Michael Hoey, Founder and CEO
Needless to say, the COVID-19 situation had almost brought the whole world to a screeching halt. We live in a world where nothing comes close to the pace at which the healthcare sector is rushing to find a reliable cure for this deadly virus. In this backdrop, the necessity to manage patient care and innovate medicines has increased synonymously. As a result, newer technologies are being rapidly adopted in the industry. Big Data and Analytics, already major influencers in the Healthcare sector, have now taken center stage.
Understanding the healthcare landscape’s dynamics, Source Meridian focuses on helping customers in the healthcare space create innovative services and solutions by providing rich technology competencies in Big Data, text analytics, and the pharmaceutical domain. Questioning existing business models and leveraging state-of-the-art technology that results in new products and new revenue streams while keeping clients at the forefront of the industry forms a big part of Source Meridian’s thriving culture.
The DNA of Source Meridian
Being involved in the healthcare space for most of his career, Michael Hoey, the owner of Source Meridian, decided to focus on the healthcare sector’s hurdles pertaining to technology half a decade ago. Starting with a small team, Hoey realized that many companies that used to sell software suddenly wanted to do software as a service. And Hoey’s team had the technical expertise to build, deliver, and maintain those types of applications.
Take care of your clients, take care of your people, and the rest will take care of itself
“Essentially, for our clients, we became either a significant part of their development capability, or 100 percent of their development capability, where we would help them get their on-premise products onto the cloud so that they could sell them,” says Hoey. He goes on to say, “I decided pretty early that we won’t focus on a specific technology.” But focusing on a specific vertical changed the game for Source Meridian, distinguishing them from the rest of the competition.
Today, the firm consists of experienced software developers and data scientists from 12 different countries, specialized in emerging technologies—all in an attempt to deliver the best solutions while maintaining an open-minded, dynamic, and customer-centric approach. Source Meridian’s software engineers and data scientists work closely with clients to analyze their content models and business processes.
A Company Culture Defined by Experience
“If I don’t understand my client’s business, I don’t get involved in it,” says Hoey. “I also try to help people understand what they need to do to be successful software companies,” He adds. This experience that Hoey picked up from his days at Accenture and as CTO of Liquent helps him understand what makes one company work well in a particular area and what makes others struggle. This has come a long way in his company assisting clients in understanding the market and the challenges.
A significant differentiating factor of Source Meridian is the importance they give to employees. As Hoey puts it, “take care of your clients, take care of your people, and the rest will take care of itself.” He believes that in his line of business, it is the people you are selling. Hence, they need to be working on projects that challenge them consistently and help them evolve and learn. In his own words, “Developers don’t leave for more money; they leave because they’re not being challenged.”
Hoey has embraced the work from home culture (triggered due to the pandemic) during work hours and group games and classes on Friday nights. He believes that a team that toils together also deserves to enjoy together, which happens now via instructor led zoom activities. On another note, as the world trudges forward with the work from home model, Source Meridian is on the path of advancement, garnering 50 percent growth in 2020--something most companies failed to achieve. Adapting to the model that is proving to be successful, Source Meridian will continue to take up projects in the healthcare space, building products for customers that use the technology of tomorrow rather than the technology of today.