29A – Venture Concept No. 2

1. Venture Concept

· Opportunity:

The opportunity exists in providing proper healthcare services using technology to people in need, without causing a financial strain.

High cost is the main reason U.S citizens have problems accessing health care. Insured and uninsured Americans with below-average incomes are much more likely not to visit a medical doctor when sick, not following with treatment recommendations, or filling out their prescriptions.

High administrative expenses, the cost prescription drugs, new technologies and the increase of chronic diseases, like obesity, are the main reasons health care cost in the United States are inflated.

The United States does not have a single-payer, or a multi-payer universal health insurance. Usually, health care spending comes from private insurances, or federal, state and local government programs.

Currently, customers with medical problems will visit the emergency room or pay out pocket under extreme circumstances.

· Innovation:

Virtual Primary Healthcare

Patients will access the clinic’s website, where they will apply for medical services by creating a personal secure account. During the registration process the client will be asked to provide their personal information, insurance information (if they have insurance), current health information, to upload any medical records, and provide supporting documents such as a license or valid identification card. After their initial set up, the client will schedule a video conference intake appointment. One of our supporting staff will get in touch with the client to verify all the information needed is complete, finalized the creation of the clients account, and schedule their first doctor appointment. When the appointment time arrives, the client will be logging in to their account, check in and one of supporting staff will process the client prior to seeing the doctor. Once, all the information required is gather, the client will be put in queue until the doctor is ready to see them. After the consultation is done, the doctor will send the patient back to one of the supporting staff, where any prescriptions will be sent to their pharmacy of choice, follow appointments will be schedule and laboratory orders or referrals will be email to the patient.

If the client has insurance, the cost per visit will depend on their coverage and deductibles. For uninsured clients, the initial visit will be $80, which is about half the average an office visit, and follow up appointments will cost $40, the average deductible for insured clients.

Profit will be made by cutting administrative cost and fix cost of having a large office. Doctors will work from their own home or office and will be contracted to be paid per client.

· Venture concept:

The concept will be to use existing technology to provide healthcare services to people that cannot afford the high cost of visiting a doctor, have busy lifestyles, or cannot find an office that meets their needs.

The main reason people will switch is affordability, and accessibility. At first, clients will be skeptical because the service is provided in an unconventional way.

The clinic’s competitors are conventional offices that provided in person services. Their weaknesses are price and the time it takes to visit a doctor’s office.

Technology provides the main role of providing virtual services to future patients.

The clinic will be set up like a call center, where supporting staff come in and act as a bridge between clients and doctors. Each supporting staff member will be assigned to a doctor under the supervision of an office manager.

· The three minor elements

The most important resources are having the background knowledge of working in a medical office and knowing quality people like Dr. A, who can provide her expertise and excellent services.

The next opportunity that I will tackle with my virtual clinic is offering specialized services such as psychiatry under the same roof, or virtual clinic.

Five years after launching my business venture, I would like to expand services to more than just one city, since there is only need for one physical location. As an entrepreneur, in the next decade I would to offer services using technology.

2) Summary of the feedback

The comments I receive from my classmates have mostly been positive because they see that online medical services could potentially be the next thing. I few comments talk about people being skeptic of not having that physical presence of a medical provider, but to my knowledge, some hospitals are already using such technology so they do not have to staff every hospital with different specialist. Rather, people are being treated remotely by doctors in emergency rooms. I believe that expanding to nursing homes might be easier because their residents have a care available from trained staff 24 hours a day, and when the client has a consultation, the nurse could be the person helping with any technology issues the patient might have.

3) Describe how you changed your venture concept.

Since I receive positive comments, I did not chance my concept.

28A – Your Exit Strategy

1) Identify the exit strategy you plan to make. Do you intend to sell your business in the next 5 years for a large return? Do you intend to stay with the business for several decades and retire? Do you intend to protect the venture as a family business, and pass it down to your children?

· In the next several decades I would like to stay with my business and make it grow by opening new facilities in different cities and regions where accessible healthcare is needed.

2) Why have you selected this particular exit strategy?

· The main reason that I would like to stay with my business and expand is because not many people see healthcare as a human right or necessity. they see it as a gateway to make money and business model to exploit only for profit. Unfortunately, I have meet people who are going through medical school with the vision only to become wealthy and have a good social status.

3) How do you think your exit strategy has influenced the other decisions you've made in your concept? For instance, has it influenced how you have identified an opportunity? Has it influenced your growth intentions or how you plan to acquire and use resources?

