Here’s a freebie idea worth tens of millions of dollars. I know it’s an excellent idea because it solves a problem I encountered in my quest to become a remote nurse.
In my initial search for viable positions, I saw a new and exciting trend of companies that are looking for remote nurses to conduct follow-up care, perform triage, and provide medical advice. In addition, there are many opportunities in information work, including team supervision, data abstraction, and case review, to name a few. The transition toward technology-based healthcare is an inevitable solution for meeting the future needs of an aging baby boomer generation–but it has one glaring problem. In order for nurses to provide these services remotely, they must be licensed in all states in which they will render services.
There is a current initiative to solve multi-state licensing issues: the Nursing Licensure Compact (NLC). Thirty-eight states are party to this agreement, which provides a multi-state license that works in all of them. However, in order to qualify, the nurse must have a primary residence in one of those states. The existing legislation does not permit the issuance of a multi-state license for nurses that live in a non-NLC state. Instead, a nurse living in a non-NLC state must apply for an out-of-state license for each individual state.
For example, I live in California (a non-NLC state). If I wanted to obtain a license in all 50 states, I would need to pay the RN application fee at an average of $100-$350 for each state. That equals to a ballpark $5,000-$17,500 to be licensed in all 50 states. This is an enormous investment just to be eligible to apply for one of these new remote nurse positions. Bear in mind, the pay for remote work is generally less than half of the rate I could get in a local hospital organization.
This licensing issue creates an enormous barrier for new companies looking for nurses interested in this field. By obtaining an NLC multi-state license, a nurse would save about $3,800-$13,300 ($100-$350 x 38 states). But the only way to do that is for the nurse to move to a state inside the NLC. Asking a nurse to compromise their state of residency to work a job that can technically be done anywhere is an enormous burden–especially for those with families in tow. I believe a nurse should be able to live and work anywhere they want. I believe it is our responsibility to find solutions to circumvent the antiquated laws that are currently in place. It takes years for legislation to change and this niche healthcare field doesn’t have the time to wait. Luckily, there is a major trend that’s playing in the nurse’s favor.
Not only is there a nursing shortage, but there now exists a special need for an incredibly rare type of nurse I call the unicorn nurse. There are a few key reasons these nurses are so rare. The unicorn nurse is young and tech-savvy but also experienced. This, of course, is a tall order. You need a member of the younger millennial generation that grew up with technology and is hardwired to be automatically more efficient–but someone who also has years of experience in an acute care setting.
So the unicorn nurse is an extremely rare breed. And even if a healthcare company can find one, most experienced nurses are not willing to leave a job that pays two or three times more only to have to learn a new computer system that is constantly changing. In reality, these unicorn nurses represent a razor-thin demographic that very few nurses fall into. It so happens that I am one of those few unicorn nurses and it’s something I believe nurses can capitalize on. It’s almost a certainty that this demand for unicorn nurses will continue to grow over the next few decades as more companies try their hand in cutting a slice out of the healthcare arena.
The key lies in software as a service (SaaS). SaaS is a business model that has exploded over the past decade. SaaS involves leveraging technology to ease friction in existing market needs. Great examples of SaaS companies are Uber and AirBnB. Now that SaaS business models have a tried and proven track record of profit, there appears to be a SaaS for every market. The next logical step for startups to deal with increasing competition is to move into markets that involve big contracts–like healthcare and government. Healthcare-based SaaS companies will begin to compete for unicorn nurses. This will create a demand that could be filled by a SaaS company that bends the rules of residency.
What nurses need to obtain a multi-state license is a residential address to put on their applications. Not any address will do. Some states have departments dedicated to conducting audits and may request documentation for proving residency. I am interested in making it possible to establish decentralized residency for remote work purposes. So long as the process meets the licensing board’s legal definitions of residency, I believe this can be done through creating legal templates of private contracts. Similar to a family member allowing you to use their address for paperwork, a private contract can be used in lieu of blood relation or friendship. A private contract holds the same legal power as a corporate contract but the difference is that the government cannot influence a private contract. This is the part that requires a bit of imagination.
I want to give people the option to host virtual roommates by offering use of their residential address. For a low monthly fee, the SaaS would connect unicorn nurses in need of an address with hosts willing to share theirs. Services would include taking photos of any mail received at the address and sending them to the recipient. A formal lease agreement could be written up outlining the details of their residency. Actual physical space would not be required. Using this method, a nurse would only need to apply to 13 states to be licensed in all 50. The SaaS would take a percentage of fees for the service. This is just the beginning.
I believe there are myriad applications for this model beyond nursing licensure. I see potential for a decentralized warehousing infrastructure, where private citizens rent out storage space in their garages. There is no limit to the number of virtual roommates a host would be able to have. It wouldn’t be hard to attract hosts because the service will require virtually no effort but would provide a constant monthly cashflow. If a client is unhappy with their address or issues arise, they’d be able to seamlessly switch hosts and addresses. This service would also be attractive to people wishing for more privacy, as they could use it to avoid disclosing their address.
I recognize the biggest barrier to my ideas is a lack of network. Coming from nursing, I have no connections to business, tech, finance, or anything like that. I barely hired my first CPA and that was a challenge on its own. I am not an extrovert and it’s an effort for me to get out there and find the deals. I’m not very good at selling myself either. But I do have a lot of good ideas. After being perpetually stuck at the brainstorming stage, I realized that’s my one key value in a team dynamic. That’s why I decided to start writing about and giving away these lucrative ideas moving forward. I figure if I can’t do it, maybe someone else that has the network and resources to make it happen, just needs a spark from a post like this. I’m hoping that, using this blog, I can get these ideas out there and attract the scene I’m looking for. Or it could be the idea that becomes the catalyst for other ideas. Feel free to take any ideas and let me know if you succeed. I hope you get rich. Cheers.