30A - Final Reflection

I believe the most formative experience, was being able to interview my superiors such as the Chief Executive Officer, the Chief Financial Officer, and the Chief Medical Officer, as well as, the different doctors and nurse practitioners within the company. I believe this is significant because it allowed me to gain confidence in myself by putting myself out there, and not being intimidated by older professionals with years of experience. I’ll always remember this because not many people can say they’ve ever met their CEO, let alone, interview them and present them with a venture concept for a possible business idea in the future.

Furthermore, my most joyous experience had to be creating and mastering my elevator pitch. This was joyous because even though the submission was very professional and eloquent, the bloopers for every pitch were hilarious and gave me so much life! I had such a great time having my friends and family record me, all the while trying not to laugh and minimize my swearing every time we had to start over. Also, it allowed my friends and family to see me actually have fun with a college assignment, and show them that I am dedicated to becoming a better student for myself and future.

Moreover, completing my venture concept was my greatest accomplishment in the course. The reason being, is because it required lots of research, lots of networking, and it actually gave me so much more insight on what it takes to not only begin a business but to successfully operate one. I believe this was definitely a great start, however, there is still so much to learn.

All in all, I have definitely developed and entrepreneurial mindset and I do see myself as an entrepreneur. Its all a matter of applying everything I’ve learned within this course into the development of my next venture. I am well versed on how to conduct research on current business operations and how to exploit business opportunities. I can’t wait to learn and grow more as a professional and entrepreneur.

My recommendation for students choosing this career path, is to be bold, eager, and open-minded. There are plenty of people out there trying to be just as great, but we have to learn to exploit our own qualities and make them indispensable to whomever we cross paths with professionally. As far as performing well in the course, time management is a must! I didn’t make it a habit of completing assignments two weeks in advance, but this will help significantly (I should’ve). Also, make sure to conduct tons of research; you learn so much! I believe that’s what helped me foster the entrepreneurial mindset.

29A - Venture Concept No. 2

Opportunity: According to the National Alliance on Mental Illness, 1 in 5 Americans suffer from mental illness. Currently, there aren’t enough resources to solve the mental crisis in America.

Forces: Several forces that have created this opportunity, is the lack of Psychiatrists and Psychologists in the industry. As a result, many primary care doctors are carrying the “burden” of attempting to treat illnesses outside of their expertise or discipline and failing. In addition, with the economic crisis and a lot of individuals unemployed, there are many uninsured patients that are unable to afford the out-of-pocket expenses for services. Lastly, insurances are becoming extremely restrictive with the services or medications they approve which in turn limits the care or services the patient receives.

      Market demographics: Individuals (ages 7+) who need mental health services that can either not afford services due to lack of insurance or are limited to the services they can receive through their insurance. Also, I will monitor the need in wealthier areas for the need of my services to make sure I am providing more private care for professionals who fear judgement or the loss of a position due to them seeking help.

      Customers: Currently, patients with insurance are seeing specialists in their network of coverage. For uninsured patients however, many of them are most likely going to hospitals and being Baker-Acted for services; this only provides a temporary solution, not maintenance.

      This opportunity is huge considering the recent suicides of wealthy individuals who unfortunately, struggled with mental illness and could not receive help.

      The window of opportunity will always be open as long as patients need a mental health institution where they can be treated.

Innovation:

      My organization will be multifaceted in that it will offer services to pediatric patients, as well as, adults. In addition, I will also have a drug and alcohol rehabilitation facility within the practice. Most mental health institutions don’t combine the use of both practices, but I believe these services go hand-in-hand for a successful recovery.

o   Self-Pay/Underinsured patients will be placed on the sliding scale and will have a copay ranging from $20-$100 depending on where they fall on the sliding scale fee.

o   Providers/Hospitals will be able to refer their patients. In order to build relationships with both the providers and hospitals, I will offer the first visit free to every new patient.

o   Insured patients will be required to pay their copays. If there is a service that is not covered by their insurance, they can apply for the sliding scale and pay for the service at a discounted rate.

Venture Concept:

·         Patients are willing to go anywhere necessary to receive proper care and attention. If they are     currently at an organization that is providing these services, they will go elsewhere. Even if patients don’t completely abandon their current services, they might still benefit from services offered in my organization.

·         For my organization, the competitors will most likely be non-profit organizations that also offer sliding-scale discounts to their uninsured/underinsured patients. One of the weaknesses I can easily note is that such organizations will most likely have longer waiting periods, which will direct patients to my organization. Also, if their poverty guidelines are different, they may not be offering affordable copays which again, will send more patients my way.

