The Evolving Business of Healthcare
The healthcare industry is one of the many fields experiencing major growth right now. Numerous advances and investments are drawing the interest of curious entrepreneurs pondering the next great opportunity. There are an estimated 780,000 healthcare companies in the United States, where spending is close to $10,300 per capita.
These figures are expected to continue rising. Therefore, it is not surprising that investors are looking for ways to break into the healthcare field. Many factors are contributing to this industry boom and those factors, for many entrepreneurs, are the gateway to a profitable business.
Technological Advances
The use of shared electronic health records, or EHR, allows doctors to see the whole picture of a patient’s health. The team of healthcare professionals can more easily work together to share information, test results and treatments. This holistic approach leads to more integrated and efficient care. Other technologies, like telehealth, allow patients to communicate with their doctors more easily and therefore more regularly.
Wearable technology is being used more than ever to monitor and collect data from the patent’s home. Doctors receive more information, and patients save money on frequent visits to the doctor’s office. This is a game-changer for those with chronic illnesses and pacemakers, but it is also valuable information for any person who wants to take an active role in their health.
Social Media Marketing
With more money flowing into the healthcare industry, and more companies opening up, businesses need to focus on marketing. Marketing strategies these days must include social media to be successful. The days of neighborhood pharmacies and family doctors are over.
People have options when it comes to healthcare, so businesses need to work to stand out. Social media allows doctors to easily provide useful information to the public, which then drives people to the doctor’s office.
Informative videos are often shared on platforms like Tik Tok and YouTube, offering priceless exposure. Media companies like Jukin Media excel at monetizing, protecting, licensing and promoting videos for businesses.
New Payment Models
Health care systems have always worked on a fee-for-service model. This means when a person makes an appointment and receives a service, the office charges a fee. This model has inherent problems when it comes to the medical field.
In order for practices to be successful, they need to book a lot of appointments. But, shouldn’t the goal of any healthcare provider be to keep their patients healthy? The fee-for-service model offers no monetary incentive for doctors to do that. This could lead to a lower standard of care.
Instead, the healthcare industry is slowly moving into a value-oriented model. This new model flips around the way healthcare is reimbursed. Value-based care is gaining traction because patients are prioritizing simple, high-value healthcare services.
The goal is to provide long-lasting positive outcomes instead of frequent visits back to the doctor’s office. Reward health, not sickness. Value-based care switches the focus from quantity of visits to quality of visits.
In this model, healthcare professionals are given incentives to promote everyday healthy practices. Payments are based on positive outcomes and patient satisfaction.
