Two focuses of my blog are Financial Literacy/Money and Business/Entrepreneurship. A medical practice can be lucrative, but you have to know how manage costs. Managing you costs will assure that your practice stays open for years to come. The following contributed post is entitled, Top Tips For Cutting Costs In Your Medical Practice.
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2020 so far has been a tough one for the medical industry. In fact, it is fair to say it has been one of the hardest-hit industries, with staff working flat out to deal with the pandemic, but also facing an uphill struggle trying to keep themselves safe and securing appropriate PPE. Whether privately owned or state-owned, the medical industry is going to have to do all it can to claw back some much-needed cash over the next few years.
While there are obvious things you can’t cut in order to provide the very best care to your patients, there are some things you can do to cut costs and make some savings to help your medical practice get through the next few months and years.
More and more businesses are turning to outsourcing and that is because it is an effective and efficient business practise. Yes, it costs you money, but in the long-term, the savings it can create can be invaluable. It gives you time back to work on growing your medical practice and providing the best care to your patients and allows specialists to do the jobs to the best of their ability.
It can be difficult to know what to outsource – certain tasks are better than others. If you have a website, you might want to pass the management of it over to a web specialist who knows their stuff. Other options include your billing telehealth services, human resources and payroll.
Encourage remote working where possible
More and more medical practices have implemented remote working during the pandemic, taking video calls with patients rather than face to face interactions. It is a way of working that no one would have thought possible a few months ago in the medical industry, but many practices have found that not only is a great way of keeping staff and patients safe but is actually a really cost and time effective way of seeing patients.
Of course, not every single appointment can be done this way – there are still some people that will need to be seen, but think about whether remote working can be done as far as possible for as long as possible in your practice.
Reduce the necessities
The one thing the pandemic has done for us is to show us what is important and what isn’t. Take a look around you and think about what has remained unused or unneeded during the past few months. For example, if you have a fleet of company cars that have stayed in driveways or out in the parking lot, look at getting rid of them, or at least reducing the number of them. If those overseas business trips haven’t been missed, consider getting rid of them altogether, or streamlining the most essential ones.
The medical industry – and indeed, many other industries – are going to have a tough few years ahead of them, dealing with the economic and health fallout of the pandemic. By following these tips, you can make savings and get through it without too many problems.
Three of the focuses of my blog are Financial Literacy/Money, Business/Entrepreneurship and Health/Wellness. When working in patient care, you’re holding people’s lives in your hands. If and when your medical gets a reputation for being unsafe, it could be difficult to recover. The following contributed post is entitled, 4 Ways To Ensure Patient Safety In Your Medical Business.
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When you run a healthcare business, patients are literally putting their life in your hands in some cases. You have a responsibility to protect your patients, and if you don’t do that, your business is likely to fail. If patients are not safe in your practice and they experience complications with their treatment, that has a big impact on your business and you will struggle to find any new patients. If complications arise because of a mistake on your part, you could even end up in legal trouble. Patient safety should always be your first priority as a medical business, and you should do anything you can to improve it. These are some of the best ways that you can improve patient safety in your medical business.
Work-life balance is a big problem in most industries. People are working longer hours and increasingly taking their work home with them, and that means that a lot of people burn themselves out. It has a big impact on productivity, which is an issue for all businesses, but poor work-life balance can be dangerous in the medical industry. If you are going to keep patients safe, it’s important that you eliminate human error in your business, because that can lead to mistakes. When people are not getting enough rest, they will not have full concentration, and that can lead to some dangerous mistakes when working on patients. If you find that you are stretched, you may need to hire some more employees to ensure that people are not working long hours all the time.
Investing in technology is vital to success in the medical business, but if you have a limited budget, you should direct it towards monitoring systems. If you invest in the right patient monitoring systems, like pulse oximeters (like these at Medtronic.com), temperature sensors, and heart rate monitors, it’s easier to manage patient care. You can monitor their condition in real time and ensure that they are seen to immediately if there is an issue.
