Lessons from Tom Lee, Galileo, Building tech-enabled services from 0 to IPO
Jan 27, 2022
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Vivien interviews Tom Lee, founder of Galileo, One Medical, and Epocrates. They talk about the challenges of starting and running tech-enabled healthcare services. They discuss patient acquisition, differences in target populations, and the role of technology in serving underserved communities.
Tom Lee's entrepreneurial ventures in the healthcare industry have been driven by his desire to make an impact and improve the quality and accessibility of care.
One Medical's success as a tech-enabled primary care provider stemmed from its focus on redefining healthcare services, improving the patient experience, and navigating healthcare regulations.
Deep dives
Tom Lee's Career Journey and Entrepreneurship
Tom Lee, the CEO and founder of Galileo, shares his career journey and entrepreneurial experiences. Initially interested in graphic design and the arts, he eventually pursued medicine due to his passion for helping people. However, he found the business and organization of medicine to be challenging, which led him to explore entrepreneurship. Tom's first startup was Apocrates, a medical reference app launched in 1988, which became the first medical app on Apple's platform. This was followed by his founding of One Medical, a tech-enabled primary care provider, and later, Galileo, a digital-first medical group focused on providing quality healthcare to underserved populations. Tom's entrepreneurial ventures have spanned different sectors within the healthcare industry, driven by his desire to make an impact and improve the quality and accessibility of care.
One Medical: From Idea to Execution
Tom Lee discusses his experience with One Medical, a primary care company he co-founded. He explains that the initial idea for One Medical came from his desire to redefine healthcare services and improve the patient experience. With a focus on urban and commercial markets, One Medical offered a tech-enabled model of primary care. Tom describes the challenges of starting the business, including navigating healthcare regulations and reimbursement systems. He highlights the importance of understanding labor costs and managing a service-oriented business. While it took time to gain traction and funding, One Medical eventually became a successful venture, serving a wide range of patients and attracting tech-savvy investors.
Galileo: Redesigning Healthcare for Underserved Populations
Tom Lee shares his vision for Galileo, a modern medical group he founded with a focus on providing high-quality and affordable healthcare to underserved populations, including those on Medicaid. Galileo is designed to address the limitations of traditional healthcare systems, particularly in reaching last-mile populations. By leveraging digital-first models, Galileo offers virtual primary care as well as in-person components tailored to individual needs. Tom emphasizes the importance of using technology and data to manage chronic conditions, integrate behavioral and social factors into the decision-making process, and improve access to care. Galileo aims to partner with health plans and employers aligned with their mission of providing value-based care and reducing the total cost of care.
Advice for Healthcare Startups and Building New Ideas
Tom Lee shares his insights and advice for healthcare startup founders. He emphasizes the importance of being motivated by making an impact and having a mission-driven mindset. While financial success is valuable, focusing on creating meaningful change is essential in the healthcare industry. Tom also highlights the need for financial sophistication and understanding the complex nature of large enterprises within healthcare. He suggests leveraging existing expertise and assets while considering what problem the startup solves, who the real customer is, and what the specific business solution is. Tom encourages entrepreneurs to be deliberate, strategic, and disciplined in their approach, focusing on product-market fit and understanding the motivations and landscape of the healthcare industry.
In this episode, Vivien interviews Tom Lee, Founder of Galileo, One Medical and Epocrates. Tom is currently the CEO and founder of Galileo, a modern medical group committed to making quality health care affordable and accessible to all.
Galileo raised a Series C round from Foresight Capital, with previous investors including Oak HC/FT, Redpoint, and DNA Capital. Prior to Galileo, Tom also founded One Medical, a national leader in tech-enabled primary care that went public in 2020 and Epocrates, a medical reference app still widely used today. On top of all this, Tom is also a board certified internist who completed training at Harvard's Brigham and Women's Hospital.
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