The medical industry is one of the largest organizational structures in businesses across the world. In the country, we have witnessed the rise of super specialty hospitals and medical megastructures that are running multi-crore enterprises and franchises that are ardent towards serving the medical & health needs of the population. With a population of billions, there is a need for more fully equipped healthcare structures such as mid-size hospitals and clinics that need to scale and expand into a bigger structure so that more patients in need of health amenities are covered and the doctors can make their dreams come true of spreading healthcare to the needy ones. There is a need for Online MBA management professionals who generally have a medical background to take up management roles and leverage their familiarity with healthcare environments.
Professionals with an Online MBA in Healthcare Management need to optimize the current healthcare structures so that they grow and make a larger impact in healthcare avenues, as well as a social services to the healthcare ecosystem that is defined by the challenges to address healthcare concerning the country’s population. This post discusses how healthcare professionals can take up management roles with an Online MBA background and transform various aspects of mid-size hospitals & clinics that need to function as a business that sustains healthcare and also gives out decent turnover, handling the patient inflow and service outflow with a proper balance. In the further sections, we will be discussing aspects that require skills & knowledge gained from Online MBA courses to scale the growth of mid-size hospitals and clinics to be fully-fledged hospitals or specialized clinics on a mass scale.
Management of Finances
Clinics/mid-size hospitals generally have a semi-functional system to handle finances that are allocated across various divisions of the healthcare establishment. Proper finance management in place can maintain the influx of resources that are used in a way that is efficient and balanced with the required costs and savings needed to thrive as an establishment. If Online MBA management professionals are deployed, they will have a pragmatic system in place so that there is a system for each functionality where the finances are allocated.
These practices involve costs that are needed to sustain the activities surrounding the well-being of a patient. Then the expenses that are required to keep a supply of utilities and machinery elements that are required for medical purposes for activities, such as check-ups, surgery, etc. Along with that, some investments need to be made in new medical advancements and new treatment methods that should be made available as the modes of treating medical issues evolve from time to time.
Framing strategies to optimize profit margin is another challenge that is mandatory for the functioning of these medical establishments. If not taken care of, it will lead to instability, hold back the services required for proper functioning, and reduce patient intake when the capacity for treatment decreases.
Inventory & Resource Management
Managing inventory is an uphill task, especially for an Online MBA professional, which comes with practice. To run a mid-size hospital or clinic, handling resources judiciously is the key to managing the output of growth. Planning takes a lot of decision-making and harnessing the right tools & techniques to optimize the functioning of multiple departments in synergy so that a balance is created to thrive efficiently. Resource management involves consideration of the needs & wants that are demanded by each aspect of the medical establishment that needs to operate at different levels, so that there is a smooth flow of handling patients as well as the elements of the hospital ecosystem that need to go hand in hand.
Generally, mid-size hospitals or clinics tend to have a semi-functional management system that is handled by doctors, accountants, and fewer managerial employees which hinders growth & outreach towards the local population for which these kinds of establishments sometimes are unable to communicate as hospitals can fulfill major healthcare needs to function as a social establishment that contributes for the well being of communities. A robust in-house management system that could handle the required resources to go hand in hand with the
Various needs need to be fully functional and promote high performance in different aspects of the healthcare supply chain operations of particular mid-size hospitals or clinics.
Doctor-to-Patient Ratio
We hear about overcrowded hospitals, especially the mid-size hospitals & clinics in urban areas, where mismanagement of people could lead to far-reaching consequences, deteriorating the chances of needy patients to get a fair chance to be treated. Doctors handle more people than they should within an hour, which leads to a bustling pace of diagnosis and the need to carry out fast treatment, which could lead to errors. That’s why doctors working in a medical establishment need to handle a limited number of patients within a given time frame.
That’s where healthcare management professionals come into play. If there is a system in place that could manage the influx & outflow of patients, the operations would go smoothly, handling patients of diverse ailments being allocated to the right doctor and department. Online MBA management professionals could maintain a proper ratio of distribution and invest in hiring more doctors in departments that have high patient intake, such as Gynecology, Cardiology, Oncology, etc. As long as the balance is maintained and the influx is in a controlled setting, the medical establishment can successfully maintain a decent outflow.
Pharmacy Setups
Generally, we see pharmacy shops in a fully-fledged hospital. But in clinics & mid-size hospitals, these are not available. This leads to lower retention among patients who need easy access to obtain medicines & other amenities. If these establishments invest in networking with the agents of pharma companies, they could easily create an in-house pharmacy that could correspond with the precise medical needs of the patient.
There is a good percentage of patient retention across these kinds of establishments in the region. To make this happen, management professionals coming from an Online MBA in Hospital Administration can deal by forging partnerships with Pharmaceutical companies and draw contracts that have a judicial outflow of the money invested in the medicines needed for the hospital/clinic.
Franchise Expansion
Instead of leveling up to a larger multi-specialty hospital, mid-size hospitals/clinics can create a community of doctors and create multiple hospitals/clinics with a common set of rules, regulations, operations & policies that define a coherently exuded standard healthcare that defines them as a brand. This could lead to easy cooperation between a network of doctors who can transfer patients and share medical expertise on a regional landscape. To make this happen, there needs to be a management team that could handle the functioning of all franchises together, and another independent management team that will be responsible for one of the franchises. This coordination would ensure a good balance of medical expertise being used to treat patients with sincere care without any hurry, and maintain a brand presence in the regional healthcare market.
Conclusion
These are the ways mid-scale hospitals/clinics could learn to thrive in a highly competitive environment where mega multi-specialty hospitals are overtaking the market, there need to be clinics & mid-size hospitals that are more accessible and well-managed by Online MBA management professionals who have done Online MBA in Healthcare Management so that they can sustain in the highly competitive market of medical expertise where good doctors need good managers to exist in a flourishing manner that contributes towards providing healthcare in an effective & efficient manner that fosters stability and sustainability.
