The healthcare industry is the one that’s the most significant to the prosperity and overall well-being of our society, and if we didn’t know it before, we certainly know it after the COVID-19 pandemic. While you probably have never heard of Roivant, they’re one of the companies that played a significant role as a frontline combatant against the coronavirus pandemic. Not only are their recent accomplishments impressive, but they’ve also laid a blueprint that other healthcare businesses can apply to achieve success regardless of the services they provide or their business model.
Integration of new technology, such as medical devices and new medicines, as well as best practices, is integral to the success of your healthcare brand. People have more control over their medical care than ever before, and there’s a constant influx of new talent and tech, meaning the competition is serious. The good news for your medical business is that Roivant has provided a model for best practices from which any healthcare business can benefit. Continue reading to get some tips to grow your medical business as well as some things every company can learn from Roivant.
Always put patients over profits.
The healthcare industry is a multi-trillion-dollar industry, and there are companies all over the United States vying for their slice of the pie. Everyone from the CEOs and insurance companies to the doctors and nurses is under extreme pressure to provide top-tier services and earn profits. However, if there’s anything your company or hospital can learn from Roivant Sciences it’s that putting the needs of patients first is the only sure-fire method for success.
Even though there’s tons of competition, the healthcare system is still such that the need for healthcare is greater than the availability and accessibility. That means that there’s plenty of room for growth in the healthcare industry as long as you prioritize the needs of the patients over everything else.
Another thing that we’ve learned from COVID-19 is that there is a great need for more trust between healthcare providers and big pharma and consumers. One way to increase the trust and promote alignment of your company’s values and services with patients’ needs is to focus more on enhancing the customer experience.
CRM software (customer relationship management software) is the best enterprise-level application for improving the bonds between customers and service providers. CRM software collects vast amounts of customer data and applies advanced analytics to give your company in-depth insights into the needs of your market.
The future is now.
New technology is constantly hitting the market and advancing at the speed of light, as if racing with time to drag the future into the present. That means your business can’t afford to wait for the future to arrive—you have to become an active participant in making the technology of the future a reality in the present.
As Roivant’s leader, Vivek Ramaswamy pushes the organization to explore the frontiers of gene therapy, silicon therapeutics, and the study of rare diseases. There were many things we might have thought of as unachievable before the pandemic, like finding an effective vaccine less than a year after learning of the virus. Thanks to Ramaswamy and other visionaries in the medical industry, we have a new concept of achievable. One of the ways Ekso Bionics is similar to Roivant is the way they constantly aspire to achieve what others deem as “the impossible.”
Exoskeletons have been a fixture of Sci-Fi and action movies for the past 30 years, but Ekso has been developing efficacious, real-life exoskeletons for 15 years that have the ability to enhance human physical capabilities. The even more exciting news is that their new medical exoskeletons are giving hope to people confined to wheelchairs, recovering stroke patients, patients with spinal cord injuries, and people with other mobility-inhibiting conditions.
Technology is key to getting the best out of your team members.
One of the things that companies all over North America struggle with at all levels is employee engagement. Setting company objectives by which you can govern your business operations is critical to achieving the desired key results. Objectives and key results (OKR) software is the most effective tool for promoting productivity from team members and alignment with company objectives.
It’s important to choose an OKR software that comes with an easy-to-learn user interface as well as integration with tools like Slack, Asana, and Weekdone that promote connectivity. There are also OKR tools that allow you to set individual OKRs and that use PeopleGoal that can be used for individual performance reviews and team evaluations.
OKRs software is the best way for a medical startup to get an accurate overview of their company’s business operations. It’s also essential to gauging company productivity, goal setting, and employee engagement.
It takes a lot of time, energy, and capital to stay on the cutting edge of the new technology, medicines, and best practices, and it’s also necessary. If there’s anything that all businesses, from private practices to hospitals, should take from the pandemic experience, it’s that the world needs you to be at your best.