He goes on to say he believes healthcare will look very different in 10 years. One area in particular is the speed at which information becomes available to physicians, he says this will be sped up exponentially. Instead of taking almost two decades for your family physician to find out about medical breakthroughs, it will happen much, much faster. Patients will also be empowered with their own data and information.
My next question for him was where does Sapiens hit roadblocks with regulations and stereotypes? Those are definitely challenges they face as any healthcare company is going to be challenged with regulations, data privacy and security. Those aspects are all very important to the success of a healthcare company in tech and outside of tech.
Larry explains the basic strategy, something he calls design for success which applies to start ups as well as larger companies. It goes like this:
If you assume your company will be successful, and you draw out the architecture of your company with that success in mind, then what does your company look like a couple of years from now? If the business grows the way you think it will, then what compliance issues do you have to deal with? Those issues could include things like privacy, data security, FDA, etc.
Every day his job as a CTO is to make decisions about things like that, to work with the development team and technology partners. In Sapiens’ case, they choose technology partners to satisfy both security and scale requirements. It doesn’t always cost more, but it may require a bit more design time in terms of thinking it out when choosing architectures, cloud, databases, development languages and every other decision you make when you are building your tech stack.
He asks himself questions like what does this look like three years from now? What does business success look like? What issues will we have? What security compliance do we need to satisfy? What sort of auditing will we need? He keeps those thoughts in mind as he is making decisions. In essence what he is saying is this: be optimistic, set aggressive goals, assume there will be scale and success, and don’t limit yourself in the present.
One of the promises he made to his CEO is to not do something quick and dirty, something he will have to throw away that will cost a million dollars to rebuild later on. Larry tells us he has experienced this firsthand, something he doesn’t want to go through again.
We dig into this topic more including why this approach is about selecting technologies that can scale in terms of capacity and cost. We also talk about why he went with Snowflake Computing and how their approach differs from other data storage and warehouse providers. Hear those discussions plus his tips for managing near-shore resources and how their data modeling actually works on today’s CTO Studio.