YouSaid · the spoken record

Jay Desai

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20
first
2016-11-11
most recent
2016-11-11
sittings or episodes
1
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podcast

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  1. “Yeah, so for patient ping, there's 5,000 hospitals in this country, and we're going to connect them all. For me, I love every single part of this job, especially the hard stuff. So I would consider it a privilege to continue supporting the growth of this business over the next five years.”

    2016-11-11 · The Twenty Minute VC · 20VC: VC / Founder Fit with 3 Things Founders & VCs Must Agree Pre-Investment & Why Having No Company Budgets Creates Internal Entrepreneurs with Jay Desai, Founder & CEO @ PatientPing · IDENTIFIED FROM THE TRANSCRIPT · source

  2. “The morning consul by Michael Ramlet, he does a daily healthcare news blog, which I love. I also love the first round review.”

    2016-11-11 · The Twenty Minute VC · 20VC: VC / Founder Fit with 3 Things Founders & VCs Must Agree Pre-Investment & Why Having No Company Budgets Creates Internal Entrepreneurs with Jay Desai, Founder & CEO @ PatientPing · IDENTIFIED FROM THE TRANSCRIPT · source

  3. “Slack Evernote, Google Calendar, To Doist are the four main ones that I use. I keep a daily productivity inventory that I fill out at the end of each day as I think it's important. It's very easy to spend a whole day just being busy but not actually doing anything. So I try to sort of tally the wins at the end of the day.”

    2016-11-11 · The Twenty Minute VC · 20VC: VC / Founder Fit with 3 Things Founders & VCs Must Agree Pre-Investment & Why Having No Company Budgets Creates Internal Entrepreneurs with Jay Desai, Founder & CEO @ PatientPing · IDENTIFIED FROM THE TRANSCRIPT · source

  4. “It's a book called Pastoralia, which is a collection of short stories by a creative writer named George Saunders. It contorted my mind in ways that I just hadn't experienced before then.”

    2016-11-11 · The Twenty Minute VC · 20VC: VC / Founder Fit with 3 Things Founders & VCs Must Agree Pre-Investment & Why Having No Company Budgets Creates Internal Entrepreneurs with Jay Desai, Founder & CEO @ PatientPing · IDENTIFIED FROM THE TRANSCRIPT · source

  5. “Yeah, it's the latter, and I fully agree with the point constraint enforcement. In fact, I think there was a Richard Branson book that I read when I was in high school that talked about how budgets and kind of more money actually leading to a complete lack of creativity within their organization and constraint actually being the source of it. So it forces you to reimagine and think of ways to do things that otherwise you would have just sort of hired somebody to figure out or hired somebody to think about. So I fully believe that. And by not having budgets, we've actually found that folks are not superfluous and they're spending they're the exact opposite and that they're much more willing to be thoughtful about the decisions that they do make because they know that they're going to have to really be thoughtful about it and justify it.”

    2016-11-11 · The Twenty Minute VC · 20VC: VC / Founder Fit with 3 Things Founders & VCs Must Agree Pre-Investment & Why Having No Company Budgets Creates Internal Entrepreneurs with Jay Desai, Founder & CEO @ PatientPing · IDENTIFIED FROM THE TRANSCRIPT · source

  6. “I think internal entrepreneurialism and an ownership culture is incredibly important. One thing we do that can frustrate our teams at times is that we don't have budgets. I've found that there is no faster way for money to disappear than to allocate a budget against something. So we don't do that. Our team understands that any decision to spend, the company resources should be one that they would be comfortable defending with anybody that asks. And so it forces people to be entrepreneurs by getting vines from the folks affected and focusing on the return of the investments they make. It also forces us to always be aware of the financial health of the company beyond our particular domain, but also our company priorities.”

