Dream of the Fortune 500? Process-Improving Tips for Small Healthcare Companies

Ever since the implementation of the Affordable Care Act, a few American healthcare companies have emerged as major Fortune 500 players. From pharmaceutical giants to insurance companies and from drugstore chains to medical equipment suppliers, healthcare companies are adapting to change and improving their processes. As the owner or executive of a small healthcare business, you should be following the examples set by these successful companies. Here are four recommendations to improve your processes:

Understand the Cycle of Improvement

You cannot expect to improve business processes with a single action. Quality improvement consists of making adjustments and changes that may result in new issues to worry about. When you set out to improve your processes, you should follow a cycle of planning, taking action, evaluating, and taking new actions. You should keep in mind that a single adjustment can have repercussions across your company.

Communicate with Your Staff

When you set out to improve your processes, it is important that your staff is aware of your intentions. At some point, you will want to implement certain measures that your employees and associates may not be in agreement with. If you simply push measures without consulting with staff, your efforts will become complicated.

Learn to Monitor Your Expenses

Let’s say part of your business consists of assigning medical professionals to visit patients who receive home care therapy. If you need to evaluate the costs involved in sending your associates to the field, you can use a solution such as MedPro Systems. Once you figure out real costs, you can adjust your insurance billing and reimbursements accordingly. In this case, MedPro Systems will provide you with real-time access to healthcare provider travel and expense data. Check to see if whatever service you use is able to provide that as well.

Approach Improvement as a Project

Depending on the scope of your company and on your business goals, improving certain processes can turn out to be a very complex task. By treating process improvement as a project, you will be able to determine how much effort and resources will be needed. With project management apps such as Asana, you can assign certain improvement tasks to your staff and associates.

In the end, your dreams of growing your small healthcare practice into a Fortune 500 company will largely depend on your ability to improve certain processes. The compliance aspect is bound to get more challenging, but there will always be opportunities for business expansion.

Guest author Hannah Whittenly is a freelance writer and mother of two from Sacramento, CA. She enjoys kayaking and reading books by the lake.