"Don't use interns to fetch coffee. Period."
Elliott Holt, founder of MediCopy Services Inc., a medical transcription company in Nashville, TN, offers this advice to anyone launching an internship program. He once believed interns would drain his office's productivity—until partnering with Vanderbilt University three years ago. Today, interns are integral to his thriving business.
A longtime member of the Entrepreneurs' Organization, Holt views interns as valuable team assets that drive personal and professional growth. "Invest time and resources in your interns and assign them meaningful work," he advises. "Train them just as you would your ideal full-time hire."
We spoke with Holt about the realities of entrepreneurship. Read the full Q&A below.
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How did you design your business?
My mother was a medical transcriptionist at a local orthopedic clinic in Nashville for 30 years. During her tenure, my parents divorced. I was 15 at the time and spent time in the clinic waiting room. I worked my way up to the medical records department, where they eventually put me on payroll at $4.25 an hour. I continued there through high school. When my father passed away during my high school years, I was uncertain about my future. I attended a local community college for two weeks before dropping out and returning to medical records work. My father had been an entrepreneur, running a printing company for over 15 years. I approached my boss and asked to handle the clinic's medical records processing (they were using a national company at the time, now one of my biggest competitors). With just $50 in my account and no credit, I had my mom sign up for AOL at Best Buy to get a $500 gift card promotion in 2000. I used it to buy a photocopier, which I relied on for copying records in my first two years. Over the past 17 years, MediCopy has grown to nearly 100 employees, serving more than 1,500 medical practices and hospitals across 44 states.
What challenges did you face when first growing your business?
Capital. I had experience but no funding. I've always reinvested profits back into the business, which fueled success—but rapid growth sometimes brings setbacks.
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What personal challenges have you encountered on your entrepreneurial journey?
Letting go of control. Four years ago, I hired a director of operations, a director of human resources, a director of compliance, and a director of accounting—I'd been handling all those roles myself. I wish I'd done it sooner, but as a stubborn entrepreneur who insisted on my way, I held back. In hindsight, building a team of smarter, more experienced leaders propelled the business further than anything else.
How did you first hear about the Entrepreneurs' Organization?
Darren Metz, owner of NovaCopy (one of our suppliers), saw my passion for growing the business and recommended EO. It's been one of the best decisions I've made, both personally and professionally.
Internships can be negative for both interns and companies, but you've turned that around. Was it luck with dedicated interns, or do interns have an unfair bad reputation?
Both. Interns require time, and small business owners are stretched thin. I carved out time for myself and my management team, and combined with the interns' dedication, it created the perfect equation.
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COURTESY OF ELLIOTT HOLT
What challenges did you face while developing your internship program?
Finding interns. We partner with several Nashville universities, but promoting our program directly to students has been tough.
What advice would you give other entrepreneurs on the fence about interns?
Do it.
Don't use interns to fetch coffee. Period.
Invest time and resources in your interns and give them meaningful work.
Always have an intern shadow you as CEO—it keeps you sharp.
Train interns like your dream hire.
Use scorecards for interns and their mentors to track progress.
What awaits you and MediCopy Services?
MediCopy will keep growing, as it has for 17 years. This year marks our sixth on the Inc. 5000 list of America's fastest-growing companies—a major milestone. Nashville is booming for business, and we anticipate strong revenue growth, plus exciting personal and professional opportunities for our team!
Related: 5 Ways to Make Your Business Better Than the Competition
This article originally appeared in the October 2017 issue of SUCCESS magazine.
