Key Learnings From Dan’s Experience
- Partnerships are essential for growth in the healthcare industry. Focus on building strategic alliances that leverage both your core competencies and those of your partners. Prioritize long-term, win-win collaborations over short-term gains. Be selective when choosing partners, and don't hesitate to walk away from deals that don't align with your long-term goals.
- If you’re disrupting a market, early adopters are your life vest, but they are not enough. Work closely with them to demonstrate the value and ROI of your offering while further proving its outcomes through clinical studies. Gather robust data to convince larger stakeholders and secure wider coverage.
- Healthcare has been slowly shifting from a fee-for-service model to a fee-for-value model. When introducing novel solutions, it’s important to understand the incumbents, key stakeholders, and the flow of funds. To build a venture that generates long-term value, be selective with your investors, support risk-based agreements where payment is tied to patient outcomes instead of a one-time service, and make sure you clearly demonstrate the ROI of your solution.
“Everyone is impacted by cancer to some degree,” says Dan Nardi. Unfortunately, a cancer diagnosis is often a turning point where patients are often required to visit hospitals frequently for a demanding treatment journey. Dealing with the commute and parking before the entire process of chemotherapy adds to the overall exhaustion caused by both the disease and its treatment. But what if quality cancer care could be delivered in the comfort of patients’ homes? That’s the vision driving Reimagine Care, the industry's first virtual cancer center.
Dan brings over two decades of experience in healthcare IT and digital health to his role as CEO at Reimagine Care. Reimagine Care’s solution is two-pronged: symptom management and at-home cancer treatment encompassing oral oncolytics for patients and a few therapies that can safely be delivered at home, especially during times when a hospital visit would be unnecessary. “Patients going through the cancer journey deserve the highest quality care in the comfort of their own home, around the ones they love, and doing more of what they enjoy,” Dan says.
The platform includes an AI-based virtual assistant and a comprehensive suite of tools as well as oncology-trained nurses, advanced practice providers, and a medical director. Patients can use the AI-based chatbots, or reach a medical professional through text messaging, phone calls, and video calls to ask questions and get support. Reimagine Care reports 97% of symptoms resolved without patients leaving their home. This does not only extend high-quality care beyond the clinic into the patients’ homes, but also reduces financial and time burdens on patients and their caregivers.
Dan believes they have achieved product-market fit. The company has partnered up with healthcare systems, community practices, and academic medical centers – “basically any team that is currently providing care and treatment for cancer patients,” he explains. Currently, Reimagine Care has paying customers like City of Hope, Center for Cancer and Blood Disorders (CCBD) in Dallas, Memorial Hermann, and the University of Colorado. They are also a founding member of CancerX, a public-private partnership to support innovation in the fight against cancer.
Looking ahead, the next 12 months for Reimagine Care will be about forging new partnerships and supporting more cancer patients.
Dan Nardi, CEO of Reimagine Care, has over two decades of experience in healthcare IT and digital health. Before Reimagine, he served as COO of Carrum Health, where Dan focused on value-based care and oversaw operations, including care delivery and growth. He also played a key role in scaling Livongo from 13 employees to its IPO as Vice President of Operations.
How to Find the Right Partners for Your Startup
If you check out Reimagine Care’s recent press release, you’ll see a cohort of big partners, whether it's VCs, customers, or partnerships within the broader ecosystem. Dan is quick to acknowledge the need for cooperation when it comes to the business of healthcare. “Whether you're a founder just getting off the ground or joining an A, B, C round company, you're never going to be able to do it all on your own.” In Reimagine Care's case, to bring cancer care treatment to homes, he knows that he has to work with a network of partners.
Dan also makes a note on developing core competencies vs. outsourcing or delegating. According to him, as the company grows, you may want to be intentional about bringing more capabilities in-house. But in the early stages of a company, it’s not the best idea to build out every function internally. For that, he champions partnerships over outsourcing.
To find a partnership that’ll truly bring value, you first need to identify your company's unique identity and strengths. What do you want to own? What do you want to be known for? What sets you apart? What are your core competencies? Dissect everything and evaluate your position in the market. Dan says, “That's where my engineering background comes in. We take all the pieces apart and start thinking about whether there's someone already doing it really well. If so, let’s go partner with them.” Answering these questions will show you where to deploy resources and efforts. By leaning on your strengths and leveraging your areas of expertise, you can create core competencies that stand out, allowing you to truly differentiate your startup, and ultimately, get to market faster and stronger.
