The Secret to Successfully Managing Your Healthcare Business

Over the last decades, the healthcare model of the United States has changed multiple times across all states. The same applies to the international model due to ongoing legislation and continuing policy changes. In this ever-evolving industry, a healthcare organization’s strategy and business management make a big difference between stagnation and profitability.

Similar to other business models, from restaurants in New York to local mortgage lenders in UT, following a strategy is essential to the success of your healthcare business.

Consider the following steps designed to help your business operate efficiently and grow as an organization.

Build Stronger Relationships Internally and Externally

To be successful in the healthcare business, you need to establish secure relationships. On the external side of the business, patients have to know you and trust you before they use your services or products. Have all members of your team – doctors, nurses and staff – be involved in the personal journey of the patient towards recovery and healing. Be transparent with your services; answer all of their questions regarding their treatment. You have to say what you mean and mean what you say because patients will know you by your reputation.

The same applies to other healthcare organizations. Partner with these establishments to improve your services to your patients. To build better relationships with fellow healthcare organizations, demonstrate your commitment to improving the lives of your patients by delivering quality services. By improving your reputation, you improve your partner’s as well.

Internally, teamwork is important. Your staff is the life source of your business; if they work with a one-team mindset, they can collectively achieve your business’s goals together.

Take Northwestern Medicine in Chicago for instance. The organization’s Integrated Pelvic Health Program cares for patients with issues related to prolapse, incontinence, fistulas and fissures. A writer from the Harvard Business Review shared how the staff worked solidly as a team. As they walked around the center, they saw surgeons and physical therapists talking about shared patients, making them realize such conversations and collaborations were rare. There was no question about the care delivered by both specialists who worked as a team.

Other organizations are also practicing co-location leading to establish better teamwork. The University of Utah re-located its case management inside the intensive care units. Hennepin County Medical Center moved their dental clinics beside the emergency department.

The bottom line: healthcare teamwork isn’t just easy – it should be natural, too. Real teamwork can help patients recover faster.

Build More Leaders Across Your Organization

Start developing tomorrow’s today. The healthcare industry’s pace of change continues to fundamentally transform what is expected from your leaders. Your leadership strategy today may not work for tomorrow’s healthcare leaders. Future-proof your leadership by developing them today through leadership seminars and workshops. Also, equip them with the tools they need to collaborate, lead change and attract more patients and partners to your organization.

Know the Difference Between Policy, Regulation and Good Practice

Healthcare administrators have worked in a different setting and have taken up different roles. One important concept to remember is the difference between a policy, regulation and good practice.

To easily remember the difference between the three concepts, consider the following:

• Rules or minimum requirements your organization should meet.
• The policies should reflect the requirements set by the regulations. If the policy has more details than necessary, it may not be flexible enough to meet the minimum regulations.
• Good practice. Depending on your organization’s situation, it is considered good practice when you follow the policies but do not go beyond them. In some cases, however, the policies allow for flexibility to do more or less.
• Fill out all the necessary paperwork. Set up a professional limited liability company (PLLC) or other business structure (you can learn more about LLC filing and formation on llcguys.com).

Push for Transparency

Leadership teams and the entire healthcare organization work better together when everyone is on the same page. In terms of internal transparency, always document your KPIs and goals and give everyone access to the data. Also, use this data to discuss how everyone can improve and how you, as the head of the organization, can help them improve, too. Finally, salary transparency is also important. Regularly discuss salary concerns with employees. For example, schedule a discussion with your occupational therapist about their OT salary and more.

In terms of patient care, be transparent with patients. Every patient visit a high-stakes interaction, so be honest with them about the situation, what you can provide and alternatives to their care. When patients see your honesty and genuine care, they will appreciate your service and tell others about you. Their recommendations are the key to earning more patients under your care.

At this time, healthcare is critical in maintaining the health and safety of society. Improve your business while improving the health of the world as a whole by improving your current strategies.