After the pandemic crisis, the healthcare industry in the US has emerged stronger. The surge in demand for clinics and hospitals has led to an influx of startups in the domain. Entrepreneurs are keen to launch healthcare startups, considering the growth prospects and sustainability of the industry. The estimated revenue of the American healthcare market touched a whopping $2829.6 billion in 2022.
While the numbers are incredible, startup founders should see the other side of the picture. The domain is highly competitive because more and more business owners want to make the most of the opportunity. The only way for startups to survive and thrive in the competitive market is by getting a head start.
Here are a few ways to launch your healthcare startup on the right foot.
Identify a Niche
According to the U.S. Census Bureau, the Health Care and Social Assistance sector in the US has more than 907,426 businesses. With countless established players already having a stronghold in the market, setting your startup apart from the crowd can be challenging. A simple solution to the challenge is to carve a niche and specialize in it.
Conduct thorough pre-launch market research to identify your target audience and know their needs and pain points. Also, check the competitors to see what they are doing right. Wise entrepreneurs capitalize on gaps rather than dive into an already saturated market. Consider catering to a specific demographic or offering a particular service to gain a niche advantage.
Focus on Innovation
Innovation is a game-changer for healthcare startups as it ensures better customer experiences and streamlined internal operations. The scope for digital health is big in the country, with 572 digital health startup deals funded in 2022 alone. You can leverage technology solutions such as telemedicine, wearable devices, and hospital management apps to get a tech edge.
Health data analytics are a critical part of startups and established businesses. An Electronic Health Record service facilitates the accessibility and security of patient data through a digital system. The best part is that the system enables providers to share patient information and create collaborative care plans.
According to Psyquel, data-powered tools can help clinicians and providers make sound medical decisions. Moreover, they automate clinical workflows to minimize tedious paperwork. In both ways, healthcare startups can establish a solid footing by implementing the solution.
Adopt a Patient-Centric Approach
A patient-centric approach is the mainstay of success in the healthcare industry, whether you own a startup or a renowned medical facility. Providing exceptional patient experience should be a priority from the outset.
You can implement several measures to go above and beyond patient expectations:
- Provide personalized services by capturing details regarding medical history, diagnosis, treatment, and allergies from the EHR system.
- Implement efficient communication and virtual care channels to ensure easy availability whenever patients need to connect with providers.
- Integrate user-friendly apps for appointment scheduling, medication management, and prescription refill reminders.
- Set up feedback systems to continuously track, monitor, and improve your services according to patient suggestions.
Trust may be hard to earn as a startup in an industry as conservative as healthcare. But it can go a long way to boost your reputation in the market. Start by consolidating patient trust by going the extra mile with your services. Create a culture of empathy and continuous improvement to win the trust of your employees.
Besides working hard to deliver top-notch services and strengthen your employer brand, you can consolidate trust through collaboration and networking. Build relationships with leading hospital chains, health tech companies, and insurance providers.
Stay on Track With Regulatory Compliance
The healthcare industry in the US has to adhere to multiple and complex regulations. Some examples are the Health Insurance Portability and Accountability Act (HIPAA), the Health Information Technology for Economic and Clinical Health (HITECH) Act, and the Chain of Custody. Noncompliance can lead to hefty penalties and legal hassles, which are the last things you want to deal with.
Although staying on track with regulatory compliance may not seem like an advantage for startups, it is actually critical. Besides saving your business from penalties and legal issues, adherence can maintain your reputation. For example, establishing robust data security practices keeps your business compliant and enhances patient trust.
You may not know much about healthcare regulations as a beginner in the industry. Hiring professionals to guide you in this context makes sense.
The scope for growth in the American healthcare segment is big. However, without a strategy, startups can fizzle out sooner rather than later. Fortunately, the checklist for startup success is not as long and complicated as you imagine. Follow these strategies to launch your practice on a good note and build up from there.