Building a successful medical business means being able to weather the storms of legal, financial, patient and employee issues without capsizing. It also means innovation and keeping up with the latest trends in technology, customer relations and medical research. This can make keeping up difficult for administrators, but there are things you can do to make it easier.
Know the Relevant Laws
Knowing which legal issues you are likely to face, and how to deal with them, can make avoiding lawsuits or settling them much easier. Administrators or physicians with a Master of Legal Studies can better use the law to reach goals without having to be a lawyer themselves. This area of study can also help improve communications between a practice’s legal team and the staff members they need to interact with on legal issues such as data breaches and HIPAA or false medical claims and lawsuits.
Address Healthcare Consumerism
Consumerism is at an all-time high and more patients are shopping around for the medical businesses with the best reviews for quality care and low prices. If your business does not have a policy for addressing the growing healthcare consumerism, then you are likely to see fewer new patients and even have established patients switch to a competitor. You can address this issue by reading your reviews on popular sites to see how your wait times, accuracy of diagnosis and costs are rated by customers as well as which factors are most important. This information can guide you to streamline some processes, audit your pricing and ultimately improve patient relations for higher reviews and more business.
Interoperability is how well your healthcare business operates with others in your area and is mostly considered a reference to the electronic health record integration that medical systems employ to accurately diagnose and treat patients. Interoperability also applies to a broader range of things, however, such as medical devices, software and equipment talking to each other throughout the continuum of care. For instance, if your medical practice refers a patient to a surgeon for a heart monitor, the interoperability of your system should include remote monitoring of the device through your practice and that of the surgeon as well as local emergency rooms or urgent care facilities the patient might use. This can show an attending physician a record of vital statistics at the ER without having to request it from you and wait for a response.
Financial Components in Patent Engagement Strategies
Patient engagement strategies usually incorporate interactions in clinical and hospital settings from resources offered to clean and luxurious accommodations, but they should also include the billing department and finances. More patients are shouldering an increased number of costs for healthcare above and beyond their premiums and copays, so your strategies should include financial health as well as physical and mental wellness. This means advising patients of the financial policies and any changes that are being made as well as formulating plans to help with affordability.
Labor and Employment Policies
An often-neglected side of the medical industry is how each business handles labor and employment. These policies can impact how engaged your staff is, how well your company is rated on review sites and even what legal issues you face as an employer. The workforce is aging rapidly with many Boomers reaching retirement age, this can lead to lawsuits on age discrimination for dismissed staff or in hiring policies and can negatively impact your business if it is not addressed. Accommodations for employees for disabilities can change with new regulations and new technology innovations, which can lead to further legal issues. Building a clear employment policy while keeping the law in mind, and having that policy read and signed by staff can help keep these to a minimum.
Knowing how to stay on top with a medical business can be as much about knowing the laws and the market trends as it is about having a medical degree. You will need to know what patients expect when they visit your company, how they shop for new physicians and even which changes in laws or regulations need to be addressed.