Location:

      My organization will be placed in low-income communities in order to meet the need for the underprivileged. Also, it’ll have to be stationed in an area with local bus routes for those who don’t have transportation.

§  Fundraise or generate funds to supply patients with free bus passes for appointments.

§  Conducting research on possible partnerships with Uber or Lyft to provide transportation services to patients who don’t have access to local bus stations.

Price points:  

The average office visit for patients range from $110-$220 depending on diagnosis and services offered at the time of the visit. My organization will offer a sliding-scale fee for uninsured/underinsured patients which will allow patients to pay for services at a discounted rate based on the household income. In order for patients to qualify for the sliding scale fee discount, they must be at a poverty scale of 100%-200%. The slides will be projected as follows:

Household Size	Annual Household Income
Slide Fee	$20 Copay	$40 Copay	$55 Copay		$70 Copay		$100 Copay
1	$0 - $   12,140	$12,141 - $16,146		$16,147 - $20,152		$20,153 - $24,280		$24,281	and up
2	$0 - $   16,460	$16,461 - $21,892		$21,893 - $27,324		$27,325 - $32,920		$32,291 and up
3	$0 - $   20,780	$20,781 - $27,637		$27,638 - $34,495		$34,496 - $41,560		$41,561	and up
4	$0 - $   25,100	$25,101 - $33,383		$33,384 -$41,666		$41,667 - $50,200		$50,201	and up
5	$0 - $   29,420	$29,421 - $39,129		$39,130 - $48,837		$48,838 - $58,840		$58,841	and up
6	$0 - $   33,740	$33,741 - $44,874		$44,875 - $56,008		$56,009 - $67,480		$67,481 and up
7	$0 - $   38,060	$38,061 - $50,620		$50,621 - $63,180		$63,181 - $76,120		$76,121	and up
8	$0 - $   42,380	$42,381 - $56,365		$56,366 - $70,351		$70,352 - $84,760		$84,761 and up

 Customer Service:

                  Patient care coordinators will be assigned to each patient to monitor patient progress and ensure everything is running smoothly for the patient. Patient care coordinators also follow up and maintain contact with patient once they leave the office and schedule them as needed.

Employees:

          Clinical/Medical

o   Psychiatrists

o   Psychologists

o   Registered Nurse/Licensed Practical Nurse

o   Medical Assistant

         Clerical

o   Patient Service Representative

o   Patient Care Coordinator

o   Billing

o   Case Workers I removed the position of a case worker, because the patient care coordinator will be responsible for the same duties and it is an unnecessary expense.

         Executive

o   Medical Director

o   Executive Director

o   Human Resources Director

§  Compliance Officer

§  Operations Director

o   Accountant I removed this position because I hope to be the CPA of my own business.

o   IT

Unfair Advantage: As mentioned previously, my unfair advantage is my social capital because I have a lot of people I can easily contact for information or referrals. Also, I am well-versed in how the business operates and how to apply for government funding to secure the funding I need to maintain operations.

What’s next: After operating for five years, I am hoping to expand my business. This will require me to start a budget, seek new opportunities and conduct research on prospective areas I’d like to target. With my expansion throughout Florida, I would also like to begin to offering in-patient services.

For me: I hope that after my successful expansion, I can partner up with a coffee shop or deli so that I can generate revenue without solely depending on government funding. This would also allow in-patient visits to have access to food while receiving treatment.

Unfortunately, I did not receive much feedback from my peers as to what to change or other developments. Most of my peers stated that they enjoyed the idea from the, “What’s Next,” assignment to offer in-patient services. I did not go into detail, as that would come eventually assuming my business was successful but I did make minor changes to the services I would like to offer and the number of employees I will hire. Above, I mentioned that I would like to be located in areas where there are many bus stations for patients that struggle with transportation. One of my ideas is to generate funds to provide patients with free bus passes for their appointments. The other idea for patients that live in more rural areas to have access to an Uber or Lyft, by a paid partnership. In addition, I removed the accounting and case worker position. Because I plan on receiving my masters in accounting and becoming a certified public accountant, I wouldn’t need another accountant. Instead, I will just have to hire accounting associates for accounts receivables and accounts payables which is a part of the billing department above. I decided to remove the case worker position because their duties are the same as that of a patient care coordinator, so I didn’t see it fit to invest additional money into that position. Please feel free to provide any feedback!

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?

