How To Grow Your Healthcare Business

StrategyDriven Online Marketing and Website Development Article |Grow your healthcare business|How To Grow Your Healthcare BusinessIt is estimated that healthcare spending accounted for about 19.7% of America’s GDP in 2020. The healthcare industry in America is massive, with numerous opportunities for profit. However, it is also rife with a lot of competition, so all businesses in this sector must devise clever strategies to attract a constant flow of patients. Fortunately, you can do a lot to effectively expand your patient list. If you wish to learn more about growing your healthcare business, consider the points below.

1. Leverage advanced medical technology

There is no denying that technology has transformed the entire medical field. Therefore, you can use various advanced medical technologies in your healthcare business, whether you run a pharmacy, dental clinic, general hospital, or senior care facility. These state-of-the-art technologies will help you improve patient diagnosis and treatment, making you more competitive in the industry. For instance, consider using telehealth programs to make healthcare more accessible and convenient for patients. You are likely to get more new patients if you offer telehealth services since many people prioritize convenience these days.

Similarly, consider setting up a negative pressure room in your hospital so you can isolate and treat more patients. The question “What is a negative pressure room?” is undoubtedly top of your mind right now. A negative pressure room, also called an isolation room, is an area within a hospital with interior air pressure lower than outside. These rooms are designed to prevent airborne pathogens inside from escaping into the hospital and are instrumental in isolating and treating patients with airborne infectious diseases like COVID-19 and tuberculosis. Given that only up to 4% of all hospital rooms in America are equipped for negative pressure rooms, creating one in your hospital is surely a great investment to attract more patients and grow your profits.

2. Be active on social media

Social media has become one of the most effective ways to promote your healthcare business to a broad audience. Therefore, it is essential to be present on leading social media platforms like Facebook, Twitter, and Instagram. This way, you can run social media marketing campaigns that can help you advertise to the right people. Also, social media is fast becoming one of the primary contact points between healthcare businesses and their clients. Therefore, regularly post quality and beneficial content on your pages to keep your followers informed.

3. Encourage online reviews

The modern consumer almost always checks online reviews before selecting anything, from a healthcare company to a good movie worth watching. Consumers take these reviews pretty seriously, with BrightLocal research indicating that about four in five individuals trust online reviews as much as personal recommendations. Consequently, always ask your patrons for online reviews so you don’t miss opportunities to receive and advertise positive feedback that can help you get more clients. You can get these reviews by sending out automated surveys to all patrons after their visit. However, remember that you need to provide excellent products and services in the first place to enjoy positive reviews. Therefore, make your healthcare business customer-centric to receive genuine reviews that will easily help it grow.

How The Real Estate Healthcare Sector Is Changing With The Trends

StrategyDriven Editorial Perspective Article |Real Estate Healthcare|How The Real Estate Healthcare Sector Is Changing With The TrendsThe global pandemic has affected almost all the business sectors across the world. Healthcare is also one of them. This brought a reason for every provider to give a thought about the economic terms of their lease or mortgage. Regardless of these challenges, the healthcare real estate market has remained resilient. This is because of the stable occupancy, minimal default rates, and long-term leases.

One of the most positive impacts in this post-covid market is the desire of the landlords to work with tenants and healthcare buyers. Do you know who is one of the most sought prospects for a landlord or seller? The answer is medical providers. Why is this so? Let us take a look!

Change in the healthcare industry Post-covid

The Healthcare industry is booming as far as real estate investments are concerned. Why? Because healthcare offices invest heavily in their spaces. Moreover, they invest for a long time, usually, more than eight years, which is advantageous for both – tenants and landlords. Due to this, landlords offer good concessions, which was not so common before the pandemic. In this way, medical providers get better lease terms.

Stability in the long term and low default rate are the main factors why the commercial real estate market favors healthcare providers. What are the further optimization techniques that you can use in healthcare real estate? Let us find out!

Create space for the services in high demand: Preventive care and healthcare services are never going to lose their charm. A proper physical and virtual space should be provided to them to fulfill the needs of the patients.

Assess your assets – Diagnostic tools and appraisal assets are a must in the medical field. If the tools are not up to the mark with post-pandemic care, you can always outsource them to strategic partners or can sell them.

Risk mitigation – Owned and leased health properties are often subject to certain regulations like STARK, which is Physician Self-Referral Law. As per Medical/Dental Tenant Representation in Washington D.C., a well-trained agent is essential in all real-estate transactions because a right or long lease can have a drastic impact on your business. Hence, take this into consideration while communicating with the leasing team, accounting team, legal department, and property management. Legal departments hold the key importance so that you do not face any costly settlement.

The future of healthcare

The spending in this sector is bound to rise over 2 trillion US dollars in the next ten years. It is estimated that it will reach a projected 19.7% of Gross domestic product in 2026. Keeping all these figures in mind, it becomes vital to deliver safe and effective care as much as possible. And real estate plays a major role in creating a more efficient and accessible health system.

To sum it all up

We do not know when the situation is going to be normal. But as far as this industry is concerned, the trends are reporting an upward growth. And if you are looking forward to investing in this industry, then you are going the right way.

