Two focuses of my blog are Financial Literacy/Money and Business/Entrepreneurship. If you’re creating a startup in the digital healthcare space, you want to have a thorough understanding of how the business works. The following contributed post is entitled, Putting Your Finger On The Pulse Of Funding For Your Digital Heatlhcare Startup.
Famed for its ability to improve patient satisfaction using timely and concise services and outcomes, digital healthcare is the industry’s golden child of the moment, making it hardly surprising that last year alone saw a record $37.9 billion poured into this field. Unfortunately, with eye-watering high costs for everything from the software to the sensors and equipment necessary to make digital healthcare possible, this investment is more than necessary for most. And, if you’re considering making any ripples in this digital healthcare market that’s only set to keep on growing, you’re going to want to consider how you can also tap into those funding benefits.
After all, even high-value startups in this area will struggle to compete unless they, too, benefit from investment deals. That’s why we’ve put together a fast-fire guide to help you put your finger on the true pulse of funding for your digital healthcare startup.
Understand your options
The funding routes you choose can impact everything from your finances to the speed with which those are delivered, highlighting the need to understand your options. Specifically within the healthcare world right now, investment options include private investment, healthcare capital, and even special purpose acquisition companies. In each instance, you want to take the time to understand amounts, repayment expectations, and the level of control that you’ll ultimately be handing over. Depending on your in-house expertise and visions, the best option will typically be one like capital, which keeps you in control while ultimately providing access to the largest possible sums of money to bring your digital healthcare vision to life.
Follow in the right footsteps
Digital healthcare is a relatively new field, but that doesn’t mean you need to enter the investment arena blind. In fact, ensuring access to the widest possible pool of investment opportunities is often as simple as taking note of successful existing enterprises like BetterUp and Cerebral, both of which secured investment packages exceeding $4 billion last year. Specific areas where these high investments are most often commonplace especially include telehealth, mental health tech, and digital therapeutics, making these fantastic areas of focus for funding you can rely on.
Cut costs where possible
It’s also worth cutting costs wherever you can, ensuring that you’re seeking more realistic, low-level investments that are often far easier to find. While this should never be done at the expense of service quality, viable savings across digital healthcare solutions especially include the effective use of telehealth in general (which can also help to appeal to investors in the first place), the automation of administrative tasks for reduced payrolls, and more. Given that these examples are especially proof of digital healthcare done well, cost savings in this manner are guaranteed to bring investment opportunities within far easier reach for a wide range of reasons, not least the lower amounts that you’re requesting.
Even the experts are dubbing digital healthcare as the future right now, but make sure that you bear in mind these crucial considerations when seeking funding for a startup in this ever-arising area.
Two focuses of my blog are Health/Wellness and Technology. Many illnesses and conditions that made life unbearable a century ago are now treatable and curable due to technology. What’s also true is that our new medical technologies are driving down the costs of healthcare. The following contributed post is entitled, Technology Is Finally Pushing Down Healthcare Costs. Thank Goodness.
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Experts evaluating the costs of healthcare tell us that it is nothing but up, up, up from here on out. The prices of advanced technology combined with an aging population mean that we have no choice but to bite the financial bullet. As the health of the nation deteriorates, the cost of medicine will go up. There’s no way around it.
But is this the whole truth? Is there really nothing we can do to push down the cost of healthcare?
It turns out that technology may hold the answer to the problem. While it is still early days, there are indications the tech – as applied to the medical industry – will likely have the same effect as it does everywhere else: namely, bringing costs down.
Telehealth Brings Down Costs Tremendously
Imagine if you could connect with a doctor and talk to them via the internet, no matter where you were in the world. A technology like that could dramatically bring down the costs of medicine.
Think about it. When doctors operate using telehealth systems, they no longer have to be tethered to an expensive clinic. Instead, they can work from wherever they like, eliminating transport and overhead costs. There’s no longer a need to charge fees to pay rent or anything like that. It is just a direct transfer of services via the world wide web.
