Briggs Hamor

columbus, OH (USA)
Role(s):
C-Level Executive (CEO, CFO, etc.)

The Rubicon Group

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Location: columbus
Industry: Healthcare
Year Founded: 2007
Number Employees: 1-10 people
Description: The Rubicon Group •Limited Liability Corporation •Began operations September 2007 •Headquartered in Columbus, Ohio •Six employees, three consultants, two interns •Currently a service based business, $300,000 revenue in 2008 •Within 12-18 months will be 95% product based •Tenant of TechColumbus Incubator •Received Technology Investment Tax Credit approval January 7, 2009 Problem: Unlike the CEOs of other million dollar enterprises, the modern private practice physician is both the primary source of revenue and the entrepreneur/general contractor enlisting many disparate vendors and organizations to help run their business. This outdated model is both cost prohibitive and time consuming. The Medical Group Management Association (MGMA) noted that a private practice physician and their management, in order to meet current government mandates, varied insurance protocols and to fulfill the fundamentals of a well-run business environment, require 9-12 hours of non-patient/non-revenue dedication per day. Physicians are responsible for at least two hours per day of this inefficiency. That is two hours each day they could be seeing patients and generating revenue. At a very conservative estimate of their time being worth $100/hr this equates to lost revenue of $50,000 annually. Additionally, being small business owners they are the entities providing their suppliers with their margin as they are relegated to paying retail for their needs. At the least they are paying 20% more than well organized businesses. At an average annual purchasing total of $75,000, that equates to lost revenue of $15,000 annually. Solution: Physicians clearly need smarter solutions, but fear change. That is why we created The Rubicon Group. It began in September 2007, launched by Mike D’Eramo (CEO) and Briggs Hamor (CFO), and in just over a year has doubled its client base from forty physician clients to almost ninety. Rubicon now offers the following… Products: (URL removed)up Purchasing Organization (named Health Practice Exchange) (URL removed)urance Co-operative Purchasing (Medical Liability, Business Risk) Services: (URL removed)sician Management and Operational Support (URL removed)keting and Public Relations (URL removed)iness Development and Growth (URL removed)lthcare Technology Assimilation (URL removed)tracting In addition, Rubicon is developing the following two products… (URL removed)ile Office Resource (MOR) (URL removed)formance Metrics and Analysis We will have the MOR prototypes being tested in our alpha sites by the end of the second quarter. Performance metrics will lag behind this product by six months as it will be necessary to have the MOR product in the hands of our customers before we can start to collect accurate, thorough data. Financial Projections Rubicon anticipates a total of 150 physician customers (~50 practices) participating with us by year end. Over the next four years we believe physician practice involvement will increase from 210 by year end 2010 to 1,400 practices in 2013. This growth will translate into a breakeven financial position in 2010 and then growing to $22 million in revenue and a projected profit of $16 million by 2013. Management Team The Rubicon Group Management team consists of five executives with combined healthcare experience of more than seventy-five years. The executives are: Mike D’Eramo (CEO) – •Twenty-five years of healthcare experience •Experienced entrepreneur, this is his fourth venture, all are financial successes Briggs Hamor (CFO) – •Eighteen years of healthcare industry experience •Former Market CFO for UnitedHealthcare in Columbus, Ohio John Girgis (CTO) – •Over 20 years of technology and business experience, with extensive focus on software and systems engineering. •Prior to joining The Rubicon Group, John directed and managed software product development programs at Cardinal Health for over 7 years Chris Fitch (Development Executive) – •Earned numerous accolades in nine years working for a top 10 super-regional bank •Specializes in wealth management for physicians and developing programs tailored to medical and dental practices Barb Bjorn (Marketing Director) •Barb has worked in healthcare advertising since 1990,the last ten years at the executive level with inVentiv Communications •Worked with big pharma clients (Merck, Lilly, GlaxoSmithKline, etc) •Worked at two national award winning advertising agencies