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    Healthcare (Pharmacy, Clinics, Hospital)

    Healthcare (Pharmacy, Clinics, Hospital)

    I) Challenges faced by the Healthcare Industry

    #1 The Emergence of New Models

    To maximize value-based care, the essence is moving from value to volume, building outcome-oriented financial models and data infrastructure. This is fundamental to the sustainable growth of the healthcare sector. Clinical innovations, government program payment policies, and alternative points of care, such as virtual hospitals are benefiting from a cost and access perspectives. Creating positive margins in a changing healthcare economy is essential. The stakeholders need to collaborate across the healthcare ecosystem to fund and deliver sustainable health care. Standard operating procedures for retail pharmacy or a healthcare SOP holds value in such collaborative teams. Even expanding through the use of new technologies such as virtual health and tele-health could expand services, while also helping hospitals bend cost curves. AI powered technologies can be used by health practitioners to interact with patients and intelligent virtual assistants providing personalized healthcare coaching innovations, that are gaining traction. But to implement such frameworks, it is essential for the SOPs to be in place.

    #2 Changing Customer Needs, Expectations and Demands

    Adapting to changing customer needs, demands and expectations is crucial. Patients or their caregivers dissatisfied with poor service or lack of transparency around price, safety, and quality expect healthcare solutions that are accessible, convenient, coordinated and customized. Healthcare has become shoppable and there are increased costs for the patients in a cost-sharing model. Enhancing the patient experience is a potential area for dramatic change. Non-traditional companies from technology, consumer and retail sectors are also making forays into the healthcare value chain with norm-disrupting solutions. When preventative health acquires a bigger role, nudging is the option to help in patient adherence.

    As the patient’s role and influence in healthcare increase, payers and providers should shift accordingly and take benefit of emerging technologies to establish direct, personal relationships with customers. Digital technologies improve engagement, enable convenience driven access to care and nurture a relationship for long-term health. Organizations understanding and acting on how customers would use digital health, wearable monitoring, fitness devices and tele-health as well as online resources, social media and other technologies can be well positioned to develop patient engagement strategies to help customers make well-informed decisions.

    #3 Digital Innovation and Transformation

    There is exponential increase in the scale and pace with which digital health care innovations have emerged. Digital technologies support health systems to transition new models of patient centered care, and develop smart health approaches to increase access and affordability, lowering costs and improving quality. From cloud to blockchain, RPA, artificial intelligence, robotics and internet of medical things, digital and virtual reality are some ways technology is impacting healthcare. This helps with treatment and diagnosis, boosting accuracy, speed and quality, besides improving patient experience. Further, investment in digitization leads to better health data usage in research for personalized healthcare. For this, a retail pharmacy management consultant is highly beneficial.

    #4 Maintaining Regulatory Compliance and Cyber Security

    As data has advanced as a health care currency, protecting it is the key. Clinical innovations connect medical devices, and market complexities have amplified the need for evolving policies, risk management frameworks and processes. Healthcare organizations, therefore, need to focus on strengthening healthcare security and safety at macro levels.

    Organizations also need to invest in crisis management capabilities that make security and diligence better through healthcare and lifestyles clinics SOP that streamline processes and procedures.

    #5 Recruiting The Right Workforce

    Huge demand for healthcare services and shortages of skilled healthcare staff in developed and emerging economies are a tremendous problem. Organizations are now looking to deploy new staffing models like remote work to fill the gap. Engaging with consumers and improving the patient experience is the key here. Health care leaders maintain the talent continuum that offers resources for redefining the role of healthcare practitioners through a well-designed SOP for healthcare recruitment and selection.

    #6 Data Management

    Data management is the biggest challenge for each entity in the healthcare industry. This data needs to be effectively managed for regular follow ups and other CRM activities. Data can improve healthcare quality and lower healthcare costs, if used correctly. While some progress has been made towards the use of big data, without SOPs in place, effective data management is impossible. Many organizations have made little progress, however, because health systems lack technologies that are scalable or agile. For leveraging big data effectively, health system executives need to consider legacy technologies. Disparate and lagging reporting, gaps in real-time data and lack of clinical analytics make it difficult to manage populations or drive quality or cost outcomes. Without an SOP, effective deployment of data is virtually impossible.

