MedFindit Solutions
Business Proposal

1. Product & Service Description

NEW BUSINESS CONCEPT - MEDFINDIT SOLUTIONS

Born out of the University of the West Indies Cave Hill Campus, Computer Science Department's course, Entrepeneurship for Computers Scientists. Students were tasked developing new innovative businesses which focused on solving technological problems in the Medical Health industry.

Why Medfindit Solutions?

The currently EMR systems has gaps which healthcare providers are asking to reduce. Medfindit will be a [one time payment/subscription] system which has the capacity to provide the service of multiple EMR systems in one easy to navigate platform.

Our software is designed to be highly customizable, adapting to the specific needs of hospitals, clinics, and private practices of all sizes.

• User-Friendly Interface – An easy to use user-interface gets you up and running in minutes.
• Universal Data Sync – Seamlessly pull data from disparate systems.
• Intelligent Analytics – AI-powered insights for predictive health and treatment optimization.
• Secure Patient Portals – Empower patients with access to their health information.
• HIPAA-Compliant Security – Robust encryption and access controls to ensure data privacy.

Target Market

In the five years of operation, Medfindit plans to help close or lessen the gap of current EMR systems currently being used in Barbados. The target market is healthcare facilities.

Management Team

Medfindit Solutions is led by its cofounders Ricardo Licorish, Jamie Lopez, Tashari Hackett, Kaneesha Callender and Jadane Gooding-Forde.

2. Market Opportunity & Feasibility

We researched and created this Feasibility Analysis to quickly assess if building the MedFindit Project is practical. Since we focus on technological solutions for the medical industry, we needed to ensure this software actually works for doctors, nurses and administrative staff, follows all the regulations, and doesn't break the bank. The below table gives you the breakdown of everything we researched to make this project a success and to benefit your company, patients and all stakeholders as it makes your daily work easier.

Feasibility Analysis.

Table 1

Aspect	Assessment & Findings	Opportunities & challenges
Market Size & Growth	Highly Favorable. Barbados is on the trend of moving from a paper based system to a digital system	Opportunity: Large, growing, and digitized market. Challenge: Must compete with established, integrated EHR/PMS platforms.
Target Market	The most relevant segments are Hospitals.Physician Offices/Clinics and Ambulatory Surgery Centers that need to manage both patient flow (booking) and critical supplies (inventory).	Opportunity: Focus on a specific niche (e.g., small specially clinics, dental offices, aesthetic practices) that are underserved by massive, complex Enterprise Resource Planning (ERP) systems.
Current Competition	Intense. The market is dominated by large players like Epic, Gerner (Oracle), Athenahealth, and NextGen. Smaller competitors exist for either inventory (FlexScanMD, Hybrent) or booking/practice management (Kareo, AdvancedMD, eClinicalWorks), but fewer fully integrate both features seamlessly for a small-to mid-sized practice.	Challenge: Competitors are often fully integrated (EHR, billing, booking, etc.). Differentiation: The platform must offer superior ease of use, better integrated inventory management, or a more competitive price point.

3. Business Model

The type of business model that MedFindit is

The MedFindit business model is disruptive because it introduces an innovative technological solution in Barbados and the Region, which challenges traditional methods of managing healthcare records. Instead of relying on outdated, paper-based systems or expensive, enterprise-level EMR software, MedFindit offers a more accessible, user-friendly, and cost-effective digital alternative.

This approach disrupts the conventional healthcare IT market by:

• Simplifying access to electronic medical records for smaller clinics and private practices.
• Integrating features (patient data, medication tracking, and inventory management) that are often separated across multiple systems.
• Reducing costs through streamlined technology and cloud-based infrastructure

Why This Model Fits the Idea

The disruptive model is well-suited for MedFindit because the healthcare industry is in a phase of digital transformation, and many smaller providers struggle with adopting complex or costly EMR systems. MedFindit’s simplified interface provides these providers with the same level of data management capability as larger hospitals.

This model:

• Fills a market gap by targeting underserved segments (small practices, rural clinics, or independent doctors).
• Encourages adoption through ease of use and affordability.
• Scales effectively, allowing MedFindit to expand rapidly across different healthcare settings.

MedFindit vs. CoachUp Business Models

CoachUp Business Model (from Entrepreneurship: Successfully Launching New Ventures) CoachUp is an online-based business that connects athletes with private sports coaches. Its model is primarily disruptive, built using technology to simplify and improve access to a service traditionally based on personal networks or word-of-mouth.

Key features of CoachUp’s business model include:

• Two-sided marketplace – It connects coaches and athletes.
• Commission and subscription revenue – CoachUp earns a percentage of each coaching session booked through its platform and coaches also pay annual fees.
• Technology-driven – Users can easily search, schedule, and pay online.
• Value through accessibility – Makes high-quality coaching more accessible to more people

MedFindit Business Model

MedFindit, like CoachUp, uses a disruptive, technology-based model, but it applies it to healthcare management rather than sports coaching. Instead of connecting people, MedFindit provides an integrated digital tool for managing medical records, medication tracking, and inventory..

