After spending more than 15 years working in the medical regulatory and digital publishing world, Monique Fayad was ready for a career change. “I was in a program designed for people who wanted to start their own business, and that’s how I became aware of SCORE,” she said.

“SCORE worked with me to refine my idea into a viable business concept. Their feedback was invaluable,” Monique said. “Phil Thorpe was the first person I met with. He has a technology background, which was very helpful. Later, Natasha Roukos joined the team; her insights were helpful as we worked through securing our first round of funding.”

Exciting Early Growth

It’s been almost three years since Monique launched ICDLogic, which provides clinical documentation improvement software to healthcare professionals and their administrative staff. The company faced one big challenge right off of the bat: the government delayed implementing a major set of regulations relevant to ICDLogic’s customer base for more than a year. “During that time, things were very bare-bones. We learned to run a very tight organization as we had no revenues.”

Now that the relevant regulations have been enacted, ICDLogic is in an exciting growth phase. “Currently, we have more than 2,000 paid subscribers and reseller deals with 8 partners, including MGMA and Frontline. We’re also very excited to be a development partner with Allscripts, one of the largest electronic health record vendors in the country. Healthcare regulations and reimbursement models are constantly evolving, and as we look forward, we’ll thrive by adapting and providing our customers with most innovative content and technology to comply.”

Educational Workshops Critical to Small Business Success

Transitioning from the corporate world to entrepreneurship was more involved than Monique initially anticipated. “In a big company, you can concentrate on your specific job, and there’s a lot of supporting infrastructure in place. Starting a business requires more than having the idea – you actually have to build the business from scratch! You learn you have to do it all, and partner with the right co-founders, vendors and professional service providers to finance and build your concept into an operational product and business. There were several SCORE Westchester workshops I attended on topics like marketing, accounting, and law for small businesses that I found extremely helpful.”

How SCORE Helped: 

“SCORE worked with me to refine my idea into a viable business concept. Their feedback was invaluable,” Monique said. “Phil Thorpe was the first person I met with. He has a technology background, which was very helpful. Later, Natasha Roukos joined the team; her insights were helpful as we worked through securing our first round of funding.”

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