Watch the video recording of this interview on Youtube
This week’s episode of Funding & Disrupting presented by Oura Collective welcomes Sanjay Prasad. He is a brilliant surgeon with over 30 years of experience and the Founder & CEO of SurgiQuality. Sanjay is also an Assistant Professor at George Washington University and an Author. With so much knowledge and expertise, Sanjay always looks for ways to achieve more than himself.
Keith interviews Sanjay Prasad to know more about his unique healthcare platform named SurgiQuality.
What led to the idea of SurgiQuality?
In the interview, Keith Herman asks Sanjay about his observations in regards to surgeries these days. Sanjay candidly shares how most people are not much aware of the right surgeries. He talks about how people undergo some surgeries that they never needed. Also, some people connect to surgeons who rarely offer the best outcomes. These patients often develop complications and need even more surgeries. Sanjay feels that the healthcare sector needs more accountability today. Did you know 15-25% of surgical procedures performed today are unnecessary?
When Keith asks Sanjay Prasad how he came up with the idea of SurgiQuality, Sanjay shares his passion for enhancing the medical industry. He tells how SurgiQuality did not happen overnight. Sanjay practiced for 30 years and started a surgery center in 2007. It was during this time that he realized that they have an entire market in this field. However, he felt the quality of work was missing. Sanjay thought, “How do patients get to the right surgeon who has the best outcomes?” and it is where the idea of SurgiQuality came.
How SurgiQuality works?
To get a deeper insight into the platform, Keith Herman asks Sanjay about the primary problems that SurgiQuality solves. Sanjay shares that the prime problem SurgiQuality disrupts and improves drastically is getting referrals from primary-care physicians to surgeons. Most of the time, primary doctors do not have the best information about the surgeons. It is where SurgiQuality helps primary doctors with referrals.
Keith further asks Sanjay Prasad to elaborate on how SurgiQuality works. Sanjay candidly and precisely explains the process. He tells how a patient goes to the doctor and maybe advised by the doctor to see a surgeon, but doesn’t know who will be the right surgeon for them. It is where SurgiQuality comes in. It takes data like gathering medical reports and imaging and sends it to multiple surgeons. The surgeons have to be board-approved. These reports get evaluated, and surgeries or alternatives are offered by the surgeons. Upon evaluation, the patient or primary doctor provides a list of surgeons best for the specific surgery.
According to Sanjay, everyone wins with the use of SurgiQuality. Patients get the best surgeons, and the quality of surgery improves. The surgeons get the patients in their area of interest and expertise. Moreover, primary doctors can give better referrals. So, it is a win-win for all.
How did the funding process go?
In the next segment, Keith asks Sanjay Prasad about the partnerships and the funding method followed by SurgiQuality. Sanjay shares that SurgiQuality has partnered with over 30,000 surgeons in 50 states. They have contacts with 300 surgery centers and hospitals.
Talking about funding, Sanjay shares how he started the idea in 2014 with a small team of people. He also mentions how he invested heavily into it. The fascinating thing is that SurgiQuality raised 2.4 million in the seed round itself. The considerable contributions were from family and friends. Today, SurgiQuality is in series A-round and raising 5 million. Keith inquires from Sanjay how SurgiQuality will use these funds. Sanjay openly discusses his plan on investing in sales, marketing, and customized technology for SurgiQuality.
Sanjay also talks about what they look for in an ideal investor. He tells how they are open to individual investors, family funds, or even investment banks. However, Sanjay needs someone with a robust distribution channel as it will be monumental. Sanjay also talks about partnering with VC firms that bring contacts, and connections.
Life-changing Advises for Patients & Professionals
Keith knows Sanjay Prasad to be a dedicated and hard-working surgeon. Keith asks Sanjay what motivates him to achieve more than himself. Sanjay beautifully tells how thoughts like ‘What legacy you’ve left behind or ‘How you’ve made the world better’ motivate him to lift the healthcare sector.
Sanjay Prasad shares his honest advice for patients looking for surgeons. He asks people not to feel overwhelmed in the name of surgery, believes if the surgery is not urgent, patients should pause, breathe, and rethink. He asks people to understand the problem first, aggregate information, and ask tough questions. You should ask your doctor why you need surgery or what are the alternatives to getting surgery.
Sanjay also asks medical professionals to follow their passion. He asks young medical professionals to take a chance if they are passionate about bringing change to the healthcare industry. In the end, he says perseverance and passion drive people to success.
Podcast Story Notes
- What motivates Sanjay?
- Experience & observations in surgeries
- Problems solved by SurgiQuality
- Who can benefit?
- Partnerships & Funding
- Advice for transforming healthcare