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No.1 Mistake: Giving up
Today's Entrepreneur is Matthew Nicholson, Co-founder of Digital Medical. Hospitals and ambulatory centers lose an average of $330 million per month in revenue, due to lost surgical equipment. There is also an average of 9 million surgical procedures cancelled each year due to scheduling errors, costing $225 billlion in revenue, that's where Digital Medical comes in. Digital Medical developed a platform that streamlines the process, allowing facilities to alert vendors of upcoming surgical cases, reduce scheduling errors and missed case deliveries, track equipment throughout the delivery, sterilization, and surgical process, and reduce lost equipment penalties and accountability errors.
Nicholson self-motivated, team player, tech enthusiast and passionate about healthcare. He enjoys watching projects become reality. He went to Missouri Southern last 2009 for his degree in Marketing.
Digital Medical self-categorizes in these areas: Health Tracking Tools Healthcare Healthtech Mobile health Data analytics
Here's a little about Nicholson:
Companies I've founded or co-founded: Digital Medical
Companies I work or worked for: Johnson & Johnson
Achievements (products built, personal awards won): Loaner Tray Management, Sales Rep of the year for Johnson & Johnson
If you are an entrepreneur, why? We are always trying to think of the next best thing, I try and create simple tools for everyday use.
My favorite startups: Uber, Favor, Dolly, Jet, PillPack
What's most frustrating and rewarding about entrepreneurship/innovation? Testing a product is always the most frustrating, but when the final product has been complete, there is no better reward!
What's the No. 1 mistake entrepreneurs make? Giving up.
What are the top three lessons you've learned as an entrepreneur?
If you fail, try again
Set daily, weekly, monthly, yearly goals!
Don't be afraid to reach out for help
Matthew’s entrepreneurial passion for business began as a student in college. As a track athlete there was very little time to work so he started a car detailing business 11 years ago. During that time he had 3 full-time employees and built a book of business involving almost all the car dealerships in town and offering yearly subscription programs to clients.
Still in school he successfully exited that business and began working in the hospital as he started studying biology as well. Matthew’s personality and willingness to learn jump started his career in medicine and he moved up as a sterile processing technician and shortly after the Operating Room asked him to become a certified surgical / anesthesia technician.
After graduating college he took a small sales support job for a freight company to learn more about the sales process and reporting. A year later he started working for Depuy Synthes a Johnson & Johnson Company. Starting as an associate rep he quickly gained the trust in his hospitals and moved into a fill line sales rep position. He became rep of the year in his first year in the territory growing over 400k. In his second year he grew another 300k.
Surrounding his passion of being an entrepreneur and relationships he gained while in the hospitals he started Digital Medical Consulting Group. Matthew saw numerous issues in the medical industry, more importantly, the Operating Room environment. His knowledge on building software was very basic and began a partnership with Tomio Daumit. DMCG has successfully implemented software into the University of Maryland medical system and has built numerous websites and applications.
Matthew earned a degree in Marketing with a minor in Biology in 2008. He lives in Annapolis, MD and enjoys staying active and helping others.
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Hospitals and ambulatory centers lose an average of $330 million per month in revenue, due to lost surgical equipment. There is also an average of 9 million surgical procedures cancelled each year due to scheduling errors, costing $225 billlion in revenue. The scary part is that the majority of these facilities still utilize archaic methods, such as pen and paper, to track their valuable equipment.
We realized that the problems in these facilities could be solved using modern technology. Therefore we developed a platform that streamlines the process, allowing facilities to alert vendors of upcoming surgical cases, reduce scheduling errors and missed case deliveries, track equipment throughout the delivery, sterilization, and surgical process, and reduce lost equipment penalties and accountability errors.