Real-World Data And The Business Of Medicine

June 28, 2023

RegenMed has the pleasure of working with independent medical practices around the world.  Many of these clients face challenges regarding finance, marketing, IT, personnel management, and other fundamental business elements.  This is not surprising since business is rarely taught in medical school, even at an introductory level.  

Moreover, business courses by themselves do not constitute business experience and judgment.  While medical students, residents and fellows benefit from clinical collaboration and mentorship of senior physicians, no analog exists for clinicians dealing with harsh business realities.

These business deficits make it difficult for a private practice to reach its full potential – or even survive.  The resulting diminishment of independent medical practices is highly regrettable.  But its root cause – a lack of preparation for business realities -- has other serious consequences.  These include non-physician leadership of medical institutions, inflated healthcare costs, less choice for patients, physician “burn-out” and reduced interest in a medical career among the “best and brightest”.  

RegenMed Circles are product-agnostic, but certainly not business agnostic.  They generate financial as well as clinical value from the enormous amount of real-world data flowing daily through their medical practices each day.  Examples of such value include honoraria, product discounts, investigator fees, superior patient engagement, new service lines, and professional advancement.  

One important approach to any business decision is return on investment.  What will I receive and when, in exchange for what I put into a particular initiative?  Staff hires, IT licenses, marketing spend, device purchases, rental agreements, ASC partnerships – each should be looked at through an ROI lens.  

Real-world data remain a major untapped asset of each independent medical practice.  The cost and burden of capturing those data are negligible.  The returns are manifold and substantial.

Contact us to learn more.

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