Infection control is absolutely vital if you want to keep patients safe. When you have a lot of patients that are in a vulnerable state, infection can spread quickly and it can be incredibly dangerous. Basic precautions like hygiene are important, so make sure that you give your employees extensive training in this area. It’s also important that you are following proper procedure when sterilizing equipment and administering injections, so you can reduce the chance of blood infections.
Miscommunication can be fatal in the healthcare business. If your employees are not communicating the needs of their patients to one another effectively, it’s so much easier for people to make mistakes and administer the wrong treatments. If symptoms are not communicated properly and records are not thorough, that could also lead to a misdiagnosis for patients. In some cases, giving the wrong treatment due to a misdiagnosis could be dangerous. That’s why it’s important that you find ways to improve communication and avoid these mistakes.
If you do not prioritize patient safety, you are putting lives at risk, so it’s important that you follow this advice and make sure that all of your patients are receiving the best possible care.
Three of the focuses of my blog are Career Discussion, General Education and STEM (Science, Technology, Engineering and Mathematics). Many individuals don’t understand the multiple career paths they can go into beside becoming a medical doctor. There are actually quite a few options for medical careers. The following contributed post is entitled, 3 Medical Careers For People That Don’t Want To Be Doctors.
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Working in the medical industry is an incredibly rewarding career choice because you get the chance to care for people and improve their lives on a daily basis. But a lot of people are put off pursuing a career in health because they think that it means having to do the training necessary to become a doctor. Some people also feel that they cannot handle the stress and long hours of being a doctor or a nurse. But those aren’t the only jobs in the medical industry, it takes a lot of different skills to keep a hospital running. There are so many great medical careers that most that you might not even know about and some of them might be perfect for you. These are the best medical careers outside of being a doctor or a nurse.
Developing new drugs to treat patients is an incredibly important part of the medical industry. Innovations in medicine can save countless lives and the people that are pushing the research forward have a very rewarding role to play. If you have a keen interest in science and you think that you would be well suited to a research and development role, you could consider becoming a pharmacologist. You will need to get an undergraduate degree in pharmacology and possibly a graduate degree as well, so it can be difficult to move into this field in later life. But if you are willing to invest in education, this could be a great career choice for you.
Most people have never heard of a phlebotomist but it’s likely that you’ve been seen by one at some point in your life. They are the people that deal with drawing blood, usually for tests or donations. There are some people that are specifically phlebotomists while others incorporate it into a wider role, like nursing. It’s quite common for people to go through phlebotomy training and then use it as a stepping stone to other medical careers. If you think that you might like to work in the medical field but you aren’t quite sure what you want to do, this is a good place to start.
Medical Science Liaison
Medical science liaisons are a middle man between the companies that develop new technology and treatment methods, and the medical facilities that use them. The majority of medical science liaisons are people that have worked in the medical field in a different role already, so this isn’t a great choice if you’re just trying to enter the industry. They require a different set of skills to what you would find in other jobs in the medical profession. A lot of the time, being a medical science liaison is more similar to a sales job, so if you have good people skills and you like a job that gives you the chance to travel around a lot, this could be ideal for you.
You don’t have to be a doctor or a nurse to work in the medical industry, these are just some of the other amazing career choices you could consider.
The first principle of my blog is Creating Ecosystems of Success and a key focus is Career Discussions. The medical industry is unique in that you directly affect the lives and health of people. In this regard, even the simplest error or mistake can be fatal and costly. What kinds of errors are there? The following contributed post is entitled, Mistakes You Can’t Afford to Make in the Medical World.
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When you work in the big wide medical world, there isn’t much room for error. When a doctor , surgeon, researcher or nurse makes a mistake the results can be catastrophic. If you’re working in the medical industry you need to be able to minimize mistakes and keep your business running smoothly. This is not only for the sake of your patients, but your reputation will be on the line too. Every human has made a mistake at some point in their life, but it’s not often to the detriment of another life. The medical world will always be full of ups and downs, but as long as you can keep a level head, you will succeed with minimal errors.
When you’re working in the medical sector you will often be faced with documentation and devices that are written in a different language. You can’t afford to look up these kind of translations on the internet so click here to find highly specialized document translation services. You can be sure that your information is specifically translated by a professional so that you minimize mistakes in your establishment.
