Most medical students graduating from med school are focused on finding steady employment once they pass licensing exams. After years of student loans, they are looking to secure a job that will help pay down debts and other bills. Yet, more and more doctors are proving to be phenomenal entrepreneurs. It’s no longer a matter of how to find a job, but how to create one.
Recent studies show that doctors tend to deal with uncertainty better than some businessmen and know how to connect and observe others in the industry. If you’re looking for a transition, here are six ways healthcare entrepreneurs can grow and improve their business in a competitive market.
Take Advantage of Venture Capital Funding
Private venture capitalists are consistently looking for the next best thing to fund. These private investors are always on the watch for small businesses and start-up companies that have the potential for long-term growth. According to Entrepreneur.com, the last quarter of 2015 produced 172 deals equating in $2 billion for biotechnology and medical devices. Such growth goes to show that innovation in the healthcare market can go a long way, and there are people like Harry Stylli looking for small business investments that can go big.
Follow Preventive Healthcare and Wellness
The world is always going to need medical professionals, innovative vaccines or medicines, and opportunities for preventative care. More and more people are seeking after maintaining wellness and personal health. If healthcare entrepreneurs can tap into this market, there’s a good chance people will notice. Capitalizing on preventative care may not even require a Ph.D., just good business sense, and individuals concerned about long-term health benefits.
For example, HealhtyOut is a company using preventive care to their advantage. They are changing how people eat using an online ordering platform that provides healthier eating options to consumers.
Acknowledge Healthcare’s Stable Economy
Whether you’re interested in starting your own practice or striving to exit the big pharma corporate business game, healthcare isn’t going anywhere. Entrepruenual opportunities in the medical industry are economically stable and are high in demand. Patients are interested in family-friendly physicians who are dependable and possess empathy and understanding. Consumers need innovative healthcare entrepreneurs who can help them spread their hard-earned dollars more efficiently. People are more likely to appreciate small businesses that have their best interests in mind, as opposed to corporate America, that may be more concerned with a bottom line.
Innovative Medical Software
More and more care teams are transitioning from using paper patient files to Electronic Health Records (EHRs). EHRs have altered the face of the healthcare industry since medical information is instantly available. However, since producing the software is so complicated, it can take a long time to vet, test, and publish in the marketplace.
This doesn’t mean it’s impossible; it just means innovative ideas are even more encouraged and sought after. Hospitals and clinics are interested in ways to improve the doctor/patient relationship. According to fiercehealthcare.com, near 40% of both hospital executives and physicians are dissatisfied with their current recording system. Developing a possible add-on product to make EHRs more efficient is a way entrepreneurs can keep the medical industry in-line and up to speed with the tech industry.
Go Beyond “Sick”
How can you establish a presence in the medical field that goes beyond treating sick patients? What problems can you solve by putting patients in charge of their health? Technology is transforming healthcare by introducing Fitbit trackers and phone apps that monitor your heart rate. If you can be willing to think outside the box and use technology to your advantage, you may be able to tap into a growing market. Consumers are proactively seeking ways they can improve their long-term wellness without having to visit a doctor’s office.
Observe Other Industries
How can you use the success of other industries to help you in your business? What innovative ideas are industries like banks and investing firms implementing into the market? Sometimes looking beyond the medical industry can provide some additional perspective and insight. For example, modern banks virtualize the whole customer transaction, while investment companies give online access to essential personal finance systems directly to investors. Be mindful of what patients are interested in within the healthcare industry, and you may find innovative ways to make their lives easier.
Graduating from medical school doesn’t mean you have to join the ranks of physicians going to work for corporate hospitals and big pharmaceuticals. There are so many opportunities for doctors to make it big in the healthcare entrepreneurial market, making just as much or more than an experienced doctor. Many physicians naturally process skills suited to creating a successful business. It’s essential to observe other industries and notice innovative ways small businesses can transform healthcare. Go beyond the “sick” mindset and look for different ways to advance your career.