He later served as Special Advisor to the Assistant Secretary for Policy at the U.S. Department of Labor and staff economist at U.S. Senate Committee on Human Resources.

He was a Robert Wood Johnson Foundation Health Policy Fellow at the Institute of Medicine, National Academy of Sciences.

Schramm taught for fifteen years at the Johns Hopkins University, becoming associate professor of health policy and management.

He founded Greenspring Advisors, a consulting and merchant banking firm in the health information and risk management industries.

He resigned on August 31, 2018, claiming management had withheld financial information, while making important decisions without the board's approval.

[6] In 2019, Schramm became the chairman of the board for Lumeon, a leader in Care Pathway Management (CPM) solutions for healthcare organizations.

Under his leadership, the Kauffman Foundation has developed innovative programs that expose students to the power of entrepreneurship, open new pathways to effectively move university innovations into the marketplace, create better-qualified angel investors as a critical source of seed capital for entrepreneurs, and engage economists of the highest caliber to study the impact of entrepreneurship.

[10] A writer and speaker, Schramm has authored or coauthored scores of articles, testified before Congress on numerous occasions, and speaks frequently on entrepreneurship, innovation, and the economic future.