However, successful partnerships require careful planning. It's tempting to focus on short-term gains when forming relationships, but you need to approach partnerships as true collaborations rather than client-vendor transactions. “If you end up with a great deal but your partner can’t succeed, then your whole thing is going to fall apart. You have to make sure that it's a win-win for everyone involved,” Dan says.
It might be tempting to focus on big, high-profile customers, especially when you need the revenue. But as you get to know them better, you may not necessarily want to renew the contract at the end of the term. “It’s always great to have 100% client retention, but it's okay if you lose a couple of clients for the right reasons.” Dan suggests. His advice is to partner up with those who are willing to collaborate, provide feedback, and who genuinely believe in your mission.
He also adds, “I've learned to appreciate saying, ‘Yes, we could make money on that deal, but it won't be good for us in the next 12 months.’” Sometimes it's better to say no to something, even if it means sacrificing some short-term gains.
Convincing Stakeholders on Your Novel Approach
Dan believes Reimagine Care has achieved product-market fit. However, despite the digitalization trend, the service they are providing – at-home virtual cancer care – is still unorthodox to most people in healthcare. While some are enthusiastic about it, others are skeptical.
When you’re disrupting the workflow in any way, finding early adopters – people who are innovative and are willing to work with you on your mission – is paramount. But how do you convince them?
For example, Reimagine Care has partnered up with the University of Colorado Anschutz Medical Campus to provide home-centered care to bone marrow transplant (BMT) patients. The institute is also an investor of Reimagine Care. Their first findings were published at the ASH conference in November 2023 and the team continues to build upon that early work.
“Your future client base is going to need a lot of data before they say yes, sign on, and start paying you for what you're delivering,” Dan reflects. There are early adopters in every industry. What you need to do is to find those who are open to innovation, collectively establish a win-win relationship, prove clinical outcomes, and learn along the way. He adds, “You’ve got to find the right client partners to work with as you establish traction.”
If your product makes sense, you might convince some innovative spirits to become early adopters who might even be willing to pay for it, and this grants you some initial credibility. But as you reach more traction, product-market fit, and scale, you'll start getting pushback from larger systems and stakeholders.
As you see commercial uptake, it’s important to keep in mind that you'll have to eventually present outcomes around both efficacy and cost savings. Dan shares, “If we're asking health systems to take a chunk of their already-tight budget and put it towards our program, we have to provide data.”
Even if you shake hands with some early adopters, you need to work on establishing traction through clinical trials and studies. That’s how you secure partnerships with big players in the industry and secure reimbursement, which is a critical asset in disrupting the healthcare system.
Follow the Flow of Funds
When introducing new solutions, you're going to disrupt incumbents. For that reason, understanding the flow of funds and whose cheese you're biting into is essential. There are so many stakeholders in healthcare, like physicians, hospitals, employers, and payers. "We can't just have a great idea; we need proof and a strong understanding of unit economics," says Dan.
“Healthcare is slowly shifting from fee-for-service to fee-for-value. It’s a slow shift, but we’re getting there,” Dan observes. In this model, risk-based agreements, where payment is tied to patient outcomes, get the most attention.
Reimagine Care’s business model is to work directly with providers who pay for their virtual cancer care services. "We work with them very closely so they understand the ROI they're getting back," says Dan. So, he makes sure providers see tangible benefits from day one. How? By demonstrating workforce optimization and increased patient volumes. This strategy has proven to be successful for Reimagine Care so far, and their near-term plan is to keep building on it. As Reimagine Care gains more traction in certain geographies, Dan aims to bring the company together with providers and payers to create new risk-based arrangements and handle funds collectively.
Regarding fundraising, Dan has a clear strategy: "Really know your business.” Being picky and choosing investors strategically hold immense importance. "Be targeted and focused. If you're adding someone to the cap table, be thoughtful about the value they'll bring to you and the business moving forward." This means you also need to have the confidence to decline funding opportunities when they don't fit your long-term vision – even if it means financial strains in the short term. "Being mindful of your investors and finding a good strategic fit adds much more value than just the capital," he concludes.
