In a world where maintaining good health becomes increasingly costly, NHO stands for assurance, support and, more importantly, a commitment to wellbeing. The NHO network encompasses the aid of countless distinguished Doctors, Dentists, Pharmacies, Labs, Vision Care Providers, Alternative Medicine Providers, Hearing Aid Centers, Diagnostic Facilities, etc. NHO doesn’t limit its services to US citizens; they are accessible to any global citizen, living or working in the US.
The CEO, Richard Lungen, is one of the founding partners at NHO in addition to pioneering the Lungen Group. A glance at his profile reveals a lot about his leadership values, ambition, skills and experience in his field of expertise.
He shares with us at eBrandz his insights as a successful entrepreneur.
Kindly give our readers an introduction to your business. Please include what your business is all about, in which city you are located and if you have offices in multiple locations/ cities.
National Health Options is the nation’s first membership-based, healthcare assistance program designed to offer a comprehensive, retail solution offering multiple options for accessing high quality, affordable healthcare products and services.
NHO assembled best practice companies into a single platform, with rich benefits comparable to many private health insurance plans including a Pharmacy Benefits Card with thousands of brand names and generic drugs at significant discounts up to 50 percent along with tiered co-pay programs, competitive premiums on limited liability and short term medical insurance, hospitalization programs, discount dental plans, telemedicine, and medical tourism.
NHO programs include guaranteed issue, price transparency, immediate coverage, no declines, bilingual healthcare advocacy and customer support. NHO programs also include telemedicine: Telephone “house calls” from board certified licensed physicians eliminate wait times for office visits and reduce costly ER visits.
National Health Options provides our nation’s uninsured and underinsured workers with unprecedented access to both insured and non-insured healthcare assistance programs. Whether you need deeper discounts to supplement an existing health insurance plan or are between jobs and need short term medical insurance, National Health options has affordable health plans that will work for you.
NHO has offices in Mt. Kisco, NY and Jacksonville, FL.
What ignited the spark in you to (start a new business venture) or (to make significant changes in an existing business)? How did the idea for your business come about?
The drive to be an executive of a company where I had the desired ownership and control. Following over 16 years in healthcare, seeing the market climate changing and the need for an organization that provided much needed solutions.
How important have good employees been to your success?
Invaluable
What would you say are the top three skills needed to be a successful entrepreneur?
Risk taking, understanding your boundaries (skills and weaknesses), ability to be a tireless worker.
How long do you stick with an idea before giving up?
Longer than desired, but I want to ensure all aspects of the deployment and other avenues have been exhausted.
How many hours do you work a day on average?
12
How has being an entrepreneur affected your family life?
Family is priority #1. However, entrepreneurship calls for some sacrifice. Having a family supporting your efforts makes the business that much more rewarding.
What motivates you?
Providing the best possible life for my family and those key associates involved with my business.
How do you generate new ideas?
By being highly engaged in the healthcare market, seeing gaps, listening, collaborating with team members.
What is your greatest fear, and how do you manage fear?
Failure, don’t accept that alternative.
What are your ideals?
Integrity, Hard work, commitment, family.
How do you define success?
Besides revenue goals, success is measured in third party acknowledgment through clients, referrals, and associations. This is followed by increased balance, organizing a great team, understanding the top, mid and low level priorities.
Where did your organizations funding/capital come from and how did you go about getting it? How did you obtain investors for your venture?
All self-funded by the principals of the business.
How do you build a successful customer base?
Direct and indirect channel sales are a key part of our current and future customer base.
How did you decide on the location for your business?
Principals of National Health Options are domiciled in the Northeast and thought to establish a presence in New York to leverage the strong business climate in the healthcare market.
If you could talk to one person from history, who would it be and why?
Ben Franklin – to understand the vision of invention and the process of market adoption.
What is your favorite aspect of being an entrepreneur?
Being able to innovate plus execute ideas without the support of a large traditional company bureaucracy. By establishing a team that shares the same ideals, we have the latitude to create solutions for the healthcare market based on current trends and needs.
What has been your most satisfying moment in business?
The humbling aspect of people joining a company that was built by a single person, that trust established is something which is taken seriously every day. Customer Loyalty – but it is not one single moment, when a customer refers us or when a customer proactively solicits our company for more business.
What do you feel is the major difference between entrepreneurs and those who work for someone else?
Risk takers v/s role players, visionaries v/s task masters, over-commitment v/s satisfied.
In one word, characterize your life as an entrepreneur.
Exhilarating
What are some of the biggest mistakes you’ve made?
Mistakes at times can be caused through a rushed reaction to a problem v/s better thought, though emotion can be a powerful asset. Mistakes can be avoided with better thought and patience.
How can you prevent mistakes or do damage control?
Unfortunately mistakes happen. Both Prevention and Damage Control is best employed through thought, patience and collaboration with your team and key stakeholders.
What are your hobbies? What do you do in your non-work time?
Outside of work, especially due to long hours in the healthcare business non-working time is focused on family time.
What makes you happy?
Sales, Teamwork, Prospecting – on personal basis, of course, happiness is based on family.
What sacrifices have you had to make to be a successful entrepreneur?
The typical salary and benefits of a company in which I would be an executive along with travel, time with family and more hours with family. All the preceding is well worth it as we build a market leader.
Where you see yourself and your busines In 10 years? 20 years?
Operating a leading healthcare advisory firm with successful companies that serve a thoughtful purpose to Americans, employers, etc. Along with our limited partners, I’d assume the role of advisors to our companies and other key companies that are best-practice in healthcare services.