An entrepreneurial approach to healthcare’s challenges
By Dr. Seleem R. Choudhury
An entrepreneur notoriously lives by accepting the risks of a new idea or venture with the possibility of enjoying the rewards. The business world is full of entrepreneurs bringing innovative solutions to problems and increasing profits for businesses. The healthcare industry could harness that entrepreneurial approach, not merely to make a profit, but to improve health outcomes for our patients and invest in our communities.
The healthcare industry is always evolving and for many years has been fertile ground for business ventures, which has only been further heightened with the rapid changes brought on by COVID-19. Healthcare is facing major challenges to both the business and clinical sides of care. Entrepreneurs have been involved in healthcare for many years. This article encourages and permits people to adopt an entrepreneurial attitude and approach to the healthcare environment and develop ground-breaking solutions that the industry desperately needs in a post-COVID world.
Making profits, re-investing in improving health outcomes
Most healthcare professionals chose their career path because they have a genuine desire to care for others and help them improve their lives. For that reason, talk of infusing the healthcare field with an entrepreneurial spirit can sometimes fall flat, as people fear that the entrepreneur will make lots of money and then run straight to their bank account. There's room for care and entrepreneurism. You can wear the entrepreneur hat without being "dirty" or betraying your profession or your intent to care. The ethics are about what you do with the money you make in the healthcare enterprise.
Entrepreneurism is merely setting up a new business venture and taking financial risks in the pursuit of success and profit. In the case of healthcare entrepreneurs, profit can be redefined to mean improved health outcomes, quality, or even a process of re-investing money made back into the community or new ventures to continue to improve health. It doesn't have to mean more money in the bank; rather, it could mean more money to give care.