When a patient is overlooked or misdiagnosed it can put your entire career in jeopardy. Of course, this type of thing happens all the time in hospitals and surgeries, but how can it be prevented? Make sure every single person who works for you understands each protocol for diagnosing patients. If there is any dispute or ambiguity somebody senior should step in and give their opinion on the patient’s condition. When you’re more thorough in a medical environment it helps your patients to receive the best care possible.
In the medical industry there will always be a handful of employees who slip through the cracks with their skill sets. You need to make sure you never allow unqualified or dangerous people into your working environment. Thorough checks should be carried out before giving anybody a job. You could even start people on a probation period if you’re unsure. Implement training programs so that every everybody always feels supported.
There will always be new clinical trials that your establishment wants to try out. Although they can be risky when medical treatments go wrong, it is always good to give them a try whenever possible. You will never be able to enhance your knowledge if you don’t step out of your comfort zone from time to time. Assess each situation as it arises and you will always know you did your best.
Your medical business will always be your pride and joy, so don’t allow any mistakes to slip under the cracks. Put adequate training programmes in place and hire the right people for certain jobs. Whether you’re training new interns or hiring someone to translate documents, every level of the chain is extremely important. Missing out on one important stage could cost your business and reputation. Don’t leave room for errors and you will never have to worry about picking up the pieces.
Two of the focuses of my blog are Financial Literacy/Money and Business/Entrepreneurship. In some ways the medical industry is a model of others and there is a lot that can be learned from it. It is constantly evolving and changing. The following contributed post is entitled, 4 Lessons You Can Learn From The Medical Industry.
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There are some things that we can learn from the medical industry that you might not have considered. For example, if you don’t take the time to look at this industry, you are not going to realize all the excellent ideas that they can give to other industries. The medical profession can inspire a few different lessons that we should all be taking notice of, and in this article, we are going to talk about a few of them.
Efficiency is what all business owners are striving for. Getting the best out of your business as quick as possible. For example, in the medical industry, they may require medical billing services to ensure that they are getting paid by insurance companies. There are companies who specialize in this area and provide the necessary service to ensure that this gets done. The same thing can be applied to other industries. There should be certain areas of business that are handled by specialists in order to ensure the smooth running of other departments. Without this, the entire system could end up folding in on itself, and this is not what business owners need.
Leaning On New Technology
Have you ever thought about what technology could benefit your business? If not, now is the time to start. Some business owners shy away from new technology as it can cost a lot of money, and it requires training staff to use the new equipment. However, if you look to the medical industry, you will see that they largely lean on new tech to develop their entire profession. This is something that your business should be doing too. You need to allow the change in order to propel your business forward and keep up with everyone else on the market.
Putting The Customer First
Have you ever been to the doctors and felt like they had something more important to think about than your care? No, and that is what your clients should feel like too. Your customers should be the most important thing in your business, as without them, there is no business. You need to remember this and always make sure that the client’s needs are being met before anything else.
Showing your customers that they are valuable to your business is one of the most important aspects of owning a business. You should always ensure that they are being put first, and not being left behind for some other purpose.
If your business is currently struggling for cash, have you ever thought about getting sponsored from others in your industry? Medical businesses often get sponsored by pharmaceutical companies, and this is something that could benefit you. Find a person or a business who is willing to sponsor you and come to an agreement with them about the terms of the sponsorship.
We hope that you have found this article helpful, and understand these four lessons that you can learn from the medical industry. Take this advice, and your business is going to run better than ever!
Three of the focuses of my blog are Financial Literacy/Money, Business/Entrepreneurship and STEM (Science, Technology, Engineering and Mathematics). The healthcare industry will always be around as people will always need care of some sort. A lucrative business may therefore be supplying products for use in the field. The following contributed post is therefore entitled, Professionally Providing Products to the Medical Field.
