Ongoing staffing problems, reduced patient volumes, and rising inflation—these were the main contributing factors to the financial difficulties US healthcare companies faced in 2023. According to S&P Global Market Intelligence, the healthcare sector had the most bankruptcy filings in the U.S. in August of 2023 alone. With the rise of Artificial Intelligence, the industry has been demanding a higher level of efficiency and competitiveness from each healthcare business. Therefore, healthcare providers, big or small, were impelled to disburse a higher cost of capital.
Knowing that the industry will continue to demand more in the coming years, newer healthcare startups will have more advantages with their more realistic approach. But fret not, your healthcare empire is still up for greater heights with just some re-strategizing. Just avoid making the following five mistakes that could potentially sink your healthcare business this 2024, and you’re good to go. Read on.
Ignoring Digital Transformation
In today’s era, technology plays an increasingly central role in healthcare. Thus, ignoring digital transformation is a recipe for disaster. You need advanced and updated technology to outperform your competitors. In 2024, patients expect seamless online appointment booking and telemedicine options. Everyone would want easy access to their health records through secure online portals. If you can’t keep up with the demands of the market, patients will consider better options. Furthermore, failing to embrace digital transformation can lead to inefficiencies, frustrated patients, and even compliance issues.
Investing in modern healthcare technologies can streamline operations. It will improve patient experiences and ensure your business stays competitive in the industry. However, upgrading your IT systems can be costly and burdensome. One of the best actions to take in 2024 is to outsource IT services from a trusted outsourcing services company.
2. Neglecting Cybersecurity
With the rise of digital healthcare systems comes a heightened risk of cyberattacks. Neglecting cybersecurity measures can have catastrophic consequences for your healthcare business. Patients trust you with their sensitive medical information, and a data breach can result in not only financial losses but also damage to your reputation.
Investing in robust cybersecurity measures, such as encryption, regular security audits, and employee training, is essential to protect patient data and maintain trust. Don’t make the mistake of assuming your business is immune to cyber threats. Instead, be proactive in safeguarding sensitive information.
Overlooking Patient Experience
According to a Khoros survey, 43% of the customers are more likely to purchase from a brand that has provided good customer service. Additionally, 83% of the respondents from their survey feel more loyal to a brand that offers timely resolutions to their concerns. In 2024, customer service is something that you need to excel at, especially with the advanced resources that are just within your reach today. Patients will have higher expectations when it comes to their interactions with healthcare providers. So, you need to up your game when providing personalized care, timely communication, and easy access to information.
Failing to prioritize patient experience can result in negative online reviews and word-of-mouth backlash. You don’t want that to happen. Invest in staff training and implement patient feedback mechanisms. Furthermore, focus on creating a patient-centric culture within your organization to win in 2024.
Healthcare regulations are constantly evolving, and staying compliant is non-negotiable. Neglecting compliance can lead to hefty fines, legal troubles, and reputational damage. It was already evident in research conducted by Ponemon Institute LLC a few years back that non-compliance cost some organizations $1.4 million to nearly $28 million. In 2024, healthcare businesses must navigate complex regulations related to data privacy, billing, and quality of care to secure resources.
To avoid compliance pitfalls, invest in ongoing compliance training for your staff, stay informed about regulatory changes, and consider partnering with legal experts or compliance consultants from MedCore to ensure your business adheres to all relevant laws and regulations.
Not Outsourcing from a Competent Healthcare BPO Provider
Outsourcing has become a fundamental strategy for many successful businesses across various industries. In healthcare, however, some organizations remain hesitant to embrace outsourcing due to concerns about patient privacy, quality of service, and control over operations.
Unfortunately, failing to leverage outsourcing from a competent business outsourcing company can put your healthcare business at a significant disadvantage and potentially lead to its downfall. If you don’t outsource in 2024, you’ll escalate your labor costs and struggle to keep up with technological advancements. Additionally, you’ll compromise your quality of care because of staff shortage.
In conclusion, the healthcare landscape in 2024 is more challenging and competitive than ever before. To avoid sinking your healthcare business, be proactive with digital transformation, prioritize cybersecurity, offer overarching client services, invest in compliance activities, and leverage outsourcing opportunities offshore. Focus on everything listed above and your healthcare business can not only survive the next year but thrive and expand in 2024 and beyond.
MedCore Solutions can provide scalable solutions that adapt to your business’s changing needs. Ready to grow your healthcare business? Contact us here.