A doctor found that new skills were essential to transition from a clinical practice to a business setting.Source: Cecilie_Arcurs/iStockDr. Arvind Movva, the founder of divvyDOSE and the former CEO of several successful medical services companies, found the prescription for a successful transition from patient care to CEO: systematic hiring.
To his surprise, upon joining a medical practice as a young doctor, Movva quickly gravitated toward the business side, managing existing medical practices. "We made a lot of mistakes," he says."For example, we were once hiring for a key role, the nurse manager. This candidate looked good on paper but had been in large, bureaucratic hospital settings. We were a small boutique practice where things were fluid—we were constantly changing things and making the patient care and experience better. The candidate was very kind, which I liked, but it turned out to be a very bad match. It was the wrong fit.
An outlier among the few doctors who have succeeded as entrepreneurs—amidst the 90 percent of startups that fail —Movva reflected, “We had no shot of building a valuable company without this approach to hiring. I recommend it to every entrepreneur I care about. I have never heard of a manager or CEO using this method and it not working. CEOs tend to focus on other areas—products, finance, etc.—but the ones who focus on talent are the ones who build the most impactful and biggest companies.
The year 2021 saw a record-breaking nearly $30 billion in funding across healthcare startups . However, according to an Accenture report, 51 percent of those startups will fail within two years . To maximize the probability of success, technical experts transitioning from the clinic to the C-Suite are encouraged to heed Movva’s prescription for success: prioritize hiring.