Indmedica - India's Premier Medical Portal - Cyber Lectures

 

Beat the Recession

Vivek Shukla

Page 1

Topics

Beat the Recession

As recession carries on, more and more healthcare providers are becoming cautious and concerned. Only very few have figured out ways to keep the revenue streams running by innovating and thinking out of the box.

In case you need some quick tips to earn that extra bit of money, read on.

Learn to Haggle- No matter what you buying and how much it costs, haggling [negotiating] is a must. In case you haven’t learnt the fine art of negotiating, there is no better time than now. Add those coveted numbers to the bottomline, learn to negotiate.

Shift to PR- Advertising is expensive. PR is the order of the day. Events, Media Coverage, Newsletters were never more relevant. They cost less and impact is unusually great if executed well. So reduce outdoor and print advertising, save money without compromising on marketing.

Rent that Extra Space- Most places have a room or two extra that have always been there and have not been used thus far. Try and rent them out to someone who can benefit from that extra space. One hospital leased an empty hall to set up a Physiotherapy unit. Another one wants to give away some space to have a canteen set up for patients’ relatives.

Re-work Manpower Requirement- Challenge the assumptions. Work on flows and processes. If there is something that can be done faster, cheaper and with same quality, do it. Trust me, this is a huge hidden area for many hospitals. There is a lot under that carpet than you think.

Recruit Volunteers- Fortunately for healthcare industry, it is easier to get volunteers than others. Develop the knack of inspiring people to do social good and recruit them as volunteers. Believe it or not, sometimes volunteers do a far better job than paid workers. This is because they do it as a contribution and not for earning the next salary cheque.

Rework Costs and Pricing- Unfortunately most hospitals price their services without much thought. Pricing mostly depends only upon what is being charged at the other place nearby. This is a big ocean of an opportunity in these testing times. Get your costing and pricing in order and see the profits grow.

Retain Staff- Staff retention can save a lot of costs. Watch and work on those attrition rates.

Inventory and Pilferage- Another big area for revenue generation. Every hospital bleeds [often invisibly] due to poor inventory management and pilferage.

Get Professional Help- Last, but not the least, hire those experts. There are people out there who can save and earn Pounds in exchange of Pennies. Get them on board. You already get regular newsletters from one of those people :)

When Napoleon propagated that every thing is possible, he for sure included making money in this recession. So let us prove him right and do good to ourselves in the process.



Back