24A- Venture Concept No.1

The health industry is booming right now, and doctors and hospitals are always looking for easier ways to have their patients in and out of the office quicker and healthier. Medical focused applications have been on the rise to try to digitize the health care system. The demographic that has identifies with the technological world the most are millennials. The force that has contributed to this is the advancement of technology and mobile technology all over the world. Millennial’s are now being forced to use electronic devices to schedule and pay for a lot of their health care.

Millennials are ages 18 to 34. My application targets only people using the American healthcare system. This demographic on average makes a little over $30,000 a year in salary. They are marked by being extremely tech savvy and are interested in improving their lives through technology. When millennials look for products they look for accessibility and transparency. The specific need is for millennials to get out of the doctor’s office and get on with the rest of their day faster. This nature of this need is that people are eager to make any aspect of their lives easier especially when it comes to waiting in waiting rooms. Another need is for people to take better control of their medical history and forms on their own. Nowadays with so many changes in insurance plans and insurance covered doctor’s people are forced to switch doctors more regularly. People are looking for easier ways to transfer files and get to a diagnosis quicker.

This opportunity is big if people begin to use the application immediately. There is a lot of pressure from competitive forces that already have set up medical apps for hospitals. This application will focus on private practice doctors because there is more opportunity there. Currently customers are still using conventional channels of communication with their doctors such as telephone and email. Most people are loyal to this idea because it is the only option they have.

This window of opportunity is very small considering all the application companies that are trying to enter the market. Action needs to be taken soon before the market is too saturated with health care applications. As many people said in my interviews, no one likes to have too many apps on their phone.

Innovation

For millennials looking to take better control of their health and be out of the doctor’s office quicker, I will sell a mobile phone application to allow patients to record their medical history, transfer files between doctors and fill out pre-appointment medical forms before their appointment. The consumers will be able to take better control of their needs with the click of a button. The app will be very easy to use and will be connected to doctor’s appointment and medical file computer systems all over the U.S. Doctors and patients will be able to better communicate through the application with the symptoms recorder feature and medication documentation section.  If a consumer moves to another doctor or city, they can easily send their new medications and medical files to their new doctor.

For doctors, this application will easily connect to their computer systems and allow them to see all patient’s information. The information will be especially encrypted to only allow the patients doctor to see the information unless given permission otherwise.

The initial profits will come from advertising on the website and application. Additionally, once the app starts to gain revenue the profits will come from the doctors using the application. It will cost them $20 a month for a subscription to the computer service. For consumers, the app will be free. Through interviewing, I found that keeping the app for patients free was crucial for the success of the service.

Venture Concept

My concept will address the opportunity by providing quality mobile service to millennials that are looking to simplify the process of making a doctor’s appointment and transferring medical files. My main target audience will be millennials; however, anyone that uses a mobile phone should be able to use the application with the increase in technology and the number of hours people are expected to work weekly, people are looking for easier ways to get in and out of the doctor. With my pre-appointment paperwork feature, patients will be able to get into the doctor’s office quicker.

Customers would switch to this product rather than using conventional ways to make appointments and transfer medical files because this application makes their lives easier. No more being left on hold on the phone and no more faxing papers. It should not be very hard for consumers to switch because all it takes for them to download the application.

The main competitors are the other medical applications there are out. A lot of hospital systems have been using them but not a lot of private doctors, so this is where the opportunity is. The main weakness is that the app is mobile, and some people do not like using their phones all the time. For consumers the price is free which is a great incentive and for doctor’s the price is still reasonable and worth it. This app can be used anywhere in the continental U.S which makes the market so vast.

For customer service there will be office set up to take phone calls from doctors and patients with questions.

The most important resource is the great customer service and sales representation we will provide to doctors to support the product.

The next venture would be bringing the application international and addressing healthcare in those countries.

For me, I would like to grow my company and address more needs that consumers have. Maybe bring more technology to the medical field. Maybe bring virtual reality into my application.