Entrepreneurship is all about adding value to other people after identifying their needs. Where unmet needs and untapped potential collide is where a new venture can take root.
Sameer, a senior in Computer Science and Business, realized after talking with his doctor during a routine medical checkup how difficult it was for a new doctor to set up a medical practice. While balancing up to $1 million in student loans and business loans, up to 45% of doctors experience burnout just as their career is starting, often working 80 hours per week. By engaging with valuable insights gained from FSE 301, an Entrepreneurship and Value Creation class, he laid the framework for a consulting startup that would alleviate the burnout doctors experience.
Maxwell, a 21-year-old premedical student looking to open his own medical practice in the future, wants to avoid the long hours that come with managing a business on top of working as a doctor. He knows that as a future practice owner, he would need to balance financial concerns, hire and fire staff, deal with insurance companies, and last but not least treat patients. To address his concerns, as well as concerns voiced by other premedical and predental students in customer interviews, Sameer created a consulting firm called MedHelp, which aims to handle the business aspect of medical practice.
Through MedHelp’s services, doctors looking to open their own practice would benefit in 5 key areas: location scouting, building renovation, regulatory compliance, billing and insurance, and marketing. Sameer aimed to reduce as many headaches as possible for customers of MedHelp. After using MedHelp’s consulting services, a doctor would have up to 20 hours per week of extra free time, increasing their quality of life. Studies indicate that doctors with a higher quality of life are less prone to stressed-induced performance issues in the workplace – a win for everybody.
Sameer iterated his consulting company’s service offerings several times based on customer interview feedback. As Suma, a 51-year-old seasoned physician, noted “it takes up to 2 years or more for a practice to become profitable.” Therefore, focusing heavily on marketing and hiring efficiently were chosen as highlighted features of the consulting service.
Sameer wanted to add value to the doctors without draining them financially. Brand new doctors freshly graduated from residency and fellowship programs are understandably tight on cash, having to repay student loans. Market research suggested that to add the most value to the customer, large upfront cash payments would be a deterrent to the customer. Therefore, the majority of the revenue for MedHelp would come from a customizable revenue-sharing contract for the practice.
As a Computer Science major and Business minor, Sameer found FSE 301 a great opportunity to combine the value creation mindset with the technical skills he developed. Sameer learned how to effectively gather information from the public about what their needs truly are and how to solve those problems. To learn more about MedHelp, please watch the pitch linked below and explore MedHelp’s website. Please feel free to connect with Sameer on LinkedIn.
MedHelp Pitch: https://youtu.be/u8w55XTVa_U