3 Ways to Improve Your Small Healthcare Business

The healthcare model has changed over the past decade both in the U.S. and across the world because of technological changes, healthcare regulatory changes, and numerous government legislations. 

These changes in the fast-developing industry have made it more challenging to stabilize a healthcare organization’s management policies and marketing strategies. While some small healthcare companies have adapted well enough to increase profitability, others have failed to pivot fast enough and suffered financial losses or stagnation. 

What can your healthcare organization do to revamp and thrive in an ever-changing healthcare business?  It can improve how it attracts more patients, administers its business, protects patient information, and designs excellent policies. 

Let’s take a closer look at all these potential areas for change and growth. 

Get Better Contracts 

Your business will get better when you sign better contracts. By outsourcing contract negotiations with a healthcare contracting firm experienced in identifying the contracts that align with your service area, you will attract more patients.  

Rather than relying on your own overworked team to build an extensive network of relationships, your company could delegate this work to business professionals experienced in proven processes for getting more patients.  

Improve Administration Skills 

If you run a small clinic or medical supply business in the healthcare industry most of your expertise and that of your team may be in the medical field. Everything you and other decision-makers have learned about managing a business comes from improvisation and experience. While this is a good start, it’s always a great idea to hire a healthcare administrator or enroll in a master’s degree in health care administration if you are leading a small organization. 

Since the level of competition has increased, it’s mandatory to have someone with an advanced education about administration organize your business. They will be able to introduce the latest theories, concepts, systems, and tools your organization will need to take it to the next level. 

Ensure Online Security 

Since electronic health records (EHR), electronic medical records (EMR), and personal health records (PHR) are necessary for an efficient healthcare company, you can no longer afford to use any slipshod or archaic record-keeping practices. For your business to thrive, you need an effective digital workflow set up for EHR, EMR, and PHR. 

While using electronic devices and migrating to cloud storage solutions will support a robust workflow, the new technology has a negative side—online security risks. You must ensure online security is a top priority. 

Design Excellent Policies 

Unfortunately, not all policies are relevant or meaningful. Although your organization may have created them with the best of intentions, they could be archaic, inaccurate, or cumbersome.Review your policies and weed out misguided ones or those that once worked but are no longer relevant. 

Also, clarify the difference between policies, regulations, and good practice:  

• A regulation is a set of rules created by federal, state, and local healthcare regulatory agencies. They create them to introduce higher standards for medical professionals, improve patient access or care, or protect the public. 
• A good practice is making sensible decisions about running your business in a way that either meets or exceeds regulations. 
• A policy is a company’s compliance with the aspects of regulation relevant to its business model. It is also the application of good practice, and it may even exceed regulations. 

Excellent healthcare policies are up to date, fulfill relevant regulatory requirements, and include good practices. Sound policies also have some flexibility to manage ambiguous situations in staffing, budgeting, or meeting patient needs. 

Overall, success in the healthcare industry is all about flexibility and adaptation. Companies that can keep up with technology, administration, and designing practical policies will flourish and prosper.