It has probably never been a better time to be a healthcare entrepreneur. Aside from being able to have a significant clinical impact, a considerable number of these healthcare entrepreneurs are likely to become medical millionaires. The world of healthcare is rapidly transforming. New technologies are going to revolutionize the industry. Healthcare entrepreneurs are more than ever before able to make sizeable and speedy clinical impacts. The result is better healthcare for more people and the creation of a vastly growing cohort of medical millionaires – a few of which will likely break through the billionaire ceiling. Great ideas are central to creatively improving healthcare solutions; however, they are insufficient. A solid business model and high-caliber implementation is essential in order to convert the great ideas into viable improvements in the healthcare industry. A cornerstone of a healthcare entrepreneur’s success is funding. While the driving force behind most healthcare entrepreneurs is superior healthcare, the potential financial benefits are still present and certainly noted by a growing number of funders. Consequently, raising money, while rarely easy, has become easier of late. Venture capital, private equity, and angel investor networks are all putting more money into these businesses than ever before. Traditional healthcare providers from hospital networks to insurance companies are also funding and working with healthcare entrepreneurs to create new solutions. It is evident that a substantial number of healthcare entrepreneurs are going to become wealthy because they are improving the lives of others. The number of healthcare entrepreneurs will produce an abundance of medical millionaires – some will become millionaires many, many times over. At the same time, it is probable that a meaningful fraction of them will be seriously shortchanged even as their bank accounts swell. For healthcare entrepreneurs, converting even spectacular new innovations into personal wealth can potentially be a considerable obstacle. For instance, it’s not uncommon for some healthcare entrepreneurs in negotiating with professional dealmakers to end up with agreements that will not reward them adequately. The possibility of getting funding, thereby proving the ability to move forward, can sometimes blind healthcare entrepreneurs to the long-term impact of the concessions they make. This is certainly not the fault of the dealmakers. It’s the responsibility of healthcare entrepreneurs to understand the business of healthcare and negotiate accordingly. While there will be a flood of medical millionaires, most of the greatest personal financial rewards will go to the entrepreneurs who marry healthcare innovations with good business sense. Source