• Assuming my business is successful, I would like to stay with the business and retire in it. Helping patients with mental illness is not a business that I would just pass down to anyone, even family. I believe one must be strong willed and have genuine interest and passion for the cause to ensure that it continues to operate as I would want it to.

2) Why have you selected this particular exit strategy?

• I’ve selected this exit strategy because as some may know, Florida has a terrible mental health system. By working with the company for several years, it would allow me enough time to successfully expand my services throughout Florida. I want to own a business that people can trust and is recognized everywhere within the mental health administration. While I would like to profit and be well-off in terms of my finances, my main goal, is to have a significant impact in the mental health community because I truly believe it can make a difference in everyday life for everyone. Before retirement, I hope to partner with other organizations and maybe sell the organization, but I’m still unsure about that. 

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 exit strategy has definitely influenced my growth intentions for the business. As I mentioned before, expanding throughout Florida will be a priority and a goal that will require lots of funding and campaigning. As a result, I will devote most of time creating budgets and securing grants for support. In addition, even though my specialty is within mental health, the relationships I build will gain me access to institutions such as homeless/domestic violence shelters which I could offer my services to free of charge, if able.

• Also, I’d eventually want to begin participating in charities and possibly create grants that can be donated to individuals or other institutions.

27A - Reading Reflection No. 3

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

·         The general argument or theme of the book is that most people speak the first answer that comes to mind rather than think logically or solve the issue at hand to come up with the proper solution. Basically, more people are confident within themselves by intuition rather than actual facts. This issue doesn’t only plague them in their personal life, but in all aspects of their lives, as they are unable to recognize they are wrong, and hold their thoughts to be true.

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

·         I believe that for the most part, many people took this class because they believed it would be easy. When I began to research this class, all of the reviews from individuals basically stated that this class was an easy A. Based on that information, I concluded for myself that it would be easy and that I would get an A, completely underestimating the possibility that I may not receive an A. Here I am at the end of the semester and I will not be getting an A, although I previously convinced myself I would without looking for further statistics about the class such as the class average to further solidify my reasoning. I basically proved the whole point of this book by that assumption alone.

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

·         I would create a question or design an image that would seem easy to answer or depict and basically single out all of the individuals who thought “fast or intuitively” vs.  “slow or statistically.” Examples in the book involve showing people “obvious” images or questions such as, “which item appears to be closer?” or “what year did Abraham Lincoln die?,” and see which individual takes the time to thoroughly process the question and answer correctly.

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?

·         I didn’t realize the book was going to involve a lot of research, statistics, and analytical thinking. This was actually the first book I wanted to read, but it wasn’t available at my local library until now. The book discusses many psychological or mental restraints that most people are unaware of. This is because we have subconsciously been exposed to may different situations or people in our lives, that the information kind of sits on the back burner until you are in a situation to think and use that information. My ‘aha’ moment was realizing these restraints in my own mind and applying the strategies used in the book to break those ill mental processes.

26A - Celebrating Failure

1) Tell us about a time this past semester that you failed -- whether in this class, or outside of this class. Don't spare any details! It'd be even better if there was something you tried several times this semester, and failed each time. 

• Before I began this class, I told myself this would be the first class I get an A in, since every other class prior has been C+ average (don’t judge). I was doing well, but then I missed two assignments and forgot to declare about four of them. Also, I didn’t do any of the Cupcakes in the beginning because I thought you had to pass them to earn points, not that you could earn up to one point, so there went my A. I was and still am upset at myself because I can’t believe I could be so stupid/irresponsible for lack of better word. In my opinion, this class is almost impossible to fail, so if you don’t do well, there’s just no excuse and that’s currently how I feel about the situation. I’ve been trying to score higher than a C+, but it just seems impossible. In short, if it isn’t one thing, it’s another.

2) Tell us what you learned from it.  

• I’ve learned that just because a class is labeled as “easy,” it doesn’t mean that you won’t fail. As a result, I have learned to trust myself less and always review the syllabus or assignments thoroughly before assuming I completed them. I am no longer going to have an A in this class for failing to follow the simplest requirements, and there’s just no excuse.
• Also, I’m learning that I need to devote more time into school than I do with my work. At work, I am always on point. I work hard, I’m on time, I’m an employee advocate for the Employee Advisory Committee, but when it comes to school I’m just average. Once I complete my undergraduate studies, I’m hoping to apply for Fisher School of Accounting here at UF. I know that if I want to be accepted, I must make sure I have exemplary grades which is going to require more effort on my end.
• DO NOT UNDERESTIMATE THE POWER OF A SIMPLE TASK!

