Billions of health care dollars get allocated by people who have never treated a patient, and physicians are barely 0.1 percent of that decision. Harsha Moole, an internal medicine physician who built a 200-doctor venture fund, argues your clinical instinct is the most undervalued asset in the room. He breaks down the crash cart deal that proved the thesis, the three gates every product must clear, and how any physician can get involved without leaving their job.

⏱️ Chapters:
0:00 Introduction
0:31 The disconnect no one funding health care sees
2:24 The crash cart deal that proved the thesis
4:59 The three gates that kill most products
8:16 Why clinical expertise beats capital
9:02 The long game nobody warns you about
11:37 How to start without quitting your job
13:40 The rule that keeps angel bets from going to zero
17:57 Why AI made physicians more valuable, not less
19:11 Take home messages

About this episode:
Harsha Moole is an internal medicine physician and health care venture capital founder who watched, across more than 100 published research papers, a widening gap between where the clinical problems are and where the investment dollars actually go. Frustrated that the people deploying billions had never seen a patient or asked a nurse what they needed, he and four physician friends began writing small angel checks; that group has since grown to 200 physician scientists across 22 investments. He uses the crash cart, a device every clinician knows and almost no investor thinks about, to show how living the problem let his group spot an opportunity general financiers missed. He walks through the firm's diligence structure: a clinical gate built on what he calls delta P, the amount of pain or pleasure a product creates, followed by a regulatory gate and a reimbursement gate that kills products nobody will pay for. He is candid about the hard parts, including a seven to 10 year timeline and a venture reality where most startups go to zero. He lays out concrete on-ramps for physicians who want in without leaving clinical work, from advising startups to joining a fund, alongside hard rules on risk appetite and diversification. He closes with a sharper claim: clinical instinct is an extraordinary resource almost entirely absent from the rooms where capital decisions are made, and the real question is whether physicians choose to use it beyond the bedside.

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