    2016-11-11 · The Twenty Minute VC · 20VC: VC / Founder Fit with 3 Things Founders & VCs Must Agree Pre-Investment & Why Having No Company Budgets Creates Internal Entrepreneurs with Jay Desai, Founder & CEO @ PatientPing · IDENTIFIED FROM THE TRANSCRIPT · source

  7. “One important priority that everybody's focused on at any given point in time is incredibly helpful to organizing the team. And figuring out what that is, it's a function of understanding the market around you, how you're differentiating, making sure that you're preserving and staying true to your mission and ensuring that whichever customer or whatever part of the business needs the most attention is what you're focused on. And it ends up being pretty obvious, a pretty sort of intuitive process as you create that force prioritization.”

    2016-11-11 · The Twenty Minute VC · 20VC: VC / Founder Fit with 3 Things Founders & VCs Must Agree Pre-Investment & Why Having No Company Budgets Creates Internal Entrepreneurs with Jay Desai, Founder & CEO @ PatientPing · IDENTIFIED FROM THE TRANSCRIPT · source

  8. “As I make this point, I just want to sort of caveat with one additional point, which is that you can't constantly be context shifting. So the time horizon for facing the loc does matter. We have found that making having one OKR is much easier to have everybody rally around it and we inevitably make more measurable progress. So I'll offer one analogy here. One of my friends gave me the analogy of soccer ball, you know, a team. And if you have a young boys or girls team, they give them their positions. You play defense, you play center, you play midfield, you play offense. And what happens is the ball goes in one direction and everybody just forgets about their position and they everybody just chases the ball. There's an important to both preserve the team and the roles that everybody plays on their team, but know that the way to win is to have the whole team rallied around a particular goal. So that's sort of what we found is just having one.”

    2016-11-11 · The Twenty Minute VC · 20VC: VC / Founder Fit with 3 Things Founders & VCs Must Agree Pre-Investment & Why Having No Company Budgets Creates Internal Entrepreneurs with Jay Desai, Founder & CEO @ PatientPing · IDENTIFIED FROM THE TRANSCRIPT · source

  9. “Yeah, so we use OKRs to drive internal alignment. In the early days, we had monthly OKRs that we shifted to quarterly OKRs, and it didn't take too long to realize that after we had lengthy off sites where we discussed all the different things that we need to be focusing on, we landed on the same OKRs every time, three of them. One, grow revenues to deliver more value to customers, three, build a great team. A couple of undistracted, sorry, a couple of distracted, highly unfocused quarters later, we realized that those three OKRs could be universally applied to any company and capture nearly every possible priority, which is the exact opposite of focus. Which we found that there's something very powerful about organizing the company around the thing that's most important right now. And that thing may be, for example, growing revenues.”

    2016-11-11 · The Twenty Minute VC · 20VC: VC / Founder Fit with 3 Things Founders & VCs Must Agree Pre-Investment & Why Having No Company Budgets Creates Internal Entrepreneurs with Jay Desai, Founder & CEO @ PatientPing · IDENTIFIED FROM THE TRANSCRIPT · source

  10. “The feedback that I'm giving may be stale feedback. So I think recognizing kind of what perspective they're bringing and what value they're bringing and if it is clearly an example of one where they just are way behind because we're in it every day, then I may take that opportunity to educate or I'll just let it pass.”

    2016-11-11 · The Twenty Minute VC · 20VC: VC / Founder Fit with 3 Things Founders & VCs Must Agree Pre-Investment & Why Having No Company Budgets Creates Internal Entrepreneurs with Jay Desai, Founder & CEO @ PatientPing · IDENTIFIED FROM THE TRANSCRIPT · source

  11. “I think one of the sort of important points about what it's like to be a CEO, I think, is that you are constantly getting advice and feedback from so many different data points, from so many different sources. Your VCs and your advisors and your board being one of them. And so I think that when I get feedback that is either outdated or not relevant or not helpful, I think you sort of need to make a, you need to calibrate whether or not you need to use that moment to educate the person and react because on the one hand you don't want to necessarily come off as defensive or not willing to listen. But on the other hand, it just may not be relevant or bad advice, which there's a lot of bad advice. And so I tend to sort of calibrate. And one of the things that I enjoy doing is sharing.”

