Financial Growth Strategy
Every business, even if it is a hospital needs a sound Business Growth Strategy and planning. Only running and managing the day to day operation will not yield in the long run. For the long-term growth and financial viability, it is essential for a hospital to invest in specific growth strategies. A growth strategy is primarily categorized into two:
- New product
- New Market
For a healthcare facility, new products can be an addition to the host of medical services that it has already been offering, like the addition of a new emergency unit, cancer or chemo unit or joining of a renowned health care practitioner in the team of doctors who is acclaimed and people know him for his diagnosis and treatment. The new market in the healthcare industry refers merely to penetration in the new nearby areas, like small towns or villages by opening a small unit or single-specialty services. This way the facility reaches the doorstep of people living nearby. Adopting a growth strategy or changing the plan indeed leads to an increase in patient- flow, more revenue and profit for the organization.
Why :
Hospaccx Healthcare consultancy is one of the chosen company when it comes to planning and formulating the growth strategy of a hospital. We have the relevant experience and a decent team who know what steps should be taken by the hospital owners to increase the patient-flow that eventually results in the growth of the organization. The growth strategy of any organization is determined by some factors like its current financial situation, the competition, and even government regulation. We offer services in the field of :
- Market penetration Strategy: Here we suggest our clients penetrate more into the existing market with new products or services or a re branding or positioning campaign. The result of such a strategy should ideally be more market share and increased brand recall.
- Market expansion Strategy: Here we recommend our clients to explore new markets, tap the untapped areas and sell the same services. It is recommended after thorough market research, and the primary reason behind the market expansion is the emergence of new hospitals in the near-y areas which has snatched patient-flow resulting in lower revenue.
- Product expansion: Increasing services is a good option for hospitals with a small portfolio of services. We suggest such clients offer more services to the patients and become a one-stop solution for most of their medical requirements. This results in higher patient-flow and combats the overall risk of business loss.
- Diversification: By diversification here mean new services to the new markets. The strategy is first to explore new markets, like the primary or secondary drain areas and then offering them some new bunch of services. By doing this, the hospital will get more and diverse patients with other health issues.
