Whether you want to set up a private practice or move into brand new markets, you must consider every step you need to take carefully. It’s easy to make mistakes, make rushed decisions, and develop incomplete expansion strategies when you’re doing everything by yourself. That’s why it’s in your best interest to give shared decision-making in healthcare a try.
Shared decision-making (SDM) isn’t a new practice. It’s a process that many business owners have been implementing for years. Learn what it is and how you can use it to expand your private practice.
What is shared decision-making in healthcare?
Shared decision-making is a simple process of consulting one or more individuals before making a decision.
As a private practice owner, you likely already have experience with shared decision-making in healthcare, developing personalized treatment plans for each one of your patients by taking their input into account. As a matter of fact, the concept was first introduced as a medical term, referring to this exact phenomenon.
In a business sense, SDM refers to making informed decisions based on the combined knowledge of all stakeholders. Before expanding to a new market, launching new services, or even rebranding, you’d consult stakeholders like partners, investors, and employees to make a smarter decision.
The benefits of shared decision-making
Shared decision-making in healthcare offers an array of possibilities and benefits. You’ll receive input, information, and perspectives that you could easily overlook otherwise.
Identify the best markets
Setting up shop in a random location and hoping for the best rarely yields positive results. Therefore, before you enter new markets and establish your private practice, you’ll need to do thorough research. The shift-share analysis, for instance, can help you understand how competitive your field is in a specific region and whether there are any prospective opportunities for a business such as a private practice. Competitor and market research can help you understand how to appeal to new audiences.
Shared decision-making can also help you create the best strategies for breaking into new markets and ensuring a strong presence.
Improve risk management
Making all business-related decisions by yourself leaves too much room for error. You’re more likely to make impulse decisions and rely on your gut feeling instead of facts and data – not to mention that you’re more likely to overlook key obstacles that could hinder your expansion plans.
With SDM, you’ll gain access to new information and overcome any blind spots you may have. You’ll improve your risk management and ensure that your private practice has everything it needs to succeed.
Avoid consensus Although reaching a consensus initially seems like the best outcome for any problem your private practice may be facing, it’s rarely so. Just because most stakeholders agree with a specific course of action doesn’t make it the ideal option – it makes it the ideal compromise.
With shared decision-making in healthcare, you can encourage a more innovative approach to problem-solving. You can inspire stakeholders to conduct a more in-depth assessment of the problem and brainstorm more diverse and creative solutions.
Enhance change management
Whenever there’s a change within your private practice, whether that’s implementing new technologies, reimagining your branding, or changing the leadership structure, you’re risking an organizational meltdown. You can expect a decrease in productivity, poorer employee performance, dissatisfied clients, and more.
To ensure that any change goes smoothly, you’ll need to rely on SDM. It allows you to keep the communication between all stakeholders clear and concise, removing any chance of misunderstandings that could reflect poorly on your private practice.
Boost employee engagement
One of the greatest benefits of shared decision-making in healthcare is better employee engagement. Enabling your employees to participate in the decision-making process, share ideas, contribute to the
development of your business, and more makes them feel more appreciated. In turn, it improves engagement and productivity and leads to better employee morale.
Inspire client loyalty
Finally, shared decision-making allows you to connect and build more meaningful relationships with your clients and patients. You can collect insights and feedback from your existing patients, conduct satisfaction surveys, and ask for unique inputs to help you turn your private practice into a respectable institution.
By listening to your clients and considering their inputs, you’ll inspire loyalty and establish an impeccable reputation.
Shared decision-making in healthcare can help prepare your private practice for all the challenges and opportunities that lie ahead. It brings abundant benefits, allowing you to collect valuable insights and perspectives that can help guide your business forward.