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Five Things to Include in Your Health Tech Investor Update Letter

Posted on by Brian Lee

INTRODUCTION

typingRegardless if you have one investor or 12, or you’re in your angel round or Series B, you need to keep your investors updated regularly. But how do you write an investor letter? Should it be short or long? Do you keep it high level or go into details?

The key is to cover the five points listed below to the extent that your investors will feel apprised and can read through the update in less than 5 min. (approximately 1,000 words). Use an email marketing program like MailChimp to save some formatting effort, and send your updates monthly to quarterly, depending on the preferences of your investors.

1. Progress and milestones

Describe your progress toward short-term and long-term goals. For example, how close are you to acquiring five new IDNs and $20,000 monthly recurring revenue? What milestones have you reached or exceeded en route to achieving your vision of becoming the leader in your healthcare sector? You also should list what milestones you missed and what course corrections you plan to make.

2. Financial health

Start this section with your top-line revenue information. From there, include your cash position, burn rate and runway. Depending on your financial health, you may be hinting or asking investors for follow-on funding.

3. Pivots or change of plans

If you’re still following your trajectory, just say so and be done with this section. Otherwise, you’ll need to let investors know of course changes. Don’t worry, they know that businesses evolve. In the world of health tech, new federal laws and guidelines continue to force providers, payers and vendors to pivot. Describe what new opportunities you’ve discovered, why you’re targeting different customers or how you’re tweaking your product or service.

4. Potential opportunities

Here’s where you’ll talk about your pipeline and leads, no matter where they are in the sales funnel. You want to show what potential revenue may be coming in, while also showing that you’re focused enough not to be chasing bad leads. As a value-add, your investors may know decision-makers at your target hospitals or clinics and can help you close some deals.

5. Need for advice

You already know that investors often serve on your board of directors or advisors. They are there to provide you guidance, so tap into them. For example, ask for advice on your staffing issues, ask for introductions, ask for help on your operational challenges, etc.

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Revelation PR, Advertising & Social Media offers healthcare IT companies and startups services related to media relations, email marketing, investor relations, tradeshow marketing, content marketing and social media management. Please contact Brian Lee, brian [at] experiencerevelation.com or 608-622-7767.

How to Position Your Staff as Subject Matter Experts

Posted on by Brian Lee

INTRODUCTION

Does your hospital or health tech expertcompany want to have the reputation as being the best in certain areas? Perhaps your hospital is renowned for orthopedics, or your startup’s CTO has special insights on interoperability?

Positioning a staff member as a subject matter expert (SME) will earn your company credibility among your target audiences. That’s because people want to do business with experts. In other words, would you want to go to an OB/GYN who knew the least about women’s health?

Your SMEs also will serve as the “go-to” person to answer questions from the media, if you brand them correctly. Following are tips for positioning your staff as subject matter experts.

WHO SHOULD BE SUBJECT MATTER EXPERTS

To maximize the effectiveness of subject matter experts, choose ones that matter to your target audiences. Let’s take a look at an example for a health tech company focused on helping radiologists: No offense to the developers who created your SaaS, but the radiologists probably prefer to hear from a DO than a programmer.

Make sure the SMEs are experienced and/or hold some type of management position (vice president, professional services team, etc.). They also need to know about the mission and business objectives of your IDN or HIT company. Each month may be different, but generally, you need to find SMEs that can allot 2-3 hours/month to carry out their duties.

HOW TO USE SUBJECT MATTER EXPERTS

The value of your subject matter experts comes from being able to use them in a variety of ways, such as media relations, content marketing and public speaking.

Prior to any kind of interviews, each SME needs to go through a media training session, in which they will learn how to succinctly respond to reporters’ questions while working in your key messaging strategy.

Use subject matter experts in content marketing to add credibility and authenticity. They are likely already keeping up with what’s going on in your industry–for example, MACRA, Affordable Care Act, telehealth, etc.–so it shouldn’t be too hard to have them provide insights on those topics.

Similar to media interviews, you should have SMEs go through presentation training before you send them out in public. Tradeshows, conferences, TED Talks and symposiums are ideal venues for you to showcase your SMEs because they can talk in technical detail with audiences or attendees.

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