From Renting to Reinventing HealthcareFeaturing
David Kincaid Founder & Partner, Level5 Strategy | Trung Ngo Clinic Director & Doctor of Chiropractic, Nova Healthcare | Laura Davy National Director, CFS Client Strategy, Retail & Health Care, RBC | Sid Paquette Head, Venture Capital & Innovation, RBCPlay Episode
Paul Hemburrow and his partner find the capital to purchase a profitable business that rents TV sets to patients in hospitals. The partners rebrand as HealthHubSolutions.ca and reinvent the entire company by turning the TV into a digital hub, offering a suite of tools for the patient that gives them access, connectivity, and control while making it easier for the hospital to provide better care.
Paul spends over a year trying to convince hospitals they can be more than just renters of boxes, and finally has the client breakthrough needed to validate their offering.
COVID-19 arrives, and any hope of selling the future is put on hold, as everyone in healthcare is consumed by surviving the day. HealthHub knows that putting the future of healthcare in the patient’s hands is a win for everyone, but they are running out of time and money. We step in with expert advice.
Small Business Matters series, presented by RBC.
New partners, a new business (02:12)
Pauls’ attempts to pivot the existing business, fails. Seeking a new partner and an investment firm with an appreciation for his vision, the first step is taken to putting patients at the centre of healthcare – HeatlhHub solutions is born.
Shifting gears (04:37)
With the purchase of Hospitality Network under their belt, the team reorganizes and repositions a legacy business to move beyond renting TV’s to one that uses digital technologies to create a compelling patient experience. However, the road to success is long and hard-fought.
Breaking out (08:07)
After a tough year of selling, HealthHub Solutions wins an innovative procurement RFP with Southlake Regional Healthcare Centre (https://southlake.ca). A corner is turned, establishing their solution as a reference point in the industry.
COVID-19 hits, now what? (10:33)
Managing cashflow, navigation the federal government support programs and the uncertainty of when this will all end weighs heavy on the business. However, “…managing the whole isolation component has quickly emerged as our new trend.”
The experts weigh in (14:46)
“We really are all in this together.” Laura Davy & Sid Paquette @RMB, encourages businesses to tell their story, be forthright and avoid any surprises. Strategy expert, David Kincaid, confirms Pauls’ value proposition and Dr. Trung Ngo suggests mastering the basics, enabling Paul to navigate future challenges to increase his chances of success.
Tony’s final thoughts (24:17)
Focussing on the narrative, understanding who you are and why you matter. By continuing to enable patients to connect, you can bring them certainty and control. “Nobody wants to walk into a hospital. Nobody wants to stay there. But if you can bring them connectivity, you can bring them certainty and control.”
Links and References
Paul Hemburrow – https://www.linkedin.com/in/paul-hemburrow-4aa11932/
Health Hub Solutions – https://healthhubsolutions.ca/myhealthhub/
David Kincaid – https://www.linkedin.com/in/david-kincaid-125b851/
Level5 Strategy – www.level5strategy.com
Laura Davy – https://ca.linkedin.com/in/laura-davy-cpa-ca-b015401
Sid Paquette – https://www.linkedin.com/in/sidpaquette/
RBC Business page – https://www.rbcroyalbank.com/business/index.html
RBC COVID-19 Financial Relief page – https://www.rbc.com/covid-19/business.html
Future Launch – https://www.rbc.com/dms/enterprise/futurelaunch/index.html
Follow Tony Chapman
By personalizing the stories of small business owners, we take their challenges personally. In each episode, thought leaders provide much needed inspiration, insights, and ideas, to help these heroes get to where they need to go. To learn how RBC is supporting small business, click here.