Nashville is a city built on healthcare, so it’s not surprising we see a lot of healthcare startups come out of it.
Healthcare MarketMaker is trying to become the “Zillow for healthcare transactions.” Essentially, they are building a marketplace for doctors and dentists looking to sell their practices.
This is one of those solutions you just won’t find in Silicon Valley. Read more about Healthcare MarketMaker in our Q&A below:
Healthcare MarketMaker is empowering healthcare buyers and sellers. Think Zillow for the healthcare transaction space.
What’s your big idea?
Healthcare MarketMaker provides online comprehensive marketplace technologies to healthcare buyers and sellers. Healthcare MarketMaker is the solution for originating and closing medical and dental practice transactions. Healthcare MarketMaker also offers specific transaction and marketing services for physicians, practice brokers, equipment brokers and other transaction vendors to ensure the best service and efficiency. Healthcare MarketMaker is an early stage company founded in 2013 and is currently in residence at the Nashville Entrepreneur Center.
What’s the story behind your idea?
After spending 20 years in the healthcare transaction space, working for companies like HCA, Ernst & Young and others, I realized that deals were still being originated and completed without technology enablement. There did not exist a robust healthcare transaction platform. Healthcare MarketMaker is that agnostic, cloud based SaaS platform.
The key to our marketing is the depth and positioning of our strategic partnerships. We believe in creating exclusive partnerships with specific subspecialty associations in each market. For example, partnering with chiropractic associations in each state will enable us to create more value for the association members while offering a means to increase membership levels for the associations. We also enrich associations’ value by providing content about the marketplace in their annual meetings, newsletters, and other communications.
Our practice broker partnerships also enjoy early and qualified lead origination as our platform identifies active physician buyers and sellers vis-a-vis the association relationship. When a physician may be looking to buy or sell a practice, he may look for guidance from his state association.
Currently, the healthcare market is being disrupted by two very large macro drivers. We have an aging physician population in the US. Over 33% of physicians, or approximately 400,000 physicians, are aged 55 or older. These physicians will be looking to retire and exit their practices in the next ten years. Also, the Affordable Care Act has increased vertical and horizontal integration in the provider space. Sole proprietors are selling to hospitals and large multispecialty groups in an effort to create scale to combat downward pricing pressures and compliance requirements. Therefore, the number of healthcare transactions is continuing to accelerate. The size of the US market is approximately $29 billion annually.
Who are the founders?
As I mentioned, I founded HCMM after in 2013 after continuing to hear physicians and dentists in the marketplace indicate a need for help in sourcing a good partner to help them buy or sell their practice. We’ve built strong Executive and Advisory Boards to help us in this crucial developmental stage.
Where are you located?
We are currently based out of the Nashville Entrepreneur Center, not only a great resource for the regional start-up community but for the larger business and creative communities.
What’s the startup scene like there?
The startup scene has really exploded in Nashville in the last 5 years. The resources available to entrepreneurs are more easily found and the local community with regard to vendors who understand the needs of startups has grown more sophisticated. HCMM tries to use local vendors specializing in startup services. For example, we’ve use CentreSource to develop a product demo that we use daily as our electronic business card. Also, we’ve used Ethos3 for pitch deck development.
What milestones have you reached?
We recently signed an LOI with Alliant Capital Advisors, the largest business broker in the Southeast. Also, we raised our initial seed capital and have begun our beta platform development with Objectstream.
What are your next milestones?
To continue to develop more relationships with practice brokers and medical and dental associations. We are also raising additional capital to hire the right tech co founder and stand up the market ready product.
Where can people find out more?
Please follow Healthcare MarketMaker on LinkedIn or our landing page at marketmakerinc.com.