    2016-11-11 · The Twenty Minute VC · 20VC: VC / Founder Fit with 3 Things Founders & VCs Must Agree Pre-Investment & Why Having No Company Budgets Creates Internal Entrepreneurs with Jay Desai, Founder & CEO @ PatientPing · IDENTIFIED FROM THE TRANSCRIPT · source

  12. “Was I saw what was going to be important to start monetizing our market and our sort of mature markets. And we really have been focusing on monetization through the end for most of this year. I think it's paid off because it focused to get focused us on building a machine that's both able to drive and cultivate the network effects that we do have sort of inherent in our business. And we're sort of extracting some of the value from the network that we're building in a meaningful way. Now I think what we can do is return focus on driving engagement and value to continue to cultivate the network effects while some of the core machinery around revenue is sort of flourishing.”

    2016-11-11 · The Twenty Minute VC · 20VC: VC / Founder Fit with 3 Things Founders & VCs Must Agree Pre-Investment & Why Having No Company Budgets Creates Internal Entrepreneurs with Jay Desai, Founder & CEO @ PatientPing · IDENTIFIED FROM THE TRANSCRIPT · source

  13. “Yeah, I think it's really important to take stock of where the environment is around you. So if I was to think about how our company has evolved, I founded the company with my co-founders in 2013. In 2014, it was all about product market fit. So is this even something that the world wants and that they need and that we have an opportunity to build? In 2015, once we established product market fit, it really became all about network expansion. And I said expectations with RVCs. It was like, look, don't worry about revenue right now. We just need to build our network because network is really very important to what we're doing. So I focused hard on building and expanding the network. When it hit 2016, I remember getting in front of our team in January of 2016. We all got back from vacation and we made a hard turn towards revenue, towards monetization, because I saw where the fundraising market”

    2016-11-11 · The Twenty Minute VC · 20VC: VC / Founder Fit with 3 Things Founders & VCs Must Agree Pre-Investment & Why Having No Company Budgets Creates Internal Entrepreneurs with Jay Desai, Founder & CEO @ PatientPing · IDENTIFIED FROM THE TRANSCRIPT · source

  14. “In both directions. And so to evaluate the chemistry, I think it's helpful for founders in BCs to align on a few things up front. And I have three specifically that I'll talk about. The first, I'd say, is the scope of your ambition. And I think it's important for founders to be really honest with the scope of their ambition, test it with the VC, and see how it lands. I think we have a tendency to assume that every founder in VC wants to build the next Apple. Just as a simple example of this, we often hear feedback that entrepreneurs shouldn't put an exit slide in their deck because no VC wants to work for a founder that's”

    2016-11-11 · The Twenty Minute VC · 20VC: VC / Founder Fit with 3 Things Founders & VCs Must Agree Pre-Investment & Why Having No Company Budgets Creates Internal Entrepreneurs with Jay Desai, Founder & CEO @ PatientPing · IDENTIFIED FROM THE TRANSCRIPT · source

  15. “Yeah, great. So we have product market fit. I've also heard the term founder market fit. I think that both VCs and CEOs should explicitly be willing to call out what I'm calling CEO VCFit or founder VCFit. Because when that's right, it really does add to the company's unfair advantage. I feel privileged to have a syndicate of investors that I love, and I also recognize that I early on did have the luxury of choice. But if it were wrong, I could see it creating the same sort of cognitive overhead that a manager may feel when someone on their team is a bad fit. So kind of to contextualize this a little bit, VCs rightly bring their biases, their values, backgrounds, experiences to the companies that they work with. And this automatically makes the VCD business not just about money, but also a relationship. And it's a very important relationship at that as it carries fiduciary responsibilities.”

    2016-11-11 · The Twenty Minute VC · 20VC: VC / Founder Fit with 3 Things Founders & VCs Must Agree Pre-Investment & Why Having No Company Budgets Creates Internal Entrepreneurs with Jay Desai, Founder & CEO @ PatientPing · IDENTIFIED FROM THE TRANSCRIPT · source

  16. “Important piece of infrastructure was missing from the equation to simply and seamlessly connect providers so that they can coordinate. And that's what patient paying is.”

