“No company can afford not to move forward. It may be at the top of the heap today but at the bottom of the heap tomorrow, if it doesn’t.”James Cash Penney, founder of JC Penney.
Over 50 years later, this is no different for US healthcare businesses today. This past decade has seen record consolidation of independent practices, emerging health groups, and multidisciplinary payment models. Providers are creating innovative technology solutions. Services are delivered locally from around the globe. At the core of this record activity? Growing revenues by solidifying and then expanding a business’s reach throughout the care continuum.
“Growth is never by mere chance; it is the result of forces working together.”James Cash Penney, founder of JC Penney
Join forces with a top-tier consulting group to grow quickly and sustainably. Our consultants have compiled a quick list of the Top 5 Proven Ways to Grow Your Healthcare Business Today.
1. Analyze what business you were expecting to get, but didn’t.
“Do not go where the path may lead, go instead where there is no path and leave a trail.”Ralph Waldo Emerson
For medical practices, this may mean your “no show” rates. About 1/3rd of all US patients get referred out to a specialist. But only about 1/3rd of those referrals actually make it successfully to that referral appointment. For SaaS and other service providers, this means your sales engagements that do not go on to become a customer. For growing businesses, focusing only on successes can lead to early revenue. But not taking the time to explore your missed opportunities makes sustaining growth difficult.
No matter your business, start first by collecting data. What characteristics are common? At what stage or stages in the process does the communication fall off? An experienced consulting team can help you to put data collection processes in place in a way that gets the answers you’re looking for as a business leader.
The next step would be to analyze what that data is telling you. Findings may be easy or difficult to categorize. But leveraging an experienced team to generate options for you can save you time and may bring proven solutions you weren’t even thinking of.
Lastly, teams must put solutions in place and continue to track data for impact and additional insights. A really good project team can also implement the solution with you, ensuring proper communication and education get delivered. And also ensuring that proper controls are in place.
Unfamiliar with the best strategies to grow your healthcare business? Talk to someone about it. An experienced consultant can be an effective and efficient sounding board to get you on a path to sustainable growth.