Healthcare Business Management

By Menachem Kaye posted 01-29-2017 09:33 PM

  

Business Management is a role that defines success for any business including healthcare. Management is defined as “the organization and coordination of the activities of a business in order to achieve defined objectives.” Mendycine has few of the best management experts who can help you handle every dimension of management.

 

The unique aspect of healthcare sector is that the patient’s/consumer’s needs need to be addressed immediately. The consumer is also dealt with face to face unlike most of the sectors. Management overviews every business aspect that impacts the success of business including:

  • Deciding new ventures/modifying existing ones
  • Competitor analysis
  • Financial and legal aspects
  • Chalking out a business plan
  • Branding
  • Marketing
  • Optimizing resources
  • Smooth flowing Operations
  • Periodic reviews

 

Here’s a brief description of services Mendycine’s management experts provide:

Deciding new ventures/modifying existing ones:

Our consultants analyses the market. This service promises huge growth and monetary gains that can form the basis of new ventures.  

You may want to relook your strategies periodically. You can choose to provide either high quality service at a higher price or value for the money paid by consumers. Tying up with health insurance companies or organisations who provide health benefits to employees is one of the strategies that can be employed to grow your client base.

Another strategy is value for money services.  This will help you attract those who don’t have insurance or have someone else (their employer) paying for the services, this can attract larger audience. You may be making lesser profits per service but overall you may be making more due to an increased number of customer base.

Once you have decided your strategy, the roles and responsibilities of management can be accordingly planned.

Mendycine - (323) 362-2801.
Mendycine - (323) 362-2801

Here are few management responsibilities  which our experts will help you tackle:

Competitor analysis:

Keeping track of competitors constantly is crucial for the success of any business. We can help you with SWOT analysis:

S - Strength: We evaluate your strengths versus competitors’ strengths and work towards strengthening yours.

W - Weakness: We evaluate your weaknesses and work towards overcoming them.

O - Opportunities: We analyse the market for upcoming opportunities and current trends regularly. Our endeavours are directed towards branding you as the market leader.

For instance, Healthcare Information Technology/HIT is roaring. Electronic health records, e-prescriptions, virtual sessions, online therapies, and telemedicine are few of the trends in Healthcare Information Technology. But the full potential of HIT is yet to be unlocked. We will help you uncover the same for your set-up.  

T - Threats: We regularly analyse the threats that could be brought in by the dynamic market.

Healthcare is one of the most dynamic industries wherein consumer needs change often. Changing demands may make certain investments obsolete. We will help you make up for it by bringing you the latest inventions in healthcare before hand, for instance one of the technology expected in the coming decade is “Robots making surgery zipper scars a thing of the past.” We have market research experts who constantly monitor upcoming trends and keep you posted.

 

Financial and legal aspects:

We have expert consultants who can help you with precise accounting and handle your legal responsibilities. We help you design services while keeping mind of legal. By regularly monitoring consumer needs and consumer experiences, we also prevent law-suits against you. This plays a crucial role in building your reputation and enhancing it.

 

Chalking out a business plan:

While framing a business plan for you, we strive to make it the best plan ever. We define your goals and objectives. Goals are what you want to achieve. Objectives are about short goals that help you reach out to your main goal. We plan them strategically, review and revise them periodically to achieve the final goal. We strongly recommend a troubleshooting back-up plan.  We also aim to make it SMART:

S: specific, significant, stretching

M: meaningful, measurable, motivational

A: acceptable, agreed upon, achievable, action-oriented

R: relevant, reasonable, realistic, rewarding, results-oriented

T: timely, time-bound, tangible, traceable

Such planning helps in monitoring the progress. We believe that when some was well begun it is already half done. After designing the best business plan, we put in persistent efforts to make the business plan a success. We also recommend periodic reviews of business plans, to ensure result oriented goals.

 

Branding:

Branding is an essential component of every business that wants to be successful. Brand carries an image of quality. Your brand tells healthcare consumers who you are and what to expect from you over others. We help you stand out as a leading brand by following some of the best branding strategies:

  • Creating a name and logo that represents your vision and mission
  • Sharing content that defines your brand via social media, other websites (via guest blogging), and press releases
  • Advertising that sinks with your business plans
  • Prompt communication and consumer retention strategies directed towards boosting your loyal customer base.

We help your patients stay up-to-date about your new services, relevant health content, promotional offers, and doctor’s availability via customised apps.

Efficient branding will help you charge higher for the services you provide.

 

Marketing:

We at Mendycine understand that consumers drive the wind. Our marketing strategies are not focused on profits, we design strategies in a way that guarantees income. We focus on satisfying the driver of the industry who is the consumer, this will in turn boost the demand for your services.

This is an age of patient empowerment. This trend will increase the home visits and home treatments by at least 50% in the coming decade. We at Mendycine bring you such facts so as to enable you to take steps accordingly and grow your client base. We also keep an equal eye on competitors to ensure that you lead the market.

