The Secret Sauce to Launching A Healthcare Business

 

 

Introduction to How to Start a Healthcare Business

 

The healthcare industry is rapidly expanding worldwide. The Indian healthcare system follows the same pace. With increased life expectancies, the burden of chronic and degenerative disease demands more healthcare infrastructure—an ideal scope to invest in and explore healthcare as a business type.

 

Entrepreneurs are maximizing these prospects and coming up with creative, sometimes even revolutionary, solutions. For instance, automated/encrypted EHRs, using artificial intelligence (AI) for remote surgery, etc. 

 

Healthcare professionals & veterans in the industry are also capitalizing on the chances and launching careers as health entrepreneurs or ‘H-preneurs.’ 

 

As an online platform specializing in careers in healthcare, Anastomos brings to light the nuances that need heed when launching a healthcare business. 

 

 

It all starts with the Motivation—Ask Why

 

Consider why you are starting your healthcare business before becoming too technical. What drives you? 

 

Studies show that businesses with a clear sense of purpose perform better. Plus, when you're keen as mustard about what you're doing, it rubs off on others—clients, investors, you name it. So, take a while to think about your "why." It's more than just a fluffy concept or a money-making machine; it's the key to your success equation! 

 

The motivating ideas behind entrepreneurship in healthcare are a patchwork quilt that is assorted, diverse, & unique. 

 

To name a few:

 

• Personal passion for a business venture

• Wish for autonomy at work

• Available financial corpus & professional fame

• Legacy building 

• As a source of passive income, post-retirement

 

The specific reasons for how to start my own healthcare business could be many and influenced by a combination of personal, financial, and social factors.

 

The Top 7 Steps of Business Plan in Healthcare

 

The run-of-the-mill business for a healthcare professional has always been ‘private practice’ and forms the bedrock for his entrepreneurial journey.

 

The concept has seen seismic shifts in the past decade. Entrepreneurship in healthcare is in a blaze with the rapid growth of medical devices, technology, and healthcare management/consultancies.

 

This demands ground rules, standard procedures, and a helping hand that can guide. Our team has compiled a list of 7 basic steps to follow when planning the route of your entrepreneurial journey. 

 

 

1. Form the Right Partnerships

Running a healthcare business is a serious job. It directly impacts people’s lives. You do not have to be a clinical practitioner to invest in a healthcare business, but it is best to work with someone who is. This helps to reduce financial risks and legal responsibilities while eliminating costly errors.

 

It is mandatory to be able to fully trust the partner with your ideas, strategies, and finances. Congruent thinking and an aligned mindset help. 

 

2. Ideation, Innovation & Strategy 

Crafting a unique idea, leveraging technology, and devising a solid strategy are key steps. This defines your goals, target audience, and the services you intend to offer.  It all begins with identifying unmet needs and developing innovative solutions. 

 

 

While she supports this, she also disagrees - Our founder, Dr Chandrika Kambam says,” Getting a unique idea is the least of the problems. We always overestimate our capabilities and underestimate the work that is involved.”

 

 

It’s vital to ponder how your solution will affect the end user. Ask yourself questions like why they would use it if it makes their life easier, and what sets your solution apart from others. 

 

Successful execution of ideas hinges on robust strategies tailored to the dynamics of the healthcare industry. Start talking to end-users early, and listen to their feedback without pushing your own ideas onto them. Surveys and the involvement of subject matter experts early in the stage of ideation help. 

 

3. Evaluating the Target Audience

 

The key stakeholders in the healthcare industry are diverse. You could be building solutions for clinicians, patients, researchers, scientists, healthcare managers, marketers, sales reps, support staff, and more. Pinpointing your target audience is crucial for a new company to thrive. Failing to do so could lead to ineffective marketing efforts. 

 

 

Our founder, Dr Chandrika Kambam adds, “It is very important to understand what is the cost of getting your target audience to use your product, the CAC, or customer acquisition cost.

Also, understand the current overall size of the addressable market. and the total target market for the next 3 to 5 years.”

 

 

You have to precisely identify the customer needs and create an engaging user experience/customer journey for them.  This forms the foundation for attracting and retaining clients. A clear approach maximizes outreach and ensures efficient strategies. 

 

 

4. Market Research & Regulatory Compliance

 

Healthcare is heavily regulated, monitored, and intricate. It has the potential for expensive errors, including death, that impact lives, professional fame, and business processes. 

 

Healthcare entrepreneurs must grasp these complexities. As a preparatory step, before launching your business, enlist the necessary licenses, certifications, and medical compliance requirements; compliance based on business needs, such as those for health insurance, pharma, etc. These include medical licenses, specialty-specific certifications, and federal and state regulations like HIPAA and OSHA. Ensure medical equipment meets FDA standards and obtain malpractice insurance to safeguard against legal claims. 

 

It's best to onboard reputed business consultants with expertise in healthcare to undertake the legalities while you focus on setting your business model right.

 

 

5. Smart Selection of Vendors & Stakeholders & their Management

 

We now have a rough idea of where we want to begin our healthcare entrepreneurship journey. The next step is to build the right team. 

 

Smart selection and effective management of vendors and stakeholders are crucial when launching a healthcare business. Collaborating with reputable suppliers ensures quality products and services while managing stakeholder relationships fosters support and trust. 

 

Always maintain open communication and transparency with vendors and stakeholders to facilitate the smooth operations of your internal teams. Regular evaluation of vendor performance and stakeholder engagement helps adapt to evolving needs and challenges.

 

 

6. Delegating Work & Automating Tasks

 

Delegation of work in any business ensures efficient use of resources and allows focus on core activities like lead generation and developing the core business model. It saves you time and the headspace to think, whilst the tasks are completed by those who are best at them. 

 

Automation streamlines repetitive tasks, further saving time and reducing errors. Together, they optimize operations and pave the way for business growth and success.

 

To further optimize business processes, prioritize efficiency and value. Keep operations lean by cutting unwarranted duties and investments. Hiring the best in the industry to build a team is critical for effectively handling multiple aspects.

 

Learn to be flexible and adapt to industry changes whilst staying laser-focused on your key objectives. Adaptability is essential, but try to strike the right balance between tenacity and flexibility.

 

 

7. Make Space for Mistakes

 

 Make some breathing space for yourself and the team. Allow room for mistakes. 

 

Create some breathing room for yourself and the team. Allow for mistakes. Accept the learning process and embrace failures as opportunities for growth. Identifying and learning from blunders helps you refine strategy, improve operations, and eventually build a stronger and more resilient business.

 

 

How to Start a Healthcare Business with Anastomos

 

Anastomos is an all-inclusive platform for careers in healthcare. The platform is exclusively designed by healthcare professionals who are seasoned clinicians with business expertise. So we understand the A-Z of all the questions you have in mind when heading out as a healthcare entrepreneur. 

 

Apart from being the one-stop marketplace for clinic design to equipment procurement, legalities to industry insights, and business consultations & management advice, we also offer a hand-help approach in your entrepreneurial journey.

 

 

Here is a short note from our founder, Dr. Chandrika, that can be your holy grail going forward,

“Create a business or venture that adds value to people's lives. Highlight value creation, valuation will automatically come. Have a backup plan to run your house and continue to cater to your household responsibilities as both run together and not one after the other. Stay in it long enough, but also know when to say quits. Continue to learn and grow with the organization.”