Born from an introduction we at 250 E Ponce made with Emory School of Nursing (ESON) alumni, Bryanna Marshall, her Co-Founder of Thank Rose, Shade Reid, and the entire ESON Alumni Association, these individuals came together to host an electrifying evening of connection, inspiration, and empowerment.

 
 

Beyond the Bedside: Nurses Network, hosted at Emory’s very own, The Hatchery, invited nurses and local community members to “step into a world where nursing goes beyond patient care and dives into innovation, entrepreneurship, education, and advocacy.” Attendees were invited to “connect with fellow nursing professionals, industry leaders, and change-makers who are redefining what it means to be a nurse in today's healthcare landscape.” Not to mention, hear from several esteemed panelists in the field!

After some light mixing and mingling, audience members took their seats for the first panel discussion of the evening, Healthcare Entrepreneur Q&A. The panelists included:

  • Morgan Terrell Villar, Real Estate Entrepreneur and Healthcare Spaces Investor

    • Morgan is a real estate professional who utilizes her skills to support healthcare research spaces and medical practices in Atlanta.

  • Brianne Lienkamp, ESON alumni and owner of Seahorse Behavioral, Inc.

    • Brianne was a bedside nurse at Kennestone following completing her nursing degree, until she decided to start her own practice in geriatric health. 

  • Chelsea Hagopian, Assistant Clinical Professor at ESON and Co-Founder of Hagopian Plastic Surgery

    • Chelsea opened her first cosmetic surgery practice in LA with her husband, but is now based in Atlanta. She is a multi-business owner.

 
 

Q: What red tape did you go through when starting your business [in regards to owning a nursing home]?

Brianne: You should always take the time to understand your legal standing, the insurance in your area, and spend some time in different nursing homes to understand your wants and what you’re getting into. In the world of geriatric care, you have to find differentiators from practices in your area to really stand out, so market research is very important as well.

Morgan: There is a lot of funding available, specifically SPA offers for nursing homes. When starting your own practice, you can want top tier equipment and cutting edge supplies, so it is very easy to overspend. Also, everything is more expensive than you think it is. “Start small, move slowly, and don't get yourself in a bunch of debt! If you can, buy something that is already established so you don't have to start from scratch.” Buying an established business can also be beneficial when trying to secure loans from the bank, but you should always shop different banks to understand your options.

Real-Life Example: Morgan’s husband is a dental care provider in one of the treatment spaces she manages. Without her business mind, he would be greatly overspending because his only concern is the patients. 

Chelsea: Professional liability insurance is also very important, just like Morgan said – everything is more expensive than you think it will be. In terms of the importance of understanding the “why” behind starting your own business, don't feel like you need to jump head-first into an endeavor – there are stepping stones that will help you decide if you are on the right path without risking your financial standing. Having a good team (lawyer and accountant) helps you to have confidence when navigating red tape as well.

Real-Life Example: Chelsea wanted to spend more individual time with her clients and wanted to have better work-life balance, so she started by renting a room in a clinic three times per week. The shared office offered a lot of flexibility and low commitment. Now that she has her own office, she is locked into a 10-year lease and is responsible for all maintenance and legal requirements of owning a medical practice space. 

Q: How much of your own money should you plan to invest?

Brianne: As a nurse practitioner, it’s difficult to get funding, and you may need to cash in other investments, like your 401k, to cover the costs. In psychiatry, there isn’t as much equipment needed. You can find services that pay well and really cater to what could be paid cash or what insurance would pay a lot for. As time goes on, it’s easier to get funding because you can showcase proven returns. You also need a business plan. Location matters too, so try to avoid the competition. Also ask yourself what you can do that no one else is doing, as that innovation will attract people.

Real-Life Example: Chelsea hand-picked her patients to ensure she could handle them alone, on her own dime. 

Chelsea: Depending on your location, banks can require a business plan and a lot of documentation on cash flow. You have to spend the loan in certain ways, so you end up supplementing unexpected things as well. Also know it can take three months to receive payment from insurance, so you need to be prepared to pay staff with that buffer.

