By Nancy Fraser, RN and CEO of Med Legal Consulting Source
A year ago, when I was developing a new strategic growth plan for my company, I discovered a book that would have a profound influence on my thinking, my staff and my medical records business. In fact, it ultimately led me to the Entrepreneurs’ Organization (EO).
It all began with a book review that caught my eye in a trade newsletter. I had contributed an article to this publication; it was a case study of developments in my area of expertise: customized reviews of medical records by nurse consultants for the legal industy. I noted how many firms are adding an outside medical record expert to their case management teams.
The book review described this trend of “unbundling” documentation as one of many innovations in the legal services industry. Unbound, How Entrepreneurship is Dramatically Transforming Legal Services Today, written by David Galbenski, a past EO Global president and current EO Detroit member, spoke to me at a time when I was formulating a strategic-growth plan. I’ve been on this unbundling path since 2000, when I founded Med Legal and was a decade into building a successful new legal service category. At the time, I knew I was on the right track and on the cutting edge.
Unbound spotlights the trends I have seen reshaping the tradition-bound legal industry. Like other service professions, the legal trade is facing globalization, which presents both opportunities and competitive pressures. There is a commoditization of services as consumers go the do-it-yourself route. What’s more, information technology is having an impact on everything from billing to the democratization of legal information.
Armed with this broad context and framework, I have been able to better serve and communicate with our clients. Med Legal is a young and unique company with only a few competitors nationally. Our method of doing business with clients is to intimately understand their challenges and how our services could add value and provide solutions.
My message is that it makes business sense to consider alternatives to the status quo. Legal nurse consultants have the experience and expertise to assess the value of medical data. They can be a crucial link between legal and medical elements of a case. Lawyers are trained to litigate, not to interpret medical data, so why waste a lawyer’s time doing a nurse’s job?
Entrepreneurs like to think about new possibilities and come up with innovations. Reading Unbound helped put me in touch with other entrepreneurs. After connecting with David, he introduced me to EO. I joined the EO Los Angeles chapter, and it has been an extraordinary experience ever since.
As you know, being an entrepreneur can be lonely. I’ve got this vision, and I know where I’m taking this company. I know what’s possible. I know the opportunity we have, but it can be difficult because as a CEO and an entrepreneur, I need to be on top of a number of areas … from finance and being the visionary to creating corporate culture and making sure operations are in line with business development. With EO, I’m able to build relationships with like-minded people who are in the same place as I am when it comes to building a business. The organization provides so much support, comfort and a knowledge base.
Unbound has changed my world. One thing led to another, and it all has helped me formulate a strategic plan that is catapulting my business. It’s become a foundation for my company and for me. Even better, its author has introduced me to EO – a source of wisdom, strength and support, as I take Med Legal to the next level.