The Secret To Successful Healthcare Business Model

Medical Practice Growth and Sustainability Needs a Platform-Enabled Ecosystem

Illumination publication initially publicized this article on Medium!

The prevailing notion is that building a successful medical practice is about making the right team, having a vision, developing a brand, and creating a business and financial plan. However, amid the extreme penetration of the medical industry by digital technology players taking those steps are no longer sufficient.

Medical practices today face the predicament of competing for the piece of that revenue pie that is within reach of large corporations. Unfortunately, with the outdated attitude, small independent clinics can't and won't be able to stand against the big guys.

But there is a way!

Like any other business, the modern medical practice requires a robust "Business Building." That is the top priority for practice growth as those who embrace business building are venturing into new businesses with ever greater frequency, based on a new report. Those companies that take on business building seem to grow faster, become more stable during economic shocks, and see more success by building more businesses. Therefore, it is reasonable to believe medical practices may also need to consider engaging in building businesses.

But, When It Comes To Business Building, Medical Practices Also Need The Right Ecosystem

Today, businesses and medical practices, in particular, are dealing with an enormously complex brew of social, environmental, technological, and market tendencies. Small medical practices are becoming less sustainable amid the sophistication of physician reimbursement reforms in the past decades and the rush of big technological disruptors into the healthcare domain.

Indeed, independent medical practices need robust sustainability-based management to grow and take up the business building. These include Improving risk management, fostering innovation, enhancing financial performance, building customer loyalty, and attracting and engaging employees.

Then again, sustainability followed by business building is none we can achieve short of the right ecosystem.

Naturally, digital platforms have opened a few doors to such an ecosystem yet seem to only go so far concerning the logistics.

According to the Deloitte Center for Health Solutions, the ecosystem enables service and product co-creation, enables wider consumer or patient reach, provides access to new capabilities, and increases revenue.

Building the right ecosystem or infrastructure will help medical practices create demand for their services. It is much easier for medical clinics as everyone will need healthcare services. Yet, clinics can still enhance their triumph and increase their revenue stream.

The right ecosystem must also ensure a comprehensive supplier network. An extensive web of suppliers can deliver medical practices with the niche services they need, such as medicine packaging or pill processes, to stay ahead of the game.

Medical practices' infrastructure creates an environment where they can easily contract with the government and regulatory agencies. Governments need healthcare and often need to build close alliances with medical centers. Furthermore, they can be a significant source of the client base for the healthcare business.

The ecosystem in healthcare must be able to make a difference. The Healthcare system is an industry that can provide an immense amount of jobs, and with the proper logistics, medical practices can be job creators and have access to an unlimited source of talent. By business building through a sustainable ecosystem, medical procedures can rest assured that they will positively impact the world and make a real difference in people's lives.

The Modern Healthcare Ecosystem Is Hybrid, Collaborative, And Interactive

Medical practice no more starts with patient appointments and ends with checking out of the medical clinic. While healthcare leaders are pushing for health equity, addressing social determinants of health, and engaging patients in their "own" care, one should anticipate adapting a hybrid healthcare delivery logistics. That means whether the encounter between patients and medical staff transpires in-person or online, the virtual experience and workflow should follow that of the in-person meetings. The hybrid model will not only orient the mind of those in the medical practice system, or the healthcare arena in general, to what is happening and what they should expect but also offers a seamless experience for everyone caring for the client or patient.

A hybrid system, indeed, enhances the continuity of care in real-time.

The virtual-physical hybrid environment also provides the most collaborative business ecosystem. In addition, hybridizing medical practice infrastructure is the only way to expect efficient interaction both virtually and in person, which is essential to create and maintain a collaborative attitude among the healthcare stakeholders without jeopardizing the continuity of medical care for patients.

One such system we can offer to establish the ideal medical practice ecosystem is the concept of the Cyber-Physical-Human network. That design balances and coordinates human effort and digital technology output over the secure cloud system and sets the stage for future business building.