A short interview with Spatial Quotient’s Founder & CEO, Tim Maguire.
I love big data and what it can do. From very early on in my career I saw the power of data, and that was just moving toilet roll around Europe and stocking toothpaste in supermarkets.
65% of the resource used in Health Service delivery is invested in people. They are the key to the entire system and yet nobody has a clue how they are interacting with other resources and spaces within clinics. There’s also very little transparency in how staff interact with patients. This amazed me and I wanted to do something about it.
So in short, it was a combination of things. Personal interests, my own areas of expertise, and finding a purpose to be proud of: ensuring more patients get the right treatment when they need it.
I guess the simple answer is that we have become a technology company where we started out as offering consultancy using technology. The connotations of being a ‘consultancy’ never quite sat right with me – we were doing great work (averaging 40% increases in capacity) and we wanted to partner with hospitals long-term, not be seen to parachute in and then leave again.
Consultancy also didn’t sit with our global ambitions, as that model would limit our scalability and stop us delivering the value we were aiming towards. The key to ramping up our growth and helping as many people as possible was to translate our human expertise into automated data intelligence. Rather than depending on a few experienced individuals to come up with useful insights, we will depend on a robust data-driven process powered by Machine Learning.
We are building a powerful team with great brains and great skills we are steadily evolving into a technology and data company. There is plenty more to do, but we are on our way!
An average improvement in capacity and efficiency in clinics of 35%. This is significant. Not only does it show how much room there is for improvement in these health services but it also shows that what we set out to achieve, we have actually achieved.
There are so many important aspects to running a business but the ones I’ve had to learn where areas where I was not strong already. So for me it was go-to-market strategy and getting to a recurring revenue. I also learned it was important to get the product to being a “need” rather than a “want” as early as possible. The key to all areas, whether they are your strengths of weaknesses, is to get the best and most effective people in these roles as soon as possible.
There are a lot of different types of healthcare businesses, so specific advice would depend on the type of business. But in general you need to recognise that it is specialist and you need to understand what you are getting into. The difference between B2B and B2C in healthcare is also significant, so understanding your customer base and what they need is critical to being successful. That is the same in any business, but particularly true in healthcare.