Furthermore, Delaware County telehealth research indicates that there is no substantive difference between in-person and online appointments. Patients get the same quality of care, regardless. So could this be a technology of the future? Almost certainly.
Anti-Aging Medications Could Prevent Disease
Experts believe healthcare costs will spiral out of control in the coming years because of the aging population. As millennials retire, they will get all the same expensive health conditions as boomers, and the nation’s finances will deteriorate.
But that logic assumes that aging is an inexorable force we can do nothing about. It is not. In fact, there are already techniques that you can use to improve the chance that you will live considerably longer than otherwise.
Basics such as diet and exercise are one option. But researchers at Harvard and The University of California are making headway in their quest to find chemicals that tap into anti-aging pathways. You can already buy a bunch of supplements based on the technology through Amazon, and many of them stand a good chance of working. It is the closest thing we have right now to a fountain of youth.
Cheaper Diagnostics Improves Efficiency
Diagnosing patients is costly. Doctors have to take samples and then ship them to expensive labs where paid technicians carry out the tests. The whole process is long and time-consuming.
The emergence of cheap diagnostic devices, however, could change all that. Instead of requiring an entire lab, technology miniaturized it down to the size of a large office printer, thus reducing the cost. Physicians can then take samples, feed them into the machine, and get an output they can interpret for diagnosis.
Two key focuses of blog are Financial Literacy/Money and Business/Entrepreneurship. A sector of business that will never go away is the healthcare business. There are some important considerations to think about before setting this type of business up. The following contributed post is entitled, Four Things To Think About Before Setting Up A Healthcare Business.
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Are you looking to set up your own healthcare business? Although technology has made it easier to start an enterprise, starting up a health care company involves a lot more preparation than your average business. There is a multitude of things to remember, such as policies and procedures that need to be followed and funded.
In this article, we are going to look at some of the primary considerations to make when you think about starting your own healthcare company.
Do you have the right qualifications and experience?
In an ideal world, you will have plenty of experience working in the healthcare business. But, if you don’t, it is worth getting some. If you’re going to take a hands-on role, you are going to need to be as qualified and trained as possible; otherwise, you should always recruit professionals.
As well as the actual care experience and skills, you may also want to seek training in business management. Of course, if you are trained in a certain kind of health care, such as dentistry or sports massage, you are going to need different qualifications for that kind of business.
Do you have the budget for the infrastructure?
A healthcare business can be costly – you need all of the medical equipment and machinery, adequate staffing, and technology. Healthcare is one field where you cannot skimp on any of these things, as you could be putting your patients at risk. Healthcare IT Support will prevent any technical failures and keep your business up and running so that you can focus on the important thing: your patients.
Is there a need for your service?
Healthcare is almost always an in-demand service. However, before you pour all of your time, effort, and money into it, make sure it is needed in the location you are considering setting up in. If several other clinics or providers are offering the same thing in the area, you may want to reconsider.
Can you stay on top of the legalities?
Legalities are one of the most important things to be aware of when beginning a healthcare company. When you work with members of the public, you will be responsible for their health and treatment. This means that you will be expected to comply with a specific set of guidelines and regulations.
It can be a good idea to seek professional advice when starting up your healthcare business to ensure you comply with the rules and regulations to stay on the right side of the law. You will also want to make sure you have adequate insurance in place. That way, if anything does go wrong, you will be protected financially.
Setting up a healthcare agency is a lot more complicated than other types of businesses. The above are some of the main things you should consider before diving in. Make sure you do plenty of research and enlist legal professionals’ help to ensure you meet all necessary legalities.
Two of the focuses of my blog are Financial Literacy/Money and Business/Entrepreneurship. Healthcare businesses aren’t just large corporations. In some instances they are small healthcare businesses. If run properly they can be lucrative. The following contributed post is entitled, What Does It Take To Run A Successful Healthcare Business?
