The nature and landscape of medical care are changing with a greater emphasis on digital access and cost efficiency. Large-scale organizations are set to become major players in the healthcare business, such as Amazon’s acquisition of One Medical, further shaping how we access treatment with providers.
Furthermore, smaller medical practices have inherent costs that larger hospitals and health organizations typically shrug off, from overhead, unpaid patient bills, and investment in new tech. These resources are fundamental to not only providing top-tier care to patients but staying afloat too.
While some of it sounds good on paper, the homogenization of healthcare puts smaller practices and specialists on the defense. In some cases, smaller medical practices become part of buyouts or healthcare networks instead of operating independently. Therefore, smaller practices and specialists are facing a grim prospect: can they remain competitive in the face of expanding tech and bigger organizations shoving into the healthcare sector?
The fundamentals of remaining competitive
Medical patients seek out specific characteristics when selecting their healthcare provider – if they have the choice. Cost, accessibility, and range of services are the biggest draws. Reducing bills for a patient is a major positive point and something private practices and specialists should focus on.
One of the best ways to reduce costs across the board is to increase efficiency and avoid redundancies in the caretaking process. Doing so means assessing all areas of the inpatient process, from scheduling appointments, waiting periods, visitation, assessment, and non-emergency treatment. By reducing the time demands of each process, doctors save themselves and their patients time and money. Doing so requires utilizing modern tools, resources, and software to achieve the best results.
The balancing act is thus: assuring a practice can maintain its financial footing while introducing new, incremental tech to improve services. Keeping patients healthy and happy enforces doctor-to-patient trust, something preferred over the faceless nature of massive healthcare provider services.
Additionally, even private practices need to consider surplus profit for investment in their infrastructure. Remaining competitive (stable and profitable) is part of that. With a profitable margin, private practices and specialists can onboard additional staff, expand capacity, and serve additional patients while investing in powerful new medical technology.
What kind of digital assets are available?
When we say “digital assets,” think of it as an umbrella term describing modernized tools, resources, and software. For example, a digital asset can refer to wearables, devices used by nurses or healthcare professionals to track and respond to a patient’s biometrics in real time. Digital assets can also mean applications, software, and tools with internet-facing capabilities. Or, it can mean healthcare data, like electronic healthcare records (EHR).
Dragon Medical One is another digital asset example, an industry-leading dictation software. The goal is to reduce the time clinicians spend on the medical record process, transforming hours into minutes. This essential time-saving resource can provide advantages over larger retail healthcare providers. Those advantages turn into net positives for your organization.
Consider the factors that lead to happier, healthier patients:
- Reduced time to visit, see, and receive treatment from a healthcare professional
- Fewer costs involved with receiving treatment
- Easier access to advice, expertise, and doctors with the use of virtual visits and/or telemedicine
- Accessible data relating to invoices, patient conditions, and electronic health records
What obstacles do smaller medical organizations and private practices face?
The healthcare sector wrestles with numerous difficulties such as staff shortages; legacy infrastructure; and staggering healthcare costs. All of those are exacerbated in a private practice context, where smaller primary care providers must both manage their internal demands and remain a trusted, competitive source of profitable healthcare.
We also need to consider the lasting impact of COVID-19, creating serious problems of burnout, long-term health conditions (“long” COVID), and specialist shortages.
As mentioned, smaller practices must also consider the competitive element of hospital organizations and retail care through vendors like Walmart and Amazon. Utilizing the best techniques, tools, and assets is invaluable for smaller and private practices.
Ideas to consider and employ
One of the frustrating aspects of considering competitive options as a smaller practice is knowing what step is right to take, and when. Not all private practices have the immediate capital to consider infrastructural changes. And, even if they do, there’s hesitation to jump into a new service without contemplating all the pros and cons.
Having said that, there are considerations you can make for both patient outlook and competitiveness.
Adapt and Embrace Technology
Technological tools ease the crushing pain points of medical care. Do you have patients limited by physical distance? Incorporate telemedicine or virtual calls into your practice. Can new infrastructure lead to faster appointments and additional patient time? Think about updating as soon as possible.
Tech like Dragon Medical One fits this bill, providing an easier way to perform otherwise redundant, time-consuming tasks.
Remember that large retail providers possess resources making visitations convenient. In essence, consider that you are competing against “convenience.”
Expand Services
Can you realistically offer additional healthcare services such as emergency provisions or specialist care? Patients trust their doctors and prefer comfort over uncertainty. So, for instance, if you can offer cancer screening over a larger hospital network, think about how realistic prospects like that would be.
Try Value-Based Care
To reduce costs and give patients what they pay for, adopt a value-based care model if not already. Value-based care seeks to charge patients based on the care received versus a standard “pay per visit” system. This encourages doctors to provide their patients with the best possible treatment paths while introducing fair and equitable payment options. While it’s not necessary, patients may avoid a practice if value-based care isn’t present as an invoicing option.
Conclusion
Above all, private and medical practices must remain competitive in today’s healthcare sector. With bigger names entering the field and providing inexpensive alternatives for basic services, remaining a trustworthy voice is more important than ever.
But using time-saving tools like Dragon Medical One can put you over the edge, along with investing in smart strategies and helpful tech.
For more information, give us a call at 833-341-1411 or start your risk-free Dragon Medical One trial today.