    #7 Lack of Standardization and Feedback Processes

    Lack of standardized processes, systems and policies are a major obstacle for effective implementation of healthcare services. Further, poor feedback systems leave little or no room for improvement.

    #8 Need for Upgraded IT Systems & Omnichannel Approach

    IT Systems need to be integrated and upgraded with SOPs for developing a digital first healthcare organization. Healthcare companies can now identify companies all the way from back office to front lines and C-level executives. These have to be upskilled or reskilled to get the most out of new and impending investments in technologies such as robotic process automation and AI. Such technologies help companies shift and provide care anywhere through telehealth. Reducing transactional tasks for work can also automate data entry and analytics. To accomplish this training is the key challenge.

    A PwC study found workforce capabilities are a real barrier to organizational change. New healthcare hires need to be skilled at not just customer care, but also informatics and data analytics. Gartner says more than 25% of workers will rely on AI to do their jobs. AI and process automation is more reliant on a skilled workforce. Before launching technology training programs, healthcare organizations need to develop incentives and performance metrics for employees aligning with the digitally fit culture they are seeking to develop.

    Revisiting recruitment and retention strategies to compete for workforce attracted to virtual work environments is the key here. Research by Bain also found big data and analytics are set to transform the industry, with new technologies for diagnosis and supply chain tracking. In the event of such developments and new trends and technologies that necessitate an omni-channel approach, you need a healthcare retail management consultant you can rely on.

    II) How YRC Can Help?

    YRC Management Consulting shall help in identifying the USPs of the healthcare institutions and devise expansion strategies accordingly. As a successful retail consultancy for the healthcare sector, YRC is the perfect choice for those looking for consulting for a retail company in healthcare and pharma. Skin clinic SOPs and SOPs for drugstores, extensive time and motion study for manpower productivity and retail pharmacy management that boosts your business are the natural outcome of hiring Your Retail Coach.

    Healthcare Organisations where YRC Business Consultants can drive change:

    • Retail Pharmacy (Pharma Retail, Drug Stores, Pharma Distributors, etc)
    • Clinics (Skin Clinics, Lifestyle Clinics, etc)
    • Hospitals (Nursing Homes, General & Specialty Hospitals, etc)
    • Manufacturers (Hospital Equipment Manufacturers, Medicine Manufacturers, etc)
    • E-commerce (Medical Equipments, Medicine, Telehealth Services, Online Healthcare Services, etc)

    III) About Healthcare Industry

    The globalization of the entire healthcare and pharma industry has led to advancements in healthcare. The days when hospitals and clinics were volume-based are over. Now it is all about offering value-based services. Clinics and hospitals require larger than ever levels of operational excellence to improve care quality. In this sector, even one second can save someone’s life. So the quality of care matters. Hospital management SOPs have, therefore, acquired critical importance. Clinics, hospitals and drug stores need to change the outlook and improve their working by framing SOP/standard operating procedures for each department and enhancing inter-departmental coordination.

    With the emergence of aging and growing populations, higher prevalence of chronic diseases, continue to raise healthcare demand and expenditures. Healthcare stakeholders include healthcare providers, government, patients and healthcare allied organizations.

    With multiple stakeholders and clinical, operational and financial challenges, a future will come about where new business models and care delivery methods aided by digital technologies, are needed to solve the present problems and build a sustainable foundation for high-quality, affordable and accessible healthcare. Healthcare essentially needs to move past just care-based models and support early intervention, prevention, and wellness, too.

    International healthcare expenditure is poised to rise as spending is projected to rise at an annual rate of 5.4 percent between 2017 and 2022, according to Deloitte. The annual expenditure for this sector will rise from USD 7.72 trillion to 10.05 trillion. Emergence of personalized medicine, increased development of technologies, the entry of disruptors and non-traditional competitors, demand for expanded care delivery sites and changed payment, along with public funding models are impacting the financial performance of the healthcare ecosystem. The healthcare market is looking to health technologies for help, along with partnerships, acquisitions and mergers. Stakeholders can also explore alternative revenue models and sources such as vertical integration.

