Transcript

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The best business idea you'll see this month is probably sitting in your inbox right now. And you archived it. I know because just a few days ago, I almost did the same thing, too. And then I tried something that cost me the value of just one forwarded email, and by that afternoon I had a full market analysis, three business models ranked by risk, and one catch that the article itself got wrong. And that's the focus on today's episode. One true story, three prompts that you could steal tonight, and a short 10-minute homework assignment. So, let's stick around.

Hey everybody, my name is Dr. Mike Woo-Ming. You here at the podcast for physician and healthcare entrepreneurs, Bootstrap MD. And before I want to get into this story, I want to set up the problem it solves because I think we make misdiagnose this one constantly. You don't have an idea problem. In all my years around physician entrepreneurs, I never met who had an idea problem. Every doctor I know had a notepad full of ideas. That telehealth concept had a few months ago. The device item from a frustrating shift that happened a few months ago. The consulting service you described to your spouse three separate times. And for most part, they're all just sitting there. So, what you have is an execution hours problem. Think about what actually stands between "Wouldn't it be cool if" and a real decision. Somebody has to size up the market. Somebody has to find out who's already done it and what they charge. And somebody has to figure out which parts maybe need an attorney. And it All that time, that's can be 15, 20 hours of unglamorous research. And between your clinic, your call, family, and sleep, those hours probably don't exist in your week. They never have. It wasn't that the ideas weren't bad, it's just they were unexamined. And there's a difference between that, and it should bother you more than it does.

So, here's how it's changed for me in the last year or so. And this is the entire reason for this episode. These execution hours got cheap. Not metaphorically cheap, but actually cheap as in spending those 20 10 to 20 hours of validation research now may cost you 90 seconds it takes to forward an email. Now, I know how that sounds, so instead of me arguing the point, let me just prove it with an email.

Now, before we dive in, I put together what I've called the Physicians AI Chief of Staff Kit. It's the exact system I use to reclaim about 5 hours a week in just 5 minutes a day. I've included the prompts, and it's completely 100% free. You just need to go to this link, thelounge.beehiiv.com. The lounge and beehiiv is spelled b e e h i i v.com. thelounge.beehiiv.com. I'll also include the link in the show notes. Grab it now, and you're going to get one practical AI for physicians idea in your inbox every single week. All right, let's get back into it.

So, last Thursday, I got an email from AMA. I'm not a member of the AMA, but I get the AMA Morning Rounds. It's the AMA Daily News Digest. It's a few curated stories from the medical press. And whether or not a member, you seem to get these as well. And it's exactly the kind of email that probably exists to be ignored or archived. No offense if you're in the AMA. But, they had a really intriguing subject line that I opened up the email. And what they had was a very interesting story. They had a new survey, AMA survey, 2,222 physicians across the US, Canada, and Europe. 97% said they would review health data from their patients' wearables, those watches, those Oura Rings, those continuous glucose monitors, the stuff half your patients already wearing to their appointments. So, 97% of us want to see that data. And the number who actually integrate it into their medical practice was under 6% and that was in every single country that they surveyed. So it goes down from 97% to six. And the article even delves into why this gap exists. So the CEO said Dr. John Whyte said physicians are interested but health systems lack the tools to bring wearable data into their workflows. And in a companion piece he put an even finer point on it. Doctors just have limited time with patients so nobody can spend an appointment digging through someone's phone and apps to make sense of their step counts and their sleep scores. So let's call this what it is. That's not a headline, that's identifying a gap. It's a validated quantified pain point with the failure mode already diagnosed. There's no tools, no time, no workflow. It was surveyed, published, and it was delivered free of charge for every physician inbox in America last Thursday morning. So the AMA actually did us a favor. They did the market research for us. And what did almost every single one of us probably did with that article? Archive it, maybe discuss it during coffee.

But here's what I did instead and I want you to identify how little work that I had to do. I forwarded this article to Claude and Claude is my AI system I use Claude Cowork and I used their new fable five model which just came out. It was out a month ago or a few weeks ago. It was taken out. They were concerned about security issues and they put it on again and I was just basically testing the model again. And I gave it an instruction and I'll give you the shape of it rather than just mentioning word by word. But basically what I did was I my prompt was I said act as a healthcare venture analyst. Here's an article from the morning's AMA briefing. What could a practicing physician build around this gap? I want you to size the market, map who's already in it and I want you to give me three business models and I make sure you show me and your sources. And then I didn't I think about it for a few hours. And then I got busy with my day, just like the rest of you. And here's what I got. Basically, they put together Claude put together a nice PDF, a nice report, which basically showed me three business models, right? Ranked by risk. And I want to kind of walk through all three because I think everyone fits a different listener on this show.

