We’ve all read the news about monster corporations like Amazon and Walmart dipping their toes into the healthcare market. Their initial focus seems to be DME and pharmacy products. However, many existing providers are wondering if these new “players” will soon be in the business of care delivery as well. This possibility is scary in a traditional industry with many modest-sized companies, but the fact is that it may actually open the doors of opportunity.
Providers earn success through blood, sweat and tears. History shows that there have been many well-funded healthcare endeavors that failed to live up to the hype. And, if these most recent entries into the healthcare space do succeed, it will be thanks to care delivery partners on the ground. In light of these developments, prudent healthcare providers need to identify strategies that secure their “place” in the changing marketplace.
Answering these simple questions will help healthcare leaders prepare for the future and may also provide some peace of mind:
What do we do better than any other company?
As a child, you’re taught that, “everyone is special in their own way.” There was truth to that statement then and there’s truth to it now when it comes to your business. Most companies enjoy certain strengths and attributes that are unique. Perhaps your care delivery model is streamlined thanks to operational methodology that has been refined through years of trial-and-error. If so, who’s to say that the “big” new entry into your healthcare space enjoys the same knowledge? Can their unlimited funding buy experience? Knowledge is power, so make sure to use your greatest asset to the fullest!
How does our smaller size provide competitive advantages?
Everyone is quick to sing the virtues of large corporations in terms of purchasing power. But, is it possible that their size also has drawbacks? Even in the days of grocery warehouses and massive home improvement centers, convenient stores still make profit, and mom-and-pop hardware shops still thrive. Clearly, there’s a market for service and accessibility, and the same applies to your smaller healthcare business.
Can we partner with the “800lb Gorilla” to create a win-win scenario?
Instead of viewing large healthcare corporations as enemies, try to focus on partnership opportunities. These organizations often don’t seek to be a “jack of all trades,” but may see value in tapping into existing resources [you]. Not only will a symbiotic relationship ensure your future viability, but it may actually help you gain ground against your traditional competitors. If you secure a coveted spot as the preferred care-delivery asset to a much larger corporation, tremendous growth awaits. Proactively solicit new industry “players” with compelling LOI proposals and reap the rewards.
Ultimately, change is inevitable. All industries face challenges in today’s world of mega-corporations, acquisitions and venture capital infusions. If you feel like David battling Goliath, rely on smart strategy as your “slingshot.” Organizations and providers in need of healthcare personnel should also consult a proven San Diego staffing firm for that extra edge!