Healthcare services organizations face a wide array of regulatory complexities. From laws that vary by location to patient privacy to fierce competition, the challenges are endless. For many, a growth strategy may not even seem like an option – they’re just trying to survive.
With the right resources and a practical plan, though, these hurdles can be overcome.
BluWave’s Business Builders’ Network already knows the pre-vetted, high-value third parties that can help with these industry-specific challenges. These experts bring a wealth of knowledge and experience, providing tailored solutions for healthcare services businesses.
Let’s take a deeper look at the many variables healthcare services companies face along with the importance of strategic planning, market research and regulatory knowledge.
Challenges in Growth for Healthcare Businesses
Navigating State Expansion in Healthcare Services
The decision to expand healthcare services into new states is one way to grow market size. If only it were as simple as opening new locations.
Each state (or region) presents a unique regulatory environment, payer landscape and reimbursement rate structure that can significantly impact the feasibility and profitability of expansion efforts.
Expert third-party consultants, with their deep understanding of these nuances, can provide invaluable guidance. They help healthcare organizations evaluate potential markets, navigate state licensing requirements and understand the intricacies of payer dynamics.
“The specialized growth strategy resources in the BluWave network understand the nuances of the healthcare industry as well as those of specialty practice areas,” says Keenan Kolinsky, BluWave co-head of Research and Operations. “They can help businesses grow while complying with challenging regulatory environments that can vary by market.”
This strategic insight ensures organizations can make informed decisions, mitigating risks and maximizing growth opportunities.
READ MORE: A Look Inside the Industry with a Healthcare Expert
Strategic and Operational Planning for Healthcare Growth
Healthcare organizations, particularly those specializing in areas such as substance abuse and detox, face the dual challenge of navigating a highly regulated environment and positioning themselves for growth or sale.
Strategic and operational planning is crucial in this context. Experienced third-party experts know how to navigate corporate governance and market positioning while understanding the buyer universe.
Their strategic advisory services can help healthcare organizations develop a clear roadmap for growth, identifying key opportunities and challenges, and formulating strategies to address them effectively.
Market Analysis for New Healthcare Operating Markets
Entering new healthcare markets, such as women’s health or specialized care services, requires a comprehensive understanding of commercial insurance trends, competitive market dynamics and state policy outlooks.
Working with someone who has done this before can be a significant advantage. These groups conduct thorough market analyses, offering insights into the payor landscape, provider supply and population demographics.
This also helps healthcare organizations assess the viability of new markets, understand competitive pressures and develop tailored strategies for successful market entry.
READ MORE: Healthcare FP&A Resources
Market Research for Identifying Growth Opportunities
For healthcare organizations looking to identify growth opportunities within their existing markets or penetrate adjacent ones, market research is indispensable.
Neutral third parties can evaluate the competitive landscape, assess market size and potential and identify untapped opportunities for your business.
This foundational research provides healthcare organizations with the data and insights needed to make strategic decisions about product development, market expansion and customer engagement strategies.
Developing Strategic Plans for Rapid Growth and M&A
Rapid growth and mergers and acquisitions (M&A) are common strategies for healthcare organizations seeking to scale quickly.
But these tactics require careful planning and execution. Expert third-party consultants can assist in developing a 180-day plan post-M&A, focusing on integrating acquisitions, building necessary infrastructure and aligning strategic objectives.
Their guidance ensures that healthcare organizations can effectively manage the complexities of M&A activities, from due diligence to integration, fostering seamless transitions and sustained growth.
READ MORE: Digital Marketing Pain Points, Solutions for Healthcare
Formalizing Processes for New Healthcare Business Lines
As healthcare organizations grow and evolve, formalizing processes for new business lines becomes critical. This involves financial modeling, business case development and strategic planning.
Third-party experts specializing in healthcare finance and strategy can provide the support needed to formalize these new initiatives. Their expertise ensures that new business lines are grounded in solid financial planning and strategic alignment, enhancing the organization’s ability to innovate and compete in the healthcare market.
The Business Builders’ Network is full of pre-vetted resources who are ready to help your healthcare services company with its growth strategy.
Our research and operations team already knows who you need before you contact us, and is prepared to connect you with a short list of industry-specific options.
“Healthcare Services is one of the most in-demand industries we’ve served over the past 12 months,” Kolinsky says. “We have a deep bench of growth- and commercially-focused resources specializing in healthcare as well as resources with other functional capabilities needed to provide the infrastructure necessary to support sustainable growth.”
READ MORE: Senior Advisors for Healthcare Businesses
Partnering with BluWave can not only gives you more confidence in your growth strategy, but we can help you get started within a single business day. Set up your scoping call today, and we’ll provide a short list of situation-specific resources who can help your business reach its next stage of growth.