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It is estimated that the global digital healthcare industry will be worth more than $234 billion by 2023. Healthcare is one of the most prosperous sectors and it provides millions of jobs worldwide. While setting up a business in this industry can be lucrative, there are no guarantees of success. To make it to the top, you have to ensure you check a lot of boxes. Here’s a handy guide to what it really takes to run a profitable healthcare venture.
Understanding the market The healthcare industry is complex, and it would be impossible to launch and run a well-oiled, streamlined business in this sector without in-depth knowledge of how the market works and what is involved in the management of a company that provides medical services. Before you start working on a business plan or try and convert ideas into a functional model, it’s crucial to spend time looking into the mechanics of the industry, researching rules and regulations and analyzing what companies that will be your competitors are doing. It is also incredibly beneficial to look at how the market has been performing in recent years and how it has changed and evolved. The digitization of healthcare, for example, has revolutionized the way providers communicate with patients, how patients make appointments and how practitioners access, store and share data.
Finding your niche The healthcare sector is broad and it covers a raft of services and sub-sections. If you’re thinking of setting up a new business, it’s wise to find your niche. What kinds of services are you keen to provide, and who are you targeting? Analyze the demand for services and create an accurate picture of who you are going to treat. It’s important to have an ideal customer in mind when strategizing and drawing up marketing, branding and sales campaigns. Competition within this industry is fierce, and you may want to avoid a market that is already saturated. You need to ensure that your business will stand out from the crowd, and that there is a demand for the services you plan to provide. If demand is low, and your competitors already have an established client base, it will be tough to make waves with a new venture. Look for gaps in the market or offer a new spin on existing models.
Once you know who you want to target and the kind of brand you want to create, conduct thorough research to get to know your customers. Ask questions using surveys and online polls and feedback forms, and use the information and data you gather to inform your decisions going forward.
Getting your figures and finances sorted Launching any kind of business requires funding. Whether you plan to set up a small, local healthcare company, or you have grand plans for a chain of practices or a national or global brand, you’ll need to ensure that your finances are in order. If you’re borrowing money, or you’re approaching investors, you should have calculations to hand, and you should be able to provide explanations to outline where your money is going. Cost out all your expenses, work on price points, produce realistic turnover projections and make sure you can answer questions related to the numbers. If you’re presenting as part of a pitch to secure funding, or you’re approaching a lender for a business loan, rehearse your presentation, have confidence in what you’re saying and try to preempt questions and prepare answers.
Checking the legal boxes As a business owner in the healthcare sector, it is vital to understand the regulations and legalities involved in providing services to patients. There are policies and procedures in place to protect patients, clients and members of staff, and you must adhere to the rules at all times. Make sure you are familiar with the laws that govern practice in your state or country. You will be required to provide high standards of care in clean, safe settings, to take steps to minimize the risk of negligence, accidents and injuries and to shield sensitive data and personal information. It is always beneficial for healthcare business owners to liaise with legal experts to ensure that everything is in place to check the boxes and ensure best practice guidelines are followed. All staff members should be aware of the latest updates in policies and regulations.
Investing in the right equipment and technology Equipment and technology play an increasingly integral role in medical research and the provision of short and long-term care. As a budding entrepreneur, it’s an exciting time to be starting out in the healthcare field. Before you decide what kinds of machinery, tools or equipment to purchase and what type of technological systems and gadgetry to employ, analyze the competition, look into emerging trends and see what is available on the market. There are some investments that will make more financial sense than others. Spend your money on machines, technology and medical equipment that will benefit your patients, your staff and your accounts. Your purchases should be relevant to the services you plan to provide, and it’s wise to cost out expenses before you make any final decisions.
Cutting-edge technology can make the difference in the world of modern healthcare. If you choose your investments wisely, you should be able to provide the latest treatments, to offer high standards of care on a consistent basis, to improve efficiency and customer service and to minimize the risk of mistakes and human error. Consider what is essential for your business and then explore options that will further enhance the patient experience. From a vaccine fridge and treatment beds to blood pressure monitors, PPE and computerized records systems, it’s critical to ensure you have everything you need to treat patients before you open for business. If you don’t have the right equipment, or you’re using outdated technology, you could lose out to rivals and your profit margins might suffer. Once you’re up and running, it’s useful to conduct audits on a regular basis to see if you could benefit from making changes or upgrading your tech.
