Providing healthcare is a complex task, requiring a fine blend of clinical and business aspects. Hospitals generally don’t require much assistance with the provision of care – most employees are experts in the field with years of training. But the business side of operations can pose challenges which medical school may not have prepared hospital administrators to tackle. The services provided by healthcare consultants for large hospitals are well known – hospital marketing, for example, or performance transformation. Newcomers looking to enter the healthcare industry also have a good understanding of how hospital consultantsn help with areas like blueprinting, strategy, equipment plans or hospital architecture briefs. Experienced hospital consultantslike Medium Healthcare Consulting, based in Hyderabad, offer this wide range of services under one roof.
However, Medium estimates that almost 85% of hospitals in India actually have 30 beds or less. This means the majority of the healthcare industry does not necessarily fall into the category of large players or new entrants. These smaller hospitals often don’t realize how many services provided by hospital consultants like Medium are ideally suited to their needs. A few such services are described below.
Growth is the ever-present but often elusive goal in business. For large players, green-field investments might be a suitable option, as financing and longer time frames do not present a problem. However, every business wants to grow and so mergers and acquisition is frequently considered as another route to reach scale. Medium conducts meticulous studies to assist with evaluating potential partners, understanding the options for asset divestiture and preparing for any challenges that may arise after the transaction.
Medium also has experience conducting the rigorous due diligence required by financial institutions if the transaction required funding. Due diligence examines every aspect of the prospective organization for acquisition, including operational efficiencies, financial projections and plans for future growth.
Another strategy for scaling up rapidly is franchising, which has just as much place in the healthcare industry as anywhere else. Healthcare franchising boosts growth by leveraging the entrepreneurial spirit of franchisees while conserving capital. However, the long term nature of the franchise relationship, combined with the complexities involved in reproducing a successful business model, makes it quite tricky to get it right.
When choosing a hospital consultant to assist with franchising, experience matters. Medium, for example, has won awards in the field. They draw from this rich background to design and evaluate franchise business models, creating an expansion plan for the franchisor and the franchisee. Consistency is the key ingredient for successful franchising, so Medium meticulously plans every aspect of the new outlets to ensure they represent the hospital brand correctly. They clearly define which responsibilities rest with the franchisor and franchisee and create an entire business plan with a ‘toolkit’ to support the franchisee in getting started.
New Product Development
In many cases, natural synergies exist between specialties. A gynecologist sees plenty of demand every day for pediatric care. A general surgeon could increase occupancy rates by bringing a nephrologist on board. However, the hospital has a certain reputation. Patients know what to expect so it can be difficult to introduce a new set of services.
Hospital consultants can be a huge help at this juncture. Most clinicians do not regard healthcare as a “product” that requires designing but it’s important to approach the addition of new services carefully. Hospital consultants can help determine which additional services would have the greatest impact and how to go about finding the required specialist, securing the necessary equipment and, ultimately, marketing the new service. The new product would be designed from scratch to suit the exact circumstances of the competitive market, capitalizing on gaps and optimizing the aspects patients report as being most important. Medium has assisted large and small hospitals with this in the past, successfully bringing in new patients for their clients.
While conventional wisdom may say hospital consultants are not interested in working with small players or too expensive for any but the largest of budgets, Medium is a great example of a niche company with considerable experience assisting clients of all sizes. Consulting engagements are unique for each prospective client so exploring the options that a good hospital consultancy offers is well worth the time.
Hospital Consultants Offer More Services Than You Think