Achieving business success in the healthcare industry is not an easy feat to accomplish. There is no single magic formula business owners can implement to ensure their success. However, certain factors can help an entrepreneur launch a clinic or other health care facility that will have a better chance of long-term success.
Factors for Achieving Business Success in the Healthcare Industry
Still want to start a business in the healthcare industry, even though you already know it’s going to be challenging? For a better chance at business success, heed the wisdom outlined below:
1) Staying HIPAA Compliant
No health care clinic can keep their doors open unless they follow strict HIPAA practices. It stands for Health Insurance Portability and Accountability Act. It was introduced in 1996 to address insurance coverage for people that are between jobs. And, it also has the goal of protecting the health information of individuals and preventing healthcare fraud.
Health care clinics need to secure and restrict the healthcare data and information they have on their patients. Clinics and businesses in the healthcare industry who do not follow HIPAA HITECH compliance standards will face serious consequences such as paying steep penalties and even having to close their practices.
2) Include These Important Variables Daily
The healthcare industry is full of challenges. Want to achieve business success regardless? Note the ones outlined below as well as what you can do to overcome them.
Learning curves – There is always more involved than you know.
Time restraints – Include all staff in your time requirements regarding patient care.
Capital requirements – Always have a contingency plan when capital is needed.
Sales skills – As with other businesses, sales skills is necessary for the growth of a clinic in the healthcare industry.
Marketing budget – New clinics do not promote themselves. A consistent and effective marketing strategy needs to be implemented and fine-tuned.
Culture – The entire staff needs to work well as a team. Get all on board with the mission and goals of the business.
Risks – All businesses assume certain risks. Keep in mind that some can be eliminated, and some can be minimized.
3) Treat Your Healthcare Business as an Independent Unit
Your new healthcare business needs to be kept as a separate entity from your career. Treat your ancillary line as a separate business unit that includes its…
- and support.
Keep your employees updated with all business-related tasks from the beginning. Allow them to learn and share your vision to help create an enthusiastic work environment that fosters culture and team support.
4) Treat Patients as Consumers to Improve Their Experience
A top priority for any business in the healthcare industry should be to build trust with the patients. Healthcare is in dire need of simplicity, and that starts with deep customer empathy.
Ensure your patients are treated as individuals and not just another appointment in an endless list of meetings for the day. The physicians need to feel, see and think through their patients’ problems and respond with support, empathy and multiple solutions that can be explored.
5) Create Products and Health-Related Packages
Consumers today, especially informed healthcare patients, find themselves able to easily understand and highly appreciate benefit-driven products and packages over less tangible healthcare-related concepts. Patients can easily envision the use of services and products when the outcomes are clearly defined by their health care providers. For example, include getting nutrition support, physical evaluations and a BMI measurement to be included in a weight loss program offered by your clinic.
6) Goals Without Actionable Plans Don’t Drive Business Success
Having goals without actionable plans to follow will never come to fruition. The successful launch of healthcare-related services and products will require a detailed action plan with specific steps to take and measurable goals to reach.
Achieving business success in the healthcare business will not be easy, but it can be done. It takes hard work, determination and the right team to support you each day.
My name is Derek, and I have my Bachelors Degree in Finance from Grand Valley State University. After graduation, I was not able to find a job that fully utilized my degree, but I still had a passion for Finance! So, I decided to focus my passion in the stock market. I studied Cash Flows, Balance Sheets, and Income Statements, put some money into the market and saw a good return on my investment. As satisfying as this was, I still felt that something was missing. I have a passion for Finance, but I also have a passion for people. If you have a willingness to learn, I will continue to teach.