Building a strong team and hiring the best talent As a patient, there are few things more important than being able to trust the person who is in charge of your care. The team you hire will represent your brand, and in many cases, patients will judge your business based on the individuals they meet and the standards of care they provide. When hiring, look to build a strong, cohesive team made up of talented individuals who have the skills and experience needed to excel in the roles available. Use the interview process to get to know the candidates and look for people who show enthusiasm, passion and commitment, as well as having a brilliant resume. You want to be able to trust your team to take on the responsibility of representing your brand. Working in healthcare is not easy, and you need drive, energy and compassion to succeed. It’s important to think about the kind of person you would want to look after or treat you if you were a patient. The individuals you hire should embody the ethos of the business.
Marketing your business Achieving success in business is not just about receiving 5-star reviews. It also involves turning over profits. In the healthcare sector, marketing plays a key role in connecting patients with practices and driving sales. Use the findings of market research to engage with people who are likely to have an interest in the services you offer and choose techniques and platforms that will enable you to reach the right audience. The healthcare industry is unique, and for most patients, the number one priority is finding a reputable provider that champions optimal levels of care. Your marketing and branding strategies should reassure prospective patients that you are trustworthy and reliable at the same time as up-selling your USP and encouraging customers to want to learn more.
In this day and age, it is vital for healthcare businesses to engage with clients online, and having a fantastic website is an excellent place to start. People who search for healthcare providers and practices online are often looking for information, and providing accurate, factual guides, FAQ pages and informative, interesting blog posts can help you attract attention. It’s a great idea to vary the content you share on your website and social media channels. Infographics and video clips can break up text and make information more digestible. The brain processes visual content 60,000 times faster than text, and videos are much more likely to be shared than text posts.
Attracting positive reviews Research suggests that over 70% of patients consider reading online reviews a crucial part of choosing a medical practice or a doctor. To attract new patients and keep hold of existing clients, you have to ensure that you provide the highest possible standards of care and customer service. Offer training for staff members, always ensure patients receive a warm welcome and go out of your way to help every individual feel safe, comfortable and relaxed. Try to ensure that appointments run smoothly and efficiently, communicate with patients on a regular basis and make it easy and quick to organize and pay for treatments. Invite patients to leave feedback and reviews, read comments and take ideas and opinions on board. It’s essential to learn from both the positives and the negatives.
Launching a successful healthcare business isn’t straightforward, but if you make the right choices, you’re committed to providing the highest standards of care and service for your patients and you deliver on promises, it could be a very rewarding decision.
Three of the focuses of my blog are Current Events, Financial Literacy/Money and Business/Entrepreneurship. The Coronavirus/Covid-19 Pandemic/Crisis has created drastic changes for healthcare businesses. Whenever something happens that imparts systematic changes, it’s important to understand how to deal with them. The following contributed post is entitled, Dealing With A Drastic Change In Your Healthcare Business’ Day To Day.
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Whenever something needs to change within a business, the company itself can have a bit of an overhaul. But when it comes to a healthcare business, there’s a lot more back and forth to go through – operations management can get very complicated when both health and wellbeing are involved.
So, considering the current global pandemic, and the need for change within the healthcare sector around the globe, let’s go into a little more detail about making a drastic change. The day to day in a healthcare business can be highly unpredictable anyway, but especially so in times like these.
Your patients still need to know you care. And without knowing what you’re going to do over the next few months – without a plan – you won’t be able to keep up with the tide of patients you might not even think about having to accommodate for usually.
A strategy is going to be essential right now, and it might be hard to come up with on your own. Thankfully, Healthcare Consulting companies are out there, and are looking to band together to help you make an effective yet drastic change to your daily operations. Put this kind of resource to good use; healthcare is all about lending a hand.
