The Entrepreneur Mindset with Troy Bannister of Particle Health
Troy Bannister is the CEO and founder of Particle Health, a startup working to revolutionize data sharing across the healthcare industry. Troy’s experience with patient care began while working as an EMT. He considered pursuing a career in medicine but ultimately went on to work in the healthcare VC space. Troy’s experience within the healthcare industry showed him the difficulties associated with trying to transfer patient data from one healthcare system to another, and he ultimately decided to create Particle Health in order to innovate the digital healthcare space.
Episode Notes
From working as an EMT to finding a niche within the virtual health industry [1:10]
The problem: Why can’t we easily get medical records from one doctor to another? [3:34]
Developing an API that connects hospital systems and allows data to be easily shared [6:06]
How Troy quit his job without a plan [7:18]
Learning how to jump into the unknown [9:28]
Working to understand industry laws and researching how to address this problem [10:17]
Zooming into a target market and niching down to focus on one target audience [12:36]
Taking a year to fill up your calendar and validate your product [15:27]
Building credibility and crafting a winning pitch to receive funding [18:13]
Troy’s advice — you need an enormous vision and a realistic plan [21:49]
Transitioning to a remote work environment [23:22]
How to approach your company during periods of burnout [29:02]
Hiring the right people is essential for creating a great company culture [30:33]
The growing pains of scaling and learning to build a working structure [33:02]
Using OKRs and KPIs to create quantifiable goals [36:12]
Many decisions depends on your current mindset, and you need to find out how to achieve the best mindset for making those decisions [39:42]
Starting a company was the only thing that was exciting to Troy and allowed him to take the plunge into entrepreneurship [43:35]
Troy’s prediction for the future of the healthcare industry [46:15]
Scaling to be a healthy business rather than trying to grow at all costs [48:27]
As the economy changes and buying cash becomes more expensive, evaluations decrease and become more dependent on revenue [49:27]
Entrepreneurship is hard and does not have an off switch [51:55]
Troy’s advice for founders — expect things to take at least five times as long as you initially thought [53:32]
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