How entrepreneurial strategies are improving the health care system

Few things are as contentious and fill as many square inches of newsprint as the subject of health care. Young or old, rich or poor, it is something that affects every one of us. The controversy over Obamacare versus the American Health Care Act is a case in point; everyone has an opinion and is following developments with a level of interest that is just not seen in other political areas.

Yet health care in America is not all about politicians and state or federal policy. The private health care industry is big business, providing an opportunity for shrewd businesspeople and investors to deliver a greater level of care to the American public while generating a successful and profitable business for themselves. If that isn’t the American dream in action, it’s hard to see what is, so let’s find out more.

Technology and health care

Political wrangling is not the only driver for the upsurge in private businesses taking an increasingly important role in the health care sector. Advances in technology and the advent of the digital age also have a great deal to do with it.

From new insights brought about by the latest in big data analytics and machine learning to innovative technology stemming from 3D printing, every evolving technology has an application in health care.

Taking the above two examples as cases in point, the first can provide insights that guide doctors to more accurate diagnoses more quickly, by studying and analyzing mind-boggling quantities of data, and identifying patterns and trends that an individual human could never spot.

As far as 3D printing is concerned, the possibilities are immense. The technology already exists to create customized prosthetics and even artificial organs using 3D printers, and these could become routine aspects to medical care sooner than you might think.

A perfect storm

At the same time, we are in an era when entrepreneurship is booming, again, thanks largely to technology. These days, it is easier than ever to set up a business, with low barriers to entry and minimal start-up costs. Of course, this implies that anyone and everyone can give it a try, but the resulting competition means that only the very best rise to the top.

All these factors have combined to create a “perfect storm” for medical entrepreneurs and new business start-ups, and it is little wonder that their effect is being felt so strongly throughout the sector.

Emergency Room Care

Do not think that entrepreneurial strategies and new business start-ups are only applicable to hi-tech research and computer wizardry. Private companies are helping to set new standards of excellence at every stage of medicine. American Physician Partners (also known as Align MD), is a company that specializes in delivering top-quality Emergency Room care at hospitals throughout the US.

The company has an ambitious expansion strategy, through both organic growth and acquisition of small and medium-sized ED groups, and is looking to add an anesthesia line as well as Urgent Care services to its product portfolio. An influential figure in US politics, Mark Green has served as CEO of the company, demonstrating how many key figures choose to work in the health sector.

It is worth observing that as well as being a successful doctor, businessman, and entrepreneur, Dr. Green is also the founder of AMD Foundation, an NPO that serves the needy across the globe.

Embrace regulation

Clearly, there is more to setting up a business in the medical sector than there is in other industries. First and foremost, the regulatory hurdles are far higher than anywhere else. In fact, according to Steven Krein and Unity Stoakes of StartUp Health, no medical start-up will get anywhere unless it embraces regulation in all its forms.

Stoakes remarked: “A lot of people get spooked by the concept of regulation, but the reality is, it’s just a process to work through. And if you know how to work through that process, it can be a competitive advantage.”

Changing health care for the better

From gaming and leisure to home electronics to takeout pizza, a competitive marketplace spells good news for consumers. It drives innovation and encourages providers to strive for ever better levels of customer satisfaction and loyalty.

This is as true in the medical sector as elsewhere, and while there is a general belief that private care implies higher costs, this is another area in which basic market forces and the nature of competition can work in favor of the patient.

Without doubt, entrepreneurship and private enterprise is changing health care for the better – and the best news of all is that it has only just begun.

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