_benefits_consultant

Employee Benefits Consultant

Healthcare Start Up - What should I ask about/look for during interview process?

In my career (Employee Benefits/Health Insurance), I've only worked in sales roles at well-established companies, but I have been approached by and am interviewing with a Healthcare start-up. This is entirely new waters for me, so I'm not sure what to look for regarding the company's stability, what to ask for/about with regard to compensation/equity packages, or anything else.

My base would increase. My territory would be defined and mine to work (today I have ~29 other people in my office, in my role, competing for business). The start-up is a vendor partner of my national benefits consulting firm, so they've been vetted and national partnerships are in place. I'd be selling to people at my current company/role and other similar consulting firms in my geography.

Looking for any advice on things to look out for, ask about, etc. during this interview process to ensure I'm making the correct move (staving vs going).

💰 Compensation

9

9 comments

Sort by:

Diablo

Politicker

3

Sr. AE

There are many similar threads if you use the search tab - things to look for, questions to ask and many more.. all the best 👍🏻

DPRM

Politicker

0

Ms Sales :)

agree

hh456

Celebrated Contributor

3

sales

im quite literally the god of healthcare start ups. i can boil it down to one thing.

are you working for a company that directly address patient care? (needle has to touch body)

are you working for a company that is entering the white noise of healthtech?

If you're going towards the first, there's a shot it'll be successful. if you're entering the second, you're rolling the dice.

i can't tell you how many healthtech companies get turned around at the door because they're trying to aggregate data to make sure you only shake the salt shaker once on your hash browns each morning. but there's 2 key things these health techs willingly ignore.

1. everyone gets older.
2. every dies.

that's why you're rolling the dice. if youre not actually treating patients, you're just working at another middle man who is trying to extract revenue from the people providing care and not increase revenue or value for their operation.

i love you,
grizz

_benefits_consultant

Contributor

0

Employee Benefits Consultant

Grizz,

This company is entering the white noise.

This company has built a solution that's overlayed over a group medical plan. When employees (or covered dependents) seek medical care they use this company's app to find that doctor. They've built one of the largest (maybe the largest) data base of information showing the cost care and the quality care of the doctors across the country. If the employee selects one of the recommended doctors then their Out of Pocket expenses are covered 100% by the employer.

Instead of targeting and trying to change our daily life, behaviors, and habits it targets the following underlying issues in the healthcare/health insurance systems:

1) Not all doctors are created equal
2) The lack of transparency around the cost of care
3) People avoiding care due to costs which leads to larger more expensive issues down the road

While they do not increase the revenue/value for the doctors but they do help patients find access to lower-cost and higher-quality care. This leads to lower premiums/health insurance costs for employers. The case studies show an average of 10% savings for the employees.

Thank you for taking the time to respond!

-EBC

hh456

Celebrated Contributor

0

sales

Hey EBC,

Got it, okay so this app is going after self funded employers, early innovators, captive's, third-party-administrators, probably level-funded employers as well; and innovative aggressive brokers who actually care about people instead of trying to stack their check.

Primary care (top funnel) is important but another app is white noise. There are a lot of company's already doing what you're selling. You're competing against direct primary care physicians and conglomerates like VillageMD who are out there trying to scoop up employer groups to build their own narrow network of discounted PCP's (with no SaaS).

The organizations (lower funnel) that are delivering 50-75% cost savings on health plans are organizations like Transcarent, ZeroCard, SurgeryPlus, etc. by finding providers who will cut the most expensive part of any employer claim that they can plan for, elective surgery. The organizations you're selling into probably have a stop-loss or re-insurance for catastrophic, so that's not too big of a deal for an emergency. And they'll realize larger savings with a specialty pharmacy solution like Mark Cuban's drug store compared to getting people quicker access to primary care.

My company is contracted with 48 organizations (I just checked) involved in patient steerage (what you're doing) and we have millions of lives covered already.

I don't know about your organization but that is the skinny on the scene you're selling into.

Please don't let me discourage you, it's your life and I made six figs selling newspapers during the recession. If you can sell, you can sell.

But there is a great line from Margin Call that I've always referenced when considering something new. "There are three ways to make a living in this business. Be first, be smarter, or cheat. Now I don't cheat, and although I like to think we have some pretty smart people in this building; it sure is a hell of a lot easier to just be first."

Keep us up to date and I am happy to answer any other questions you have. Good luck!

braintank

Politicker

2

Enterprise Account Executive

recommend searching for "Series A"

CuriousFox

WR Officer

1

🦊

Check out the academy tab too.

TennisandSales

Politicker

0

Head Of Sales

i would hit up the search bar.

big thing to think about, start ups normally dont have as much figured out. i would really think about, how ok are you if you dont have the support or resources you have been used too?

Kosta_Konfucius

Politicker

0

Sales Rep

Here is an old post about questions of product fit

https://bravado.co/war-room/posts/product-fit-for-start-ups

Bravado is a community of trusted sales professionals endorsed by their customers.

Products

The War Room Jobs Salary Guide Tech Sales U

Company

About Us How It Works Blog Bug Bounty

Contact

© 2024 Bravado Inc. All rights reserved.

Privacy Policy Legal and Privacy Center Sales Jobs

If you are hired as a contract sales rep by a Bravado customer, we may ask you to prove access to the employee email account provided to you by that customer. This data will be shared with customers to track your sales productivity; customers can use this data to confirm you meet the minimum activity requirements to pay out your ramp stipend and commission.