· My exist strategy has definitely influenced my decisions for my business idea. The main reason is because in the United States, there still millions of people without getting proper healthcare. According to statistics, people of low incomes prefer not to go see a physician for the simple reason that they cannot pay for it, even when they have insurance. My plan to grow in the future is influence by need of people who cannot access medical services.

27A – Reading Reflection No. 3

The Art of Social Media: Power Tips for Power Users, Guy Kawasaki


1) What was the general theme or argument of the book?


This book is about practical tips, tricks, and insights strategies of the most popular social-media platforms. The book is easy to understand and guides you through different steps to build a foundation, collect digital assets, enhance your profile, engage more followers, and successfully mix social media and blogging. This book offers a great amount of concise instructions.


2) How did the book, in your opinion, connect with and enhance what you are learning in ENT 3003?

In my opinion this book connects with a lesson professor Pryor gave about marketing yourself. He explained that most people do not use social media correctly and overpay for advertisement services. I think that social media is a powerful tool that entrepreneurs can use to get their product or service to their target market, so one must understand how it works first to utilized correctly.


3) If you had to design an exercise for this class, based on the book you read, what would that exercise involve?


If I had to design an exercise for this class, I will have the students practice for a period of time the techniques and tips provided in the book in reference to perfecting posts, getting more followers, responding to comments, socializing and blogging and then I will gather data to see the difference in the results from before and after implementing the tips.


4) What was your biggest surprise or 'aha' moment when reading the book? In other words, what did you learn that differed most from your expectations?

Learning about “Feeding the Content Monster” was definitely my biggest surprise moment after reading the book. I had no idea about this concept but I am glad I read this book as I know now how to deal with the biggest daily challenge of social media which is finding enough content to share and also known as “Feeding the Content Monster”. Also, I learned that through content creation and content curation this daily challenge or content monster can be feed. Content creation is the conventional perspective: writing copy, taking pictures and/or creating videos, and posting them. The issue with this perspective is that it takes times and makes it harder to attach more than two pieces of content per week to the page. Therefore, the authors suggest that the better perspective is the content curation as is made up of finding high quality content from other people’s social media, then summarizing and sharing it on your page.

26A – Celebrating Failure

1) My most recent failure was an exam I took on Tuesday. The reason I called it a failure is because I did not get the grade I wanted nor expected. This test was the second one for the class and since I did well in the first test, I felt confident, so I did not dedicate the appropriate time to study.

2) There are a few things I have learned from Tuesday’s failure. The first one is that I must prepare myself and study for any upcoming exams. The second one is to listen to the professor because she did say the second exam was much harder.

3) I believed that failure is good, but only if that person can accept and learn from experience. I think the best way I can handle my recent failure is by trying my hardest in the next assignments coming up and always taking time to prepare for future exams. Before ENT3003 failure was not an option, still not, but I know that is not the end and that valuable lessons come from failure.

25A – What’s Next?

Existing Market

What is next for your venture? 

I think that what is next for Virtual Primary Care is to extend to specialized services such as cardiology, neurology and psychiatry. One of doctors’ biggest challenges is to keep up to date on patients’ current treatment provided by other physicians. My virtual clinic ultimate goal is to provide proper healthcare and it can be better achieved by servicing clients with a treatment team that can provide multiple specialized services under one roof.

Feedback

The feedback I received after conducting the interviews was positive. At first, when I talk about my business concept, people look skeptical because they are used to seeing a doctor face to face and specialized doctors always need physical interactions with their patients. In reality, some specialists have to mostly relay in test results and how they interpret them to properly diagnose the patient.

After explaining in detail the concept of the business, potential customers like the idea of not having visit different medical offices to meet their need and filling out the same paperwork multiple times. Since the referral is done internally, the client does not have to find the new doctor or request and bring medical records.

New Market. 

New target market

My business venture is currently set up to serve customers, but a radical new market will be to other facilities that provide healthcare such as nursing homes. All nursing homes have professional staff caring for the residents, but lack in providing medical care. A primary care doctor usually visits the facility and attends its residents, but for specialized services the patient must be transported to the office.

Feedback

For this interviews I was not able to talk to potential clients living in nursing homes, I conducted an interview with a coworker who worked in nursing home and a medical provider that currently works for a medical company that visits nursing homes.

After pitching asking questions about the work environment of nursing homes and pitching my idea, I received different opinions. My coworker was not enthusiastic about it because of the lack of person to person interaction. While the medical provider’s view was positive, she explained that her day will be more productive by actually attending to her client needs instead of driving and wasting time in traffic.

