This online opportunity is an Education Technology (EdTech), eLearning Platform in the Medical Student Test Prep Vertical, offering USMLE programs both online and offline, with 75% of all testing currently performed online, where demand has accelerated due to the COVID-19 Pandemic. Every medical doctor candidate is required to pass this test before becoming licensed to practice in the US. From domestic students needing to brush up, to international students who are underprepared, this EdTech Company has a solution for every student. Fortunately, the company was already well down the road on offering an online platform pre-COVID19, which now represents a huge opportunity to scale. While testing is currently limited for some of the USMLE Exams, and paused for others, there is enormous pent-up demand for these services. Given the unexpected gap between school and testing, the company’s services will soon enjoy historic demand, which is unlikely to weaken in the near term.
This Internet Business provides In-Person and Online (currently 75% Online and 25% In Person) medical educational services for the USMLE Step 1, Step 2 Clinical Knowledge, and Step 2 Clinical Skills Exams for Domestic and International medical students that want to obtain a medical license to practice in the United States. All courses include lectures, textbooks, practice exams, study plans, and guidance for achieving success on each exam. Course cost is between $497 – $5,194, highly dependent on the course, course package, and how many courses overall are needed. A monthly subscription service delivers online content through platforms like Vimeo, Sproutvideo, Zoom and Boxcast. The various options include the following:
-4 week Step 1 In Person Course in Chicago, Illinois.
-4 week Step 1 Live Online Course (live stream of Course in Chicago).
-Step 1 Online, On Demand Video Course (Version 1 and Version 2 (currently offered).
-4 & 5 Day Step 2 Clinical Skills In Person Course in Chicago, Illinois.
-4 & 5 Day Step 2 Clinical Skills Live Online Course.
-1 Day Step 2 Clinical Skills In Person Mock Exams (6 or 12 Cases) in Chicago, Illinois.
-1 Day Step 2 Clinical Skills Live Online Mock Exams (6 or 12 Cases).
-Step 2 Clinical Skills Online, On Demand Video Course (50% completed. All of the videos need to be completed, but the Patient Cases and Coursebooks are completed).
-Step 2 Clinical Knowledge Online, On Demand Video Course (selling Version 1 (not currently offered) and Version 2 (this is approximately 75% completed).
-1-on-1 Tutoring Services for the Step 1 and Step 2 Clinical Knowledge Exams.
This is a somewhat seasonal business – the Step 1 Exam’s heavy season tends to be from May through September each year and the Step 2 Clinical Skills’ heavy season tends to be from January through September each year. The Step 2 Clinical Knowledge Exam’s season is throughout the entire year with no discernible month-to-month variations.
The business employs physician instructors with a Medical Degree at a minimum, high USMLE Exam scores, and residency training at a minimum. All instructors are independent contractors. Each instructor works full time for a specific course. Marketing has focused heavily on Google Ads for paid media and a professional SEO company for organic traffic, including advertising on forums/blogs, word-of-mouth, Trustpilot reviews, email blasts through aWeber communications, and direct contacts to medical schools/universities – which has produced an email database with thousands of emails of registered students.
There is tremendous opportunity to grow by developing the full curriculum into an online format. The majority of the business is a one-time service based on the fact that students only need to take the test once, but there are students that take more than one course as well, leaving a great scale opportunity for the development of Live Online Courses.
Additionally, the Step 2 Clinical Knowledge Course can be expanded immediately from an Online, On Demand Video Course into an In Person and Live Online Course once the curriculum is fully updated and completed. There is a tremendous opportunity for growth by launching these 2 courses. At an absolute minimum, the Step 2 Clinical Knowledge and Step 2 Clinical Skills Online, On Demand Video Courses will each bring an additional $100,000 per year in income.
Once the Covid19 pandemic is under control, major opportunities exist to open in-person teaching centers in major domestic and international locations, and to expand services to include Med School, USMLE and Residency Application Assistance. In the interim, virtual options to scale include expanding 1 on 1 tutoring options (online) and developing an Online Question Bank. This is truly global opportunity to provide a much needed and highly in demand service on a greater scale and with greater market share.
