What do you do if your healthcare business is falling behind the competition?

To assess reality when a healthcare business is lagging behind competitors, focus on data-driven analysis. Start by evaluating key performance metrics like patient satisfaction, market share, and financial health. Conduct a SWOT analysis to identify strengths, weaknesses, opportunities, and threats. Engage with customers for feedback and insights, and benchmark against industry leaders. Embrace innovation, invest in technology, and prioritize employee training to stay competitive. Flexibility and adaptability are key in navigating the dynamic healthcare landscape.

Research and personal experience indicate that the most successful strategy to stay ahead of the competition is to co-create with customers. Co-creation is a business strategy that has been deployed by other industries for decades. Healthcare brands are starting to adopt this approach too. Unlike Design Thinking, which is often deployed to solve a specific problem, co-creation is baked into the fabric and culture of an organization. It's not something that teams do once or twice but it is a feedback loop that helps organizations continuously churn out solutions that people are eager to buy and adopt. When you turn your healthcare business into an innovation machine, you'll leapfrog your competition and increase brand loyalty.

This advice hits the nail on the head. It emphasizes the importance of introspection and feedback to diagnose areas for improvement in your healthcare business. Just like diagnosing a patient's health issues, recognizing and addressing your business's weaknesses is crucial for devising an effective improvement strategy.

Balancing staying in business, making enough to keep your business open/pay employees, and adhere to the virtues of the Hippocratic Oath can be challenging. We live in a society driven by capitalism, but focusing on competitors when one should be focused on patient well-being is the wrong place to focus. When patients feel cared for, they make referrals. Over time this alone stands up to completion, without actually obsessing with keeping up with competitors.

This advice underscores the vital role of technology in modern healthcare. Embracing advancements like electronic health records and telemedicine platforms not only boosts operational efficiency but also enhances patient care. Evaluating your current technology stack and investing in upgrades where needed is indeed an investment in the future success and sustainability of your healthcare business.

While the industry is regulated by stringent regulations and guidelines . My two key areas of focus would be tech and customer service . See which are the domains my organisation is falling behind - is it figuring out AI /ML implementations, data governance . At the same time the next area of focus needs to be how tech can enable world class customer experience- through telehealth powered by generative AI , ensuring patient first approach .

This advice highlights the paramount importance of prioritizing exceptional patient care in the success of a healthcare business. Revitalizing service offerings through initiatives like staff training, reducing wait times, and personalized treatment plans is essential for meeting patient expectations. Focusing on service quality not only fosters patient loyalty but also generates positive word-of-mouth referrals, ultimately contributing to the growth and sustainability of the business.

This advice underscores the importance of a comprehensive marketing strategy in the competitive landscape of healthcare. By leveraging traditional advertising alongside a strong online presence through social media and SEO, your business can enhance its visibility and attract new patients. Clearly communicating your unique value proposition and why patients should choose your services is key to standing out in the market. A well-executed marketing campaign has the potential to rejuvenate your business's image and drive growth.

Today, consumer journey is complex and can vary not just by category but by "moments of need"...solutions are adopted based on convenience, location, nature of the situation etc. It may not be possible for a brand to cater to various "moment of need" and possibly, not even financially viable for the brand or consumer. Here, strategic partnerships can work brilliantly as a win-win situation. Delivery tie-ups seen during covid, especially for consumer healthcare brands, is an example to think of.

This advice emphasizes the importance of adaptability and continuous learning in the ever-evolving healthcare industry. Staying abreast of the latest trends, treatments, and regulatory updates is crucial for maintaining relevance and quality care. Encouraging ongoing education and training for your staff fosters a culture of innovation and excellence, positioning your business as a leader in the field. By committing to continuous improvement, your healthcare business can differentiate itself from competitors and establish a reputation for delivering cutting-edge care.

As threatening as this may feel, remember that competition is ultimately a good thing. Having other players in your space validates that the problem you're solving is real and worthwhile and that the market you're playing in is big enough. As tempting as it may be to try to keep tabs on your competitors, remember that spending too much time and mental space on them could not only be a distraction but also influence the unique way that you conceive of and position your offering.