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SaaS Interviews with CEOs, Startups, Founders

741: Exited for $15m, Now Tackling Healthcare Patient Doctor Relationships

SaaS Interviews with CEOs, Startups, Founders

Nathan Latka

Ceo, Entrepreneurs, Founders, Software, Business, Entrepreneurship, Saas, Startups

4.6683 Ratings

🗓️ 4 August 2017

⏱️ 24 minutes

🧾️ Download transcript

Summary

Todd Johnson, a serial healthcare information technology entrepreneur committed to building great products, teams and companies. Todd has a track record of cultivating great ideas and great business that offer incredible company cultures and attention-grabbing brands. Before his current company, HealthLoop, Todd was the founder and CEO of Salar, a Baltimore, MD-based provider of acute care physician charge capture and documentation solutions. 

Famous Five:

  • Favorite Book? – The E-Myth Revisited
  • What CEO do you follow? – Donald Trump and Elon Musk
  • Favorite online tool? — Gmail, Boomerang and Inbox
  • How many hours of sleep do you get?— 7
  • If you could let your 20-year old self, know one thing, what would it be? – Todd wished he could have took things less seriously

 

Time Stamped Show Notes:

  • 01:59 – Everyone needs healthcare at some point in their life
  • 02:30 – Salar was able to replace paper processes at hospitals
    • 03:08 – Salar was sold to the country’s second largest medical transcription company
    • 03:16 – It was a $15M exit
  • 03:40 – Todd lives in Silicon Valley
    • 03:57 – Todd has a couple of reasons why he chose to rent rather than to buy a property
  • 04:37 – HealthLoop was initiated in 2009 and was an idea for over a year
  • 04:51 – Todd joined HealthLoop in 2013
  • 04:49 – The founder is a doctor from San Francisco
    • 05:50 – He’s still part of the board
  • 06:28 – HealthLoop is a platform that automatically pushes notifications before and after a diagnosis or surgery
    • 06:40 – It connects patients and doctors
  • 07:00 – 5 years ago, there’s no model around improving the quality of care
  • 07:38 – Multiple parties benefit from an improvement in health care
  • 08:28 – In order to retain the trust of the patients, you have to gain the doctor’s trust as well
  • 08:46 – HealthLoop has an enterprise subscription model
    • 09:03 – Average contract is $120K to $150K that can escalate year over year
    • 09:21 – They pre-pay the cases that they might have in a year
  • 10:28 – HealthLoop’s customers are very targeted
  • 10:35 – The expansion per area depends on how the incentive shakes out
  • 10:50 – HealthLoop is currently working with 70 groups and 20 hospitals
  • 11:13 – HealthLoop has an older subscription model which some of their existing clients have
  • 11:30 – HealthLoop has raised $21M
    • 11:44 – HealthLoop is in an attractive space for competition
    • 12:20 – They have 90% annual retention
  • 12:43 – The institutional mindset
  • 13:08 – Team size is 40
    • 13:18 – 8 are in the sales team
  • 13:53 – HealthLoop’s current enterprise sales cycle is around 6-7 months on a 120 ACV
  • 14:16 – CAC is quite high
    • 14:55 – There are many competing organizations in the market
  • 15:34 – LTV will depend per organization
  • 16:07 – Todd is seeing a 150% growth from last year in terms of ARR
  • 16:38 – There’s so much unpredictability in the space which can be a bad thing
  • 17:31 – Hospitals need to be thoughtful about spending cash
  • 17:49 – HealthLoop will spend more on adapting to a new management
  • 18:17 – HealthLoop’s gross margin is around 70%
  • 20:33 – The Famous Five

 

3 Key Points:

  1. There’s not enough consumer tech that is solely dedicated to healthcare.
  2. At least once in our lifetime, we will need healthcare, and the ability to have a quick, back-and-forth communication with your health provider is powerful.
  3. Because of the aging baby boomer population, healthcare is an incredibly attractive space for investors right now.

 

Resources Mentioned:

  • The Top Inbox – The site Nathan uses to schedule emails to be sent later, set reminders in inbox, track opens, and follow-up with email sequences
  • GetLatka - Database of all B2B SaaS companies who have been on my show including their revenue, CAC, churn, ARPU and more
  • Klipfolio – Track your business performance across all departments for FREE
  • Hotjar – Nathan uses Hotjar to track what you’re doing on this site. He gets a video of each user visit like where they clicked and scrolled to make the site a better experience
  • Acuity Scheduling – Nathan uses Acuity to schedule his podcast interviews and appointments
  • Host Gator– The site Nathan uses to buy his domain names and hosting for the cheapest price possible
  • Audible– Nathan uses Audible when he’s driving from Austin to San Antonio (1.5-hour drive) to listen to audio books

Show Notes provided by Mallard Creatives

Transcript

Click on a timestamp to play from that location

0:00.0

He sold his first company for $15 million a nice financial exit for him.

0:04.0

Now plunging back into the world, this time deciding to raise capital for the idea.

0:07.7

Instead of bootstrapping, they've raised $21 million for Health Loop, which is really playing in the patient engagement space and the communication between patient and doctors, a very special relationship founded.

0:19.1

And we joined in 2013. Again, they're based up there

0:22.1

in San Francisco, currently serving about 70 doctors and organizations that pay on average

0:26.6

call it 120 grand per year. This is the top where I interview entrepreneurs who are number one

0:33.5

or number two in their industry in terms of revenue or customer base. You'll learn how much

0:39.4

revenue they're making, what their marketing funnel looks like, and how many customers they have.

0:45.2

I'm now at $20,000 per talk. Five and six million. He is hell bent on global domination. We just

0:50.7

broke our 100,000 unit sole mark. And I'm your host, Nathan Latka.

0:56.4

This is episode 741.

0:58.0

Coming up tomorrow morning, we're going to learn from Amanda Newman.

1:01.5

She crowns real estate agents as mayors in cities, and she's grown from 700K to 6.4 million

1:08.2

in ARR in under 12 months.

1:10.7

How does she do it?

1:12.0

Hello, everybody. My guest today is Todd Johnson. He's a serial health care information

1:16.5

technology entrepreneur committed to building a great product team and company.

1:20.4

He's a proven track record in cultivating great ideas and a great business as well,

1:23.8

striving to build great company cultures and brands. Before his current company, Health Loop, Todd was the founder and CEO of Salar, Inc.,

1:30.8

a Baltimore-Maryland-based provider of acute care physician charge capture and documentation

1:36.2

solutions.

1:37.5

Todd, are you ready to take us to the top?

...

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