Key Learnings From Dan’s Experience
- Partnerships are essential for growth in the healthcare industry. Focus on building strategic alliances that leverage both your core competencies and those of your partners. Prioritize long-term, win-win collaborations over short-term gains. Be selective when choosing partners, and don't hesitate to walk away from deals that don't align with your long-term goals.
- If you’re disrupting a market, early adopters are your life vest, but they are not enough. Work closely with them to demonstrate the value and ROI of your offering while further proving its outcomes through clinical studies. Gather robust data to convince larger stakeholders and secure wider coverage.
- Healthcare has been slowly shifting from a fee-for-service model to a fee-for-value model. When introducing novel solutions, it’s important to understand the incumbents, key stakeholders, and the flow of funds. To build a venture that generates long-term value, be selective with your investors, support risk-based agreements where payment is tied to patient outcomes instead of a one-time service, and make sure you clearly demonstrate the ROI of your solution.
“Everyone is impacted by cancer to some degree,” says Dan Nardi. Unfortunately, a cancer diagnosis is often a turning point where patients are often required to visit hospitals frequently for a demanding treatment journey. Dealing with the commute and parking before the entire process of chemotherapy adds to the overall exhaustion caused by both the disease and its treatment. But what if quality cancer care could be delivered in the comfort of patients’ homes? That’s the vision driving Reimagine Care, the industry's first virtual cancer center.
Dan brings over two decades of experience in healthcare IT and digital health to his role as CEO at Reimagine Care. Reimagine Care’s solution is two-pronged: symptom management and at-home cancer treatment encompassing oral oncolytics for patients and a few therapies that can safely be delivered at home, especially during times when a hospital visit would be unnecessary. “Patients going through the cancer journey deserve the highest quality care in the comfort of their own home, around the ones they love, and doing more of what they enjoy,” Dan says.
The platform includes an AI-based virtual assistant and a comprehensive suite of tools as well as oncology-trained nurses, advanced practice providers, and a medical director. Patients can use the AI-based chatbots, or reach a medical professional through text messaging, phone calls, and video calls to ask questions and get support. Reimagine Care reports 97% of symptoms resolved without patients leaving their home. This does not only extend high-quality care beyond the clinic into the patients’ homes, but also reduces financial and time burdens on patients and their caregivers.
Dan believes they have achieved product-market fit. The company has partnered up with healthcare systems, community practices, and academic medical centers – “basically any team that is currently providing care and treatment for cancer patients,” he explains. Currently, Reimagine Care has paying customers like City of Hope, Center for Cancer and Blood Disorders (CCBD) in Dallas, Memorial Hermann, and the University of Colorado. They are also a founding member of CancerX, a public-private partnership to support innovation in the fight against cancer.
Looking ahead, the next 12 months for Reimagine Care will be about forging new partnerships and supporting more cancer patients.
Dan Nardi, CEO of Reimagine Care, has over two decades of experience in healthcare IT and digital health. Before Reimagine, he served as COO of Carrum Health, where Dan focused on value-based care and oversaw operations, including care delivery and growth. He also played a key role in scaling Livongo from 13 employees to its IPO as Vice President of Operations.
How to Find the Right Partners for Your Startup
If you check out Reimagine Care’s recent press release, you’ll see a cohort of big partners, whether it's VCs, customers, or partnerships within the broader ecosystem. Dan is quick to acknowledge the need for cooperation when it comes to the business of healthcare. “Whether you're a founder just getting off the ground or joining an A, B, C round company, you're never going to be able to do it all on your own.” In Reimagine Care's case, to bring cancer care treatment to homes, he knows that he has to work with a network of partners.
Dan also makes a note on developing core competencies vs. outsourcing or delegating. According to him, as the company grows, you may want to be intentional about bringing more capabilities in-house. But in the early stages of a company, it’s not the best idea to build out every function internally. For that, he champions partnerships over outsourcing.
To find a partnership that’ll truly bring value, you first need to identify your company's unique identity and strengths. What do you want to own? What do you want to be known for? What sets you apart? What are your core competencies? Dissect everything and evaluate your position in the market. Dan says, “That's where my engineering background comes in. We take all the pieces apart and start thinking about whether there's someone already doing it really well. If so, let’s go partner with them.” Answering these questions will show you where to deploy resources and efforts. By leaning on your strengths and leveraging your areas of expertise, you can create core competencies that stand out, allowing you to truly differentiate your startup, and ultimately, get to market faster and stronger.