Real-Life Example: In LA,  it was 100 percent Chelsea and her husband’s money that was invested, so it wasn’t as scary since she had a relationship with a practice and rented a practice room three days per week. She wasn’t responsible for anything if it failed. However, in Atlanta, it was a totally different story. 

Morgan: Banks are just like you, they don’t want to take on risk and they want to see value. Every bank has an LTV (lifetime value) and they will ask you to fund a certain percentage. Before you start your business, do a lot of research on the banks and make sure you have the savings that you need to get started. You may need to continue working on the side while you get started. Banks see it as a lower risk for you to buy an existing business as well. They can also use their cash flow and profit to justify giving you a loan. Cashflow is everything and projected income means nothing if you don’t have any money for three months. You need to know ahead of time how you’re going to pay your bills. 

Q: How do you find work-life balance between being a practitioner and a business owner?

Brianne: It took a good five years before finding that balance. Having experience will help you, but you’ll always be doing unexpected things, so try not to set expectations and stay flexible. There are a lot of perks to having a practice, like building your own schedule.

Real-Life Example: Brianne says that the hard work is worth it because she never needs to worry about missing one of her kid’s games.

Morgan: There are different types of practitioners. Some are in this to make money, whereas some are only concerned about helping people. There are others who are very detached. You need to understand your values. At the end of the day, you have to build your own balance.

Real-Life Example: Morgan’s husband didn’t buy a thing from the time he was in dental school, he has the same car from high school! He doesn’t care about money at all, only about helping others, so he struggles to find balance outside of providing care.

 
 

After a short break, the second panel – Opportunities Beyond the Beside – began, with speakers including: 

Q: Is it important to have nurses on your business team?

Efe: Having nurses is always valuable because it allows you to bring a network of specialists who are helpful for sales and developing a group of customers and providers. As a nurse, don’t be afraid to try things you aren’t used to. Consult for a startup and see if it is something you are interested in. Find your tolerance level for uncertainty and failure, because they’re inevitable. Be open to evolving.

Edward: A lot of people have great ideas, but without someone who understands the space – in this case, healthcare – you won’t be able to navigate it. Delta Airlines has a healthcare officer. It’s a non-traditional company understanding that healthcare is an important resource for the internal company and customers.

Justin: Nurses are definitely important, as they speak a different language to business professionals, and they have valuable insights and input in these situations. Find structures that make sense that allow you to ideate and innovate. Find advisors and don’t be afraid to ask questions and explore your ideas. Going to events creates density so you have an opportunity to build a network of people to support you.

Q: How do you find a team to build out your websites and platforms?

Christian: Don’t feel like you need everything figured out from the get-go, you can just have a landing page and connect with developers down the line.

Justin: In addition to that, you should start small and check the reaction before you put too much time into something. Also, you can take a business/customer discovery/product management course to understand how to complete these processes on your own. Try to find advisors who will help you with these things.

Efe: You shouldn't assume that you won’t understand something until you try it. Give yourself room for trial and error.

Q: Can you talk about the benefits of going through an accelerator program?

Christian: Accelerator programs are helpful in regards to learning about customer discovery and having intentional discussions. It helps you to understand the resources available to you. It takes you from building lean to success. They also help you to build your network and to connect you with resources.

Edward: Look for resources in and out of the education space. Be intentional about the programs you get involved in, and talk to people who have gone through those programs. Your time is valuable and you want to spend it in areas that will serve you.

Efe: If you don’t have an idea, but want to get involved, look for pre-accelerators. An accelerator won’t do the work for you, but they will help you get where you want to go faster.

Justin: An accelerator can only accelerate what you have and what you put in. They can’t connect dots for you and they have a schedule to follow. It may not line up with where you are at. Prioritize your needs and acknowledge where you are at. Where you are at when you go in determines where you will be at when you end the program.

 
 

Concluding the panel discussions, attendees from all industries mixed and mingled. From nursing students to healthcare professionals to entrepreneurs to Science Square community members, it was great to witness different communities come together to explore innovation and technology in various fields. Events like these also help to open doors for new connections and conversations to flourish, something we’re constantly encouraging at 250 E Ponce!