    Consequently, healthcare providers are stressing on the need for rigorous financial management, outcome-based care, efficient operational performance and innovative solutions development. These result in lowered costs, improved health care, less declining margins and aligned cost structure & care models with payment models and reimbursement trends. Development of PPP or private-public partnerships, investing in prevention or wellness and learning from industries outside healthcare are the key here. An SOP for pharmacy stores, clinics and hospitals is, therefore, the need of the hour.

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    We work only for Visionaries.

    PROCESS AUTOMATION

    The idea of having Ecommerce Consultants on-board from the beginning itself points towards reducing the involvement of the promoters in daily operations. Ecommerce Businesses willing to be a brand reaping profits & sustaining the competition must ensure that most of their processes should be automated. The more the manual intervention, the more would be the errors.

    In Ecommerce business, you get only 1 chance to impress the customer & if you mess up there, you lose the customer for long.

    Process automation in respect to all the activities pertaining to customers from order receiving to order fulfilment is a must for a seamless experience for the customers.

    Task Management is another grey area where most deadlines fail as 90% of the tasks are assigned manually & are forgotten, unheard, misunderstood or mistaken.

    YRC Team of Ecommerce Management Consultants helps to make maximum of the processes system-driven to ensure minimalistic manual intervention.

    VIDEOGRAPHY & PHOTOGRAPHY

    No matter how good your product is, the customer would know only if it looks good.

    Photography includes the following steps:

    • Cataloguing your products
    • Cataloguing your images
    • Backup your images (A few cloud storage solutions include Dropbox, Google Drive, Bitcasa, Apple’s Cloud Storage etc.)
    • Choose the right camera & lens (You may also outsource the photography to a third party agency)

    DIGITAL MARKETING

    Digital Marketing includes SEO & SMM. SEO i.e. Search Engine Optimization includes activities like back-linking, meta tags, blog-writing etc. to ensure your website ranks on the 1st page on Google Search.

    Next comes SMM i.e. “Social Media Marketing” which as the name suggests including promoting your products on all the social media sites, email marketing, influencer marketing & several other BTL activities.

    These activities are going to be recurring & would decide the traffic on the website, the conversions, whether the right target market is tapped, the likes, the views, the orders, the reviews & much more. YRCs Ecommerce Consultants create a budget for digital marketing right from pre-launch to launch & for each month thereafter.

    Building digital marketing strategies in coordination with the agency, selecting them to signing them off would be the role of YRC.

    This ensures seamless coordination, detailed interactions & desired execution as it is always advisable to work with a single agency than multiple of them.

    IT INTEGRATION

    Selection of the right software for smooth functioning of back-end operations right from production to webstore display would be suggested and integrated by YRC Team.

    YRC’s Team defines SOPs of Product Movement, maps it with the locations & people. They then create a blueprint of all the features required in the software & help in shortlisting & selection.

    IT Integration involves connecting your offline inventories with real-time online webstore so when a sale occurs, inventories get deducted real time across offline as well as online platforms.

    This helps in accurate inventory management, maintaining the MOQs, re-order levels & achieving the optimum inventory levels.

    Some popular software include unicommerce, viniculum for your front-end website management & Genisys for your entire back-end Purchase, Production, Accounting, Invoicing etc. management.

    WAREHOUSE & LOGISTICS PLANNING

    • How many cities or countries you wish to sell in?
    • Where should your Warehouse be located?
    • Should you have one warehouse in each country or city?
    • Should you be having your own delivery team in your base city?
    • Would the 3rd party vendors be reliable? What happens when they lose or misplace your product during delivery?
    • How should I manage the logistics if my goods are coming from different countries?
    • How should the goods be stored and barcoded?
    • How much space do I require for warehouse?
    • I am sure several such questions must be haunting you while you think of starting your own fashion ecommerce brand.

     

    At YRC, our warehousing and logistics experts can help you devise a strategy for all of the above mentioned queries and much more.

    We design the layout of the Warehouse considering the inward, goods processing, software entry, barcoding, outward, goods return, scrap storage, goods stacking & much more.

