Summary:
Shiv Rao is on a mission to innovate healthcare through his startup Abridge, valued at $2.75 billion.
Rao believes in the power of side quests, which have shaped his career and the direction of Abridge.
Abridge uses AI to transform doctor-patient conversations into structured clinical notes.
Rao's diverse background as a cardiologist and entrepreneur informs his approach to solving healthcare challenges.
The company recently raised $250 million in Series D funding, marking a significant milestone in its growth.
Shiv Rao loves a side quest. Like in a video game, he is determined to chase unexpected detours that aren’t connected to the main mission—at least, not obviously.
Last year, during our coffee meeting in Santa Monica, Rao, CEO and founder of healthcare AI startup Abridge, asked me if I knew how to track down the elusive Rick Rubin, music’s influential producer. Rao's ambition to meet Rubin is surprising but reflects his career's branching out philosophy. After years as a cardiologist, Rao founded Abridge in 2018, now valued at $2.75 billion, while still practicing medicine.
“I think side quests serve the long game if they’re strategic,” Rao shared.
Rao's diverse quests include hiring a theatrical interior designer for Abridge’s offices and inviting magician David Gerard to join the company’s cap table. He believes that Rick Rubin’s ability to connect various artists symbolizes what Abridge aims to do for doctors—reflecting the best of them.
Abridge utilizes AI to convert doctor-patient conversations into structured clinical notes, currently deployed in over 100 U.S. health systems. Recently, the company raised $250 million in Series D funding, led by notable investors.
Rao's journey began in Pittsburgh, where he was a skateboarder and music enthusiast, eventually leading him to medical school. He views cardiology as a privilege, emphasizing the importance of human connection in medicine. As he navigated his career, he gained experience in venture investing, which fueled his desire to solve the inefficiencies in medical transcription—a problem he personally faced.
The founding team of Abridge reflects this multidisciplinary approach, with backgrounds ranging from cooking to machine learning. Their shared curiosity and unique experiences have been pivotal in overcoming the challenges faced during the company’s early years.
Union Square Ventures’ Andy Weissman recognized Rao's vision for creating beautiful medical apps, noting the potential of Rao’s unconventional background to drive innovation in healthcare. Rao humorously referred to their journey as needing to be hope camels, sustaining their motivation through small wins.
Abridge has thrived during a challenging time in healthcare, where access to care is increasingly difficult. Rao believes the company’s mission is to enhance experiences for both patients and providers, allowing clinicians to focus on their patients.
Despite the pressures of the healthcare landscape, Rao continues to practice medicine part-time, maintaining a connection to the field he is passionate about. As he reflects on his journey, he emphasizes the importance of side quests—they allow for creativity and unexpected insights, often becoming essential to the main mission.
Nine months after our initial meeting, Rao succeeded in his quest, meeting Rick Rubin, who engaged with healthcare leaders about creativity. This encounter reinforces Rao's belief: entrepreneurial diversions can illuminate paths and become crucial to the overall journey.
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