When he stepped into the CEO role at MedShift in November 2021, Joe Gasque knew it would be something of a balancing act.
He sees his role as helping to maintain the company’s rapid growth while establishing a framework to build on top of the great foundation and success that the business has enjoyed. Accelerating through the next growth phase of the company by setting the strategy, culture and operating framework for the
“Building off of the solid foundation here at MedShift is definitely what we have been focused on,” said Gasque, who brings more than 20 years of experience in leadership roles at GE Healthcare to his position at MedShift. He began his career in the chemical industry but switched to health care out of a desire to help people.
Founded in 2015 in Charlotte, North Carolina, MedShift occupies a unique spot in the fast-growing aesthetics industry. The company offers services to surgeons and practitioners, as well as to medical device and injectable manufacturers. For practitioners, the company offers a subscription model that provides access to devices and products – often at a discount – along with a suite of services to support them, Gasque said. And because MedShift is vendor agnostic, practitioners know they can trust the company’s solutions.
The subscription model, meanwhile, helps practices reduce costs, which allows them to focus on growing their business, Gasque said. “That’s truly valuable for practices that are expanding as they want to use their balance sheet to fuel their expansion vs. on purchasing devices. A subscription model allows them to do just that.”
For manufacturers and distributors, MedShift is a key customer but also a service provider. The company’s solutions include fleet utilization, remote software updates and an ability to monetize data by tracking device usage in the field through a patented IoT (internet of things) technology. Another offering is around enterprise SaaS platforms to digitize manual processes and enhance customer
experience, i.e. ecommerce platforms, payment facilitation, financial reporting and sales enablement.
MedShift’s partners include Merz Aesthetics, which provides a differentiated toxin alongside a comprehensive portfolio of injectables, medical devices and skincare products. MedShift’s targeted approach helped Merz reach more than 900 dermatologists, aestheticians and other professionals in the aesthetics market throughout North America. “Our ever-expanding relationship with Merz Aesthetics rapidly accelerated over the past year, enabling us to drive more value for clinicians in the injectables space.” Gasque said.
Another partner is a large breast implant company. The company’s ecommerce platform, developed by MedShift, allows clinicians to order implants online, pay invoices and register the implants with the U.S. Food and Drug Administration. The platform also processes payments and facilitates shipping. The customer value is a seamless experience. The value for the manufacturer is the velocity between orders to cash and moving from paper processing to fully automated.
“We become a front door for the OEM’s and distributors with our enterprise software-as-a-service solutions but it’s white labeled so it’s viewed as the OEM’s own platform which enhances the experience,” Gasque said.
It’s a front door where more people are knocking. The market for aesthetic innovation improvements is growing rapidly, particularly with the proliferation of non-invasive procedures, Gasque said. The stigma also is fading, particularly among the younger demographic and men.
MedShift has already been benefitting, with recognition as the 5 th fastest growing medical technology company in the US within Deloitte’s Technology Fast 500 ranking. The company has added seven people since Gasque started, and expects to add up to 10 more by spring 2023. Revenues are also dominating with year to date figures trending towards another year of 100%+ YOY growth.
For Gasque, the main challenge lies in preserving the company’s startup culture while setting the stage for continued growth with a constant eye on the Medshift team and customers.
“Our founders, Brian Phillips and Lisa & Porter Tiller have been extremely innovative and agile in continuing to find creative solutions to key challenges in aesthetics. Therefore, my focus is how do I add value every day to an already great team,’” said Gasque, who leans on his leadership experience at GE Healthcare. The firm emphasized the ability to manage growth and change across multiple dimensions.
At MedShift, Gasque has focused on attracting, retaining and growing the team, defining roles and responsibilities, as well as establishing the key metrics that ensure the company is ahead of the curve.
“We’ve really been establishing the right leading indicators that will help us manage and grow the business daily.”
It also entails a focus on the bigger picture of the company’s mission and purpose, Gasque said. “That means clearly defining for every teammate at MedShift why do we exist, our core values and how we achieve our goals as a collective team. In doing so, I believe the best is yet to come.”