Pick Up on Technology
Technology is one of the main things that can help your healthcare business to cope during difficult times. Tech has revolutionised the healthcare sector in the modern era; more people have access to regular and quality healthcare simply because they can talk to a doctor online, and almost everyone has an internet connection.
Which is why it’s key to focus on your tech capability right now – what would you be able to do with the digital strategy you’re already putting to good use in your business? You can’t be sure you’ll have the chance to upgrade right now, so you’ll need to focus on what you do have.
How many virtual appointments could help keep patients safe and at home? Can you have at least two to three people man the phones at all times? Can you use an online delivery service for medications?
Think About Costs
And finally, operations management in healthcare is all about knowing where the costs are going to be, and how you can cope with them. You can use data analysis to work out where the big and recurring costs are, so do this first.
Then, if you don’t already have an emergency fund in place, or a form of insurance that you’ve paid into over the years, be sure to reach out for donations and/or for government aid. You and your workers are on the front lines during a time like this, so ensure you have a portal for people to lend their aid through right now.
Dealing with a drastic change in a healthcare business’ day to day is one of the hardest things. Make sure you know the drill above.
Two of the focuses of my blog are Financial Literacy/Money and Health/Wellness. A major personal cost depending on your stage in life and circumstance is healthcare. Most people don’t understand their premiums and how to manage the costs but it can be done. The following contributed post is entitled, How To Make Health Insurance More Affordable.
Getting insured is the best way to afford healthcare – but what if you can’t afford health insurance? While rates can be expensive, there are a number of cheaper insurance options out there. Here are just several ways in which you can lower the cost of health insurance.
Check if you’re eligible for Medicare or Medicaid
There are federal and state programs in place across America that could help to pay for some or all of your health insurance. These are only eligible to certain people however.
Medicare is eligible for those over 65 and those with disabilities – while you must still pay a contribution, this program could allow most of your insurance to be paid for you. There are a number of different plans out there ranging from Medicare Plan A to Medicare Plan G. These each offer a different level of coverage.
Medicaid is meanwhile eligible to those with a low income, pregnant women and people with certain disabilities – participants pay little to nothing for coverage providing they meet requirements. This is largely state funded, unlike Medicare, so can vary a little from state to state.
Talk to your employer
Many employers offer health insurance to employees as a company benefit, often making contributions to help lower the cost. If your employer does not offer this, you could try talking to them about the possibility of setting up a scheme. Even if they contribute only a tiny amount to it, it will still save you some money and it has tax benefits for your employer.
Join organizations with health insurance perks
Aside from working for a company that offers health insurance, you may also be able to gain access to cheap health insurance by becoming a member of certain organizations. This includes state farm bureaus, university alumni associations and automotive clubs such as the AAA.
Raise your deductible and use a HSA
A high deductible plan can also save you money. The deductible is the amount of money you’re willing to pay out of your own pocket before asking an insurer for help in the event that you need to pay for healthcare. It could mean that you still end up paying for most minor healthcare, but you’ll still get some assistance if you need major treatment such as surgery.
A HSA (Health Savings Account) could help you to pay your deductible. This is a savings account in which your earnings are contributed on a regular basis. The main benefit of such accounts is that you don’t have to pay tax on any earnings that are put in these savings accounts.
Start living more healthily
Health insurers tend to ask a number of questions about applicants’ lifestyle in order to get an idea of how healthy you are. If you smoke, drink heavily and do little exercise, you could find that your rates are higher – this is because there’s a greater risk you’ll need to claim insurance for healthcare.
While you can lie about your lifestyle to gain access to cheaper rates, this could backfire if you’re found out. Start living more healthily so that you can honestly take advantage of cheap insurance – less health problems could also mean less health insurance claims in the future, which means cheaper future rates.
Three focuses of my blog are Current Events, Financial Literacy/Money and Business/Entrepreneurship. Throughout history, vast opportunities have been created out of crisis situations and the Coronavirus/Covid-19 Pandemic is no different. One area that is in the eye of this storm is the healthcare sector. The following contributed post is entitled, Believe It Or Not, The Current Public Health Crisis Is An Opportunity For Health Care Providers.
