Competition in Healthcare
Competition in Healthcare
The Healthcare industry has sprung with private centres coming up in the market to offer competitive care and market share. The vision of healthcare centres is to ensure the provision of care diligently and make profits to allow the hospital to divide in research and expansion of other facilities. In addition, the technological trends with medical equipment have added more weight to the competition seen in the healthcare industry. With more sophisticated equipment that allows for conducting various tests, the hospital is rushing to acquire this medical equipment to standard out in the market and get more patients to its facilities.
The various forms of competition are in the service provision, pricing and premiums. Since healthcare depends on the population’s approval, their services should be community centred and still have good partnerships with the government and insurance companies, which affect more revenue into the health centre. Hospitals target the best medical personnel in the market to have the skill set to use the newly developed medical equipment for utmost patient satisfaction. Hospitals will put premiums on their health care financing and insurance plans services while still providing more service to any patient who visits the facility (Goddard, 2015). Hospitals compete on which one has the best location that is efficient for its patients. The geographical location of the hospital will determine the prices of their services, and talented medical personnel would want to work in the hospital with higher standards and cutting-edge facilities and equipment.
Due to people not wanting far to seek medical attention, hospitals have been able to be established across various geographical locations to ensure that everyone can access health care services. Knowledgeable of these, hospitals have taken camp in various areas with a considerable population of which they all strive to provide exceptional care to attract more patients into the facility. The dilemma arises that with high competition on the market, hospitals can provide effective management to attract customers (Van den Broek et al., 2018). More outcome form services as all hospitals are working towards making a name in the market by undertaking thrilling care for various diseases. Hence, this will continuously offer more development in the health care services with new developments coming out consistently. The healthcare industry has also benefited from developing more durable equipment in the spirit of hospitals acquiring equipment that can serve them for longer and considerably.
Being aware of all factors that will ensure a hospital remains competitive and gives exemplary care to patients is only possible by gathering detailed information and data that can then be analyzed by professionals, thereby making decisions that are strategic to the hospital. Competitive intelligence will have health centres being research-oriented with lots of framework development to drive the hospital in the targeted direction. Such factors that are considered here include; market opportunities through mapping, care activities currently and forecasted one, physician’s recruitment, demographic assessment, competitors and general care practises (Ghandour et al., 2021). The hospital can assess these factors promptly to have the edge over other players in the market. Hospitals that have an efficient information system will capitalize on these and research ways to improve their services to satisfy patients always.
Cost-cutting mechanisms in health care practice can be achieved by reducing care costs on the hospital’s side and providing care that patients will agree with. Stiff competition has the health care to be patient-centred so that the hospital can build a rapport with the individual for future businesses and referrals. Patients are able even to receive additional care as health institutions sell care packages in a bid to attract more patients. Low care costs on services have sprung, with all hospitals seeking to have a pie f the market. Patients can easily make their choices on health facilities they want to use due to their affordability or services provided since many hospitals are offering services in ways that can attract more patients. For example, patients can consider having only specific medication in a certain hospital with a different choice of health institutions for other complications due to the specialization of hospitals and variation in treatment modules and availability of medical equipment.
Ghandour, Z., Siciliani, L., & Straume, O. R. (2021). Investment and quality competition in healthcare markets.
Goddard, M. (2015). Competition in healthcare: good, bad or ugly?. International journal of health policy and management, 4(9), 567.
van den Broek, J., Boselie, P., & Paauwe, J. (2018). Cooperative innovation through a talent management pool: A qualitative study on competition in healthcare. European Management Journal, 36(1), 135-144.
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