|
Entrepreneur Files
IQHPC
UT Connection: Larry Hanrahan, MBA 92
Location: Houston
While the McCombs MBA program may have its share of students with pre-med backgrounds and maybe a couple of Ph.D.s, it is fairly uncommon to run into an MBA who is also an M.D. Meet Larry Hanrahan, M.D. and MBA 92, of International Quality Healthcare Professional Connection, L.P. (IQHPC)—the company that promises to “place an international nurse more quickly than you can say our name!”
Years ago, as a surgical research fellow at Boston University, Hanrahan realized that facility limitations were inhibiting the delivery of quality patient care. It was at this point that he made the decision to go to business school. “You can’t be a part-time surgeon,” says Hanrahan. “I decided that I wanted to address the operational problems of the hospital, but I knew I needed a business background to do that.”
After graduating from the McCombs School, starting a couple of companies, and working in healthcare consulting and strategic facilities master planning for several years, Hanrahan saw an even greater obstacle to hospital administration. “Our hospital planning company was providing all of the necessary research and analysis for hospitals looking to expand or relocate; but more and more, our clients were unable to follow through on their plans because of the growing shortage of nurses.”
Three facts contribute to the current nursing shortage—over half of the nurses in America will retire in the next 10 years; the pipeline of replacements is not adequate; and the baby boomers are reaching retirement age, which means the demand for care will increase dramatically over the next 10 years. IQHPC is out to provide one solution to this growing problem.
IQHPC has forged a strategic alliance with International Quality Manpower Services, Inc. (I.Q.MAN) in the Philippines to introduce that company’s nurses to opportunities in America. I.Q.MAN recruits and trains the nurses, and IQHPC markets them to U.S. hospitals and aids in cultural and clinical assimilation. “The Philippines is a perfect placement resource because nursing schools there follow an American curriculum; the government encourages working abroad; and the opportunities in America are better than any available in their country,” Hanrahan says.
What sets IQHPC apart from its hundreds of competitors making similar alliances is that they fully sponsor the nurses financially until they have passed all of their required tests and undergone all proper legal and immigration protocols. “We are essentially reducing the time of the placement process from more than two years to about one year.” This financial and emotional support allows hospitals the luxury of being able to hire permanent nursing staff rather than costly traveling and agency nurses.
As for any entrepreneur, access to capital and funding are challenges for Hanrahan that come with the territory, but overall, IQHPC has been fortunate not to have experienced negative fallout from the current economic slump. “The tragedy of September 11 has increased national awareness of the critical role of our domestic caregivers and the incredible stress they face day to day. This awareness further enhances our urgency to provide solutions.
“My time at McCombs enabled me to do what I do today,” he continues. “It helped me hone the important skills necessary for any successful entrepreneur: the ability to develop a viable business plan, to identify critical risk factors before starting a company, and to develop complete and detailed budgets.”
For information on specific programs at the McCombs School, consult our contacts page. For media information, contact the Communications Director by phone at 512-471-3314 or by email at CommunicationsDirector@mccombs.utexas.edu.
