected us as one of the best companies to work for. We care about every person and value each one’s contributions and insights. I spend as much time mentoring junior staff as speaking with senior executives, and the same is true for all of our leaders. It’s a culture of passion and caring that starts at the office and extends to every one of the healthcare professionals and patients touched by our technology.
5. What advice would you give to new business owners, especially those in the STEM fields?
AS: Don’t give up on the dream, but be willing to pivot on the details. Building a business that has never been done before is a journey into uncharted territory. It’s important to adapt, learn and find ways to overcome obstacles…but never give up on the final destination.
Pioneering the way to new technology in the healthcare landscape, VirtualHealth is a leader pushing all boundaries of client care. They deliver better outcomes through superior medical management and better patient care. If you would like more information on VirtualHealth and how they can help you or someone you know, please visit their website or reach out to them on Facebook, Twitter or LinkedIn.