Competition Will Drive Innovation in HealthCare

As we all strive to be better, more affordable and achieve better results

Over the past month, Main Street Medical has published a series of blog posts on the positive outcomes that increased competition will have on the healthcare industry.  In this post, we’ll take a look at how this same situation will drive innovations in both the services offered and the tools and technology that power healthcare.

 

As there are more options for doctors, hospitals and outpatient clinics, it’s only natural that we worry about experiencing some patient turnover.  Rather than sit back and bite our nails, worrying what this might do to the industry, Main Street Medical has been looking to the future and for this region, it looks very bright.

 

Increased options for our patients, means that as healthcare providers, and networks, we strive to become better and offer more in order to retain these patients.  As doctors and clinicians, we’ll seek out the best in terms of new medicines, therapies, diagnostic tools, and more so that we can provide a higher level of care.  This new demand will drive the providers of those technologies to create new and better options, driving a chain reaction that will improve the overall healthcare industry as a whole.  

 

Let’s break it down in terms of an example, something as simple as an exam table and place ourselves in the shoes of a physician owned practice that is looking to retain patients in the face of new options.  As this physician, we are likely to take a look at our physical offices and look for ways to improve the experience a patient has here.  The elephant in the room is the exam table.  It’s often the first thing a patient sees and experiences when they are brought by a nurse to the exam room.  If it looks old, is cold or uncomfortable, and the new office down the street is likely to have a newer and nicer model, the chances are that the same patient will have two very different experiences in each office.  

 

So, as a way of improving the experience for this patient, we look into new exam tables that are nice but won’t break the bank.  The first place we’ll likely look, is the same company who provided the tables that we currently have.  If they don’t offer a newer, and nicer model that we can afford to purchase multiples of, we’ll look elsewhere.  Notice that? We’ve now created competition among the companies who provide our products and services.  Now they will also begin to feel the pressure and look for ways to improve their offering.  They may be inspired to look for more affordable ways to make their products, design and test new products or partner with other companies to offer a wider array of products.

 

This same scenario is happening right now across the country.  Pharmaceutical companies are being pushed to find new and more affordable drugs to treat and cure various afflictions.  Our own region is pioneering cancer treatment among various other innovations.  Pittsburgh and Western Pennsylvania has pushed the envelope and driven innovation, and now the rest of the country and the world are seeing just what we are capable of.

Let’s roll up our sleeves together, and look for ways that we can improve patient experience and your revenue cycle management in order to better serve their needs.  Main Street Medical is dedicated to your success, and the health and wellness of your patients.  Give us a call today and let’s chat.