3) Reflect, in general, on what you think about failure. Failure is hard, isn't it? It's embarrassing, sure, but it also means that we have to change something about ourselves. Talk about how you handle failure (emotionally, behaviorally). Finally, talk about how this class has changed your perspective on failure -- are you more likely to take a risk now than you were just a few months ago?

• In my opinion, failure is a part of life and I accept it openly. That doesn’t necessarily mean that I will purposely set myself up for failure, however, I understand that failing is part of the dreadful learning process. Whether you learn about yourself or your surroundings, one will always find growth in failure; depends on how you perceive certain situations, anyway. Before, I used to beat myself up bad. Most of my friends from my graduating class are Alumni with master’s degrees from great colleges, and it took me six years to finish my associates degree. This is my third semester at UF and I’ve felt like failure since I started last year. Most of it is due to issues that I must fix within myself and my life. The other half are external factors, mainly financial. Although I’ve been hard on myself at times, I don’t react negatively. I always persevere and keep pushing forward. I know its cliché, but true failure is when you give up. Because, at that point, you never experience the “other” side—the accomplishment side. Unless of course you discover you were never on the right path. Regardless of who you are or what you believe in, fail and fail again. If you fail right, your failures will eventually lead you to your greatest accomplishment with time!

 

25A - What's Next

Existing Market:

·        For my next venture, I’m looking into the expansion of offering in-patient services to do those suffering from severe mental illness and need to be admitted.

o   Interview #1—Patient:

§  My first interview was a low-income patient that didn’t know there were institutions that existed similar to my venture. He mentioned that in addition to my services, I should offer in-patient care. While I was already considering this idea, I’m glad to receive further that this should be my next step.

o   Interview #2—Patient:

§  My second interview was a bit more interesting because she felt that I should operate a free clinic. Her reasoning behind it, was that even though my sliding scale can be affordable for some, it possibly will still be expensive for others, such as, homeless patients. In addition, she mentioned that there aren’t any clinics in the area that offer free services, and would most likely be more beneficial for the low-income communities.

o   Interview #3—Patient:

§  My last interview was a bit more enlightening. She stated that my ideas were great in terms of offering services to both adults and children, in addition to, the rehabilitation center, but she felt that I was doing too much. She suggested holding off on the rehabilitation center, and use my surrounding resources instead. She explained that if I try to operate everything at once, I might not be able to meet the need which in turn will create patient dissatisfaction.

Reflection:

·        After conducting the interviews, I was actually surprised at how different each interview was. With the first interview, I was pleased to know that my thought process for the next venture is headed in the right direction. At first, I wasn’t sure how offering in-patient services would interfere or partner well with out-patient services, but I think this will be more beneficial in the long run. With my second interview, I could not believe she said I should offer free services. To explain, it’s not that I don’t believe what she is saying or am against it, but I am not sure how I would successfully operate without attempting to generate some revenue. In an effort to refrain from closed-mindedness, I considered maybe I can offer certain services free of charge, but most definitely not all. Lastly, my last patient made a great point about my venture being overly ambitious. While I would still like to move forward with all of my plans, I don’t think it will do any harm to take steps one at a time, and not try to launch a huge practice without working through the quirks first.

New Market:

·        Although my services aren’t specifically meant to target low-income communities only, I decided to interview some of our higher income patients to determine how my services will benefit them. Most patients with higher incomes are able to see any specialist they want and usually don’t have to wait too long because they’re practices are privately ran. However, with most insurances, certain services must be authorized in advance which can delay treatment.

o   Interview #1—Patient:

§  With my first patient, she has a commercial insurance plan with United Healthcare. She states that she wouldn’t really need to switch her services unless her provider stopped accepting her insurance. Also, because she pays a lot for her insurance, she mentioned that she rarely has any issues with her services.

o   Interview #2—Patient:

§  My second interviewee mentioned that she is actually intrigued by the services I plan to offer. One of the main reasons, is because she mentioned that she can no longer afford health coverage and is seeking an institution where she can pay based on her income. Lastly, she mentioned that she also has family members that do not have insurance and are in need of a facility like mine.

Reflection:

·        With this second set of interviews, I feel like I gained a new perspective that I didn’t have before. To elaborate, I’ve always known that most wealthy individuals don’t really struggle with receiving healthcare because most are covered by insurance. What I’ve always been blinded to is the fact that even though they are wealthy, that doesn’t necessarily mean their family is or they don’t have friends or colleagues that need help. This is helpful because there are plenty of people that may not directly benefit from my services, but they can point others to my direction.