Business Sectors to Invest in That Offer Higher Chances of Success

StrategyDriven Entrepreneurship Article |Business Sectors|Business Sectors to Invest in That Offer Higher Chances of SuccessWith about 20% of new companies failing every year, investing in the right business sector is challenging. That is why every budding entrepreneur or potential business owner needs to identify which industries offer them a higher chance of success, and that’s the information which this article provides. However, it’s essential to note that the sectors mentioned are part of the fastest growing and not necessarily the largest business sectors. So, are you planning on venturing into a new business? Are you looking for the right industry to launch your business with higher chances of success? Then consider these sectors before you begin.

1.Hospitality industry

The hospitality industry includes restaurants, hotels, and leisure facilities and offers a wide range of opportunities for aspiring entrepreneurs. It is a sector that keeps evolving to meet the new and changing demands of its consumers – a situation that also offers new business opportunities. As the potential consumers’ spending power continues to grow, it creates more avenues for as many future investors interested in this sector. Start-ups with innovative ideas can find many businesses in this sector ready to enter a partnership with them. You’ll have a higher chance of success investing in this sector if you first have a better understanding of what the hospital industry is.

2. Technology industry

The technology industry has become one of the main driving forces in almost every business sector- so it is with little wonder it makes it onto this list. Technology is at the heart of nearly everything we do. For example, a simple-looking electric cylinder can be used in different motors to power or run machines in various sectors. The growth of many online platforms has promoted the ease of doing business across physical boundaries. However, there is still a lot of room for improvement and even better innovations, as humanity keeps searching for ways to make life easier.

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3. Healthcare industry

The healthcare industry is growing at a fast pace and has led to several breakdowns in the sector. Despite that, the breakdowns in this sector also present entrepreneurs and aspiring business innovators an opportunity to fill the gaps with innovative tech solutions. This means that a person does not need to have a background or training in health to impact this industry. The healthcare sector uses different kinds of software and hardware technologies that need constant changes and upgrading. This situation offers vast opportunities for software developers and programmers prepared to think outside the box and create new ideas for the healthcare sector.

4. Construction industry

From construction technology to extensive infrastructure and residential housing, the construction industry has grown steadily over the past decade. For most people outside the industry, the construction sector comprises giant bulldozers and building equipment, which require a lot of financial investment. But the industry also has more than enough space for different kinds of technology and innovations that will make construction more manageable and less time-consuming. Furthermore, as populations continue to grow worldwide, there is always the need for residential and other housing needs.

Apart from the sectors mentioned, entrepreneurs can make a beneficial impact in any industry. If you have an innovative idea, do not be afraid to act on it- it would be a winning one.

Why Fee for Service in Healthcare is Dead

StrategyDriven Editorial Perspective Article |fee for service|Why Fee for Service in Healthcare is DeadThe healthcare industry is changing and changing fast. It’s become clear that the industry is no longer sustainable.

Healthcare costs have skyrocketed over the last several years. Businesses and employees alike struggle with rising premiums and emergency procedures. The stress is taking its toll on the nation.

The industry is in for several major shifts. One of those shifts will be in fee for service healthcare.
Read on to learn why this model for delivering healthcare will no longer work and what’s going to replace it.

What is Fee for Service Care?

Let’s start by defining what fee for service healthcare is. It’s the payment for services rendered. So, when a doctor or healthcare professional performs a service, they get paid for it.

Take a look at the most recent invoice from your doctor. You’ll probably see a number of line items for a 15-minute visit.

One line item might be for a test performed, another for taking your blood pressure, another for two aspirin that you were given at your visit.

The more procedures they do, the more they get paid. That’s the case no matter what the outcome is. Your health could improve, or it could deteriorate. The healthcare providers will still get paid because they performed the work.

That incentivizes healthcare professionals to perform more work whether the work is necessary or not. It doesn’t give them an incentive to improve your health, even though that’s what they’re there for.

An Alternative to Fee for Service Healthcare

Fee for service has long been the way that the healthcare industry worked. One of the unintended consequences of this model is waste.

Procedures cost more and they aren’t even necessary. This model has contributed to the high costs of healthcare. Of course, there are other factors as well, but this is definitely one of those factors.

What’s the alternative to the fee for service model? Healthcare policy experts are getting behind a value-based healthcare model.

The value based care definition says that providers should be paid based on the result. It’s like a pay for performance model.

In this model, the attention shifts to the patient’s needs, instead of creating dozens of line items for every minute thing.

The good news is that major insurers are starting to get behind the value-based care model. For example, Medicare and the Affordable Care Act legislation have championed this approach to paying for healthcare.

The Healthcare Industry is Changing

It’s become clear that the high costs of healthcare are taking its toll on everyday Americans. Policymakers and healthcare professionals are trying to find solutions to provide quality care and lower costs at the same time.

One big change that’s becoming more common is how healthcare providers are paid. There’s been a shift from a fee for service model to a value-based model. The fee for service model provides a payment incentive for the outcome of the patient’s health, not just the quantity of services provided.

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