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Our nation is in the middle of a major overhaul with regards to the healthcare economy and there are plenty of dollars to be had. The better-educated customers and the healthcare providers are always watching out for good quality services and products. Thanks to the national economy that’s improving with time and to the introduction of the 21st Century Cure Act, there’ll be trillions of potential entrepreneurs who will flow into the field of care and research.
In short, this is the perfect time to try your luck as a heath entrepreneur; but that doesn’t mean it will be an easy task.
Is there any good news round the corner?
As per reports from The Washington Post, the 21st Century Cures Act was signed on the 13th of December, 2016 and since then, it has aimed to boost funding for medical research, accelerate the process of development and approve the treatments done as an experiment and change the entire federal policy on mental health and care. You’ll be rather happy and satiated to know that each of these paths will offer promising chances to the entrepreneurs.
According to HealthcareITNews, an amount of $6.5 billion dollars is offered by the bi-partisan legislation to precision medicine, electronic health records, interoperability and mental health. Major parts of these proceeds will be flowing towards the power players who have already established themselves in the field of pharmaceutical research. Nevertheless, despite this decision, the beneficiaries will all be eager to take a look at the services and products which can accelerate abiding by the Act, facilitate the product to the market and also boost patient care.
What does entrepreneurship look like in the healthcare industry?
In the United States, health care is a $3 trillion industry. We usually think that the entrepreneurs are operating in the form of smaller companies but the bigger companies of different size will keep behaving in an entrepreneurial manner. When someone becomes an entrepreneur in the health industry, whether he engages in providing health care services or selling health and weight loss products like isowhey weight loss powder, there’s too much that is put at stake. Entrepreneurs require some serious productivity along with creativity to reach the zenith of success. Here are few examples.
#1: Entrepreneurs have to take on risks and challenges
Though there are inherent risks that can be associated with your business from any poor result, yet the healthcare industry is pretty conservative. Entrepreneurs have to act in ways they’re approved and tested and this way a provider will protect himself from the liability. This is not going to be a profession where you can test new things pretty often because anything that is considered as new will have to be tested thoroughly, it has to be proved and shown that it can contribute to the improvement.
#2: Entrepreneurs have to move pretty fast
It takes an enormous amount of time to bring in new drugs to the market and hence healthcare entrepreneurs should find out brand new ways in which they can effectively navigate through the clinical process of trial and approval. With the perfect combination of nimbleness and entrepreneurial speed, you can move few therapies forward at a faster rate than what is expected.
#3: Entrepreneurs remain focused
It is pretty challenging to become an entrepreneur when the commitments and resources are spread over various areas. When you tend to operate a company which has got divergent goals, it can really become an act of juggling. While there are companies which produce different devices used in back surgeries, there are others who focus only on the immunotherapy platform which focuses on delivering gene therapy directly into tumors. Everything from money, brainpower, experiments, ideas and marketing will move in a similar direction.
Changing health care for the better – What can entrepreneurs do?
Let’s take a quick look at the things that entrepreneurs can do in order to bring about a positive change to healthcare industry.
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Be smart about the economics of health care
The ACA or the Affordable Care Act is bringing about a shift in the way in which hospitals and doctors are paid for offering care. This means there will be a difference in the way you can look at success. With the expansion of private and public health insurance exchanges, this can lead to better competitive insurance products.
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Create technological products which decrease costs
With the public health care exchanges, people who enroll in bronze and silver plans usually pay sizable deductibles. However, with the initial $5000 that you have to pay out-of-pocket, that may seem unaffordable. The upcoming generation of health care entrepreneurs will utilize the current technologies to create products which can lower costs.
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Abide by the startup money trail
Did you know that venture capital funding for digital health totals to $2 billion and since then it has doubled every 2 years. There are big shot companies which are backing other newcomers who aim to enhance the clinical workflows, educate clinical decisions with big data and design platforms for perfect management of population. This way they engage health care consumers. They are taking such steps in order to make an impact on the health care industry.
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Realize that majority of the startups fail
Almost all entrepreneurs will face reality which is that majority of the startups fail. Such health care startups are similar and they’re even riskier. The person who receives care is not the one who pays for it and this is why health care is considered as complex. Majority of the hospitals depend on revenue based on fee-for-service. The medical community won’t embrace different solutions which can reduce utilization.
Therefore, as we see, the value-driven business models are looking forward for the products and services which improve efficiency and they need entrepreneurial and disruptive talent. Hence, the entrepreneurs who are willing enough to take risk will define the direction of the entire health care future.
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