You're starting a business in Working with Physicians. What are the risks you need to be aware of?

1 Regulatory Compliance

Working with physicians means working with sensitive data, such as patient records, billing information, and prescriptions. You need to comply with various regulations, such as HIPAA, FDA, and CMS, that protect the privacy, security, and quality of health care. Failing to do so can result in fines, lawsuits, and loss of trust. To avoid this risk, you need to understand the relevant laws and standards, implement appropriate policies and procedures, and train your staff and partners on compliance.

2 Physician Engagement

Working with physicians means working with busy, demanding, and skeptical professionals. You need to engage them effectively, both to sell your solution and to ensure its adoption and satisfaction. This can be challenging, as physicians often have limited time, attention, and interest in new offerings. They may also have existing preferences, habits, or contracts that make them reluctant to switch or try something new. To overcome this risk, you need to demonstrate the value, evidence, and usability of your solution, build rapport and trust, and provide ongoing support and feedback.

3 Competitive Landscape

Working with physicians means working in a competitive and dynamic market. You need to be aware of who your competitors are, what they offer, and how they differentiate themselves. You also need to anticipate changes in the market, such as new entrants, regulations, or trends, that can affect your position and strategy. To reduce this risk, you need to conduct market research, monitor industry news and events, and adapt your solution and marketing accordingly.

4 Financial Sustainability

Working with physicians means working with complex and uncertain financial models. You need to figure out how to price your solution, how to get paid by your customers, and how to manage your cash flow. You also need to account for the costs of compliance, engagement, and competition, as well as the potential for delays, disputes, or cancellations. To mitigate this risk, you need to have a clear and realistic business plan, a diversified and loyal customer base, and a flexible and resilient financial structure.

5 Legal Liability

Working with physicians means working with potential legal liability. You need to protect yourself from claims or lawsuits that may arise from your solution, such as malpractice, negligence, or breach of contract. You also need to protect your intellectual property, such as patents, trademarks, or trade secrets, from infringement or theft. To minimize this risk, you need to have a solid legal team, a comprehensive insurance coverage, and a robust contractual agreement.

6 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?