Podcast Episode 60 – Medical Innovation for Entrepreneurs, Investors, and Especially the “Average Physician” – Dr. Lance Black (3ive Labs)
Episode 60 – My guest on the podcast today is Lance Black. He’s the outgoing Associate Director for Innovation of the Texas Medical Center, now Senior Medical Director for 3ive Labs. This conversation really took me by surprise. He’s a world-class expert on medical innovation, but what I found surprising was how many facets of medical innovation are open to the average physician, whether that’s through developing a medical device, coming up with a non-medical innovation that helps your administrative costs and clinical efficiency, or investing in medical innovation startups.
No kidding, I really think you’re going to enjoy this. I learned a ton, and the conversation really helped me see through some different aspects of medical innovation that I’m actually excited to get into. I hope this conversation inspires you to go out and set the world on fire (metaphorically speaking). What idea do you have that is just waiting to be unleashed?
For today’s free resource, I’m giving you a free guide to help you create one small change that will yield big results. It’s called, “Creating a One-Liner that Will Kickstart Your Business’ Growth.”
The one-liner is the key to getting started with clarifying your marketing message. Here’s my one-liner: Most physicians and dentists come out of training with a huge amount of personal debt and little to no idea of how to actually start a clinical practice. The Scope of Practice is the place where you can go to get the resources you need to help you learn to manage your business more successfully and master your personal finances so you can have the successful career and financial independence you deserve.
This is a 3 step guide to creating a powerful one-liner for physicians that attracts and retains more customers. You can download it for free by clicking here.
Check out the additional free resources available at The Scope of Practice!
- Business management resources
- Personal finance resources
- Podcasting resources
- Recommended online courses
- Recommended books
Meet Dr. Lance Black (3ive Labs)
Connect to Dr. Lance Black and 3ive Labs
- 3ive Labs website – https://3ivelabs.com/
- TMC Innovation website – https://www.tmc.edu/innovation/
- LinkedIn – https://www.linkedin.com/in/lance-black-md-mbid-511ba147
- Twitter – @lancemblack
Most physicians and dentists come out of training programs with a huge amount of personal debt and little to no idea of how to actually run a clinical practice. This Facebook community is for anyone who wants to learn more about how to manage their business more successfully and master their personal finances.
The Doctor Podcast Network is a group of physician and physician family podcasters with incredible messages to share with physicians. I’m incredibly excited to be a founding member of the organization. We are a large and growing network with incredible outreach.
We podcast about any and all topics that are important to physicians and their families including:
- Financial wellness
- Business mastery and leadership
- Marriage and family support
- Real estate
- and much more!
Click here and come check out the great podcasts that are a part of the network. If you’re thinking about starting a podcast, we’d love to have you join us! Help us reach out to physicians all over the world!
- How to build and implement a successful long-term finance strategy
- How to budget effectively without going crazy
- What to do in order to get you and your spouse on the same page with your finances
- Writing a resume
- How to find the right practice to join
- Or anything else related to business or personal finance
I’d love to help you so you can have the successful career and financial freedom you deserve. Just click here and email me to set up a free consultation to determine if one-on-one coaching is right for you.
I’ve coached hundreds of families to eliminate millions of dollars in debt and get their finances on track, and I’d love to help you do the same so you feel safe knowing your career and personal finances are as strong as you want them to be.
- 00:00 – Introduction to the episode
- 01:32 – Subscribe to the podcast, and please share it with someone!
- 02:30 – This week’s sponsor is Physician Financial Services.
- 03:10 – Introduction to Dr Lance Black.
- 04:14 – Let’s meet Dr. Lance Black, senior medical director for 3ive Labs.
- 05:32 – What does 3ive Labs do, and what does medical innovation look like in 2021?
- 06:56 – Medical innovation doesn’t just include medical devices and new pharmaceuticals. Dr. Lance Black and 3ive Labs look at pain points for medical offices too, like scheduling patients and reducing patient no-show rates.
- 09:14 – The possibilities for medical innovation are limitless, says Dr. Lance Black.
- 10:54 – Medical innovation is driven out of us in medical training. 3ive Labs and other innovative companies are trying to give that back to physicians.
- 11:39 – What was it that kept Dr. Lance Black focused on medical innovation?
- 14:11 – Is the tendency toward conformity driving the physician burnout epidemic?
- 16:49 – Does medical innovation start with trying to solve a problem for someone? Dr. Lance Black and the team at 3ive Labs think so, but that may look different for different people.
- 19:34 – Where do we start with trying to solve a problem for someone? Do we start by just searching on the internet?
- 21:54 – Use your network!!
- 25:14 – What opportunities are out there for someone who isn’t a designer or innovator but still wants to be involved in medical innovation?
- 27:54 – Physicians have expertise that engineers, innovators, and developers value and seek.
- 30:32 – Let’s talk about the investment side of medical innovation! How do you pick a good deal? How do you know which project is going to succeed?
- 36:54 – Angel investing could be an opportunity to get involved in medical innovation when you don’t have a lot of money yet.
- 38:31 – As an innovator, how would I try to get money to help me get started? What strategies do Dr. Lance Black and 3ive Labs recommend?
- 41:34 – How do I take my minimum viable product and get it into the hands of consumers?
- 46:22 – What is Dr. Lance Black doing now with his new project at 3ive Labs?
- 48:44 – Anyone interested in medical innovation should connect with Dr. Lance Black and 3ive Labs to get started.
- 50:10 – Summary of the episode
- 50:48 – This week’s free resource is a guide called “Creating a One-Liner that Will Kickstart Your Business’ Growth.”
- 52:04 – Signing off!
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