What makes a healthcare business?
Healthcare is comprised of organisations or companies engaged in activities which contribute toward human health. Some examples include:
- Pharmaceutical goods & services
- Medical equipment
- Therapeutic treatments
- Healthcare services
- Healthcare facilities
- Medical research
In our experience...
Healthcare is an unusually complex sector in that the products or services are often not well understood or marketed, yet they're constantly in high demand. Healthcare economics are also often very different to businesses in other sectors, with many of the large healthcare bodies dependent on an allocation of government funding to do their jobs (e.g. the NHS). In these organisations, cost management (as opposed to profit generation) is the main KPI for financial performance.
What we recommend for healthcare clients
The healthcare sector may be different from other business sectors, but the need to monitor and manage costs cost is still vitally important. These businesses help people. Therefore, a back-office partner — someone that can minimise distractions and overheads — is paramount. Healthcare businesses should also be mindful of its interconnected nature and keep sufficiently aware of government initiatives, changes to funding, and healthcare legislation.