Covid-19 and the Opportunities Rising from the Disruption

Kate Taylor is the CEO/ Founder of a telehealth company and has been involved in a number of global epidemics — including HIV, SARS, H5N1. Here, she shares her thoughts about Covid-19 and how to survive it so that you can thrive after.

Photo by Matthew T Rader on Unsplash

Right now, as you look around, you can see the crisis management with emergency shutdowns, social distancing, and limited ability to diagnose subclinical cases. But what happens after? As we reach a critical mass for herd immunity (seeming less likely) and/or have better prophylactic treatments and/or a vaccine, there will be an enormous phase of catch up — people who have stayed away from care or have not been able to access it. As we respond and adjust to the “new normal,” a myriad of opportunities will be created for companies to leverage the changes from COVID-19 to enhance the quality and capability of health systems.

The speed, scale, and scope of this change that will result from Covid-19 is unprecedented. At the personal level, this is the first time I’ve been coping with the disruption and uncertainty of a pandemic as a CEO and I imagine it’s the first time for many of you as well.

So that you’re in the best possible position to make these changes and adjust, here are the five survival priorities that my fantastic team have put into place and that I would suggest for you as well:

1. Focus on the team. Keep your people safe and feeling supported. Even as we implemented wage cuts, we put in place a mental health support program. Our priorities have been to be in close communication, share what we know — and don’t know — as it evolves, and to be human. We’ve added 2 new Slack channels — #random-coffees to substitute for the fabled water cooler chats now banned and #momentsofsunshine to encourage sharing happy thoughts with each other.
2. Manage costs. Everyone is saying it, but cut everything non-essential. It hurts.
3. Preserve current revenues. As a B2B SaaS platform, we need to be closer than ever to our customers to understand their business pains and needs. Consult, consult, consult. On our end, my company, Oculo, added video conferencing to our platform in the first weeks of COVID-19 lockdowns, to immediately help existing customers and to appeal to new ones, identifying a new, immediate need and implementing as quickly as possible to meet it.
4. Seek opportunity in disruption. As a telehealth company, Oculo has seen the rush to telehealth in light of the disruptions to clinical care. This has not only created an unprecedented level of interest, but also a rush of new competitors. Hopefully, the pressure to articulate why we are different is a strategic catalyst that means we emerge a better company and competitor.
5. Don’t just survive — find the resources to thrive in the opportunity. COVID-19 disruptions are going to be enduring, so after you find those opportunities, make them a reality. There are relatively few customers or investors willing to commit right now, but prioritize the ones who get it and will invest. Working with them, build out the proof-points to make the case to others later.

And finally, find one thing to do a day to look after yourself — you’ll need it and your team needs you! I’m walking every day — on the phone the whole time, but at least I’m out there!

Dr. Kate Taylor is the CEO of Oculo, the leading teleophthalmology platform from Australia. She initially trained as an ophthalmologist and holds an MPH from Johns Hopkins University as a Fulbright Scholar. She has worked in strategy, policy and advocacy with McKinsey & Company, the World Economic Forum’s Global Health Initiative, International AIDS Vaccine Initiative, and GlaxoSmithKline Biologicals. Her experience includes cutting-edge partnerships spanning new vaccine development to innovative health financing, including the multi-billion dollar Advanced Market Commitment for pneumococcal vaccines and the Global Fund to Fight AIDS, Tuberculosis and Malaria.

Kate also sits on the Independent Hospital Pricing Authority, the federal statutory body determining Australian hospital funding, as well as the Australian Digital Health Agency’s Clinical and Technical Advisory Committee. She previously worked with the boards of Roll Back Malaria, Stop TB, and the GAVI Alliance.