 

Customer relationship management:

We understand that customer feedbacks are crucial for success. By providing more channels of communication through digitalizing your setup, we help you track feedbacks and implement necessary changes. Some of the best business statistics say it’s only 5% of dissatisfied customers who bring their dissatisfaction to your notice. The remaining 95% goes unnoticed.

We understand that it’s easier to offer more services to the existing consumer than offering to the new prospect. We help you address customer grievances appropriately and timely so that you don’t lose your valuable customers.

 

Innovative digital solutions:

In this digital era, healthcare information technology/HIT plays a massive role in improving consumer experience. Electronic health records/EHR are one such innovations by HIT. EHRs have reduced medical errors drastically. One of the studies conducted on patient experience at healthcare set-ups concluded that 1/5th of patients hospitalized in U.S., reported problems in communication within the hospital staff. It was drawn from incidents where hospital staff were providing conflicting information or did not know which physician was in charge of their care. This no doubt led to delayed healing and even wrong treatment at times. EHRs can easily beat such issues as EHRs are updated timely.

 

Optimizing resources:

To obtain break even and surplus, resources have to be utilized optimally. Our management consultants also help you with human resource management/HRM as HRM is one of the channels where finance flows. We can help you design compensation packages for your employees. We can research the market to give you market value of possible employees. We can help you design perks and compensation packages, reviews, and appraisals. Employee retention is one of the factors that is needed for providing great service. We understand that to obtain another employee with great standards you will need to spend your valuable time and resources on training the employee. Employee engagement events play a great role in retention.

 

Likewise customer engagement events help you stand out from your competitors. We have event management experts who can take charge of events. Wishing them on their birthdays, anniversaries, and festivals are least expensive, but are great initiatives. They keep you fresher in their minds and they are more likely to contact you for further services.

 

Operations management:

Operations is the core of business. Employees at operations are forerunners who control business at the ground level. For instance, salesperson drives the crowd. Our management consultants will ensure that operations staff is highly motivated throughout. Their customer service attitude should be of high standards. A great team brings in great results.

When it comes to healthcare industry, the front office staff is the first encounter that a patient receives at your healthcare set up. They need to be well groomed, warm, welcoming, and eager to help the patient/attenders and answer every query. Our consultants can train them appropriately. We can also help you with sales management.

Patient safety and employee safety are things that need utmost attention. As there are chances of diseases spreading from one person to another, patients to staff as well as staff to patients, sterilization and other protocols are mandatory. We can help you design training materials to educate your staff. All these strategies need to be executed while keeping the goals of business: consumer satisfaction, long term success, and profitability in mind.

We can help you define roles and responsibilities of staff and design programs to enhance their skills.

We can also help you design troubleshooting protocols.

 

Periodic reviews:

Periodic reviews ensures success. Timely changes that result from periodic reviews keeps your business up-to-date.

Our expert consultants are passionate enough to take care of each dimension of management in the best possible way. Our biggest and deep routed promise is ROI. From the beginning of our journey with you our focus will be on providing you a greater return on investment (ROI).

 

Meanwhile we boost your social prestige by ensuring greater reviews on platforms like Yelp. Our consultants sense the pulse of the market and provide you customised solutions. Healthcare industry, like any other service industry revolves around consumer needs. “Customer is the king,” he decides, demands, and monitors the industry via his needs. Every business that satisfies its customers succeeds in the long run, thanks to word of mouth publicity and online reviews. Greater reviews give you the liberty to charge higher.

On the other hand any business that values profits more than consumers cannot sustain longer… Every dissatisfied consumer will tell more people than what a satisfied consumer says. Consumer reviews on platforms like Yelp play a huge role in bringing traffic asking for your services.

We understand that there could be few negative reviews in spite of providing the best service. We believe that one of the best ways to overcome such reviews is by flooding with positive content. We can help you ensure that your work will speak for you. Actions are louder than words. With persistent efforts we can help you overcome the damage caused by bad reviews.

We send regular reports on the activities conducted once a month or as required by the client.

 

We love to deliver more than what we committed because we believe in under-promising but over-delivering. Our consultants are experts at handling small to medium size businesses and start-ups too that have stretched resources. Our consultants have a bird’s eye view before suggesting any strategy for your business. Allow us to make healthcare business easy for you.

Want to learn more?

To learn more about how Mendycine can help you with your management needs give us a call today at (323) 362-2801 to schedule your free consultation. We will review your needs and assess the next steps to optimize your healthcare organizations future. We also provide a range of marketing related services. Call (323) 362-2801 for a free consultation or to learn more about our marketing services, or visit our services page to learn more about all of our offerings.

Mendycine
Call us now - Mendycine 

(323) 362-2801 - LA

(718) 753-1222 - NY

 

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