Are You a Healthcare Disruptor?Posted on
Over the past few years, the Practice Builders team has had the pleasure of working with several healthcare providers that are referred to as “disruptors.” You may be asking yourself, what is a ‘disruptor’ and how do I qualify.
Let’s find out!
What is a disruption in healthcare?
Disruption refers to any innovation in healthcare that radically changes the way medical practices operate. Disruption occurs when someone intentionally targets the overlooked corners of the healthcare industry by offering a new service or product that is more affordable, efficient, improves patient experience, and helps boost the bottom line.
What are the benefits of disruption in healthcare?
Is disruption good for your medical practice? The answer doesn’t depend on your target market or outside forces. It solely depends on you as the owner, and your staff. If you and your team are able to recognize an opportunity for disruption in service quality or patient experience, you will be rewarded.
Here are some of the many benefits of disruption in healthcare:
- Improved agility: The healthcare practices that started the trend for disruption are flexible and innovative. They have flat organizational structures that make them better prepared for the future.
- More growth opportunities: When looking out for disruption, you will often spot growth opportunities. Even if they don’t qualify as disruptive, these new patient acquisition channels or products can help you scale your practice and drive more revenue.
- Higher patient fulfillment: One of the business goals of most medical practices is to have as many loyal patients as possible. Listening to what your patients expect from you has two benefits: you may discover opportunities for disruption and improve the patient experience.
How to become a good healthcare disruptor?
1. Know your target audience well
Before you even start thinking about becoming a healthcare disruptor, you need to know precisely who you are disrupting it for. Be very aware of your target audience, and really get to know them. Unless you know them personally, you will not be able to figure out what needs to be improved. You can use various online tools to gain a deeper insight into the target market, the products or services available, and what products are most popular. The key is to find a weakness or gap within the industry that negatively impacts patient satisfaction and patient experience. From there, it will be easy to determine where your medical practice can jump in and fill that unmet need.
2. Have the courage to redefine rules
To be a disruptor, you need to know the existing rules and conventions in your niche market. Once visible, you can readjust these rules – or reset them completely. As a healthcare disruptor, you should not be content with the traditional way of doing things. You must have the belief, intelligence and courage to reframe existing mindsets and go above and beyond the status quo. Keep questioning and keep looking for answers is the sure-shot way to become a healthcare disruptor.
3. Learn to spot opportunities for disruption
What causes disruption in healthcare? Most often, niche markets that are ripe for disruption include a lot of large group practices. These practices have been around for years and have cornered the market. As a brand, they feel safe. This is a huge mistake and often leaves them vulnerable to disruption from smaller, solo practices that provide more value to patients and better, personalized experiences. This is why disruption requires keeping in touch with changes in your niche/local market so you can stay one step ahead. These changes might include technological advances, shifts in patient preferences, or entry of better, more advanced medical practices. You want to disrupt, not get disrupted. So, keep a finger on the pulse of your competition and stay open to opportunities.
4. Do the unexpected
If you are able to pinpoint your competitive advantage, tap into that. Remember that your target audience might not know they need your product or service until you show them how it benefits them. You can promote the aspects that make your medical practices different from competitors and use this information to fuel your marketing campaigns.
5. Ensure the timing is right
Some of the most disruptive ideas often come from research groups commissioned to generate creative ideas to solve our existing problems. However, if the timing is wrong, you will not be able to capitalize on them. You might be able to create ideas, but you won’t be able to hold out long enough for the market to appreciate the disruption. Sometimes this may be plain luck, but in most cases, it has to do with planning. In other words, if your goal is more about hitting a significant disruption in your niche market and not having a long-term vision for your brand, chances are you won’t stay in it long enough to see your ideas take the form of disruption.
Healthcare disruptors challenge the industry’s existing norms with fresh takes on common problems and provide solutions from new perspectives that cut through the status quo. Diving deep into your patients’ pain points and coming up with innovative and effective solutions will find your medical practice being labeled the best in your local market.
The Practice Builders team has been supporting healthcare disruptors since its inception. We will build your online reputation and thought leadership in the healthcare space, which will help you attract more new patients and expand your medical practice.
Contact us for a free demo of how our expertise can help you achieve your business goals.