With COVID-19 spreading like wildfire across the planet, the eyes of the world are on the medical sector. People are watching the industry like never before and, frankly, forcing it to do new things.
Take clinical trials, for instance. Usually, these take years to set up, conduct, and publish. But in the current context, they’re taking a matter of weeks. The nature of the emergency requires it.
The same applies to vaccines and drugs. It used to take the FDA the length of a career to approve specific medicines. Now the CDC is recommending that some Americans take virtually untested drugs in the desperate fight against COVID-19.
What is interesting about the current episode is the giant leaps that the medical establishment can make when it absolutely has to. Most of the time, it is sclerotic, dormant, and apathetic to the needs of patients. But when you suddenly add the scrutiny of public attention, things change fast. All of a sudden, you CAN deliver life-saving drugs in just a matter of weeks. Odd, isn’t it?
Of course, all this chicanery has a lot of people asking why this rate of progress wasn’t possible before.
Expect all the usual weasel words at this point. “There are processes that we must follow.” “Extraordinary times call for extraordinary measures.” “We have the best healthcare system in the world.”
But, of course, everyone is going to remember this episode and demand that the sector change in the future. When the bureaucracy gets out of the way, it appears to improve patient satisfaction. Why can’t that continue?
Public attitudes will undoubtedly change going forward, creating opportunities for specific providers in the industry who stay on top of the current situation. People are looking for outfits that they can trust to get the job done – and without bankrupting them.
Shift Your Business Model
The opportunities for healthcare providers who get their message right, therefore, is tremendous. Already, we see big shifts in how the industry operates. Some clinics are offering patients flat fees for consultations, instead of milking the insurance system.
Others are looking for ways to make medical services subscription-based. You continue paying your doctor to keep you healthy. When you get ill, you stop paying and only resume payments once you’re back to normal.
Healthcare providers are also going to have to think much more about their hygiene messaging. While keeping things clean is important at any time, it is even more so in the aftermath of a pandemic.
Offer Patient Direction
Healthcare providers that can provide patients with clear guidance in the current crisis will be those that most successfully build their brands. Those who really understand how to react to the needs of their patients will emerge as a shining example to the rest of the industry. At times like these, patients need a considerable amount of help. Many people will still be getting sick from regular illnesses and need medical attention. Clinics who can orchestrate an effective response will be those that gain the most trust in the community.
Two key focuses of my blog are Financial Literacy/Money and Technology. As with all sectors of life, technology is changing the patient experience. While technology is literally changing patient, it’s also impacting the ancillary aspects of the patient experience as well. The following contributed post is entitled, Technology Is Changing the Patient Experience.
Healthcare is one of the most important services that anyone will ever use and that any organization can provide. Healthy people are essential for a healthy society, so people need to be able to receive the healthcare that they require. For medical and healthcare providers, meeting their patients’ expectations and providing them with satisfaction is vital. The patient experience needs to be continually improving so that patients are happy with the care they receive and choose to remain with their healthcare providers for any future needs. Technology can help to improve the patient experience in a number of excellent ways, and is still developing to become even more useful.
Apps for Keeping Patients Updated and Engaged
Communicating well with patients is essential for any healthcare provider. Patients need to feel that they understand what is happening, and why things are happening too. Their family and friends also want to remain updated on their progress. At the same time, they need to know that any of their patient information is kept private and won’t get into the wrong hands. Apps like Ease are helping healthcare providers to improve Press Ganey scores with better communication. They can allow for messaging between doctors and patients, as well as their families, keeping them updated.
Medical error could be responsible for hundreds of thousands of deaths each year in the US. One reason serious medical errors could occur is if the doctor or other healthcare providers don’t have the necessary or correct information about the patient, medication or other important factors. Technology is helping to change this, with digital tools that make it easier to record and keep track of this vital information. For example, platforms for managing electronic prescribing and medical alerts can help to reduce errors and improve patient safety.
