In this episode of the Digital Health Heavy Weights podcast, Norm Volsky interviews Dickon Waterfield, president of Lantern, a specialty care platform. They discuss Dickon's journey from strategy consulting to healthcare, his experiences in investing, and his pivotal roles at Big Health and Lantern. The conversation delves into the challenges of the PBM industry, the importance of direct contracting, and the future of healthcare innovations, particularly in specialty care and oncology. Dickon emphasizes the need for transparency, quality care, and the alignment of incentives in the healthcare system.
Takeaways
❤️ Healthcare is a deep personal field that impacts everyone.
🔄 Transitioning from investing to operational roles can provide valuable insights.
🤝 Sales in healthcare requires a focus on building relationships and trust.
🔍 Understanding the details of the product and the buyer is crucial for success.
⚠️ The PBM industry faces significant challenges due to misaligned incentives.
💼 Direct contracting models can lead to substantial cost savings for employers.
🔎 Quality care and transparency are essential in specialty care.
👥 Building a strong team is vital for scaling a healthcare business.
🎯 Focusing on a few core services can lead to greater impact than spreading too thin.
🧘 Maintaining a healthy work-life balance is important for long-term success.
Chapters
00:00 Introduction to Dickon Waterfield and Lantern
02:22 The Personal Connection to Healthcare
04:50 Early Career at Monitor Group
06:29 Transition to Investing and Early-Stage Companies
09:43 Lessons from the Investment Side
11:47 Joining Big Health and Early Challenges
13:52 The Role of Sales in Early-Stage Companies
16:53 Building Relationships in Sales
19:41 Navigating the Two-Sided Marketplace
21:03 Scaling from Zero to 2.5 million Members
23:41 The Evolving Landscape of Healthcare Sales
25:12 The Difference Between Evangelists and Scalers
26:40 The Importance of Mentorship in Business Growth
27:56 Building Effective Sales Teams: Experience vs. Potential
31:16 Navigating Challenges in the PBM Industry
39:21 The Evolution of Direct Contracting Models
41:01 Expanding Horizons: The Future of Lantern
56:45 Personal Health Practices in a Stressful Industry
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