    2016-11-11 · The Twenty Minute VC · 20VC: VC / Founder Fit with 3 Things Founders & VCs Must Agree Pre-Investment & Why Having No Company Budgets Creates Internal Entrepreneurs with Jay Desai, Founder & CEO @ PatientPing · IDENTIFIED FROM THE TRANSCRIPT · source

  17. “Way that we're paying for healthcare is changing fairly dramatically in this country. And just to explain it most simply, we used to pay providers for volume, meaning do more procedures, get paid for money. And we're shifting that to pay for value, which basically means if you keep patients healthy and out of the hospital, you get paid more money. And so helping design and implement those models was my job at healthcare, sorry, at Medicare. And so if you put yourself in the mind of a primary care provider, that's all of a sudden paying every time his or her patient gets care somewhere. They're going to do everything they can to prevent that from happening. We found that there was a very basic need that was left unfulfilled, which was just being able to track where your patients are receiving care in real time because it's very hard to coordinate it and prevent it from happening if you don't even know that it's happening. So we tried to solve that problem at the government and I just realized that this really”

    2016-11-11 · The Twenty Minute VC · 20VC: VC / Founder Fit with 3 Things Founders & VCs Must Agree Pre-Investment & Why Having No Company Budgets Creates Internal Entrepreneurs with Jay Desai, Founder & CEO @ PatientPing · IDENTIFIED FROM THE TRANSCRIPT · source

  18. “Our healthcare delivery system. A quick background. Now, what Pijinping does is really straightforward. We notify healthcare providers in real time when their patients get admitted or discharged anywhere. So, for example, if you're a primary care provider, we'll ping you when your patient goes to the emergency room. That way the primary care provider can work with the ER to help coordinate the care and make sure that any necessary follow-ups happen. The lack of care coordination between providers is a very big and expensive problem because when we're sick, we get care from a lot of providers and they don't work very well together. So actually, in fact, people over 65 get care from on average seven doctors across four different clinics per year. So that's kind of the service of what we do. A question that folks haven't often is why would a primary care provider care to coordinate the care? A big reason for that is that”

    2016-11-11 · The Twenty Minute VC · 20VC: VC / Founder Fit with 3 Things Founders & VCs Must Agree Pre-Investment & Why Having No Company Budgets Creates Internal Entrepreneurs with Jay Desai, Founder & CEO @ PatientPing · IDENTIFIED FROM THE TRANSCRIPT · source

  19. “Sure, thanks. So I started my career in finance, first in investment banking, then in private equity investing, and this was from 2003 to 2007, and it was always in healthcare. I led business development after that at one of the companies that the fund I was at invested in. But in healthcare, so much of what happens in industry is shaped by policy. So I pivoted out of the private sector in late 2008. And most recently before starting patient ping, I worked at the Center for Medicare and Medicaid Innovation. Now, this is a group that was created by Obamacare, and there are two big parts to Obamacare. One is helping people get health insurance coverage, and the other is reducing how much we spend for healthcare. The Innovation Center was formed to address the latter. So I worked there to change how we pay for healthcare to increase the efficiency of”

    2016-11-11 · The Twenty Minute VC · 20VC: VC / Founder Fit with 3 Things Founders & VCs Must Agree Pre-Investment & Why Having No Company Budgets Creates Internal Entrepreneurs with Jay Desai, Founder & CEO @ PatientPing · IDENTIFIED FROM THE TRANSCRIPT · source

  20. “Terrific. Thanks for having me. I'll start by saying you've done an absolutely fantastic job with this podcast. So delighted to have the opportunity and great work, how everything's done so far.”

    2016-11-11 · The Twenty Minute VC · 20VC: VC / Founder Fit with 3 Things Founders & VCs Must Agree Pre-Investment & Why Having No Company Budgets Creates Internal Entrepreneurs with Jay Desai, Founder & CEO @ PatientPing · IDENTIFIED FROM THE TRANSCRIPT · source