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#157: Shane Foss: Innovating Healthcare in a Small Population Niche

Healthcare Entrepreneur Academy Podcast

Release Date: 01/21/2021

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OVERVIEW:

Jason A. Duprat, Entrepreneur, Healthcare Practitioner and Host of the Healthcare Entrepreneur Academy podcast speaks with Shane Foss, Founder and CEO of Hooray Health - a health insurance company addressing the needs of the underinsured and uninsured by making health care coverage simple, accessible and affordable. He highlights the importance of finding the right people, networking and evaluating businesses for purchase. Shane also discusses sales and how his experiences have helped him along his entrepreneurial journey. 

 

EPISODE HIGHLIGHTS:

  • Mentoring is important in entrepreneurship. Finding the right people can be hard. Putting yourself out there and finding the right mentor can deliver ROI on your company’s ability to grow. 
  • Shane highlights his time in the military and how this helped him decide to go into sales.
  • Picking the right people is everything, especially when it comes to sales management and general management roles. 
  • Shane’s sales experience taught him the importance of listening. This includes answering the actual question and directly addressing the issue at hand. 
  • Selling a product or providing a service requires full honesty. Providing value to your customers is always the number one priority.
  • Sales is a part of your professional life as an entrepreneur. Trust and invest in your salespeople in order to achieve success.
  • Shane talks about the key characteristics when it comes to hiring salespeople - including the use of Gallup, looking at track records and having good communication skills. Ask them what success looks like  and look for people that aren’t held back by limitations.
  • When it comes to buying businesses, Shane is an expert. His advice? Focus on networking, talking to the right people and finding the courage to create purchase opportunities.
  • When evaluating a business to purchase, keep improvement and growth in mind. Analyze the financials and make sure things are consistent.
  • Shane provides an overview on Hooray Health, including how the company works and  features of the company like fixed pricing and policy starting costs. 
  • The barrier to entry is very low for his product and he’s focused on helping the hourly population.
  • Shane highlights network provider benefits which includes three level reimbursement within seven days. 
  • The focus of Hooray Health is to be part of the solution in healthcare and he’s expanding the national footprint for the company. His focus is on the retail, retirement and food industries.  
  • Shane states many people complain about healthcare and innovation is difficult. His goal is to be innovative in a small population niche. 

 

3 KEY POINTS:

  1. Entrepreneurship is not a walk in the park. Starting out can be tough and finding the right mentor to help guide you towards the right path will reap rewards in the long run.
  2. In sales, and entrepreneurship in general, it’s important to pick the right people, listen and address issues, and value honesty. Selling a product isn’t easy but these pointers will help you create a good foundation for you and your company.
  3. Shane’s advice for anyone who wants to sell or buy a business is networking - talking with the right people and creating opportunities. Look for people who want to retire and sell a business. In most cases, these businesses provide great financial value and are stable and scalable.

 

TWEETABLE QUOTES:

“Sales is sales but there’s a lot more to it than most people think.” - Shane Foss

 

 “As a salesperson, 99% of the time you’re failing. You have to be able to accept failure and what you do with failure is what’ will make you successful.” - Shane Foss

 

RESOURCES MENTIONED:

Shane Foss on Linkedin - https://www.linkedin.com/in/shanefoss

Hooray Health website - https://hoorayhealthcare.com/

Hooray Health on Linkedin - https://www.linkedin.com/company/hoorayhealth?trk=public_profile_topcard-current-company



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