083: The Role of Entrepreneurship in Healthcare Innovation

What is the role in Entrepreneurship in Healthcare Innovation?

As clinicians-turned business owners, we end up needing to figure out a lot of things on the fly. Most healthcare education programs focus most (if not all) of their energy and resources on clinical training and technical knowledge. And that makes sense. You need to have the skills and knowledge necessary to deliver clinical services when you graduate the program. However, this leaves most clinicians with a huge knowledge gap on the business side of things. Systems development, operations, HR and people management, which are viewed as an afterthought in school, take center stage when that clinician decides to open up a practice. And that can be overwhelming. However, it can also be rewarding personally, professionally, and even to the industry as a whole. As I’m a big fan of saying, I believe entrepreneurship is the mechanism by which innovation will most effectively occur in healthcare.

In this episode, I sit down with Will Humphreys from Healthcare Business Academy to talk about entrepreneurship in private practice healthcare. He discusses building his private PT practice, scaling it and implementing systems, and eventually selling that practice for a multiple much higher than industry standards. He also shares about what he’s doing now with Healthcare Business Academy.

What we cover in this Episode:

• Misaligned incentives with third-party payers
• The difference in value perception between stakeholders
• Understanding the financial metrics that drive business
• Ensuring that there is a culture fit when hiring new team members
• Team member recruitment & retention
• The importance of building a network of other entrepreneurs in the space
• Achieving Better Outcomes through entrepreneurship in healthcare

We’re starting to create videos of certain podcast episodes, including this episode, which can find on the YouTube Channel.

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Connect with Will Humphreys

• LinkedIn 
• Facebook 
• Healthcare Business Academy

For More:

If you enjoyed this episode: Join Rafael E. Salazar II, MHS, OTR/L (Rafi), principal of Rehab U Practice Solutions and host of The Better Outcomes Show as he explores the possibilities of a new healthcare. Guests range from clinicians trying new techniques and treatments to executives and entrepreneurs exploring new service delivery methods, business models, and organizational structures. You can sign-up to receive new episodes delivered directly to your inbox by filling out the form below.  Learn more about Rehab U Practice Solutions by reading The Manifesto for a New Healthcare, or listen to Episode 000. Or, grab a copy of the book: Better Outcomes: A Guide to Humanizing Healthcare.

Are You Ready to Humanize Healthcare?

If you run a clinic or practice and are looking to develop a strategy that leverages best practices, new technology, and marketing/messaging in a way that returns the focus of healthcare to people, please reach out. We’d love to talk with you about how Rehab U Practice Solutions can help your clinic bring in more clients, retain them throughout their course of care, and create uniquely impactful experiences.

Work With Me

If you’re ready to craft a strategy to help your organization bring in more clients, retain them throughout their course of care, and create uniquely impactful patient experiences, then reach out. I’d love to talk with you about how Rehab U Practice Solutions can help.

What I can help you do:

✅ Train your staff and clinicians to be able to confidently communicate the value your organization provides…

✅ Leverage best practices, new technology, telehealth, and marketing/messaging to maximize patient engagement & retention…

✅ Develop a system that keeps patients & clients happy, engaged, and satisfied throughout the entire process of care…

I help you not only craft marketing messages & campaigns that build that know, like, & trust value you need to convert leads into scheduled clients; but I also work with your clinicians and staff to make sure that, once a patient decides to schedule an appointment, you have a system setup that keeps them happy, engaged, and satisfied throughout the onboarding, treatment, and discharge process.

In short, I’ll help your whole organization become focused on the most important thing in healthcare: people – the people who work for your organization, and the people who your organization treats and serves.

Learn More Here!