Make Care Easier to Access
Healthcare can also be made easier to access using technology today. One solution is telemedicine, which allows the use of apps, video calls and other tools to provide some types of healthcare to people online. Convenience is a huge factor in people’s interaction with any type of service, and that includes healthcare. If healthcare providers are far away or don’t have convenient appointment times, patients may be reluctant to engage with them. However, technology can offer a more accessible and convenient solution. Tech solutions can provide communication using several different channels to suit the patient.
Some healthcare providers are also using technology to help their patients monitor their health. For example, it’s possible for doctors to ask patients to wear a fitness tracker such as a Fitbit during the day. The patient can then share the data from their fitness tracker to show their doctor important information, such as their heart rate, oxygen levels, activity levels and other metrics that might be tracked. Some healthcare providers have their own apps to help their patients track various health measurements.
Technology continues to develop and could provide many more useful solutions in the future, with artificial intelligence especially offering some interesting possibilities.
Three of the focuses of my blog are Financial Literacy/Money, Business/Entrepreneurship and STEM. Medical labs are critical pieces in the healthcare industry as they help doctors understand the maladies that their patients face. Just like academic and industrial labs, it’s important to still do quality science. Doing so will assure continued business. The following contributed post is entitled, How Can You Stop Your Lab From Landing Negative Results.
Medical labs are the backbone of the healthcare industry. From the development of new medications to the diagnosis of conditions; it all starts and ends in innocuous-seeming labs just like yours. As such, most of us have come to hold entrepreneurs within this industry in high esteem. Still, assuming this positive industry reputation will save your lab would be naive. Life-saving heroics aside, medical labs are as liable as any business to stumble into difficulties and even face failure.
If your lab-provider relationships keep turning negative, then, you may soon face issues. Instead of moving forward with misplaced ideas about saving the world, you need to address why things are going wrong. We understand that this can feel like a distraction from your ‘higher purpose’, but failure to get to the bottom of this will stop you from saving lives down the line.
That’s why you need to keep reading to find out how you can turn those negative results into a positive that saves your lab’s life.
Store samples properly
Collecting samples from patients can be a time-consuming and expensive process for medical professionals. If you carelessly ruin the integrity of said samples by failing to store them properly, it’s no wonder you aren’t making any friends.
It’s incredible how easy it is to contaminate or ruin results by getting this simple point of your processes wrong. What’s more, there is no one-size-fits-all standard for how you should and shouldn’t treat each test that comes your way.
Of course, there are some basic staples, such as a lab refrigerator from Rollex Group and companies like them. You should also be sure to keep vials well-sealed, and within uncontaminated areas. For some things, though, such as specific blood tests and skin samples, even more specialist storage will be necessary.
Whatever you do, never play guessing games when it comes to this. Everytime something unknown comes into your lab, do thorough research into which storage processes you should put in place. If in doubt, it’s even worth asking the healthcare professional who’s sending it your way. Better that than risk making a mistake and having to come crawling later on. Once you have some idea, make notes. That way, you’ll always be able to implement proper storage processes for repeat samples down the line.
To save costs, though, it’s tempting to hire inexperienced staff who are fresh out of the classroom. And, guess what? This could be another fatal flaw for your lab’s success. Of course, all new graduates have to start somewhere, and taking on college-leavers could even work if you leave experienced members of your team to train them.
If your team solely consists of cheap and inexperienced team members, though, you’re fast heading for trouble. In this instance, you would be far better off hiring less staff with more experience. That way, you can balance costs and still enjoy results you can trust in.
It’s also worth noting that your team needs to have decent teamwork structures in place if your lab is to see any real success. A lab team have to collaborate on everything from test times to results across the board, after all. If your employees aren’t talking, things are never going to come together, and clients will never get the results they expect.
Make sure, then, that your team understands the importance of talking to each other about what they’re doing. You could even arrange a few group team working activities to bring the point home.