I believed that nursing home residents are a great new market because they can benefit from the blanket of services that my virtual clinic could offer them, and all of them will have insurance coverage.

24B – Venture Concept No. 1

· Opportunity:


The opportunity exists in providing proper healthcare services using technology to people in need, without causing a financial strain.



High cost is the main reason U.S citizens have problems accessing health care. Insured and uninsured Americans with below-average incomes are much more likely not to visit a medical doctor when sick, not following with treatment recommendations, or filling out their prescriptions.



High administrative expenses, the cost prescription drugs, new technologies and the increase of chronic diseases, like obesity, are the main reasons health care cost in the United States are inflated.



The United States does not have a single-payer, or a multi-payer universal health insurance. Usually, health care spending comes from private insurances, or federal, state and local government programs.



Currently, customers with medical problems will visit the emergency room or pay out pocket under extreme circumstances.



· Innovation:

Virtual Primary Healthcare 

Patients will access the clinic’s website, where they will apply for medical services by creating a personal secure account. During the registration process the client will be asked to provide their personal information, insurance information (if they have insurance), current health information, to upload any medical records, and provide supporting documents such as a license or valid identification card. After their initial set up, the client will schedule a video conference intake appointment. One of our supporting staff will get in touch with the client to verify all the information needed is complete, finalized the creation of the clients account, and schedule their first doctor appointment. When the appointment time arrives, the client will be logging in to their account, check in and one of supporting staff will process the client prior to seeing the doctor. Once, all the information required is gather, the client will be put in queue until the doctor is ready to see them. After the consultation is done, the doctor will send the patient back to one of the supporting staff, where any prescriptions will be sent to their pharmacy of choice, follow appointments will be schedule and laboratory orders or referrals will be email to the patient.

If the client has insurance, the cost per visit will depend on their coverage and deductibles. For uninsured clients, the initial visit will be $80, which is about half the average an office visit, and follow up appointments will cost $40, the average deductible for insured clients.

Profit will be made by cutting administrative cost and fix cost of having a large office. Doctors will work from their own home or office and will be contracted to be paid per client.



· Venture concept:



The concept will be to use existing technology to provide healthcare services to people that cannot afford the high cost of visiting a doctor, have busy lifestyles, or cannot find an office that meets their needs.



The main reason people will switch is affordability, and accessibility. At first, clients will be skeptical because the service is provided in an unconventional way.



The clinic’s competitors are conventional offices that provided in person services. Their weaknesses are price and the time it takes to visit a doctor’s office.



Technology to provides the main role of providing virtual services to future patients.



The clinic will be set up like a call center, where supporting staff come in and act as a bridge between clients and doctors. Each supporting staff member will be assigned to a doctor under the supervision of an office manager.





· The three minor elements



The most important resources are having the background knowledge of working in a medical office and knowing quality people like Dr. A, who can provide her expertise and excellent services.



The next opportunity that I will tackle with my virtual clinic is offering specialized services such as psychiatry under the same roof, or virtual clinic.

Five years after launching my business venture, I would like to expand services to more than just one city, since there is only need for one physical location. As an entrepreneur, in the next decade I would to offer services using technology.

23A – Your Venture’s Unfair Advantage

1. Experience in customer service.

Valuable: Knowing how to interact with a customer a valuable personal asset.

Rare: It is not rare, but not everyone knows how to deal people.

Inimitable: No, it is a quality that could learn through experience.

Substitutable: It cannot be substitute; customers are the base of every business.



2. Working as a nurse assistant.

Valuable: It give me background knowledge of the health business.

Rare: No.

Inimitable: No

Substitutable: Yes, by keeping up to date.



3. Bilingual

Valuable: Yes, I can speak, write and read two different languages.

Rare: Depends on location.

Inimitable: Yes, people can learn multiple languages.

Substitutable: Yes, by expanding my vocabulary.



4. Having a close relationship with Dr. A.

Valuable: Yes, she is the director of the clinic and she has 30 plus years of experience.

Rare: Yes, her social circle is small.

Inimitable: No, other people can befriend her.

Substitutable: Yes, by working closely with her.



5. Knowing people who work at assisted living facilities.

Valuable: Yes, they are part of my target segment.

Rare: Yes, they have busy schedules.

Inimitable: No, more people could get to know them.

Substitutable: Yes, by helping their clients with their medical needs



6. Knowledge of medications.

Valuable: Yes, it helps clients with their treatment plan.

Rare: Yes, most people do not find interest in such information unless it is the prescribing provider.

Inimitable: Yes, the information is public.

Substitutable: Yes, by keeping up to date with the latest information on medications.



