Insights for Doctors to Build Successful Businesses | Doctor’s Day | Ft. Shashank ND, CEO of Practo

Summary

In this special Doctor's Day episode of the Create Wealth Podcast, host Sandeep Jethwani engages in a deep conversation with Shashank ND, CEO of Practo and CII chair for Digital Health in India. They explore the nuances of running a successful medical practice, the intersection of medicine with technology and AI, and Shashank's inspiring journey from a young engineering student to leading India's only profitable health tech startup. The discussion reveals insights into the passion driving doctors, the importance of data in medical practice, and the transformative potential of AI in healthcare.

Takeaways

• 🌟 Shashank ND, the co-founder and CEO of Practo and CII chair for Digital Health in India, shares insights on running a successful medical practice and the role of technology in healthcare.
• 👨‍⚕️ The passion doctors have for their patients is a common denominator Shashank observed across the 12,000+ doctors he has interacted with, which inspired him to enhance their productivity through software.
• 🔧 Successful doctors often excel in teaming up with others who complement their strengths, especially in non-medical areas such as management, which they find challenging.
• 💡 A key differentiator for doctors is the ability to maintain a beginner's mindset, being open to continuous learning and improvement, despite their expertise and status.
• 📊 Many doctors lack a data-driven approach to understanding their business economics, which can hinder insights into profit margins and return on investment.
• 📚 Doctors often struggle with time management and learning new areas outside their medical expertise, such as marketing, technology, and consumer understanding.
• 🤝 Effective communication and patient experience are crucial for treatment outcomes, with some patients seeking other doctors due to misunderstandings or lack of connection.
• 📈 The adoption of technology in healthcare has been slower compared to other industries, primarily due to the critical role of trust in healthcare and the time it takes to establish it.
• 💡 Shashank emphasizes the importance of being data-oriented and using data to drive improvements in processes and patient experiences.
• 💰 Despite the potential for significant returns, healthcare spending on technology in India is significantly lower than in the US, indicating a vast opportunity for growth and efficiency.
• 🚀 Shashank is excited about the impact of data science and artificial intelligence on healthcare, foreseeing significant advancements in the next few years that will improve health outcomes and patient access to care.

Q & A

What is the main theme of the Create Wealth Podcast episode featuring Shashank ND?

The main theme of the episode is to discuss the success factors of running a medical practice, the adaptation of doctors to technology, particularly data science and artificial intelligence, and Shashank ND's journey as the cofounder and CEO of Practo and the CII chair for Digital Health in India.

How did Shashank ND's interaction with doctors inspire him to start Practo?

Shashank ND was inspired by the passion doctors had for their patients during his interactions with them while he was still in college. He saw the potential to enhance their productivity and decided to build software to assist them.

What challenges do doctors face when it comes to managing the business side of their medical practice?

Doctors often struggle with the non-medical aspects of running a practice, such as management and understanding the economics of their business. They may find it challenging to allocate time to analyze data and make informed decisions about their practice's financial health.

How does Shashank ND perceive the role of data in enhancing medical practice efficiency?

Shashank ND believes that data is crucial for doctors to understand patterns and insights about their business, including profit margins and return on investment for different procedures. He suggests that a data-driven approach can help doctors make more informed decisions and improve their practice.

What is Shashank ND's view on the importance of maintaining a beginner's mindset for doctors?

According to Shashank ND, maintaining a beginner's mindset is vital for doctors as it fosters a continuous learning attitude, curiosity, and the humility to learn from various sources, regardless of their experience level.

How does Shashank ND describe the common trait among successful doctors he has met?

Shashank ND observes that successful doctors share an intense passion for their patients, a trait that he believes is a significant reason for their choice of medicine and contributes to their success.

What are some of the non-medical skills that doctors need to develop to improve their medical practice, according to Shashank ND?

Doctors need to develop skills in areas such as business, marketing, understanding consumers, and empathy. Shashank ND emphasizes that while medical knowledge is essential, these additional skills can contribute to a more well-rounded and successful practice.

How does Shashank ND suggest doctors can improve their patient communication and experience?

Shashank ND recommends using tools and systems to collect data on patient feedback, which can help doctors understand areas for improvement in their communication and patient experience. He highlights the importance of doctors being receptive to this feedback and making necessary adjustments.

What is Shashank ND's perspective on the adoption of technology in healthcare, especially in India?

Shashank ND notes that the adoption of technology in healthcare has been slower compared to other industries, partly due to the importance of trust in healthcare and the time it takes to build and capture that trust through technology.

How does Shashank ND envision the impact of data science and artificial intelligence on the future of healthcare?

Shashank ND is excited about the potential of data science and AI to revolutionize healthcare by enhancing health outcomes, providing personalized treatment plans, and potentially increasing the efficiency and effectiveness of medical practices.

What advice does Shashank ND give to doctors who are looking to adopt new technologies in their practice?

Shashank ND advises doctors to invest time and curiosity to learn about new technologies, emphasizing that those who adopt technologies first and faster will gain a competitive advantage. He also encourages doctors to focus on the meaningful impact they can have on patients' lives through improved healthcare delivery.