Every type of business requires a unique approach, whether you are running a franchise, a tech startup, or a convenience store. With this in mind, when we are looking at the healthcare industry, and specifically a healthcare startup, can we operate this type of startup as we would any other business? As the healthcare industry is patient-oriented, does this mean that we have to avoid any mass marketing techniques and avoid the clichéd business dealings?
Operating Within The Regulations
The first thing to say is, while every industry has their own unique rules and regulations, within the healthcare industry, the rules are incredibly strict. We know that The Food and Drug Administration, or the Affordable Healthcare Act, is so dense as far as the rules are concerned, one misstep during the beginning of your startup’s ascent, you may find yourself crashing and burning. Conversely, if you are able to work through the regulatory process, you will find yourself at a distinct advantage over your contemporaries.
Nurturing Appropriate Business Relationships
The supply chain is a constant in any business, and in the healthcare industry, there are numerous suppliers, from Medical Technology Associates to an abundance of providers that work closely with specific hospitals and practices so that a sustainable business relationship is achieved. Throughout the supply chain process, you will encounter preferred suppliers, but you will also find a preferred way to acquire appropriate funding, that it is, in many ways, similar to any other type of business.
The Human Factor
Call them patients, call them customers, but whatever they are, if you cross them, and don’t treat them with respect, they won’t come back to you. Healthcare startups are booming now, but this isn’t to say that we should treat every patient as a lucrative money pot. We have to work at treating everybody as a human being. While we’ve heard so much about the clinical nature of health professionals, does this really result in a worthwhile relationship with the customer? In customer service or any industry where we are facing clients, treating them with the utmost of respect is the bare minimum. And likewise, the same applies to your employees- those people who work 50 hour weeks, seldom have breaks, and are prone to anxiety attacks. The stress of the healthcare industry is widely reported, and we have to tackle this as holistically as possible.
While every sort of business requires a unique approach, there are still some universal truths that we can apply regardless of the style of industry. Rules and regulations are commonplace as is the effectiveness of the right business relationship, but, most importantly, the relationships we have with our employees and customers will determine the success of our business and efficacy as entrepreneurs. Can you run a healthcare startup like any other business? If you treat it in that clinical manner, something will give. But if you are looking to run a business the code of ethics, conduct, and holistic attitude is for the benefit of the human beings involved, then yes, you can.