Major Challenges Faced by Healthcare Franchises Today
In the era characterized by uncertainty and rapid change, Healthcare franchises should become more nimble and proactive to succeed.
Being one of the largest sectors in India, the healthcare industry is booming at a rapid pace. It’s creating both revenue and employment, contributing to the nation’s competitive advantage. Entrepreneurs interested in this sector are coming up with various new inventions and ideas for providing a better and advanced experience to the people.
The healthcare market can increase three-fold to Rs 8.6 trillion (US$ 133.44 billion) by 2022, providing numerous opportunities to healthcare investors. But a coin always has two sides. With various innovations happening in the industry, there are a number of challenges which have been a roadblock on the highway of success. It’s necessary to understand these challenges and come up with a solution. Here are 2 major challenges the healthcare industry is facing today:
Keeping pace in healthcare transformation
With time, consumer expectations are also transforming. They now expect the same experience in terms of customer interaction from the healthcare franchises as from other businesses. This shift in attitude is one of the major challenges, to focus on.
Franchisors should understand their ever-changing expectations and maintain the pace, serving accordingly. They must now mend ways to meet their expectations while maintaining cultures of healing and stable business operations.
Confidentiality and Cyber Security
Technology is a double-edged sword, where this industry is regularly enamored by shiny new toys and buzzwords like Artificial Intelligence and Blockchain technology. It’s necessary for healthcare franchisors to understand why they are investing in a certain technology, what it will solve, and why previous attempts didn’t work.
Ben Patel, CIO, Chicago-based Sinai Health System, says “Choosing the right technology is often hindered by regulatory pressure, confidentiality requirements and the growing threat of data breaches.”
Franchisors should assess technologies from a Return on Investment (ROI) standpoint that not only analyzes what the brand will attain from solving a problem, but also the possible complications it would create.
The article was originally published on Franchise India by Shahram Warsi.