Speed up your processes
Whether your lab focuses around diagnostics or research, slow processes are never going to work in your favour. If you have a healthcare professional waiting on results, delays mean that they look bad in front of patients. You can bet that they wouldn’t hesitate about turning to a more trustworthy lab as a result. Equally, excessive delays from a research perspective could see the findings you’re working on or similar being released by another lab in the interim.
We’ve already mentioned the importance of teamwork. That alone can go a long way towards making sure everyone works faster with the information they need. The correct equipment, too, can speed processes no end. And, of course, a system which sends results straight to healthcare computers could lessen lost time at the end of your research. All while ensuring results land straight into the correct inboxes in no time.
Lastly, lacking insurance policies could become significant nails in your lab coffin if you aren’t careful. The fact is that you’re dealing with lives, not just faceless samples. Everything you do (or don’t do) can create a ripple effect. And, this is what your insurance policy needs to account for.
If a doctor ends up getting sued for a misdiagnosis off the back of your test results, for example, you need to ensure that you have the correct malpractice and liability insurance in place. Mistakes happen, and results don’t always get things right. Still, this would ruin relationships anyway if a healthcare provider had to foot the bill due to your lacking insurance policies. Make sure, then, that you implement the correct insurance at all times, and keep your plans updated.
Negative results aren’t something we embrace in any lab, especially when they’re of this kind. Make sure that you’re able to turn things around as soon as possible to bring much higher levels of success to your lab door.
Three of the focuses of my blog are Financial Literacy/Money, Business/Entrepreneurship and Health/Wellness. The Healthcare Business is one that will likely always be needed. That said as a business, there is still level of competition. How do you separate yourself from your competitors? The following contributed post is entitled, 3 Ways To Show Your Patients You Care In Your Healthcare Business.
Running a healthcare business is much the same as any other business. If you show your customers that you care (or in this context, your patients), you will retain their loyalty and receive the financial rewards to your business. And if you don’t show that you care? Well, the reverse is true. You won’t be the only healthcare business in your community, and you might lose your patients to somebody who is doing more than you to care for their needs.
So, to ensure you stand out in the healthcare sector then, here are just a few of the ways that you can show your patients that you care.
1: Listen to what your patients have to say
Do your patients feel cared for? Are you meeting their needs? You would never know unless you asked them, so to ensure they know that you have their best interests at heart, make every effort to listen to what they have to say. This begins at the reception desk when your patients express their needs to your receptionist, and it continues into their appointments when they are talking to your healthcare professionals.
So, ensure your receptionist staff have customer training behind them. Make sure appointment times can be scheduled so your care staff have sufficient time to get to know and understand your patients. And ensure feedback forms are available, so if your patients have something to say, be it good or bad, you can then take the appropriate actions when necessary.
2: Show your patients your appreciation
If it wasn’t for your patients, you wouldn’t have a business, so to retain those that you do have on your books, show them that you care for their needs by finding ways to reward their loyalty to you.
So, you might offer your loyal patients discounted services, or you might show your appreciation by revamping your practice’s waiting areas. Check the medical fit-outs at Levitch, for example. You might also adopt an incentive scheme, so if your patients can direct others to your business, you might reward them with a free gift (such as an electric toothbrush if you were in dentistry) or money off their next visit.
What you do depends on the area of healthcare your business is in, but for some general inspiration, here are some other ideas on how to show patient appreciation. Your patients will then show you their appreciation by returning to your business.
3: Educate your patients
To show your patients that you care about their health needs, you can take extra steps to keep them informed. So, you might run special classes in your business, with expert advice from your clinicians and outside professionals to educate your patients on any health issues that pertain to their situation. You might also send out newsletters to your patients, be that through e-mail or snail mail, not only to market yourself to them but to give them new information that relates to their needs.
By educating your patients, you are showing them that you aren’t only interested in their money. They will see that you are going the extra mile to give them better care through the information you relay, and this will do them and your business a world of good.