When we think of setting up a business of our own, the majority of us tend to consider providing general consumer products to the general consumer market. This makes sense. After all, the majority of us are consumers ourselves, so we are better able to identify gaps in the market. If there’s something that we want and can’t access, we may start up a business that creates these products and make them accessible for others. It is also generally easier to set up a company that provides products to a majority – the more people your product appeals to, the more people who are likely to make purchases and generate profit for you. However, the market is becoming increasingly saturated, due to the simplicity of setting up an Ecommerce store online and certain products are now offered by so many suppliers that profit margins are minimal, as companies have to undercut each other constantly for profit. Instead, why not consider a completely different field of commerce and cater to a more specialist market? There’s a whole lot of money to be made in the medical field!
Do Your Research
Before you get started, make sure to do your research. Know the field that you are dealing with and understanding their standards. Know what the equipment needs to be able to do and figure out a way to offer it at a lower price point than current providers are selling it for. Alternatively, alter the equipment in order to improve it or make it more functional somehow.
Specialise in One Product
When offering a product to the medical field, it is generally best to specialise on one specific product. You don’t have to worry about medics buying your product once and then having to reach out to a new market – medical equipment gets worn out, so customers are likely to return to you time and time again. Medical equipment also tends to be very specific, so it’s best to make sure you are providing one perfect product than offering various moderate products – medical institutions will only purchase the best.
Outsource Your Manufacturing
As we have now established, your products need to be perfect. So, generally speaking, it is best to outsource your manufacturing to companies with price equipment like cutting services and laser cleaning services. You can then create a test batch to try selling. If things take off, you could then invest in the necessary machinery and equipment in order to be able to manufacture in-house yourself.
Be Ready to Pitch
You’re going to have to really sell your product here. The type of sales you’re going to make aren’t really going to be one-off impulse buys. Institutions are going to make bulk purchases. So, make sure that you can pitch your products. This could make our break a huge deal and determine whether you succeed or not!
Sure, specialising in producing medical equipment is relatively complex and isn’t the easiest path to take. But if you get things right, you could make a fortune by selling just one line of products!
I originally published this piece on the Examiner back in January of 2013. It discussed some simple, but valuable career advice a professor from my undergraduate institution gave me and my classmates. If followed, this advice would likely save the student, their family and their schools money, time, and heartache.
It isn’t just the close relationships with the faculty that are advantageous, but also the “tell it like is” mentality with which they taught us. The instructors felt as though they had to be hard on us students in order to make us competitive, to help us reach our potential, and ultimately, to achieve our dreams. Some students rejected this approach, while others embraced the guidance and the coaching.
Many students who major in the biological sciences do so with hopes of going to medical school and becoming a physician. Not only is being a medical doctor a well-respected profession, but it is also believed to lead to a life of wealth and prosperity; something many doctors and the author of The Millionaire Next Door, Dr. Thomas Stanley, would debate.
During my first year at JCSU, a very simple but important piece of advice was passed along to the students in our Concepts of Modern Biology class. That advice was simply that we students should take some time to research our careers of interest. Again it was simple but very powerful advice.
“You all keep saying that you want to go to medical school, but you don’t have the slightest idea as to what it takes to get into medical school, or what’s going to happen once you get there,” our professor, a Ph.D. of Cell Biology, passionately said to us. She was small in stature but was a very tough-minded professor.
“What you all need to do is to go to the library, pull out a book on the healthcare professions and read up on what it will take to become a medical doctor,” she further advised us. She’d often say, “the slots are limited,” meaning that it was very competitive to get into medical school and they would only take the best of the best. A couple of driven, motivated and talented students from JCSU in that era did in fact go on to medical school to pursue their dreams.
It was debated quite a bit at the time whether or not students from a small HBCU like JCSU could get into medical school. The students who made it in proved that it could be done, but again they were some of the best and brightest that our Natural Sciences Department had to offer.
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I took my professor’s advice and investigated the path towards becoming a medical doctor. In between semesters, I visited Buffalo’s downtown public library and pulled out a book on the healthcare professions. Some of what I discovered in my research, I’d heard before; applicants needing a competitive score on the Medical College Admissions Test (MCAT), a competitive grade point average (GPA) particularly in the sciences, letters of recommendation, and scientific research or volunteer experience in a clinic or hospital.
