Carrot on a Stick: Science & business of health incentives. Michael Dermer, founder of IncentOne.

Michael Dermer is an entrepreneur who is considered the founder of not only a company, but also an industry. He has been featured in Forbes, MSNBC and The Huffington Post. Michael left his job as a New York corporate attorney to fulfill his entrepreneurial spirit when he started IncentOne, the first company to provide financial rewards for healthy behavior. Michael sold his company in 2013 and is considered a pioneer of the health rewards industry. Michael is now a professional speaker, consultant, and coach for start-up businesses and entrepreneurs. He graduated from the Northwestern University School of Law and lives in New York City. Show Notes: -Everyone else uses incentives. Why not health-care? -What compelled Michael to leave his career as a successful mergers and acquisitions attorney for an uncertain future as a start-up founder? -Against all odds. The story and struggle to build IncentOne. -Accidental discovery of a 30min power nap. -How Michael's story and lessons learned can help physicians. -Dealing with self-doubt. Wondering whether the long path is worth it (medical training and entrepreneurship). Feeling alone and isolated. Overcoming a crisis. -Leading a team with strained resources and an unclear future. How can his lessons relate to managing a medical practice? Wining against competition. Surviving the financial crisis. -”Being under pressure is NOT a normal state.” Recognizing, embracing and using pressure. -”Don't evaluate your life in the middle of a fight.”. -IncentOne used powerful data analytics on patient/consumer behavior. This included systems, tactics and incentives to move people towards better health decisions. What insights and advice can Michael provide you when you are struggling to move your patients towards better behaviors (e.g. smoking cessation, weight loss, etc.)? -David and Goliath: Beating the big insurance companies! Michael's struggles with large companies and insurance payers. How small guys can still win. -You can create leverage. How Michael used creativity to uncover his leverage. How to use leverage to win. -Core competence and focus. Evaluating your strengths and delegating to your team. -Embracing what you don't know and being cautious of your own “ego of accomplishment.” -Am I ready to open my own solo practice? I have what it takes to be a good physician but do I have what it takes to be a good entrepreneur? -The Doctor Innovator. Do you have an idea? Michael's advice to you. -Opportunities for innovation today. -Your personal brand is more important today than ever. -Michael's daily habits and routines that fuel his success. -Michael's thoughts on the changing health care environment. His thoughts for the future and consolidation in the health-care space. -”The Lonely Entrepreneur.” How Michael can help you. Links from this Episode: http://innovations.clevelandclinic.org/ http://welltok.com/ www.lonelyentrepreneur.com Learn more about Michael Dermer: www.lonelyentrepreneur.com http://www.forbes.com/sites/johnnosta/2014/04/09/be-healthy-and-get-rewarded-incentives-driving-engagement-in-health-and-wellness/#5a9393067142 http://www.huffingtonpost.com/michael-dermer/be-healthy-and-be-rewarde_b_7890980.html http://www.msnbc.com/your-business/watch/winning-in-as-competitive-market-738760771683