713: You'll Never Guess What Salary They Gave Up To Launch Their Startup

Ryan Hungate. He’s the co-founder of Simplifeye, it’s the number one technology experience for healthcare providers, patients and their businesses. The company’s platform of software solution health care providers improve productivity, efficiency and profitability. Ryan is an orthodontist and previous Apple retail strategist and Zach is a previous founder and Wall Street alum with a background in Tech MNA.

Famous Five:

Favorite Book? – The Lean Startup (Zach) What CEO do you follow? – N/A Favorite online tool? — Calendly How many hours of sleep do you get?— 5 (Zach) 3 (Ryan) If you could let your 20-year old self, know one thing, what would it be? – “How difficult business can actually be”

 

Time Stamped Show Notes:

01:11 – Nathan introduces Ryan and Zach to the show 01:54 – Ryan’s dad was a doctor 03:00 – Simplifeye tries to make doctors’ lives easier 03:28 – Simplifeye provides the patients’ information before they walk in during checkups 04:03 – Ryan and Zach are VC buddies 04:07 – They’ve raised money from their hedge fund friends 04:12 – They applied at AngelPad 04:35 – Simplifeye was a halfway project and they thought it would be big 04:52 – it was in 2015 when they got into AngelPad 05:02 – Zach gave up hundreds of thousands in a salary when he joined Simplifeye 05:14 – Ryan gave up his $500K salary 05:34 – They rationalize building a startup by getting validation from different capital companies 06:01 – They also know that they can be in every doctor’s office 06:17 – Simplifeye has raised $3.5M 06:24 – Angelpad’s terms 06:50 – It was September 2015 when Ryan and Zach came out to NY and ended up coming out with AngelPad strong 07:21 – Simplifeye’s customers are healthcare practitioners who pay on a monthly basis 07:25 – Simplifeye tries to involve everybody—to teams of doctors, nurses, dentists and others 08:18 – Average pay is $2400 a year 08:39 – Expansion revenue is based on the size of the practice 09:08 – Simplifeye is also HIPAA compliant chat 09:28 – Simplifeye started with the Apple watch 10:00 – Nathan had Laurence Girard on Episode 575 who talked about the HIPAA compliant chat 10:16 – Being HIPAA compliant is a huge advantage for you 10:20 – Doctors communicate with each other in an insecure manner 10:35 – The limited standard 10:56 – Doctors will pay a fee if they break the standard 11:29 – Simplifeye always tries to be transparent 11:46 – Having Simplifeye can make doctors feel better in their daily processes 11:53 – Simplifeye just passed 1000 office signups 12:03 – MRR 12:44 – Simplifeye has 90% annual retention 13:24 – Team size is 13 14:42 – The Famous Five

 

3 Key Points:

Doctors feel more comfortable using HIPAA compliant products and services. You have to trust your product in order to take that leap from the corporate world. Enjoy what you’re doing and believe that you WILL be successful.

 

Resources Mentioned:

The Top Inbox – The site Nathan uses to schedule emails to be sent later, set reminders in inbox, track opens, and follow-up with email sequences Klipfolio – Track your business performance across all departments for FREE Hotjar – Nathan uses Hotjar to track what you’re doing on this site. He gets a video of each user visit like where they clicked and scrolled to make the site a better experience Acuity Scheduling – Nathan uses Acuity to schedule his podcast interviews and appointments Host Gator– The site Nathan uses to buy his domain names and hosting for the cheapest price possible Audible– Nathan uses Audible when he’s driving from Austin to San Antonio (1.5-hour drive) to listen to audio books

Show Notes provided by Mallard Creatives