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5 Ways, the Healthcare Industry, is Different To Other Industries
Technology and the promise of profit have driven massive investment into health, and while it can still be vastly improved, we have seen substantial gains over the last 100 years. People are living longer; they are not dying from diseases that once were a death sentence, they are recovering faster and able to self treat in many cases, which may not have been an option years ago.
Healthcare is now a massive multi-billion dollar industry and quickly approaching Trillion dollar market cap numbers, and it is here to stay for a long time.
Health care, however, is not like AI, or Blockchain or commodities, it has several unique characteristics that make it not quite the same as in other industries. If you're aiming to move into the health care industry as a support service provider, creating financial products for health care or doing marketing in this field, then there are a few things you should consider that will affect your strategy for success.
Let's take a very close look at five ways the healthcare industry is different than other industries.
1. Sense of community
First and foremost, there is a strong sense of community in the healthcare industry in many times it can also be considered nepotism. This is a substantial stumbling block for many trying to crack the tight-knit community.
Healthcare proffesionals tend to have a strong sense of comradery because everyone is working toward a common goal: keeping the public healthy.
There are very few conflicts of interest, and everyone is on the same professional page. As a result, healthcare workers are very friendly with one another. You'll frequently see healthcare representatives from different companies conversing with one another and even helping each other out.
Healthcare companies are continually communicating with one another to resolve issues between mutual clients. Although they might be competitors, distributing quality healthcare to the public is the number one priority no matter what.
If you want to make inroads in health care, you need to take the long tail approach and build strong personal relationships with your client base and be in constant communication and community outreach.
2. Market Dislocation
Market dislocation is also something unique to the healthcare industry. In a nutshell, this means that the person who buys a service is not necessarily the one who pays for it. As you might imagine, healthcare is full of intermediaries who assist in the transaction.
Initially, you pay for healthcare at the beginning of the year. By the time you finally utilise your premium, you're dealing with an entirely different sector of the market. For the consumer, this isn't a big deal. You can rest assured that your money is being handled with care. Just know that the healthcare industry is relatively disjointed.
3. Thorough Records
The healthcare industry also keeps much more thorough records than other sectors. This is no surprise as health records are so vital when someone is admitted to the hospital. If physicians can look up their files on demand, they'll be able to administer the best treatment. The healthcare industry does its fair share by keeping a complete history of each client.
A medical transcriptionist takes all of the raw data and compiles it into a neat, concise record. If you repeatedly opt into healthcare, your paper trail will be rather comprehensive when compared to other sectors, which helps with personalisation of pitching and product development that can set up for medical success.
4. Cottage industry
Similar to the notion of market dislocation, the healthcare industry is also a cottage industry. iThis means that lots of small entities work together to provide cohesive healthcare. First, the healthcare company might reach out to a client to schedule a consultation. When this client does visit the doctor, the hospital will relay info to and from the company on demand.
Finally, a receptionist on the healthcare end will wrap things up with the client once more. All of these little cottages work is conducted in harmony to form the notion of healthcare.
Once again, it's not a big deal that you don't have a single service to rely on but several. However, to the end-user, it feels like one service, and in reality, you're working with an expert in each field that has many years of experience due to the tight-knit community.
5. Highly regulated
Last but not least, the healthcare industry is highly regulated. All medical industries tend to be stricter than normal, which comes a no surprise. When lives and wellbeing are on the line, doctors need to be as precise as possible. When healthcare workers come across unaccounted records, they want to get to the bottom of the case immediately.
One of two things has happened. The record is out of date, or the record has incorrect info. Either way, it needs to be addressed as soon as possible. Because data is being shared across the world, the healthcare industry needs to stay organised at all times, and it takes a lot of pride in doing so.
These are some ways the healthcare industry is different than in other industries. Healthcare is unique in itself and shouldn't be compared to other industries without some thought. Whether you have healthcare of your own or are thinking of purchasing some, take note of these differences.
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If you enjoyed this post and have time to spare why not check out these related posts and dive deeper down the rabbit hole that is the health care.