Chad Nybo

Who are you, and what do you do?

My name is Chad Nybo, and I try to be a good father, husband, and successful CEO of CrossTx.

What has been one insight or lesson that has been most helpful in your career?

One insight I have learned in my career is the power of forecasting. A mentor of mine, Greg, imparted to me the importance of thinking long-term. This helped me understand the importance of forecasting everything around long-term goals. I was introduced to the concept by forecasting cash flow for my company and understood the broader impact that could have both personally and professionally by focusing on other metrics.

When you are in a quickly changing environment, especially when your team lacks resources, it is so easy to get into an instant reaction mode. I’ve learned that operating from that perspective leads to rash decisions, poor communication and reduces team productivity.

What has been your favorite mistake? A mistake that in retrospect led to a great lesson and progress.

My favorite mistake was asking for investment from highly successful bootstrappers before having customers or generating revenue with my startup. Although the potential investors declined to invest because I didn’t have a paying customer, they offered to mentor me as I worked to make that happen.

This was, in retrospect, a wonderful mistake that resulted in learning what bootstrapping really is in practice, and taught me how having capital before generating revenue can be a disadvantage to a startup company.

I worked hard to get paying customers and the more revenue we generated, the less I thought about raising outside capital. Once the people I had initially approached saw that I was generating revenue they invested in my company and helped me put together a Board of Directors.

Project forward ten years. How will your industry or field be fundamentally different then? What opportunities do you see?

I think the healthcare industry will become more focused on preventive and pro-active patient care and management, and patients will be receptive to this change.

We are starting to see a shift in how healthcare providers are being paid for delivering care. Instead of paying strictly for needed services, doctors and staff are being compensated to spend extra time and focus on at-risk patients. For example, in ten years it will be normal for providers to arrange for an Uber Health ride to appointments on behalf of their patients who need transportation assistance.

The ultimate goal of these shifts in payment models is to increase the quality of care, give patients assistance in playing an active role in their healthcare and to reduce the cost of care. CrossTx strives to support these evolving payment models that require a high level of communication and coordination between healthcare providers, while at the same time providing tools that improve a patient’s access to care. There is a huge opportunity to help incentivize healthcare payers and providers as we reinvent healthcare payment models.

What are some bad recommendations you hear in your profession or area of expertise?

I hear a lot of bad recommendations pertaining to how, when, why and with whom a company should raise capital. Usually, it has to do with capital and stereotypes about being involved in a startup business. I’ve actually heard a successful entrepreneur say “I won’t even buy a domain until I have at least $6M in the bank to fund the idea”, this is an example of a bad recommendation.

The best ideas tend to be difficult to fund out of the box, don’t give up!

In the last two years, what have you become better at saying no to?

I’ve become better at saying no to: “Do you want/need to be on this call?”, and I hope to continue to become better at answering no to that question.

I have also tried to become better at saying no to customers who want additional product features outside of our core focus. This one is extremely difficult for me personally because my company makes it our mission to listen to, and partner with, our customers to build a product ideally suits their needs.

What is the one book you recommend most often and why?

Lately, I’ve been recommending: “The Brain Warrior’s Way”. This book is written by healthcare providers focuses on lifestyle changes that can have a positive impact on focus, become better at avoiding negative outside influences and become better about being goal driven.

What I like best about the book is the way it transitions into a program that makes it easy to roll healthy habits into your daily routine and promotes a positive attitude while understanding you can’t fix everything at once.

What advice would you give a smart and ambitious recent college graduate? What advice should they ignore?

Your life interests and values determine your future, not your formal education. Your degree proves you know how to learn, it doesn’t define your path.

Ignore advice that goes against your passion and ethics or involves restricting your understanding of different cultures and geography.

The world is big, mostly friendly and surprisingly accessible. Time abroad is extremely underrated and important for professional development.

What is your favorite quote, one you aim to live by?

“It is easier to change the flow of a river than to satisfy the soul, a bird dies without wings and a human dies without a soul.” Abdurahman Absalyamov (book: The White Flowers)

The quote, to me, is a reminder to make sure what you are doing day-to-day aligns with what you truly care about.