This season of the Powered by Battery podcast features portfolio executives representing companies from various geographies and technology sectors. The views expressed here are solely those of podcast guests, not Battery. If you’re interested in learning more about these companies, or others in the Battery portfolio, you can access more information here.
Selling healthcare technology in the middle of the biggest health crisis in recent memory can create challenges—and opportunities. That’s the current situation facing Redox*, a company that focuses on helping customers more easily integrate, use and share healthcare data.
In this episode of Powered by Battery, we chat with Redox CEO Luke Bonney, who started Redox out of a digital-health incubator in Madison, Wisc. The company’s platform helps independent software vendors use Redox to exchange and integrate more than 10 million patient records per day across 40 electronic-health record systems at healthcare organizations including the Cleveland Clinic and Brigham and Women’s Hospital. In our interview, Bonney discusses how customers are using Redox to help in the fight against COVID-19; how ever-changing healthcare regulations are affecting his business; and how he amasses the information he needs, as a CEO, to lead his company through these times.
- During volatile times, a key role of a tech CEO is to serve as the company’s chief communications officer. Bonney says it’s important for employees to know what a CEO is thinking and how strategy or tactics might be changing. He has recorded more than 15 short videos since the pandemic started and published them to company communications channels to stay in close touch with employees.
- Creating virtual ways for employees to stay connected and motivated while working at home is also critical. At Redox, the company hosts everything from weekly euchre card-playing nights to channels for employees to swap homework advice for kids, or even offer to read another team member’s child a bedtime story.
- There are ways to save money other than layoffs. Bonney reports that his company recently closed co-working spaces and cut out some software and infrastructure costs to run leaner.
- Sometimes, corporate and leadership priorities stay the same during unusual times—though some priorities temporarily become more important. For Bonney, he is still focusing on people, strategy, execution and cash—though conserving cash is a top priority now.
- You never know when government or industry regulations may change, opening new business opportunities. Redox and some of its customers are now benefitting, for example, from the recent shift by some healthcare providers and payers to reimburse for telemedicine visits.
- Surround yourself with people you trust and respect, both at work and in life more broadly. When times get tough, it’s very valuable.
The information provided in this podcast is solely intended for the use of entrepreneurs, corporate CEOs and founders regarding Battery Ventures’ potential financing capabilities for prospective portfolio companies. The information is current as of the date it was published. The contents are not intended to be used in the investment decision making process related to any product or fund managed by Battery Ventures. Battery Ventures provides investment advisory services solely to privately offered funds. Battery Ventures neither solicits nor makes its services available to the public or other advisory clients.
*Redox is a Battery portfolio company. Investments identified above are for illustrative purposes only. No assumptions should be made that any investments identified above were or will be profitable. It should not be assumed that recommendations in the future will be profitable or equal the performance of the companies identified above. For more information about Battery Ventures’ potential financing capabilities for prospective portfolio companies, please refer to our website. For a complete list of portfolio companies, please click here.
Content obtained from third-party sources, although believed to be reliable, has not been independently verified as to its accuracy or completeness and cannot be guaranteed. Battery Ventures has no obligation to update, modify or amend the content of this podcast nor notify its audience in the event that any information, opinion, projection, forecast or estimate included, changes or subsequently becomes inaccurate.