Things to remember before starting a Healthcare venture 

When you graduate as a doctor, you are filled with aspirations to help people, touch lives, and make a difference to people. All these wishes can be fulfilled in the way you want to if you start your own Healthcare venture. 

Starting any business is not a path lined with roses…but pioneering a Healthcare business is even more challenging because it directly impacts the wellness and the lives of the patients and their loved ones.  You will have to learn all the ropes before setting foot on this road as any mistake can have grave repercussions. 

Here are some things that you must keep in mind.

1. Make a solid business plan 

A Healthcare venture that is not based on a structured business plan is just not durable or long-lasting. In fact, it is just like a house without a strong foundation and can collapse at the slightest tremor. 

A structured business plan can help you list down your targets and the way forward to achieve them. It can also help you to know the ins and outs of your business, the market scenario, the possible competition and help you narrow on your core competencies and USP. 

A well-designed business plan can instil confidence in your investors and associates too. 

A business plan can help you identify the opportunities and threats that can spring up suddenly and proactively deal with them. 

A sturdy business plan will help you map out the particulars of your business and also predict how things will go. See that your business plan contains the answers to the following questions.

What are the likely costs?

How will you fund this cost?

Who are your potential customers?

What are they looking for?

What is one special need that you can fulfil in a different, better, or speedier way than your competitors?

What is the ROI {Return on Investment} you expect?

2. Navigate through the legalities

Healthcare business involves a mesh of intricate regulations and legalities that have to be fulfilled even before your facility starts operating.  If you are not careful, you can get lost in this complicated maze. Try to engage the service of experts so that you do not make any mistakes in this aspect as a small lapse can cascade into a big disaster. 

List of commonly required licenses and permits

• Land/ space Water and Electricity permits

 The government inspects your chosen site and evaluates your construction plan and the ecological impact before granting the land permit.

Water and electricity are indispensable resources which are needed in big amounts. permits are granted by the local body and the electricity board for these.

• NABH and JCI

NABH {National Accreditation board for healthcare} and JCI are two National and International Quality Accreditations that validate patient safety and quality of services

• NBC

The National Building code is a statutory requirement that has to be procured before construction.

• AERB

Hospitals need to apply for AERB certificate if they house x ray machines and radiation units to certify that the radiation used is within permissible limits.

• Biomedical waste authorization certificate

The sanitation department issues this certificate to govern proper disposal of biomedical wastes

• Fire Safety Certificate

Fire safety certificate

The fire safety certificate validates your hospital’s fire safety protocol.

There are other licenses and certificates that may become mandatory depending upon the type {single or multispecialty} and specialty of hospital and the place you are based in. e.g.,PCBNDT, MPT, NOC, etc.

3. Capitalize: Get your funds in place

If you are planning to start a big hospital, you may need funds. Financial institutes and banks can help you out. You can even partner with like-minded entrepreneurs. This will reduce your liability and help you start without too much burden. Remember, you will need funds to meet present financial needs and also proactively plan for future expenses.

4. Set your Assets

You may not think so but the site, the infrastructure, the architecture, the interiors, and the equipment in your healthcare facility all matter when it comes to increasing footfall and achieving your goals.

You may either invest in your own site and construct from scratch or you may lease out premises in an already existing building. You may either invest in medical equipment or lease it.

You will have to invest in construction, layout, and interior design planning so that your hospital has a blend of ambience and functionality that appeals to patients and makes things easy for your workforce.

It is advisable to take advice from experts to get the best possible solutions in these aspects at the least possible cost. 

5. No Dream without a team

Healthcare is a collaborative effort…many skilled and unskilled people have to work as a team to take care of patients. Right from the receptionist who takes down a telephonic appointment to the surgeon who does a complicated procedure, every person is vitally important to ensure that your customer has a good patient experience. So, pay special attention to manpower recruitment and make sure that your ship sets sail with the best sailors…who have both the intellectual capability and the emotional quotient to handle the high-pressure environment of a healthcare setup. 

 Do not forget to forge the right partnerships too. For e.g. If your hospital partners with a Laboratory service, make sure that it is reliable and trustworthy.

6. Strategize to Optimize

Delve deep into the nuances of your market. Research on what your patients would like, what your future competitors are doing, in what way you can carve a niche and be different from the herd, and then amalgamate all these insights into your brand strategy. Only the desire to provide excellence in healthcare will not make you successful…you will have to shout and proclaim that you are the best through your marketing and promotional strategies to make sure that you stand out from the crowd. Plan to keep your target audience enraptured with and enticed to your social media personality. 

To-do list

• Research the demographics of your target audience and delve into their likes and dislikes to discover what they expect from you.

• Promote your brand as the answer to this expectation.

• Use market and competitor data to set a price protocol

• Invest into a good asset planning and tracking system.

• Do not compromise on quality of equipment.

• Gear up with a hospital information system which will allow seamless transfer of information.

• Advertise and promote your brand even before your opening.

• Scout for the best talent.

To summarize, the Healthcare business is a complex one and will need careful study even before you launch your own healthcare facility. Given the twists and turns in this field, it will be better if you take the advice of experienced hospital consultants who can guide and mentor you on this journey. If you need any help, be sure to contact Hospertz consultancy. We have a proven track record and hands-on practical experience that can help you reach your destination of healthcare entrepreneurship without encountering any hurdles. 

Blog has been written by Dr. Vishal Jadhav, a veteran in the field of hospital consultancy with a rich experience of more than 20 years and founder of the Healthcare Consultancy Firm, Hospertz.

Dr. Vishal Jadhav, Director
hospertz@gmail.com
+91 9867712705/ 9820833149