So, the lowest risk is I said, "What could you What could business could I develop on this?" The lowest risk was just a remote patient monitoring service inside your existing practice. So, if you own a practice with a chronic care model, hypertension, heart failure, COPD, diabetes, basically you're just taking patients you're already treating and adding structured monitoring on top. Your staff runs most of it under your supervision. You now suspect around $50 to $100 per patient per month in billable services. So, if you run the math on that on 100 normal patients, you're looking at a low six figures of annual recurring revenue. Layered on visits you're already doing. That's not a moonshot, you're just adding a service line. Now, my clinics I don't take insurance. So, it gave me a second model. The second model was just doing a cash pay wearable review clinic. Where you have a physician actually sit down with you and it takes your Apple Watch data, your Oura Ring, your CGM, and give you real clinical interpretation and a written plan. So, this is like to my audience, the longevity crowd who is lining up for exactly this and paying executive physical prices for less. There's no payer, there's no billing department, there's no bill. Basically, I could set up a landing page this weekend and know within 1 to 2 weeks if there's demand. And then there was a very bootstrap friendly third model which it gave me was a B2B, business-to-business play, where a physician-led service takes that raw wearable data and then turns that into flagged actionable summaries for healthcare systems and employers. Remember what the CEO said. He said his complaint was doctors just don't have time to dig through devices. And that's fine. Be the layer that does the digging. Start a consulting productize the protocol later. So, I thought it was really useful and it gave me again three business models.

What was interesting, too, was in the article they said the problem was regulatory hurdles and quote the lack of insurer reimbursements. And buried in the analysis that came back was really that article was out of date because Medicare already pays for remote patient monitoring. Today we have established billing codes, device setup, device supply, monthly manageable time, and that CMS is expanding those codes this year. So, there's now a code for patients who only transmit data 2 to 15 days a month and a late touch code for shorter management time. So, the the rails aren't coming the rails are already laid down. So, the article said there's no reimbursement, but we found out that reimbursement expanded this year. And if I was a clinic, I would have just read the article at face value and say, "Hey, well, that sounds like a something to do, but I'm not going to get paid for it." What Claude, my AI chief of staff did is, "Hey, there's actually you can actually get paid on this right now." So, that identified something where maybe people or just would have read the article and said, "Oh, that might be something I want to do in 2030, but you can get paid this year based upon that." And that's what separates the entrepreneurs versus the watchpreneurs is, "Wow, you're you can get paid and you can get started, you can get ahead of the competition right now." I also had it flagged for questions an attorney should do before actually touching this was you need to know your is your malpractice exposure if you review wearable data and you miss something, you should be aware of telehealth and supervision rules. Does the wearable data become part of the legal medical record? What happens with HIPAA once consumer data touches your systems? And those And so, what it is is actually posed questions that you can ask your attorney for that.

And again, if you were to take one sentence away from the what I wanted to get across from this episode is that your inbox becomes deal flow to you and your analysis of it really costs you barely anything, may you just the cost of having the cloud do that. Every newsletter that you're subscribed to, the specialty briefing, the market updates, the local business journal, every one of them just could become like a deal flow scout for you for free. And the distance between, "Hey, this is interesting." and a decision-ready brief is now within minutes on there.

I hope you found this episode useful. I want you to start thinking I want you to start looking in into your inbox for potential ideas. And again, I'll mention again, if you want the AI tools and and where I'm digging deeper on it and actually see some of the prompts that I use, I put together what I call the AI Chief of Staff. I think every physician needs a Chief of Staff and you can get it 100% free. Just go to thelounge.beehiiv.com. thelounge.beehiiv.com. So, you know, AI is changing. We did this a few years ago. In 2023, we would ask it a question using ChatGPT, we'd get a generic paragraph, then we close the tab. That version of using AI is over. The current generation finishes the work for you. These agents where you give it a goal, you say what you want, you set up your outcome, and then what it does is it plans a step to get you to that outcome. It does the research across dozens of sources and hands you back a finished thing with citations. It can write your documents, it can actually write your email. It's not a chatbot. And that's how you need to think of it. It's an agent, it's someone who can who works for you, the best hire that you've ever single made, except it's not going out for coffee, it's not going on vacation, it's at your fingertips right now. On this. So, well, maybe you know, maybe you're listening to this right now and you say, "You know what? I'm not really getting into any more ideas right now. I'm already running something. I've got a practice, I've got a med spa, I've got a consulting gig, but I just need to get more business." So, that's fine. Just use the same principle that I talked about. What is your outcome? I want to build my revenue for my my med spa. And then let the system put together the SOPs that the practice management helping you document to get you to your goals on there right now. And the way that I use Claude right now is I just ramble. I just use the built-in voice recognition, I give it a command, and it gives me really final information that I think could be very useful. So, hopefully you got something out of this today. Spending just a few minutes, having something You found something that's of use to you. You've got a deal flow that keeps coming and coming for you. Just remember, there's a few guardrails, make sure you don't have any privacy, health information put into a prompt. Got to be careful of that. These tools are excellent, but you got to verify stuff. I never I always review stuff before it actually gets sent out. I think it's helpful to spot check. Don't use it as an attorney, that should be handled by a professionals, but it can get you to there closer. Nothing in this episode is legal, tax, or investment advice. Start low, start drafting it it earns trust task by task, just like as you're having a new hire, and put it together.

So, as I promised, I want to give you some homework. Not homework, just to get you busy, but you start making I start thinking about all of this stuff in here. So, somewhere in your life there is probably a long document you're probably avoiding. Maybe it's a contract, a a leave, an offering memorandum, a policy update for the hospital that's been sitting flagged in your inbox for months. You know exactly which one it is. It's the one you got I got to get to that email on there. Is feed it into your AI and ask for one page of what matters. And that's it. That's the whole assignment. Just start taking documents and start saving your time. That could probably save you hours right there. So, I hope you found this useful. Remember, just spend a few minutes doing this exercise and I think you're going to be rewarded for it. So, guys, as a entrepreneur, you're going to have your ups and your downs. Do something a little each day to get you closer to your goals and keep moving forward.