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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