Software development in the healthcare space is a crowded market. With 10’s of thousand’s of app’s, a huge privacy & regulatory compliance requirement and integration capabilities now expected – it is a tough market for new companies to break through. With technology making its way to every aspect of the healthcare field, ghecnology companies need to be very focused, built on platforms that are friendly to integration, and very patient to see their success.
iMD Health Global is the preeminent digital (cloud based) patient engagement platform utilized by professionals while they counsel their patients ‘At The Point of Care™’ across Canada. iMD helps Physicians, Pharmacists, Patients, Pharmaceuticals and Healthcare providers navigate the complexity of the healthcare literacy system. Clinicians use iMD to visually explain to patients their condition and treatment options, along with performing assessments and patient services programs, during their consultation time with the patient.
The iMD platform allows clinicians to employ a robust library of vetted resources that includes; medical images, treatment resource documents/videos, digital tools, patient benefit programs, enrollment services, diagnostic assessments, all being enabled to be emailed to the patient at home. iMD also integrates into patient record solutions, patient portals and other healthcare software solutions.
iMD’s has adopted an ‘agile’ approach to software development – and have applied that philosophy across all departments in the business. This repsonsive – dynamic approach has allowed them to be very nimble to market opportunities, development projects and overall company growth. iMD has redefined the business from their original plan twice in 6 years – all based on being agile (listening to the market and driving innovation, quickly).
Meet the Maestro behind the Success
Kevin Delano, President & CEO, of iMD Health, is responsible for the overall direction of the company globally. Kevin has a strong entrepreneurial background, having created/co-founded a number of businesses in the sales (including tech) & marketing disciplines.
Prior to iMD, Kevin was the Chief Marketing Officer, Member of the Board and an originating partner at CIM (Consumer Impact Marketing). CIM started with a handful of people in 1994, and before being acquired by Mosaic Sales Solutions in 2012, grew to over 3,000 employees across North America. CIM was the largest outsourced sales & marketing agency in Canada and was ‘one of Canada’s 50 BEST Managed Companies’ for 12 years running. Also, from 2008-2012, CIM was rated as one of the TOP 50 BEST workplaces in Canada.
Kevin also founded LAUNCH! Brand Marketing in 2005. LAUNCH! Specializes in marketing services, and was a significant partner to CIM. After 5 years in operation, CIM acquired LAUNCH! In 2012, LAUNCH! had once again returned to a standalone business, with an aquistion by Mosaic in 2014.
The Beginning of a Successful Journey
After 2 other successful start-ups and exits in the sales and marketing space, Kevin saw the opportunity to leverage his experience by utilizing technology to create the first digital exam room education platform. Building on his more than 15 years of sales force automation tool development and deployment, having innovation as a core way of thinking, he surrounded himself with thought leaders in the medical tech space to develop a world class, award winning and market leading software company.
And thus, iMD got launched in 2010, the same year the first iPad launched. Kevin knew they had something special, but he also knew it would take time. Launching at the same time as iPad, aided in the adoption of mobile/tablets broad use, but healthcare professionals were slower to adopt the use of digital in their practice. Now, 6 years later, the use of technology and medical software is very widespread across North America, and iMD has made it through the tough years, has been very patient and now is posied to take the market by storm and continues its leadership position.
A Challenge that became Strength
The biggest challenge for iMD was the management of cash. Being a software development company, investors try to find highly skilled developers, which cost more than the average! They hoped that they would of started generating revenues at the same rate as their expenses – it was a big bet. They did it- iMD has been very fortunate in our first 6 years, (backed by their own executive team investors and a few angels, the revenues from customers) , they have broken even every month! Their shareholders attitude has been very patient and friendly, giving them the runway to invest, yet, support their growth where and when needed.
Kevin’s advice to Young Entrepreneurs
Develop a sound, market validated strategic plan, that is based on more than just your own ideas/passion. Whatever timeline put as bench marks – double it. Whatever revenue you target in the first few years, cut it in half. Surround yourself with amazing people, give them opportunities for equity (don’t be greedy) – get them to care as much about your business as you do. Develop an exit plan before you actually need one (you will have a better plan versus having the pressure of creting one with real dollars at stake and a restricted time line).
Looking towards the future in Kevin’s words
We are finally on the verge of our ‘breakout’ year. The first 5-6 years have been tough slugging, but we are now positioned for major growth. This positioning has been a combination of making sure our product has adapted to market opportunities and finding the right strategic clients to fuel that growth. Our core focus started with Doctors, our exponential growth engine will now be Pharmacy, Hospitals and Home health care (while we maintain our doctor platform). The trends of where healthcare is moving, positions iMD very well: education of medical information is critical to the patietns understanding, adhearnce of their treatment plan and ultimately taking ownership of their own healthcare plan – reducing pressure of the overcrowed front line of the healthcare system.