Occasionally I seek out Guest Contributors who have interesting career stories.
While these stories were delivered PRE-COVID19, in light of what that is changing in Healthcare, their experiences are even more timely for ALL who may be re-evaluating aspects of their career.
About our Guest Contributor
My name is Freddy Peatross, and I am an R.N. with eight years of experience in Critical care. I have been a traveling nurse for two years and counting. I am Chief Information Officer of EmpoweRx Inc. I am an avid photographer. I love to travel, hike, rock climb, draw, paint, and make people laugh.
What is your company name?
What problem does your company solve?
The “pain” we solve is making starting a business easier by providing step – by – step instructions, tools, resources, and first-hand experience, so clinicians are not overwhelmed. In addition, they become part of a growing community of Clinician Entrepreneurs and can network with each other for extra support.
Our service gives the clinician knowledge, resources, and tools to operate their business as they see fit. It frees clinicians from the standard 13-week contract. It affords them the autonomy to set their preferred contract length.
Also, there is benefits in formulating your own contract and negotiating your own pay rate. Our service alleviates the uncertainty of bypassing agencies and being hired through your own business. Once a clinician joins our team community, they are our family, and we assist them in every possible way. From a facilities perspective, we would ease some of the hardships they have with retaining high-quality clinicians for a cheaper cost.
Forty to Fifty percent of a hospitals cost is labor. We encourage the relationship-building process that has been lost with agency involvement so facilities can plan staffing needs and have a reliable, top-performing contingent staff pool they can count on.
When did you first see this problem as one that needed to be solved?
M.K. saw the opportunity after meeting a few R.N.’s contracting directly with facilities. When the corporate tax code revision was being implemented, it solidified her decision to start the company. Eric and M.K. connected early on. Eric and I have known each other for years, and he connected me to M.K.
After learning about the mission to empower clinicians and facilities to redefine staffing practices for a mutual benefit, I wanted to be on board. Third-party agencies are a drain on the entire healthcare system, and clinicians are fed up with being taken advantage of. This allows clinicians through their own business to only be taxed on 80% of their net income. Also, mileage, lodging, licenses, CEU’s, health insurance premiums, and any work-related expenses are tax-deductible. The tax reform prevents W2 agency employees from writing off work-related expenses. We also noticed a decrease in wages across the board.
We think clinicians should be paid well to leave their families and work, and we are here to assist them.
Did the problem ever seem like it was bigger than you?
Of course, but we are determined to make changes for the better in this industry. We have a tightly-knit team as well as established business partners to help us along the way. Vendor management systems (VMS) and managed service providers (MSP) are highly entrenched in the hospital systems and present us with an obstacle. Still, we know once facilities see the amount of money they can save, they will see us as a more viable option to staffing.
What makes YOU stand out from others who may solve similar problems?
We educate our clinicians on how to conduct their business appropriately. We provide access to key business partners and tools to ensure they succeed.
Some say, "It's not what you know, it's about who you know." In terms of developing business relationships, do you agree with that statement? Please explain your rationale.
I think there is truth to this statement. However, you need to be well-versed on the service you provide and how to conduct your business properly.
Tell us about your transition. What was the process of moving away from the clinical role into a business role? What mindset shifts, if any, did you need to make?
I knew something had to change when I noticed all the feedback on social media, at conferences, and speaking with other clinicians about their frustrations with the industry. A mind shift is a good term because 90% of it was mental. Although it sounds cliché, I had to believe that I could do it.
As with a lot of things in life, you can easily ruminate on how difficult starting a business can be, but with time it becomes second nature.
What has been the hardest thing in starting in your specific type of business or job role?
I think the ability to adapt to my ever-changing and evolving role in the company.
Also, balancing full-time work, our business, and social life can be difficult. It requires great time management.
What has been the most rewarding thing about being in your business or job role?
I have learned so much about myself, business, and life in general. It’s given me a new perspective from a business's viewpoint. I’ve gained vast knowledge of business marketing.
What would you say are the five important resources (books, conferences, associations) for a nurse who wants to explore business?
Gary Vee is a good resource on LinkedIn. I watch a lot of youtube videos on business, so that has helped me grow my business mind. I read Venture Deals by Brad Feld and Jason Mendelson. I attended several meetups and business speeches at Capital Factory in Austin, TX. I made connections with people who were more business savvy than myself. Honestly, there are a lot of free resources out there. Local Small Business Development Centers.
Let's talk legal stuff. Many nurses are afraid of this part of the business. How did you address this concern in your business? What worked for you?
I used LegalShield for all my legal advice. I haven’t had to utilize legal assistance much as of yet.
Who supported you during this transition? Did you have paid mentorship or coaching? If so, what made you make that investment in paid support?
My business partners MK and Eric helped me during my transition into running my own business. It helps to have mentors, and that’s what we provide with our company.
Is there any way you can give our readers a small taste of what you do?
I am a nurse who is a partner in the healthcare staffing consulting business , EmpoweRx Inc, that helps clinicians cut out the middle man agencies to increase their profitability.
Start your own LLC, sign up for quickbooks self-employed, open a business bank account, learn excellent negotiating skills, and leverage the relationships you have to gain direct hire contracts.
Is there anything else you would like readers to know?
Once you join the EmpoweRx team....you are always apart of our family, and we will continually help you!
the EmpoweRx Team
Website + Social Media Handles :
IG-empowerx_inc
facebook-EmpoweRx Inc
LinkedIn-EmpoweRx Inc.
About the business of nursing founder Amelia Roberts RN
#TheBusinessofNursing
Amelia felt invisible in her role as a registered nurse and chose to learn how to use social media for something beyond watching cat videos.
Now alongside other hats, Amelia elevates the voice of nurses and helps her clients get booked as guest experts on live videos, podcasts and/or virtual conferences so that they can grow their audience without feeling the need to “overshare” or document their entire lives on social media.
When she is not slaying obscurity you can find her planning real and imagined food tours.
Feel free to connect with her on LinkedIn https://www.linkedin.com/in/ameliaroberts/