However, successful partnerships require careful planning. It's tempting to focus on short-term gains when forming relationships, but you need to approach partnerships as true collaborations rather than client-vendor transactions. “If you end up with a great deal but your partner can’t succeed, then your whole thing is going to fall apart. You have to make sure that it's a win-win for everyone involved,” Dan says.
It might be tempting to focus on big, high-profile customers, especially when you need the revenue. But as you get to know them better, you may not necessarily want to renew the contract at the end of the term. “It’s always great to have 100% client retention, but it's okay if you lose a couple of clients for the right reasons.” Dan suggests. His advice is to partner up with those who are willing to collaborate, provide feedback, and who genuinely believe in your mission.
He also adds, “I've learned to appreciate saying, ‘Yes, we could make money on that deal, but it won't be good for us in the next 12 months.’” Sometimes it's better to say no to something, even if it means sacrificing some short-term gains.
Convincing Stakeholders on Your Novel Approach
Dan believes Reimagine Care has achieved product-market fit. However, despite the digitalization trend, the service they are providing – at-home virtual cancer care – is still unorthodox to most people in healthcare. While some are enthusiastic about it, others are skeptical.
When you’re disrupting the workflow in any way, finding early adopters – people who are innovative and are willing to work with you on your mission – is paramount. But how do you convince them?
For example, Reimagine Care has partnered up with the University of Colorado Anschutz Medical Campus to provide home-centered care to bone marrow transplant (BMT) patients. The institute is also an investor of Reimagine Care. Their first findings were published at the ASH conference in November 2023 and the team continues to build upon that early work.
“Your future client base is going to need a lot of data before they say yes, sign on, and start paying you for what you're delivering,” Dan reflects. There are early adopters in every industry. What you need to do is to find those who are open to innovation, collectively establish a win-win relationship, prove clinical outcomes, and learn along the way. He adds, “You’ve got to find the right client partners to work with as you establish traction.”
If your product makes sense, you might convince some innovative spirits to become early adopters who might even be willing to pay for it, and this grants you some initial credibility. But as you reach more traction, product-market fit, and scale, you'll start getting pushback from larger systems and stakeholders.
As you see commercial uptake, it’s important to keep in mind that you'll have to eventually present outcomes around both efficacy and cost savings. Dan shares, “If we're asking health systems to take a chunk of their already-tight budget and put it towards our program, we have to provide data.”
Even if you shake hands with some early adopters, you need to work on establishing traction through clinical trials and studies. That’s how you secure partnerships with big players in the industry and secure reimbursement, which is a critical asset in disrupting the healthcare system.
Follow the Flow of Funds
When introducing new solutions, you're going to disrupt incumbents. For that reason, understanding the flow of funds and whose cheese you're biting into is essential. There are so many stakeholders in healthcare, like physicians, hospitals, employers, and payers. "We can't just have a great idea; we need proof and a strong understanding of unit economics," says Dan.
“Healthcare is slowly shifting from fee-for-service to fee-for-value. It’s a slow shift, but we’re getting there,” Dan observes. In this model, risk-based agreements, where payment is tied to patient outcomes, get the most attention.
Reimagine Care’s business model is to work directly with providers who pay for their virtual cancer care services. "We work with them very closely so they understand the ROI they're getting back," says Dan. So, he makes sure providers see tangible benefits from day one. How? By demonstrating workforce optimization and increased patient volumes. This strategy has proven to be successful for Reimagine Care so far, and their near-term plan is to keep building on it. As Reimagine Care gains more traction in certain geographies, Dan aims to bring the company together with providers and payers to create new risk-based arrangements and handle funds collectively.
Regarding fundraising, Dan has a clear strategy: "Really know your business.” Being picky and choosing investors strategically hold immense importance. "Be targeted and focused. If you're adding someone to the cap table, be thoughtful about the value they'll bring to you and the business moving forward." This means you also need to have the confidence to decline funding opportunities when they don't fit your long-term vision – even if it means financial strains in the short term. "Being mindful of your investors and finding a good strategic fit adds much more value than just the capital," he concludes.
