Stacy Kirk is the CEO of Posture and QualityWorks. Quality Works is a top-rated software consultancy firm while Posture is a HIPAA security and privacy officer for hire.
In this episode of the Health tech side hustle, Stacy shares her passion for technology and what drove her to start a security and privacy technology in the healthcare sector.
“One of the things that entrepreneurs are great at is being creative, so you have to leverage your network and if you have no network, get advisors that have a network”– Stacy Kirk [25:05]
What is Stacy’s background with health tech? [1:14]
She had a 22-year long career in tech right out of college and found herself going through different channels towards healthcare. In 2007, she joined Zynx Health which focuses on evidence-based care, to lead a software development team. She got an opportunity to work with a lot of great technology and how it impacts patients and doctors.
How the idea of Posture came about? [2:00]
She started her Quality Works company that is focused on consulting with different companies that do not concentrate on technology but need to identify the best practices of improving their tech organization. The consistent problem she found with healthcare tech small and medium companies was their inability to grow because of not having HIPAA compliance. This led them to lose opportunities to work with hospitals and larger buyers because they couldn’t afford the high cost of an onsite security officer.
She started Posture where these companies can hire a virtual security officer for $99 a month and get the opportunity to build the HIPAA compliance program.
Did she want to solve a problem with Posture? [4:05]
A small-medium company can’t get a privacy and security officer per HIPAA compliance. She wanted to help these companies grow by creating something efficient and time-effective for entrepreneurs as they focused on other things. She also wanted a price that startups could afford since HIPAA compliance is a process and not a one-day event.
How does her company provide value with their price range? [6:54]
The reason why they’re so affordable is that they leverage tools that haven’t been used before. They use digital tools like automation to generate policies for effectiveness so they do not have to repeat the same things over and over again.
What type of team did she put in place? [9:00]
Stacy believes that putting up a team for a tech company is not an easy task. But she had the tech team provided by her other company Quality Works and reached out to her co-founder who had experience in this specific field. Together they were able to put up a team that solved the problem easily and simply.
Does she have anyone in her team that deals with the healthcare aspect? [12:03]
She and a few of her team members have experience with the healthcare sector and are looking forward to including more minds as they grow.
How did she come up with her business model? [13:08]
When she first started, the idea of charging so little seemed unreasonable to her advisors. Her motive, however, was to start up with reasonable prices for a growing young business and a doctor’s office. The technology helps with being efficient which reduces the manpower and the expenses.
Are they available to the public? [14:46]
They have clients and are available to the public all ready to help with the program. They have a 30-day free trial in place.
How has going to the Beta stage helped with the growth of her company? [16:00]
Their first clients in the Beta stage did not like the product since it was lacking a personal side. Creating a technology product must include people’s thoughts and what they need. The realization helped them become more personalized in their future Beta trials until they found the balance. They train their team every month to ensure that everyone still remembers how the system operates even though most of their services are automated.
Who is their target audience? [19:51]
All healthcare providers, doctors, and all small and medium-size healthcare tech companies. Basically, anyone that is required to have a HIPAA compliant program.
What are the ups and downs they have faced? [20:55]
The idea in itself was big and trying to tackle it was overwhelming. She lost out on time, resources, and frustrations with the team trying to solve something that huge. Finding a way to narrow focus is what has helped them move faster and be more efficient.
What advice does she have for an entrepreneur who wants to do something similar? [23:11]
Do not underestimate the value of validation and trust.
How would people go about building trust with customers? [24:48]
Leverage your network or get advisors that will get you a network. Creating strong bonds helps a lot with trust.
Stacy answers the rapid-fire round of questions. [26:42]
Check out all the other episodes of HealthTech Hustle here.