The healthcare industry is hot right now. It is constantly transforming and revolutionizing. It has one of the most rapidly expanding markets in the entire economy. According to The Bureau of Labor Statistics, the healthcare industry is projected to grow w 18 percent from 2016 to 2026. Needless to say, the industry is booming, and there is big money to be made.
Here are 5 tips that can help your healthcare start-up thrive.
5 Healthcare Startup Tips for Growth
1. Choose a problem, then solve it
There are lots of problems in the healthcare industry on which entrepreneurs can capitalize and grow. If you see a clear issue in the way that healthcare is administered or find an error in the IT/technological side of the business, do something about it! There could be a huge payday in store for those who find a good solution.
2. Work with the titans of the industry
The healthcare business is dominated by big time billion-dollar enterprises from hospitals to insurance agencies. Whatever the nature of your company is, be sure to cooperate and collaborate with these giants, rather than try and conduct business around them.
3. Build a strong team.
No healthcare or health-tech entrepreneur can brave a start-up single-handedly. Dr. Hubert Zajicek, CEO of Health Wildcatters, told Entrepreneur, “Having a complementary team with diverse skill sets in place can be the biggest differentiator. Ask a ton of questions, and get someone with a healthcare background on your team.”
4. Be willing to learn from others
In an interview with Fortune, Steven Krein and Unity Stokes of Startup Health profess, “It’s impossible to know everything, and you need to be open to being coached. Be open to other experts, ideas and suggestions. Listen really well at every stage. It’s very difficult to be a rugged individualist in this sector, in particular. It helps to be part of an army of entrepreneurs working together.” That said, make sure that you reach out to other start-ups, share experiences, make friends, and rely on them for advice and assistance.
5. Prepare yourself for particular challenges
The industry is riddled with regulation and meticulous procedures. Do your research, follow the rules, and be sure to keep your patience as you enter the fastidious healthcare sector. You will have to deal with the caprice of government organizations and new legislation often, so when there’s a sudden change, remain calm, take your time, and accept that it is just the nature of business.
PRN Funding has the financial tools you’ll need to grow your healthcare startup company. By factoring medical invoices, you’ll have access to 24-hour funding, online account management and you won’t have to spend time chasing customers for late payment. Accounts receivable factoring is an excellent way to fund a start-up.