5 Bottlenecks to Building a Sustainable Healthcare Business

Healthcare is a vital part of life, with a complex network of facilities, manufacturers, institutions, professionals, and businesses that facilitate virtually every aspect of the practice. So, it is no surprise that this essential need has caused the rise of one of the biggest sectors of the market.

In the United States alone, around 18% of the country’s GDP was spent on healthcare—one of the highest percentages among OECD countries.

In the wake of the global pandemic and the current state of the market, it is critical for healthcare businesses to strike a balance between providing quality service and long-term growth and profitability. Identifying the possible obstacles to sustainable healthcare is a step towards building a lasting business that can meet the demands of a health-conscious public.

5 Bottlenecks to Building a Sustainable Healthcare Business

Given the complexity of the healthcare system, complications and obstacles can arise from the processes, structures, and labor involved in providing services.

1. Reliance on inefficient, traditional strategies and systems

Healthcare systems are continuously evolving and incorporating innovations and new strategies to streamline and improve processes. This can span the range of using software for managing healthcare data to conducting telemedicine consultations.

Bottlenecks can occur when employees and other healthcare professionals are unable or unwilling to adapt to these upgrades. In-house training for the new systems can help bridge possible knowledge gaps but can be costly and time-consuming.

Outsourcing these processes can ensure a smooth transition for the changes and a team of trained professionals who have an in-depth understanding of the new systems.

2. Lack of infrastructure to collect, manage, and analyze healthcare data

The healthcare system has increasingly relied on data for more than just improving patient care. This data is collected, managed, and analyzed by sustainable healthcare businesses to gain large-scale insights and trends in providing treatments, addressing healthcare concerns, and anticipating future needs.

One clear obstacle to this is acquiring and maintaining the necessary infrastructure to handle healthcare data. To better reach sustainability, healthcare businesses can opt to work with reputable outsourcing providers.

Not only do these providers have the means to store and collect patient data, but they can also perform data analytics that streamlines processes and lessen the risk of errors.

Read: 5 Benefits of Outsourcing Your Healthcare Analytics

3. Difficulty in upskilling for business operations tasks

Aside from providing care and other related services, it is critical for healthcare businesses to focus on their revenue cycle management (RCM). Following up payments, coordinating claims submissions, and compliance with billing requirements are necessary to ensure the sustainability of a healthcare business.

Upskilling current employees may pose a challenge for healthcare businesses, requiring both specialized knowledge and full-time dedication to the necessary tasks. Working with an outsourcing provider for RCM guarantees that skilled professionals fulfill these duties, avoid errors, and increase overall revenue.

Read: RCM Outsourcing Equals Healthcare Business Stability

4. Insufficient measures to safeguard patient data

In this increasingly digital age, cybersecurity has become a serious concern across industries. For the healthcare sector, collecting and managing patient data is not enough—it also must be protected. Safety measures for patient databases should be in place both within the existing data framework and employee standard operating procedures.

Failure to cover both fronts can result in catastrophic losses, such as the 2018 and 2021 data breaches under the United Kingdom’s National Health Services (NHS). Confidential patient records from thousands of people were wrongly shared with strangers, resulting in the NHS paying compensation to those affected.

A reliable outsourcing provider has the necessary protocols, certifications, and standards compliance to protect patient data from malicious third parties. They also have the necessary knowledge and skillset for prioritizing data security.

Read: How to Empower Patients while Securing Data in Healthcare

5. Neglecting patient-provider relationships

Patients look to healthcare businesses and providers for quality service that addresses their needs in a streamlined and straightforward manner. Aiming for sustainable healthcare involves creating a patient experience that inspires trust and nurtures a positive relationship between patient and provider.

Partnering with a specialized outsourcing provider makes it easier for healthcare businesses to sustain efforts to provide and improve the patient experience while remaining cost-effective.

Strive for Sustainability with Outsourcing Solutions

Sustainable healthcare businesses understand the potential obstacles in their current system and address them by leveraging the latest technology and innovations in the industry. Outsourcing these technical needs can help companies to scale operations properly while remaining cost-effective.

The key to successfully outsourcing these requirements is to find the right outsourcing provider. Infinit-O can provide healthcare business solutions tailored to your needs. Key benefits of partnering with Infinit-O include:

• Operational excellence
• A great, high-performing healthcare team specifically designed for your unique needs
• Operational cost savings of up to 70%
• ISO 27001 and 9001 certified, GDPR, HIPAA and DPA20212-compliant
• 67+ Net Promoter Score (2020): Sense of security and peace of mind

With a roster of professionals and a highly communicative and collaborative process, your healthcare business can jumpstart its growth.

Start small. Exceed expectations. Think infinitely. Think Infinit-O.