23: The Unique Challenges of Healthcare Founders, with Mike McSherry, Founder and CEO, Xealth
Meet Mike McSherry:
Mike McSherry is the CEO of Xealth, a platform that facilitates clinicians prescribing digital health tools to patients, tracking usage, and improving digital health recommendations. Previously, Mike was an entrepreneur in Residence at Providence. He has cofounded six startups including Boost Mobile, Swipe, and Zivo Internet Services. He received a B.A. in Economics and International Business from William and Mary.
Key Insights:
Mike McSherry has been an entrepreneur for 25 years. His experience is primarily with mobile and technology, but he moved into healthcare for his most recent project, Xealth.
- Know Your Audience. Founders in healthcare need to consider who is the customer. Is it health insurance, health systems, employers, pharmaceutical companies, consumers? While healthcare accounts for 18% of the U.S. GDP, when broken down by payer, healthcare is not a $1 trillion-dollar industry, rather it’s one thousand billion-dollar industries. (5:00)
- Advancing Healthcare Technology. Healthcare innovation is extra challenging because healthcare often lags in adopting new technology. A hospital may have cutting edge MRIs, and yet also use fax machines. This is due to a combination of bureaucracy, reimbursement structures, and a reticence by staff to adopt new technology. (16:25)
- What’s Next for Xealth? Xealth will continue to expand the number of health systems they work with, and increase the number of digital tools available for prescription. Xealth is looking to be the bridge between healthcare and social determinants of health. (23:42)
This episode is hosted by Aaron Martin. He is a member of the Day Zero Advisory Council and he is EVP and Chief Digital Officer of Providence and Managing General Partner of Providence Ventures.
Relevant Links:
- Learn more about Xealth
- Read “Xealth CEO Mike McSherry on Becoming ‘the Surescripts for Digital Health”