Key features of MedFindit’s model:

• Software-as-a-Service (SaaS) subscription model that provides ongoing value and affordability
• Perpetual License as bigger health care providers can buy the software at one time.
• Accessible technology – Offers a cost-effective alternative to expensive EMR systems.
• Continuous engagement – Encourages long-term use and loyalty through subscription and updates

4. MedFindit Industry & Competitor Analysis/Grid

Is the industry a realistic place for our new venture to enter?

Yes, the electronic medical records (EMR) industry is a realistic place for MedFindit to enter but only through targeted niche because the EMR industry is growing as a result of the evolution of technology. Our firm should consider the following according to Porter’s Five Forces Model when entering the market:

1. Rivalry Among Existing Firms – This would be high in that there are many large, well-funded companies in this industry. Newcomers like us would find it difficult to compete head-to-head because of this.
2. Threat of New Entrants – This would be mild because although it is challenging for new businesses to enter, opportunities are still found for new cloud-based or niche-focused enterprises.
3. Threat of Substitutes – Although generic tools like Excel and paper-based systems are still in use, the threat is lessened by healthcare practitioners' growing preference for digital systems. Therefore, this would be moderate.
4. Bargaining Power of Buyers – Moderate to High: MedFindit’s target, tiny clinics, have fewer options and less negotiating power than large institutions.
5. Bargaining Power of Suppliers – Moderate: Although the major suppliers (software APIs, cloud service providers) have significant negotiating power, it is possible to move between them.

If we enter, can we outperform the industry by reducing the impact of the five forces?

Yes, MedFindit can outperform industry norms by designing a model that reduces the strength of each competitive force.

Five Competitive Forces Analysis.

Table 2

FORCES	How MedFindit can reduce its impact
Rivalry Among Existing Firms	Highly Favorable. Barbados is on the trend of moving from a paper based system to a digital system
Threat of New Entrants	Build strong integration capabilities and data security compliance, which take time to replicate.
Threat of Substitutes	Offer cloud convenience + medication/inventory tracking, making it more valuable than substitutes.
Power of Buyers	Target small private practices with affordable pricing, where buyer power is weaker.
Power of Suppliers	Use multiple cloud options or open-source tech to keep supplier power low.

Is there a unique position in the industry that avoids or diminishes the five forces?

Yes, MedFindit can establish a stable distinctive position in the market by offering an integrated EMR and prescription management platform designed for small-to-mid healthcare providers especially in developing and Caribbean markets. This stance lessens exposure of the majority of Porter’s Five Forces Model and avoids conflict with powerful competitors.

1. Avoiding Rivalry – Focus on niche customers (clinics, small hospitals, pharmacies) that big EMR systems overlook.
2. Reducing Buyer Power – Create bundled services (patient records + dosage tracking + stock management) so customers get more value from one system.
3. Minimizing Substitutes – By combining multiple functions (record, inventory, and medication management), MedFindit becomes an all-in-one solution, making alternatives less appealing.
4. Reducing Supplier Power – Use scalable cloud systems and open-source components to avoid dependency on any single vendor.
5. Limiting New Entrants – Build integration partnerships with local pharmacies or labs — these relationships act as entry barriers.

Is there a superior business model that’s hard for incumbents to duplicate?

Yes, MedFindit’s cloud-based SaaS model is superior and hard to imitate. Most large incumbents can’t easily change from their heavy, hospital-centric systems. By staying agile, local, and affordable, MedFindit can carve out sustainable advantages.

1. Rivalry Among Existing Firms: Incumbents (Rivalry) are locked into expensive, complex hospital contracts. MedFindit can use a cloud-based subscription model to move faster.
2. Threat of New Entrants: Building a regional brand with strong data protection compliance can create legal and trust-based barriers for others.
3. Threat of Substitutes: Integration paired with ease of use makes switching away inconvenient.
4. Power of Buyers: Affordable pricing lowers financial barriers for smaller clinics.
5. Power of Suppliers: Cloud-based tools let MedFindit scale cheaply and flexibly.

Competitive Analysis Grid

Table 3

Competitor	Key Strengths	Weaknesses	Focus Areas	Website
Epic Systems	Very large market share in hospital / enterprise systems; strong interoperability, widely accepted in large systems.	High cost, long implementation times, high switching cost, too much for small practices.	Focus on large hospital customers	https://www.epic.com
Cerner / Oracle Health	Strong in hospital/acute care, broad capabilities, large installed base, resources of Oracle	Complex legacy systems, integration challenges in transitions, cost	Competes on scale, cloud transition, integration	https://www.oracle.com/health
eClinicalWorks	Cloud-based, good reach in ambulatory / outpatient settings, broad feature set (EHR, telehealth, patient engagement)	Reputation in some quarters about support, customization effort, competition from niche specialists	Good benchmark for cloud-first offerings	https://www.practicefusion.com
NextGen Healthcare	Specialty-specific content, modular approach, scalable for practices of varying sizes	Mid-tier vs large incumbents, may not match enterprise-level capabilities	Good for mid-sized to specialty segments	https://www.nextgen.com