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.