Dr. Mitesh Patel shares his entrepreneurial journey, scientific research in behavior economics and digital health, and passion for improving access to medical research at the point of care.
The ModernMD: Dr. Mitesh Patel
Dr. Mitesh S. Patel, MD, MBA, is a board-certified general internist, physician scientist, and entrepreneur. He is an Assistant Professor of Medicine and Health Care Management at the Perelman School of Medicine and The Wharton School at the University of Pennsylvania. Mitesh is a Co-Founder of Docphin, a NYC-based startup that strives to improve the application of evidence-based medicine into clinical practice. As a physician-scientist, Mitesh studies how we can utilize innovative technology and connected health approaches to passively monitor activity and how we can use health incentives to motivate behavior change.
SUCCESS QUOTE
“Just get started”
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WHITE COAT TO BUSINESS SUIT:
Interested in medical research and technology in college, Mitesh started working with a health economist to better understand how the healthcare system works and how it fits into the practice of medicine. During his MBA studies at Wharton School at the University of Pennsylvania, he started to explore more opportunities in entrepreneurship and behavior economics. Listen as Dr. Patel shares his entrepreneurial journey.
IDEA TO VENTURE:
The Idea: Can we create a platform to unlock the power of medical research at the point of care? Listen as Mitesh shares the story of Docphin.
Failures: Docphin started expanding quickly with an initial web-based platform. With the promise of mobile and launch of the iPhone, they changed directions to focus on a mobile offering.
Lesson Learned: Solve a problem and don’t get tied down by a specific solution.
BUSINESS ROUNDS:
Best Advice: Know your customer and build ‘a must’ not a ‘nice to have’ solution.
Daily Success Habit:Mitesh creates a To Do List with top to do’s that must get done today, this week, and in the next 1-3 months.
Healthcare Trends:
1) Healthcare has shifted outside of the four wall of the hospital with changing incentives and risks.
2) Wellness incentives are increasing which creates exciting opportunities for reward/penalties to drive behavior change.
3) Behavior economics will allow us to design financial and social incentives to motive people to be more healthy.