7. Pharmacy Reps.

Valuable: Yes, they can provide help to clients on how to access certain medications, and free samples.

Rare: Yes, most people find them annoying because they could be pushy.

Inimitable: No, they visit multiple practices.

Substitutable: Yes, by keeping an open mind about new medications.



8. Knowledge of health insurances.

Valuable: Yes, it is the information about the patients’ coverage.

Rare: No, it is public information.

Inimitable: No, it is information that can learn.

Substitutable: Yes, by keeping up to date with coverage of different insurance companies.



9. Medical terminology.

Valuable: Yes, medical conditions, symptoms and illnesses have peculiar names.

Rare: No, it is information that can be learn.

Inimitable: no, it can learn.

Substitutable: Yes, by learning and keeping up to date.



10. Helping set up telehealth services.

Valuable: Yes, it is the basis of my idea.

Rare: Yes, it is a new type of health service.

Inimitable: No, more medical offices can offer the same services.

Substitutable: Yes, by learning and keeping ahead with the latest trends in technology.



I believe that my most valuable resource is having a close relationship with Dr. A. She is currently the medical director of the clinic I work at, so her experience can be extremely helpful. Also, she can the medical director of my virtual clinic.

22A – Elevator Pitch No. 3

Reflection

I only received one feedback on my last pitch and it was positive, so I did not do any changes to the content.


What did you change, based on the feedback?


This time around I dress up in a business suit , making my pitch look more professional. The reason I did this change was base on my reading reflection, Scott Adams said that always dressing properly makes a big impact. He told a story of how he decided to dress in a suit on his flight to California, and meet a CEO in the plane.

21A – Reading Reflection No. 2

How to Fail at Almost Everything and Still Win Big, Scott Adams

1) What was the general theme or argument of the book?

The general theme or argument of the book is how the writer, Scott Adams, talks about his life experiences and how failure has been a learning experience for him. In the book he talks about his many of his entrepreneur adventures, how timing, and having a great social capital is important to succeed in life.

2) How did the book, in your opinion, connect with and enhance what you are learning in ENT 3003?

I think this book is a great example of perseverance and what it is reality of being an entrepreneur. He talks about his social network and how knowing people that have experience and knowledges in areas unknown to you can help you be successful. One example is how he began doing conference speeches, and how at the beginning he felt like it was something he could not do, he didn’t know how to market himself and how much to charge. But thanks to his social capital, someone he knew gave him valuable help. He says that in the business world, the product or does not have to be perfect from the start and how important is to adapt to good and bad criticism in order to make it better and profitable.

3) If you had to design an exercise for this class, based on the book you read, what would that exercise involve?

If I was to create an exercise for class, I would ask students to list three things they are good at and write business idea. The reason behind this exercise is that he talks about Dilbert been his most successful idea, even though he has an MBA from the University of California, drawing has always been something he has done since he was a child.

4) What was your biggest surprise or 'aha' moment when reading the book? In other words, what did you learn that differed most from your expectations?

The biggest surprise or ‘aha” moment while reading this book is when he says that talent is not necessary to have success in what you want to do and that goals are for losers. I learned from his experiences that perseverance, getting the timing right, know when to quit, having a great capital network are the keys to succeed and how he emphasizes that many failures have made him successful.

20A – Growing Your Social Capital

1) Expert in your industry.

This week I meet a new psychiatrist who is both certify to treat adults and children. I meet Dr. C this week because she joined our clinic from another community mental health facility. I am currently working with her by teaching her the software used at our facility and how the clinics system is set up to see patients. The return expectation is the possibility of learning how other facilities work with my target segment. Dr. C is a great addition to my network because in the future she could potentially see patients in my virtual clinic.

2) expert on your market.

This week I spoke to the director of substance abuse program, which is offer at our inpatient facility. The reason I spoke to him is because he has implemented a system which clients are seen through video conference calls during the weekend and this was offer to one of the medical providers I worked with. The favor he did for me is giving me information on how to properly procced with this type of services and that he told me which insurance companies do pay for such services. He plans to expand such services to our outpatient clinic, so I most likely will help him set up. Including this person will help me find out what kind of services might get approved by insurance companies in the future.

3) One person must be an important supplier to your industry.

As new patients are always coming to get services to our clinic, I meet a group home worker who brought a client to his first appointment. As he did not do anything specific for me, while processing the patient before he met with the medical provider support my believe that the need is there. Having people who work closely with my target segment will increase the number of potential clients.

Reflection. This experience has greatly help me understand the need for such services and how technology is already entering the healthcare business.