We spoke with MedPassage's Chief Marketing Officer and Co-Founder, Mike Biselli, about health care, innovation, and how they are trying to change the way medical devices are sold.
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MedPassage is the amazon.com built by medical device professionals for medical device procurement. We directly connect buyers (medical centers) and sellers (device companies), with the product focus being basic/commoditized implants, in order to eliminate the highest cost associated with the sale of the product: the sales distributor.
How did you get started? What was the original idea? Have you ended up where you intended to, or has it been an unexpected path?
We (Gavin Fabian and I - both Co-Founders) got started after seeing the business dynamics of health care rapidly changing in 2011/2012. Pricing pressure, reimbursement rates (for surgery), and a depressed economy has finally forced the healthcare industry to truly begin different tactics to correct the marketplace. Gavin and I have significant experience in the medical device space and have witnessed, first-hand, these changing dynamics.
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What have been the big successes or turning points for your company thus far?
We have been pleasantly surprised that MedPassage is meeting with the executive teams of some of the largest device companies in the marketplace. We didn't anticipate interaction with them until year 3-4. MedPassage has been around for one year and we have already achieved this goal.
Have you had any failures/mistakes/bumps in the road that you've learned from?
I think the biggest "failure" (potentially better categorized as naivety) to date has to be our underestimation of how long it takes to build a marketplace from scratch. Furthermore, changing behavioral buying patterns is certainly a challenge. The good news in all of this- our timing couldn't be better for change!
What goals or big exciting things do you have coming down the pipe this year?
One of our big goals, beyond to further penetrate the massive medical device market, is to close our formal Series A round. We are confidently positioned in the marketplace to deliver an investor value proposition that is undeniable.
How would you describe your company culture?
We want every team member to know "why" they are helping build a massive paradigm shift in our industry, not just "what" or "how" we are building. In order for our team to ultimately succeed, it is imperative to have the passion as to why one wants to take the risk in changing a very broken system. Additionally, a mantra our team lives by: everyday, pour your cup of water behind the dam that is in our way in order to achieve success. Two things will happen: (1) we will bust the dam open or (2) we will go right over the dam with our company's "water." Either way, we WILL win!
Why did you pick Denver to start up?
It's the best blend of "work hard/play hard" in the entire country. We take our career endeavors very seriously. But, it's not the only thing in life, which is very healthy. Denver builds incredible companies, but we also get to experience the world's greatest playground, in our own backyard!
What advice or recommendations would you give to a new company or aspiring founder?
Take the leap of faith IF you have the passion and conviction to achieve success. Even if it doesn't work out, you will come out on the other side. Don't let fear overtake your dreams- life is too short!
What do you see are the greatest needs of the Denver startup community? what can we do to improve it?
Our community is in dire need for engineering talent, no questions asked. We, everyone from tech entrepreneur leaders to our state government, need to create a consistent and passionate marketing campaign to highlight what is happening here! It is imperative we create a national voice to recruit more talent here!
Anything else you'd like the startup community to know about you or your company?
We are poised to change the game in health care. If you want to leave a lasting legacy in your work, contact us! We want people who desire to change the world, not just change their resume.
Learn more about MedPassage via their company profile, website, Facebook page, or follow them on Twitter @MedPassage.
This week we also visited Active Junky and Prosperent. Learn all about Built In Denver's Startup Tour and read past weeks' profiles here.
Locations
Colorado, USA
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