We spend a lot of time talking about how to align your startup’s vision with the realities of the business of healthcare. You can have the best idea in the world, but if you don’t properly validate your offering with customers, clearly and concisely explain the value it will bring them, close deals, and deliver on your promises then it will amount to nothing. Each of these steps is critical to your success. However, you can get many of them right and still fail. The best way to prevent this fate is by tying them all together with a financial plan that’s based on reality and considers the long-term goals for your startup.
Today we talk with Kristian Marquez, CFA, Managing Director for FinStrat Management, Inc. about how to properly manage your startup’s finances. The good news is that you don’t have to be perfect. Kristian tells us you should expect to get a lot of it wrong and have to clean it up along the way. That’s ok. His advice: go bare-bones in the beginning when it comes to finances, legal, and generally “papering your business”. That way, you can put all of your resources into ensuring you have a product that people will actually pay you for. That means more time talking with customers, managing your pipeline (and not lying to yourself about it), practicing selling, and cultivating the confidence to ask for the close.
Kristian walks you through this early-stage strategy, explains when it is time to bring in the experts, provides guidance on debt vs. equity funding, and even helps you prioritize your spending based on the type of company you want to build.
This episode pairs well with:
Episode 30: Why You Should Always Be Preparing to Sell Your Company with Dexter Braff
Episode 85: Lessons on Selling in Healthcare w/ Dom Cappuccilli
Episode 103: Selling to Health Systems: Advice for Digital Health Startups (Part 1)
Episode 105: Selling to Health Systems: Advice for Digital Health Startups (Part 2)
Episode 149: How Health Systems Think with Neil Carpenter
Episode 163: What’s your Early Adopter Strategy? with Dr. Roxie Mooney
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Today’s Guest
Kristian Marquez, CFA – Kristian serves as Managing Director for FinStrat Management, Inc. FinStrat Management (“FSM”) is an outsourced financial department services firm providing fractional accounting, controller services and CFO services. In the role, he’s responsible for the overall execution of the Company’s business plan, and the identification and realization of Company product strategy and vision. Prior to founding FSM, Kristian served as President, CEO and CFO of MDAgree Inc. a provider of store-and-forward telemedicine services designed to make physician-to-physician clinical collaboration more efficient and more profitable. Prior to MDAgree, he was the Vice President and General Manager of the Clinical & Quality Outcomes department, as well as an inaugural employee, of Inovalon, Inc. (NASD:INOV). Under his oversight, Inovalon’s quality management product portfolio achieved six straight years of double-digit revenue growth based on new product introductions, organic market share gains and strategic acquisitions. Earlier in his career, he held a number of senior roles in accounting and investment management services, as well as served as an officer in the United States Marine Corps. Mr. Marquez graduated with a Bachelor of Science, General Engineering from the United States Naval Academy, and has been a Chartered Financial Analyst (“CFA”) charterholder since 2004.
FinStrat Management (“FSM”) is an outsourced financial department services firm.
Exclusively serving B2B SaaS companies, we provide fractional: Chief Financial Officer, controller and accounting services.
Web: https://finstratmgmt.com/
LinkedIn: https://www.linkedin.com/company/finstratmgmt/
Twitter: https://twitter.com/finstratmgmt
Please email info@finstratmgmt.com if you’d like a free consultation.
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This episode is brought to you by:
The Substance Use Disorder Treatment and Recovery Loan Repayment Program (STAR LRP) gives behavioral health providers up to $250,000 to repay school loans in exchange for working full-time for six years at an approved site.
Apply now through July 22, 7:30 p.m. ET.
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The #HCBiz Show! is produced by Glide Health IT, LLC in partnership with Netspective Media.
Music by StudioEtar