Test, learn, test, repeat. Basically, we try to focus on what we initially observe are major pain points for our clients, and we test ways to make their lives easier.
Jeff Broudy is a proven and creative business leader with a diverse skill set of developing, implementing, and executing teams, systems, and strategies. He possesses practical business sense and a commitment to integrity and bottom-line financial accountability. Over the past 30 years, Jeff has been actively involved in building startups and leading sales and marketing teams in a variety of industries. He recently helped build and manage merchant processing portfolios that transact billions of dollars per year. He is now pioneering a “compliance as a service” business focused on providing HIPAA compliance and data security solutions to small- and medium-sized medical and dental practices.
Where did the idea for PCIHIPAA come from?
While working at Intuit to help build its merchant processing portfolio, I recognized that many of our competitors were (and still are) charging Payment Card Industry compliance and noncompliance fees. However, many were not helping merchants get compliant because they were making money on noncompliance fees. We first started PCIHIPAA to focus on the “PCI” part and quickly realized that medical and dental practices were also experiencing pain points with HIPAA compliance, so we married the two.
What does your typical day look like, and how do you make it productive?
I say we are a small company with a lot of locations (four). But it just evolved that way. I spend my day connecting with my team and removing barriers so they can do their jobs well. I also am very involved with our OfficeSafe product line and am continually trying to find ways to improve our overall customer experience.
How do you bring ideas to life?
Test, learn, test, repeat. Basically, we try to focus on what we initially observe are major pain points for our clients, and we test ways to make their lives easier. It’s the pain-solving mindset that generates the ideas. Then, we try to move as fast as possible without losing momentum along the way.
What’s one trend that really excites you?
Technology’s pace helps our business. The more practices embrace technology, the more protection they will need. Regulation always follows innovation. That’s where PCIHIPAA and our OfficeSafe platform help our clients.
What is one habit of yours that makes you more productive as an entrepreneur?
Being consistent. People have a difficult time working with and learning from people who run hot one day, cold the next. I’m not perfect, but at least I recognize the importance of staying consistent.
What was the worst job you ever had, and what did you learn from it?
A paper route. I had to get up at 4:30 a.m. and ride my bike five miles each way. But it taught me that hard work pays off. The most successful people have had long and difficult journeys. But you don’t usually hear those stories — only the Academy Award speeches.
If you were to start again, what would you do differently?
Not a specific thing, but overall, I would make more of an effort to avoid comfort. It gets boring, and it means you are probably doing the wrong thing for too long. Knowing what I know now, I would definitely have moved on from comfortable roles more quickly.
As an entrepreneur, what is the one thing you do over and over and recommend everyone else do?
Ask for feedback — true, honest feedback. Not sugarcoating.
What is one strategy that has helped you grow your business? Please explain how.
Clearly defining our value proposition and sales process. No one has time or an attention span anymore. No matter what you’re selling, you’d better be able to explain it quickly and develop a sales strategy to monetize it.
What is one failure you had as an entrepreneur, and how did you overcome it?
I had a company go bankrupt. I was the president and CFO. Rather than hide from it, I went out and spoke to every investor, including family. It was hard to admit failure, but I probably learned more by talking to people about our mistakes than by talking to people about any success I had. People show empathy when you’re real.
What is one business idea that you’re willing to give away to our readers?
This one is hard because I want to do it myself. Maybe one of your readers will contact me about it. It’s a product that helps people plan for the inevitable. Many of us are not properly prepared, and it’s taboo to talk about money, your death wishes, and what you really want people to know until it’s too late. Let’s help people and families deal with it.
What is the best $100 you recently spent, and why?
I had the Cavaliers +182. Other than that, I recently took my kids to SUGARFISH, the best sushi place in Los Angeles.
What software and web services do you use? What do you love about them?
What is the one book that you recommend our community should read, and why?
Eckhart Tolle’s “The Power of Now.” He taught me the importance of “recognition.”