Jeff Broudy has proven himself to be a bit of a renaissance man in the world of business. However, one of his defining moments is when he decided to take on the CEO role at PCIHIPAA. Jeff has been active in the world of business for over 30 years and has many successful startups and key positions under his belt. Now, his main mission is making PCIHIPAA a leader in the newly defined Compliance as a Service category. PCIHIPAA BBB continues to help private medical and dental practices remove the uncertainties surrounding compliance and patient data protection. In fact there OfficeSafe compliance platform is award winning.
Jeff is an individual who strongly believes in the power of hard work. There has not been a moment in his 30 years where he hasn’t had his customers on his mind. His tenacity to build businesses with the customer’s benefit in mind is what keeps him so incredibly successful. His ideologies now drive him further to help those who simply do not have the time and resources to fully navigate the complexities and risks of keeping patient data private and secure. PCIHIPAA’s focus is to make compliance and data protection easy and affordable. Jeff has always known that he was meant for success at a young age. He pushes himself each and every day to become a better business leader, friend, husband, and Dad. Jeff believes in continuously testing new strategies and learning from them. He believes that if you’re not making mistakes, you’re not moving quickly enough.
- How did you get started in this business? What inspired you to start this business?
- How do you make money?
- How long did it take for you to become profitable?
- When you were starting out, was there ever a time you doubted it would work? If so, how did you handle that?
- How did you get your first customer?
- What is one marketing strategy (other than referrals) that you’re using that works really well to generate new business?
- What is the toughest decision you’ve had to make in the last few months?
- What do you think it is that makes you successful?
- What has been your most satisfying moment in business?
- What does the future hold for your business? What are you most excited about?
- What business books have inspired you?
- What is a recent purchase you have made that’s helped with your business?
- Finally, what advice do you have for aspiring business leaders?
How did you get started in this business? What inspired you to start this business?
Many of our competitors were charging their clients payment card industry (PCI) compliance fees. Unfortunately, they were not really helping their customers become PCI compliant. They were profiting off of this loophole and I felt it was unreasonable. We created PCIHIPAA to help medical and dental practices that were being (and still are) being taken advantage of.
How do you make money?
PCIHIPAA changes lives by removing the uncertainties surrounding compliance and patient data protection. We help private medical and dental practices quickly remove risks they may not be aware about and we back our service financially with a cyber insurance policy that all of our clients receive. We charge a monthly fee for our services.
How long did it take for you to become profitable?
For those that don’t understand the recurring revenue model, it does take some time to build up a large enough client base to pay all of your expenses. It took us about 4 years to become profitable. I like to reinvest the profits in growth opportunities, so we could have probably been profitable earlier, but growth is more important when trying to build and define a new category.
When you were starting out, was there ever a time you doubted it would work? If so, how did you handle that?
Of course. Being an entrepreneur is filled with doubts and second guesses. I try and surround myself with positive people. So many people will doubt you or tell you how you won’t make it. Don’t believe them. Just believe in yourself, and your product. Always think about customers and employees first. They will help you get through the hard times and provide the right answers.
How did you get your first customer?
I’m not sure I remember, but it was probably from our first sales rep, Danielle McKinley. She was our first employee and she is still with us today. I am grateful that she has stuck with us during this journey. She is probably responsible for our first 100 customers.
What is one marketing strategy (other than referrals) that you’re using that works really well to generate new business?
We do many webinars about HIPAA compliance and tips to protect your practice and your reputation. We provide webinars that are meaningful to our prospects and customers and refine them continuously based on their feedback. As such, we are getting better providing valuable content. Their time is valuable and we can’t waste it.
What is the toughest decision you’ve had to make in the last few months?
Probably consciously deciding to work “on” the business, rather than “in” the business. I learned this at Tony Robbins’ Business Master Course. It meant that I had to stop micro managing people and let my team run the business so I could focus on other initiatives. It’s sometimes hard to pull back. I’ve struggled with it. But it has allowed me and others to grow.
What do you think it is that makes you successful?
I really feel it is about surrounding myself with positive and talented people. My partners are great. My employees are great. And my family and friends are great. How can I not be successful when so many people are cheering me on and supporting me through the ups and downs.
What has been your most satisfying moment in business?
I sold my first business Stopwatch Entertainment Network to a competitor. At the time it was a real successful moment. However, with PCIHIPAA, it is the journey that satisfies me the most. When we accomplish a tall goal or when a customer posts a positive review, it’s so satisfying and I realize I love what I do and I just want to keep on the journey. It’s all about the journey, not about the destination.
What does the future hold for your business? What are you most excited about?
We have over 3,000 customers now. I know we can 10x our customer base, if we continue to provide value at a fair price. I’m really excited about the improvements we are making on our OfficeSafe product and the educational strategies we are working on to help practices. We also have some exciting strategic partnerships that will help accelerate our growth.
What business books have inspired you?
I just finished Monetizing Innovation which is great book about pricing strategies. I also liked the 5am Club. Elevate your mornings, to elevate your life.
What is a recent purchase you have made that’s helped with your business?
We just moved into new offices. It’s a game changer when employees love their work environment.
Finally, what advice do you have for aspiring business leaders?
Never give up on your goals and always surround yourself with supportive people. You will have ups and downs. Getting through the tough times is how you get better and grow professionally. Great leaders embrace the pain of building businesses. The way you react is how others will follow. Don’t worry. It’s usually not as bad as you think it is initially. Have fun. Work hard. Congratulations! for just being one of the very few people who go down this road.