Three tips for business growth in healthcare

In continuation of our series of articles on small business growth hacks, we look at how medical professionals can improve their business operations in pursuit of business growth in 2018.

Whether you’re a locum, a GP with your own surgery or medical practice, whether you’re working in partnership with other doctors or at a hospital, here are three tips on achieving business growth in the healthcare industry:

1. Embrace digital healthcare

Technology is transforming the way we interact and it’s no different in healthcare. Digital solutions are important growth drivers for medical practitioners. Innovations create new options for diagnostics and treatment, increase practice’s efficiency and reduce costs. The NHS has set up a £45 million fund to help practices purchase online consultation systems. Patients can now book an appointment in seconds and consult with an NHS doctor at any time of day by using apps like GP at Hand.

Artificial intelligence is also exploding into healthcare – the health AI market is expected to see a growth rate of 40% by 2021, with robot-assisted surgery and virtual assistants becoming more and more common.

2. Find new allies

Turn your competitors into allies. You can join forces in various ways such as through joint marketing agreements, mergers and acquisitions or other forms of collaboration. Consider the study published by the University of East Anglia, for example, which found that e-cigarettes are the most popular way to quit smoking. Vape shops provide former smokers behavioural support that could help them remain smoke-free. According to the study, health professionals should consider working in partnership with vape shops to capitalise on their success and help patients.

3. Focus on customer service

This idea is far from being new and has always been a growth-driver for businesses that offer services. However, in the healthcare industry patients haven’t always been thought of as customers. Today, there’s a growing movement in medicine focusing on developing a customer satisfaction mentality, and even a debate about ditching the term “patients” altogether as many healthcare organisations feel it’s now obsolete. It suggests an unequal relationship between the service provider and the service user.

Regardless of the term, your entire practice needs to be on board if you want to provide excellent customer service. Your behaviour as a medical professional might be top-notch, but if your staff is providing poor services, the bad customer experience will linger. Many people nowadays “shop” for healthcare, and negative reviews impact their choice of where to seek medical assistance.

How can Berley help?

Our specialist accountants at Berley can provide financial advice specific to your medical career. From maximising your GP income to making your surgery tax efficient, we work with doctors across London and provide them with sound financial, accountancy, and tax planning advice.

If you have a growing healthcare business, call us on 020 7788 8261 to discuss your business growth strategies with our specialist healthcare accountants in London.