190: Physician Entrepreneurship and the Path to Success with Dr. Jeffrey Hausfeld

DocWorking: The Whole Physician Podcast

“For physicians that are feeling frustrated, I would say to them, ‘Sit back. Take a breath. See really what you want and if the path of going to start a new company is what you want, then give it your full attention. And if you see you can’t give it your full attention, hook up with someone that will help you.’ Because physicians feel, ‘It’s my idea, I want to own 100% of this company.’ And my answer to them is, ‘100% of nothing is still nothing.’”

-Dr. Jeffrey Hausfeld MD, MBA (BioFactura)

How do you take an idea from scratch on a napkin to full fledged booming business? As experts in the practice, physicians and other clinicians can be key contributors to breakthroughs in the healthcare field. Today, DocWorking welcomes Dr. Jeffrey Hausfeld to the podcast, now Chairman and Founder of the Society of Physician Entrepreneurs. With cohost Dr. Jen Barna, today’s conversation focuses on how physicians can bring a business idea to fruition. In this discussion, the accomplished Dr. Hausfeld offers listeners his advice toward identifying an idea that will help people to becoming an entrepreneur, the necessary steps to start designing your product, and how to earn respect as a physician and a business operator. During their talk, both physicians reflect on their personal experiences that emphasized the importance of support networks, whether that’s through other experts in the fields, furthering your education, or learning when to take a step back. Listen to discover the benefits of working with others and establishing a network around you in order to bring your next vision from clinical idea to successful startup.

Jeffrey Hausfeld, M.D., M.B.A., F.A.C.S, has served on the national board and committees of specialty medical societies since beginning his practice in Otolaryngology/Facial Plastic Surgery in 1982. He is an Associate Clinical Professor of Surgery at George Washington University School of Health Sciences and an alumnus of the Yale University School of Medicine. Dr. Hausfeld is widely published in the medical literature, is the pioneer of innovative laser surgery techniques, is the author of a lay oriented medical book, and has appeared on numerous local and national television and radio shows as a medical expert. He has also served as a health care consultant, spokesperson, and executive coach for multi-national pharmaceutical companies, health care firms, as well as the U.S. military. Dr. Hausfeld stepped down from his clinical duties after receiving a Masters in Business Administration from Johns Hopkins University. He continued to refine his communication and team building talents by completing a graduate program in Leadership Coaching and Organizational Development at George Washington University.

Dr. Hausfeld led the field in otolaryngology/facial plastic surgery for many years and is now a business operator and entrepreneur. He invests, manages and consults to a variety of healthcare businesses, including assisted living facilities for Alzheimer’s and dementia patients, medical device companies, healthcare information technology and biotech firms, as well as syndicating and raising capital for health care related real estate ventures, including other life science entrepreneurial enterprises, both regionally and nationally. He is the Chairman and Founder of the Society of Physician Entrepreneurs (www.sopenet.org), a global network focused on educating healthcare and life science professionals in Bioentrepreneurship and Innovation. Dr. Hausfeld orchestrated the oversubscribed Series A-C Financing of BioFactura and acted as the lead investor in the A round. He serves as Chairman of the Board of BioFactura as well as their Chief Medical Officer as the company develops its Biodefense and Biosimilar platform and embarks on a Series D Financing Round.

Dr Hausfeld invites healthcare professionals to use financial information and the “science of business” as valuable tools to nurture medical innovation at their institutions and private practice, as well as to enhance the ability to promote quality patient care and improve decision-making. Dr. Hausfeld will demonstrate that power, pleasure and improved performance can result from the ability to mesh the cultures of medicine and business in a comprehensive and strategic manner. “The exciting thing about life after the practice of medicine is that now I am able to draw upon the diversified fields of medicine, business, and organizational psychology, and implement novel solutions that have an immediate impact on the organization's bottom line.”