    Logistics route plan is devised considering the manufacturer to your warehouse and from there to last mile delivery locations.

    UI & UX DESIGNING

    This Step involves 03 distinct parts:

    Part 1: Choosing the right Platform:

    From several platforms available in the market right from Shopify to magento, woocommerce, prestoshop, wordpress etc. you must choose the one that fits best for your business

    Part 2: UX Designing:

    “UX” denotes User Experience, which if put in simple language is building the functional requirements of the website.

    UX Designing includes designing the features required in the website, customer journey map, website features, the browsing features, navigation features, ecommerce order management process flow, checkout cart features, catalogue management, ecommerce payment system, cross selling features & much more.

    “As per statistics, 68% of the customers abandon the carts before payment”

    An interesting UX ensures the customer sticks on to the website for a longer time.

    Part 3: UI Designing:

    UI stands for User Interface, which means designing the look and feel of the website. UI includes using the right colours, elements and the entire aesthetics of the website.

    A good User Interface ensures the user completes the task that he has come for. It navigates the user through the journey of the brand in the simplest but most effective way.

    The UX designer maps out the bare bones of the user journey; the UI designer then fills it in with visual and interactive elements.

    If User experience is the bare bone, user interface wraps it up with an attractive cape.

    At YRC, our team if experts can help you develop the entire User Journey to ensure it is engaging!

    SAMPLING & PRODUCTION

    This step follows the “Designing” Phase, whether you have an in-house design team, freelance designers or an outsourced design company. It is one of the most exciting phases, as here you see your designs turning into products & your ideas turning into reality.

    In most start-up cases, production is outsourced i.e. brands tie-up with the established manufacturers/ job-workers to get their products manufactured.

    Sampling involves multiple 04 Stages, Fit-Sample, Prototype Sample, Pre-Production Sample & the Production Sample.

    Prototype Sample is the first sample provided to the buyer. It can be in any fabric/ colour. This sample is just to understand whether the product design looks equally great in reality.

    Fit Sample, as the name suggests is prepared to check the fit of the garment i.e. the various sizes, length, width etc.

    Pre-production is made by the actual production line. Here the stitching quality and other aspects related to manufacturing are checked. This is the last stage where rejection can be accepted.

    Production Sample is made before the production which is the replica of what is going to be finally produced.

    Once you are through with all this, you are good to go ahead & get your goods manufactured.

    PRODUCT DESIGNING / SOURCING

    Product Designing or Sourcing is the heart of the Ecommerce Fashion Brand.

    Product Designing / Sourcing can be done in several ways, as follows:

    • In-house Design Team
    • Freelance Designers
    • Outsourced Design Team
    • Ready Product Sourcing (From Manufacturer or Wholesaler)

    At YRC, we evaluate your business strategy & business model to arrive at the decision, which of the above ways would be best-fit for your business. In certain cases, product sourcing may be a combination of the above.

    These are the people who are going to build your brand! Whether they are the designers or merchandiser, your brand look is going to be in their hands.

    If you are designing each garment from the scratch, the sourcing would play crucial role in developing design identity of your brand.

    Sourcing includes fabric, trims, lining & all the raw material required to build the garment.

    BRANDING

    Branding is the “Look of the Brand”, right from logo to tagline, the colours used, the brand story, the brand communications on social media, the packaging & all the other aspects which speak directly or indirectly to the customers. Branding constitutes the look & feel of the brand & hence must be thoughtfully planned to match with the product that we are selling.

    Branding must appeal to our target audience. Example : A golden colour logo depicting finesse, art, richness, premium, however beautiful it may be individually cannot go with a brand selling affordable kids wear products. So, your logo must be in-line with your brand positioning, whether you are an expensive brand or a luxury brand or a value for money brand, it must be depicted from your “Branding”.

    It is an integral part to attract the target audience.

    ORGANOGRAMS & SOP’s

    Organogram is the “HR Blueprint” of the business which is created at the onset, to map out the team required across each function at various stages of the business. At the launch, only key people need to be got on board to ensure the project gets started & at this stage, all of them need to multi-task. Similarly, certain financial as well as operational goals are set for addition of the further team. Example, for the operations team, we hire 1 operations manager during the pre-launch phase & we add 1 more only when the business kicks-off & we reach a volume of selling more than 1000 pcs/ month or a turnover of more than 0.1 million USD.