What I read next though were the real eye openers. Financially, many medical students offset their tuition with loans and graduated with hundreds of thousands of dollars of debt. Medical school graduates are required to complete something called a “Residency” which usually involved them getting little sleep over long periods of time, depending on their specialization. They further had to be willing to move to often remote and undesirable locations in some instances initially. Finally, most don’t start making significant money until long after they’ve graduated or completed their training.
After doing the research, I decided that I didn’t want to go to medical school to be a physician. I stayed in science but decided to go into research which itself had its own notable challenges and struggles, though ultimately quite a few rewards. See my post on that.
The point of this story is not to discourage anyone from going to medical school, especially if treating and caring for patients is a student’s underlying motivation, dream and passion. A career is a personal choice and must be decided by the individual. That being said, it’s important to do the research, study the process and figure out all that will be involved when pursuing a particular career path.
At one point, being a medical doctor may have been a very lucrative profession to pursue, but as with most areas of life, things seldom stay the same. Significant factors that medical doctors have to contend with today that they didn’t worry about as much in years past, is the impact of Health Maintenance Organizations (HMOs) on the degree of care patients can receive, and the threat of malpractice lawsuits.
“You want to do something that you’re going to enjoy doing every day. If you’re doing something just for the money, it’s not a good thing,” a mentor advised me. In general, careers should be pursued not simply for the money, but based upon what a student is passionate about and has a natural talent for.
Furthermore, the cost of seeking a professional education such as attending medical, dental or law school, for example, should be strongly considered before pursuing a given career. Specifically, the amount of debt that will have to be repaid should be one of the major considerations as it will impact an individual’s lifestyle for a potentially significant amount of time.
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A key focus of my blog is Health/Wellness. Unfortunately there are instances where medical procedures and treatments don’t go as planned and the patient becomes injured or even dies from the administered care. In these cases, it’s very important for the patient and their family to know what to do. The following contributed post is thus entitled, What To Do When Medical Treatment Goes Wrong.
You’ve just undergone medical treatment, but it hasn’t been successful. Perhaps you’ve had a reaction to a drug or there were some complications during surgery that have led to other injuries. Perhaps you were promised that a certain pain would go away and it hasn’t. Whatever the case, it’s important that you don’t ignore the warning signs. Here are just a few steps to take if you suspect there’s been a medical fault.
Talk to the doctor that gave you the treatment
Your first step should be to get in contact with the medical professional that gave you the treatment. You may have been warned about certain side effects beforehand or told after treatment about complications, in which they will likely have given you instructions to get in contact again if things got worse. In most cases, your doctor will be willing to take a look at the problem and decide what further action to take.
Get a second opinion
You may wish to get a second opinion if you feel you can’t trust the doctor that gave you the treatment. When it comes to symptoms that aren’t visually clear such as unusual pains, nausea or dulling of certain senses, this second opinion could be useful in helping you to get a clear diagnosis.
Take things higher
In the case of a serious medical error, you may want to file a complaint to the head of the clinic. Medical clinics often have staff that deal solely with complaints – in the case of large hospitals, there may be lots of complaints to process, so don’t worry if you don’t get an immediate response. You could also consider taking things higher and complaining to the governing body in charge of the clinic – they will be able to launch an enquiry into the incident and may be useful if you feel that the clinic’s staff aren’t taking your side.
Consider a legal claim
When medical treatment goes wrong, it’s often possible to seek legal compensation. There are many lawyers out there that deal with medical malpractice. It could be worth looking for specialist attorneys to help you make the best case – whether you’re looking for a transvaginal mesh lawyer or a brain surgery lawyer, you’re certain to find someone that specialises in this area. Many lawyers won’t charge you unless your claim is successful.
Decide on your future treatment options
Corrective treatment may be needed to recover from the medical error. For example, in the case of a faulty hip replacement, you may need to seek hip revision surgery. A legal claim may be able to cover the costs of this. Whilst you may be apprehensive of trusting doctors again after such an incident, it’s important that you receive the corrective treatment that is recommended otherwise you could create further injuries for yourself.