“If it doesn’t make cents, then it doesn’t make sense.”
You’d probably be surprised to hear this phrase from someone in a lab coat wouldn’t you? Of course you would.
This is because we (humans) expect the medical industry has our best interest and health in mind. Is this always the case?
Well let’s see if we can’t pull back the curtain a bit and find out. Because the lives that make up this beautiful country are well worth it!
How Is Healthcare Different From Other Businesses?
A majority of its practitioners don’t think to say, “I’m in the healthcare business.” To them a patient is more than a dollar sign and rightfully so.
How do I know for certain?
I probably wouldn’t have survived cancer if not for:
- God + prayer and support from loved ones
- Compassionate medical workers
As you read please understand I’m not speaking about these selfless individuals, but rather those behind them. Those who are seeking profits over patient safety.
Getting into healthcare content writing heightened my awareness around a great disservice.
Both doctors and patients only have half the information needed for mutual success! And success is measured by a healthy patient who needs doctors less and less over time.
Wait, you’re saying repeat customers are bad? Exactly.
I know, this goes against business logic. But healthcare should not be viewed as a cut and dry business model. It is unique. And because it’s distinct there needs to be a tailored approach completely its own.
Hurdles to Success
What prevents this from happening?
Federal legislation like HIPAA makes healthcare one of, if not the most regulated trades. Overall, the government plays a much bigger role than the average American realizes.
The three letter agencies (HHS and CMS) regularly survey medical organizations and audit if necessary. Standards and approved methods of treatment are just a few areas they oversee.
An article in the National Library of Medicine mentioned 5 other parties contributing to the stalemate:
- Pharmaceutical industry
- Health insurers
- Medical device manufacturers
- Hospital boards
- Medical Schools
The author, an ER physician, suggests classes on the “business of medicine” should be required education at medical schools. Being sent out into the workforce without the full picture forces them to self-educate.
And considering the average medical school graduate has $241,600 in loan debt, I’m not sure how many have time for this activity.
Before moving on, I want to quickly touch on hospital boards. I assume for-profit hospitals put business people in these positions with good intentions. The only issue is a lack of medical experience ill-equips them in this role.
I’ve identified some ways the medical world is different from the rest. Next, I want to shed light on how it shifted to a misplaced focus.
How Healthcare Became Big Business
If you visit the FDA’s website it lists their role as:
“Ensuring that human and veterinary drugs, and vaccines and other biological products and medical devices intended for human use are safe and effective.”
Somebody assumed those trying to sell products like vaccines may need some oversight for public safety. It’s not an original idea, and is quite necessary as a deterrence to malfeasance.
That may have been their original mission when it was founded in 1930, but times have changed. In what way?
Conflict of interest.
Since the Coronavirus made landfall in 2020, questions have arisen about what exactly is being regulated. And this includes internally. Two senior FDA officials recently resigned amid the White House’s push for mandatory boosters.
The FDA and vaccine manufacturers have also been trading former officials, which adds more questions.
One thing about medical questions in 2022. They can quickly be labeled “misinformation” by Big Tech which is doing so on recommendation of the FDA and others.
I’ll touch on this more next week, but it’s worth at least mentioning here.
Invested in the Business of Healthcare
Marketing has turned many consumers off with targeted ads and interruption videos.
But one thing they do well is highlight the best qualities of their service or product. And ignore any negative traits or issues. How does this relate to our topic?
There is one drug making industry that doesn’t need to list possible side effects in commercials. Vaccine companies. According to them, they have nothing but 5-star reviews on Google.
How profitable is the medical device, vaccine, and brand medication industry?
- In 2020, revenue for the global pharmaceutical industry was $1.27 trillion
- United States makes up 49% of the total market
To put this into perspective, if the industry was a nation it’d have the 16th highest GDP in the world. Right below Mexico.
What was the total revenue in 2020 for its market leaders?
- Pfizer = $41.9 billion
- Merck & Co. = $48 billion
Surely their bottom line is helped because they can’t be sued if their “product” leads to injuries or death. This right is exclusive to vaccine companies.
I didn’t even touch on medical device manufacturers or health insurers. But I think this is probably enough to get the critical thinking wheels spinning.
Elijah Wordsmith Healthcare Business Owner
I share all this to hopefully better educate you as a patient. And also to equip the countless empathetic medical professionals currently manning battle stations.
What actions have I taken in my business to be part of the solution?
Elijah Wordsmith content writing is a megaphone for holistic practitioners. I believe in their right to compete with more traditional medicine. It might have something to do with always rooting for the “little guy.”
Rudy, Rudy, Rudy (movie reference, look it up kids).
Holistic practices seek to treat the entire patient, not just the symptoms. Maybe the business of healthcare should take note.
Marketing healthcare for small business owners is something I do effectively because I genuinely care about your patients. And I also care about your mission to heal naturally.
Take the first step towards standing out online and schedule a discovery call today!