    SOPs are Standard Operating Procedures, a bible to run the entire organization right from Sales, Purchase, HR, Order receiving to Order fulfilment, Inventory Management, Accounts, Warehouse, Logistics, Supply Chain, Production & all the other relevant functions for the business. Business must be organized from its first day of operations; only then the tasks can be delegated.

    At YRC, we design the organization structure, the processes, and approximate time taken to execute each process, job profile of every member within the organization, their KRAs, KPIs & the Reporting Structure.

    CRITICAL PATHWAY

    Critical Pathway Analysis (CPA), is a project management technique which cannot be overlooked while launching an ecommerce fashion brand. Brand launch process is cumbersome with multiple inter-dependent & time-bound tasks involved, which need to be tracked to ensure the project remains on track.

    CPA outlines key tasks across the project, their turnaround time (TAT) & the dependencies of tasks upon each other. It identifies the sequence of tasks, their interdependent steps from inception to completion, their criticalities, and their dates of onset, target dates of completion along with the key responsible person for the respective activities. Critical Pathway helps in understanding the unimportant & not urgent tasks which may jeopardize the execution of the project because of an unexpected snag! It also maps out the potential bottlenecks which might be posed because of the dependencies of tasks upon each other & cases where the next task cannot be commenced before the completion of the previous one.

    CPA detects the minimum & the maximum time involvement of a particular individual or team to execute the task, thereby arriving at the overall deadlines associated with the project.

    At Your Retail Coach, we design the Critical Pathway & review it periodically to ensure the project is on track & the progress is measurable.

    BUSINESS STRATEGY & BUSINESS PLAN

    Business Strategy includes the vision, mission, goals, business model, business plan & strategy for all the functions within the organization.

    Business Strategy is a well-defined plan that outlines who, what, where, why, how & when for the company; for example, who would be the target market, how to attract the target audience, when to launch new products, where to operate from, how to handle competitors, what would be the USP, what would be long term goal of the organization & several other answers to the 5Ws of Strategy.

    Business Strategy aligns the organization towards a common goal. Business SWOT helps company to identify & overcome their weaknesses & focus to sharpen the strengths. Business strategy forecasts future risks and helps business in building skillsets to overcome the potential threats.

    YRC’s Business Plan focuses on creating a “Blueprint” of the business, thereby deriving the feasibility of the concept & gauge whether the opportunity is lucrative to invest time, energy & effort. Business Plan creates cash flow understanding i.e. building inflow & outflow cash projections from Week zero to week 60 i.e. 05 year projection. Business Plan calculates the capital investment, operating costs, one-time costs, recurring costs & all the other numbers relevant to obtain the breakeven sales, return on investment, return on capital, internal rate of return & several other ratios. Business Plan is also one of the important requirements if you are targeting the “Investor Route”. Fund raising becomes extremely transparent & channelized. With business plan panned out clearly, the business will know until what point must it be stretched & where to stop, which reduces the probability of unplanned investments.

    MARKET RESEARCH

    Starting the concept of Ecommerce Fashion brand with Market Research ensures we get detailed understanding of the industry & this research report also acts as a social confirmation for your concept. Market Research helps in understanding the target locations, their population, potential online buyers for your product, competitors for each category, and top selling products of the competitors, competitors’ price range, offers & their responses & much more. Market Research helps in thorough understanding of your brand position as compared to our competitors. It helps in identifying gaps in the market, in your category along with the scope of the said product in the desired market. This will help in validation of your concept & prevents you from making the same mistakes as your fellow brands, eventually saving your time, energy & efforts. This phase is also a make or a break phase, as the market research study may at-times come up with some eye-popping numbers & statistics which might compel you to re-think on your product or category that you are planning to sell or alter your entire concept itself!! Market Research Reports analyse the competitors’ webstore for their traffic, conversion & sales. This is extremely valuable information to derive our inventory budgets & projections, which takes us to our next phase.