Dennis Begos says the healthcare industry is trying its level best to solve all the healthcare challenges of the world. Innovative solutions are looking to improve the quality of care, decrease overall costs and navigate through the industry bureaucracy. The challenge is vast, but it shouldn’t deter young entrepreneurs and innovators from getting into the business with energy and dedication.
However, as far as the healthcare industry is concerned, there are several pitfalls and harsh realities. To make a difference, you need to pick up the slack and innovate to bridge the gap between the services and customers for overall global healthcare improvement.
Understanding the healthcare economics by Dennis Begos
It is vital to understand that entrepreneurial success in health care won’t look the same in a few years with the legislative changes coming into play. Solutions need to come from innovators to provide personalized and quality medical care at an affordable price point. It is the same for insurance and associated products as well. The ACA or the Affordable Care Act is looking to shift the payment paradigm to a more pay-for-value service. So, the trick for the new-age healthcare industry is to not look for profits but increase the volume of services to offer better quality products.
Innovate to lower the costs
The medical industry is dead without technological innovations. However, the best and the most technologically advanced treatment will burn a hole through any amount of savings. So, patients with even the most comprehensive coverage will look for greater convenience. The next generation of entrepreneurs will need to leverage the existing technologies and create alternative approaches to provide better services. Keep in mind technological enhancement part to better the services will be accessible, but the cost-cutting part will require serious brainstorming.
Be aware of the money trail
According to Dennis Begos, venture capital funding has taken the healthcare industry by storm. Such funding resources support hundreds of newcomers and entrepreneurs in management, population management, and healthcare services. Several healthcare start-ups and ventures are looking to streamline various aspects of healthcare, including insurance, consumer experience, and clinical tests. However, the fundamental trick is to utilize the resources provided and utilize comparative pricing to provide the best possible service. The need of the hour is mission-driven entrepreneurs and innovators to drive inexpensive technology to solve complicated issues.
Start-ups can fail
As an entrepreneur, you need to be ready for the eventuality that your concern can fail. It is all the more true with healthcare start-ups. Keep in mind that the general rule of thumb for healthcare is the fee-for-service. If you are looking to change the system fast, then you will face backlash, misunderstanding, and hard-headedness from every corner of the industry. However, if entrepreneurs can add substantial value for all the parties involved, then the position can change in the future.
Better quality at low cost?
It sounds too good to be true already – yes, there are much needed changes in the pipeline, and with time it will grow. However, there will come a time when long-term solutions will be the norm of the day. Minor incremental improvements will slowly get replaced entirely with better quality comprehensive care.
Keep our tips handy to enter the world of the healthcare industry.