When you consider the United States healthcare industry, you often think of large corporate insurance companies or national provider chains that work together to form the $3 trillion industry. While these mega-companies do have a large stake in the healthcare operations, they were once small entities that were able to capitalize on an area of growth or invest in the trends that began to dot the healthcare landscape. All companies, whether those that are just finding their footing in the field or who are amassing millions still need to behave entrepreneurially if they want to continue to be successful in the ever-changing field of healthcare.
What Do Successful People Do?
It seems like Bill Gates and Steve Jobs are well-known, household names associated with entrepreneurship and great personal success. Even though both of these gentlemen found their road to financial freedom and business fame within the computer industry and technology, men like Harry Stylli are able to find similar success within the healthcare industry. Successful entrepreneurs tend to have a lot of the same qualities, despite operating in different industries. However, working in areas of healthcare adds an added pressure of potentially holding people’s lives in the balance with every decision that is made. For this reason, it takes extreme innovation but cautious consideration of risk presentation to success within healthcare. As these two elements seem diametrically opposed, consider how these areas play out within entrepreneurial habits.
1. Healthcare Entrepreneurs Take Risks
When you consider the different liabilities that are posed from operating within healthcare, malpractice, ethics violations, patient harm, data security, and patient privacy to name a few, you may be surprised at how conservative the healthcare industry is when it comes to assessing and mitigating risks. There are polices and procedures in place that help shield companies or operators from certain liabilities, and while these limit exposure, they don’t restrict ingenuity. Governing boards and legislation adds paraments to operations or developments, but they restrict creativity and development. Research and development is a billion-dollar offshoot of the healthcare industry, and it is estimated that new medication development, testing, and trials cost anywhere from $4 to $10 billion a year. The extreme costs are associated with the stringent testing and ethics requirements, but these are done to protect the public’s safety as well as the company seeking to develop or achieve improvement or medical breakthroughs.
One company that is both adopting and almost promoting the risks of research and development is Titan Spine. The company worked with spinal interbody fusion implants but also offered a five-year warranty for the application of their device. For any patients that received one of the devices but required replacement surgery within five years, the company would provide the replacement device at no charge. While it didn’t totally remove medical liability claim potential, the absolute and unwavering belief demonstrated in their product bolstered public support for Titan devices
2. Healthcare Entrepreneurs Don’t Wait
The many phases of bringing a new drug to the healthcare market can take a considerable length of time, and companies that prefer to let the process flow onward according to standard timetables will lag behind in market sales and patient success stories. While you can’t rush progress, you can be efficient and deliberate in the way you approach the R&D phases of medication or equipment ideas. Technology is evolving quickly, and leveraging your purchases or maximizing those developments for your own area of entrepreneurship can be a game-changer with your own success. Responding immediate to an investor or regulatory concerns can help avoid lengthy delays with an application or paperwork approval, and knowing how to prioritize your areas of operation or need will help keep your work on a trajectory that is efficient and moving forward.
3. Healthcare Entrepreneurs Prioritize
There are many areas of healthcare companies that require financial resources, professional commitment, or research outsourcing, and trying to manage each area is a juggling act that can quickly end in a company’s demise. The key to steering your company toward success is laser focus and narrowed vision for a specific healthcare area. Consider the prior example of Titan Spine. They limited their developments to spinal devices and only manufactured seven different types of products. This focus makes it easier to decide where the resources and energy need to be allotted, and it allows your company to develop niche expertise. Your developers and big thinkers won’t be clashing or competing for resources or the company’s attention. Everything that your company is doing, whether behind the scenes or on the front lines, is moving in the same direction and steering you toward success.
Your focus, your efficiency, and your ability to take risks will be defining characteristics in your move to leave a noticeable mark in the healthcare scene. Educate yourself with books and advice from successful businessmen, and know your competition and your market.