Starting a business is a big achievement for many entrepreneurs, but maintaining one is the larger challenge. There are many standard challenges that face every business whether they are large or small. It is not easy running a company, especially in a fast-paced, ever-changing business world. Technology advances, new hiring strategies, and now, political changes coming with the new administration, all add to the existing business challenges that entrepreneurs, business owners, and executives have to deal with.
Maximizing profits, minimizing expenses and finding talented staff to keep things moving seem to be top challenges for both SMBs and large corporations. We have been interviewing companies from around the world to discover what challenges they are facing in their businesses. We also asked each company to share business advice they would give to a younger version of themselves.
Below is our interview with Adam Habig, Co-founder and President at Freedom Healthworks:
What does your company do?
Indianapolis-based Freedom Healthworks fuels the rise of direct primary care (DPC) in America. Delivering a high-quality, accessible and affordable care, Freedom Healthworks and DPC bring a fresh alternative to today’s troubled, insurance-driven system.
Instead of facing deductibles, ‘co-pays’ and narrow networks, patients are free to access to their personal physician, for a flat, monthly, transparent price. Instead of consulting with 30 to 40 patients daily and causing long wait-times, physicians maintain smaller patient panels, with each visit lasting 45 minutes or longer. Physicians are also able to focus on solving and even preventing patients’ problems, which has lead to studies proving that DPC decreases the number of emergency room visits, hospitalizations and premature deaths.
Freedom Healthworks’ empowers doctors to launch, sustain and prosper within their own private DPC practices. We connect individuals and families to these practices, and help businesses enhance employee benefits while lowering health costs.
What is your role? What do you enjoy most about your role?
As president and co-founder of Freedom Healthworks, I enjoy bringing innovation to healthcare especially after witnessing the frustration of my own parents, both physicians. My parents were each on the brink of burn-out from the burdens and obstructions imposed by insurance companies. It was clear, an alternative model was necessary to for keeping these seasoned, skilled physicians practicing.
That said, as a healthcare consumer, I faced the same high deductibles and endlessly escalating costs many Americans endure. Our founding team recognized an industry without transparent, value-based pricing for consumers was ripe for disruption. After researching direct primary care, to which thousands of physicians were migrating ad hoc, we launched Freedom Healthworks to supercharge this grassroots movement.
In this role, I also have enjoyed working with policy leaders. Last year, we helped pass legislation in Indiana to foster the growth of direct care, unhindered by insurance regulation, joining 20 other states.
What are the biggest challenges in your business right now?
Changing the way consumers think about purchasing their healthcare. Health insurance is not the same as healthcare. Nearly a quarter of Americans avoid necessary medical treatment each year, despite expanded insurance coverage, because insurance alone no longer guarantees high quality, easily-accessible healthcare for an affordable price.
We don’t rely on our auto insurance to pay for an oil change, so why do we use our health insurance for routine medical care? Our biggest challenge is opening consumers’ eyes to a more convenient, more effective model that keeps people healthier for a lower price by eliminating the inefficiencies of health insurance. Allowing insurance to revert to its natural role guarding against high-cost, catastrophic events is to only way to that premiums become truly affordable once again, and healthcare costs can be reduced at the individual, and ultimately, systemic levels.
If you could go back in time, what business advice would you give to a younger version of yourself?
Be more vigilant to recognize the small tremors that lead to seismic shifts. Healthcare has long been ripe for disruption, a fact underscored by my parents’ experience. I’m an attorney by training, and my co-founders are MBAs, and when we put our heads together, the need for a company like Freedom Heathworks became self-evident. It was timely, but it could have happened sooner. Freedom Healthworks can change the way people think about their healthcare, delivering better care at a fraction of today’s price, while helping doctors achieve a better work-life balance to forestall the looming physician shortage. The sooner this change is wrought, the sooner the beneficial impact can ripple through our healthcare system, to the benefit of individuals, families, doctors, small businesses, and our country as a whole.