24A Venture Concept

Venture Concept

“Wright Enterprises”

ENT3003

Cody Wright

7/20/2018

My venture concept is a type of software that helps benefit the healthcare industry as a whole and will help keep rapid innovation in these interconnected industries.
Opportunity-

The need is for healthcare personnel that will be utilizing this software and the benefit will be received by the personnel in healthcare as well as the recipients (patients). I believe our software is at the forefront of 21^st century innovation. The need is to enable efficient and effective patient care, as well as a dual process that will be helping speed up the reimbursement process for providers in the healthcare industry. So there is a strong need in this market for the personnel as well as the patients. The market is defined as a domestic region of the United States. Customers are satisfying this need through software as a service, but we are here to build upon unmet needs such as, electronic claim submission, instead of paper, faster software than current. So essentially we are building upon a developed product, but improving. This opportunity is huge considering that software as a service is under scrutinized today and within a 3-5 year window it will be enormously developed.

Innovation-

Our software performs at high levels to execute optimal performance through a variety of channels. We will be making money by performing webinars on our software and engaging potential prospects and MQLS (marketing qualified leads). We will make money by charging a monthly and annual rate for our software. We will hold 8-10 products that are delivered to a variety of providers. We will provide our Software as a service for claim submission services, eligibility verification for patients (huge need in that facet), as well data entry software to help organize and keep information up to date, to simplify the administrative and clinical complexities that the healthcare industry has foreseen.  Acute (hospitals), Ambulatory (physician, walk in clinic), Post-Acute (Skilled Nursing facility, home health), and strategic partner (software vendor, special billing service). Prices range on the software and the amount of claims a provider submits. Some can be a monthly range of $75-100, others can range to $5000-6000 a month for some hospitals.

Venture Concept

Our application that is specific is a unique software that addresses claim submission services as a whole, and is implementing faster, more efficient electronic claim submission to speed up the reimbursement process for providers. Essentially we are making money, and contributing to a good cause by getting these providers money back rapidly so they can stay taking care of patients, and providing an efficient data entry software that helps them efficiently and effectively take care of their patients and keep them organized. Would not be very hard. We will establish value, but not only value, but we will be solving a problem and putting money in their pockets, fast. Because who doesn’t want their money back fast? Competitors include, other IT SAAS based companies that are interconnected with Healthcare. Their weaknesses include not being the fastest, up to date software programming. Our major strength is; being the best software engineering and social and human capital that “Wright enterprises” has provided. Packaging is efficient and up to date. We have technical logistical coordinators that have years of experience in a developed market such as Jax, FL, and Shanghai, China. Distribution, customer support have all been laid out and planned. Customer experience is a huge priority because we are aiming for the betterment of patients in healthcare. Business location is Tampa, FL because it is a hub for IT Software development and cloud based securities, and technical developments. I would organize the business to support ongoing production by hiring experienced directors to manage and oversee. Logistics and transportation, Finance, R&D, Marketing, etc. 25-30 Employees to start until we develop positive cash flows, due to the nature of negative cash flows for startups early in their life.  I personally believe it is a good strategy to keep employee numbers low in the early life for startups from observance of other startups and how their earnings stack up and how their financial statements look early  on. We are an innovative, in Demand Company so it could change and we could hire a few hundred employees in a short time span to keep up with upcoming demand in the market place, but I am starting off small as the CEO, considering we are already taking loans and are in debt to start. My philosophy is that you need to spend money to make money, but I believe we have spent a significant amount already.

Three Minor Elements

First- Our most important resource is our social capital and human capital. We have an innovative, diverse group of individuals that have the ability to think on their feet and understand their sector well, and have experience behind them. People of different backgrounds and ethnicity coming together to contribute to a greater good for the healthcare industry. It is near impossible to match our level of intuitive thinking, but not just that, but our drive to help people in the healthcare industry. As well to make money.

Second- Not too sure what is next. But we want to continue to grow and develop an extremely strong brand recognition that is unprecedented and will be a strong brand in the Tampa market that is recognized as a software development hub.

Third- I plan on continuing to run the firm. Because it is something I am passionate about. I love working for a great cause, in helping people and making money. In 5 years I will be 27 years old. I hope to be known as a fortune 500 CEO helping people within the healthcare industry, have an impressive net worth, a diverse group of connections. And traveling to Europe and Dubai on my private plane to help people on a global level and meet likeminded individuals as myself. I hope to build “Wright Enterprises” into something that is not only known as a financial giant but as a means that has helped millions of people.