Entrepreneurship in healthcare is becoming a relevant element in clinical practice, as various healthcare professionals have realized the benefits of this approach. The paper shall look at the influence of entrepreneurship at the renowned Mayo clinic.
Entrepreneurship is the process of organizing, managing, taking risks inherent within a business enterprise through losses or profits. Health care professionals were previously hesitant about the adoption of entrepreneurship in their day-to-day activities; however, they soon realized the benefits that can emanate out of such practices. Mayo clinic embraced this concept from the onset thus explaining why it has become so successful. In fact, as of 2007, the company asserted that over eighty-four percent of the population was aware of its existence while 60% claimed that they would consider Mayo clinic as their preferred healthcare facility.
Upon analysis of this institution, certain primary success factors stand out. First of all, the institution is highly competitive. In other words, it is aware of what other healthcare providers are offering and often tries as much as possible to top their offerings. This level of sensitivity to one’s environs is critical in today’s cutthroat health care sector. (Kimball, 2007) Aside from that, entrepreneurship is very visible in the way the company markets itself.
It should be noted that this company has not just embraced conventional marketing models but has employed several new strategies to make their name stand out. First of all, they have provided a lot of information in the internet concerning their locations, treatments, staff, equipment and any other related activities. This substantially assists both potential and old consumers in the event that they may require some assistance. Also the company believes in relationship marketing where consumers who experience exceptional services from their facilities go around spreading the information to their counterparts thus generating more sales.
Mayo clinic’s operational methods also display the concept of entrepreneurship in healthcare. This is because the company runs its business in such a manner than demonstrates how keen it is on meeting consumer needs. Its record keeping processes are properly streamlined thus preventing problems between the company and its patients. Time and time again, healthcare consumers have complained about providers’ inability to keep track of patient records especially those institutions operating on a low budget. The company also maintains its materials and supplies promptly so as to ensure that patients’ needs are met immediately.
One cannot overemphasize the importance of always having the necessary drugs or machinery needed to run such a large health facility. The other important aspect that mayo clinic has adhered to is the issue of continuously monitoring its operational methods and always looking for flaws or opportunities for improvement. In other words, the company rarely gets stuck in a certain r of handling its patients as it realizes that dynamism is the way to go in entrepreneurship.
In this regard, Mayo clinic often looks at new services that it can provide to the client, new ways of smoothening patient waiting periods, the sort of financing that will be most appropriate for their business model as well as new requirements needed to keep the business going. All these issues ensure that Mayo stays ahead of its competition in terms of the operational aspects. (Kimball, 2007)
Physicians, nurses, radiologists, pharmacologists and other staff members within this institution have been engrained with a high level of professionalism. In fact, one only has to walk around their premises to see how the Clinic values education and research. The latter are always critical in the field of medicine and this is something that mayo’s administration realized too. Their staff members are also highly devoted to the Clinic as can be seen by their prompt execution of duties. Additionally, most new recruits normally undergo training and mentorship programs so as to have a firm grasp of what the Mayo culture is all about. The company takes pride in getting to hear from its staff members through both formal and informal arrangements.
Patient experiences within this organization are quite memorable. Upon entering Mayo Clinic, one receives a warm welcome and directions on how best to utilize their services. Waiting times have been promptly reduced thus ensuring that there are effective ways of dealing with some of their respective problems. Aside from that, their practitioners often take the time to listen to what a patient has to say and to examine the respective persons so as to come up with proper diagnoses. When treatments are being offered, Mayo’s physicians often ensure that only the most advanced and effective therapeutic techniques have been selected.
In case of admission, a patient’s family is always included in the decision making processes. All these elements reflect the fact that Mayo has clear cut goals of putting patients first in whatever it does and this is often noticed and complimented by consumers. In other words, entrepreneurship often requires one to have a plan of action which should steer that individual and his employees in the right direction. (Ireland, 2008) Mayo Clinic seems to have a detailed plan that aims at putting patients first in whatever the company is engaging in.
One of the major controversies of the entrepreneur spirit in healthcare is creation of a conflict of interest. A number of healthcare providers may find that their priorities may have to shift from the patient to the profit making enterprise. In this regard, individuals with sensitive needs may often be cut off from the program if it has been found that they cannot contribute towards an organization’s profits. For instance, just recently, it was reported that a number of mayo clinic facilities would not be able to admit any more Medicare patients. A doctor speaking on behalf of the institution asserted that any real entrepreneur would do the same.
He further asserted that dealing with Medicare patients was going to drag down business in the establishment and that the best thing to do would be to avoid handling them altogether. The latter issue has brought a lot of controversy concerning the clinic because analysts assert that this goes against the very principles for which Mayo clinic was set up for. Also, there may be a need to acknowledge that this sort of behavior displays those negative aspects of the entrepreneur spirit since a large number of businesses often put aside their humane obligations in order to meet their business obligations. Those patients who have been cut off from this hospital’s listings may start regarding the establishment as an elitist one that only gives precedence to the ‘big shots’.
Any successful entrepreneur must realize that success cannot be achieved without growth. Therefore possessing a solid growth strategy is an effective way of ensuring that a health care organization has been strengthened. At the Mayo Clinic, there seems to be a growth strategy in place because the company has a series of facilities in various parts of the country. Nonetheless, the company still needs to target some of the locations that would be most rewarding to it i.e. those ones in need of care and those who can meet the costs of getting that care from mayo clinic itself. (Henco, 2007)
While Mayo may pride itself in possessing the ability to steer its workforce in the right direction, there is still some room for improvement here. The company needs to build more relationships with its members as there seems to be too much emphasis on the professional aspect to the point of ignoring such important networks. Ignoring such an important aspect could be disastrous for a company that plans on making itself the best in the business.
Mayo clinic is an exceptional case of what entrepreneurship in healthcare is all about. Their operations, records keeping, patient care, investment in research and technology are all examples of how the company has taken on a business mind. However, some shortcomings were prevalent in its informal relationships as well as in its growth strategy. Also, cutting off patients from Medicare has also presented a problem in terms of their image.
Henco, A. (2007). Opportunities in healthcare. NY: Authors Online publishers.
Ireland, R.D. (2008). Entrepreneurship: Successfully launching new ventures (2nd ed, Upper Saddle River. NJ: Pearson Prentice Hall).
Kimball, C. (2007). Starting your health care career. NY: Entrepreneur press.