Tips for Expanding a Medtech Start-up Business

In order to solve big-scale problems within such a vast area such as the healthcare space, MedTech companies must build innovative solutions that work in a highly diverse and ever-changing environment. To scale these unique MedTech solutions and services is a dilemma in itself.

Fortunately, the process of scaling a business is always a ‘growth issue’, which gives you an opportunity to focus your challenges in the right direction and expand your Medtech business’s impact in the world. If you are looking to seize the opportunity to expand, here are a few top tips you should know to help you along your journey.

Consider Building an Integrated Patient Journey

Integrated patient journeys take into account both the online and in-person journey each patient goes on during their time in care. Ensuring that engagement isn’t just limited to a single encounter but instead how you can successfully drive better engagement at every given opportunity that the patient might have.

The report is a constructive tool for multi-disciplinary teams to work together when designing healthcare solutions. Through mapping, it monitors the physical and emotional journey of a patient for both the current service and the proposed service you are looking to provide. It helps to understand and negotiate any conflicting requirements that may arise during transformational projects.

There are more aspects when it comes to developing a patient journey, and it can be a challenge to properly implement such a campaign, so it is always recommended to seek the right help when doing so. It’s on you as a MedTech solution to provide access to the key information a patient might need, even before they may realise that they actually need it.

Automation is Key

This can take some time on the front end, but it will pay off in the long run. By doing this, you’ll cut corners that will enable you to hire faster, pay easier, access data quicker and streamline operations, all of which make any company a truly scalable business model.

Making use of cloud storage and organisation, marketing automation, payroll for quick processing, and quick training practices for new hires are all excellent solutions for fully automating your Medtech business (or any business for that matter).

Boost Your Marketing

Regardless of how good your products and services are, no business is successful without effective marketing. People need to know of your existence, and so now is the time to focus on your marketing strategies; scalability will be sure to follow.

In the past few years, we have seen many more MedTech companies ramping up their marketing capabilities to serve their products and services more effectively. Developing your skills in the digital marketing world is the most important part of any modern business. Investing time into designing and implementing marketing campaigns via email, social media and other channels, as well as increasing expertise in search engine optimisation (SEO), is a time investment that will be sure to pay off.

Content marketing is another method of scaling your business marketing due to its evergreen value and viral potential – and anyone can do it! Whichever marketing route(s) you take, be sure to track how and where your leads are coming in from so you know what areas are best to target and focus your attention on.

Good Company Values

Getting the right culture within the workplace is fundamental in ensuring the viability of your MedTech start-up. The number one issue that can kill a start-up company is bad company culture. It can hire and hinder the best kind of people.

So, if you’re looking to scale your numbers quickly, keep everyone well aligned with the morals and work values that shape your company’s beliefs and values. By having a well set of company values and educating employees on said attributes, you will be sure to build a better, well-rounded workspace.

Hire The Right People

This is arguably one of the most important factors to consider when considering how to best scale your MedTech business. When building a business, hiring new employees is inevitable, but that also means there is room for error. It’s vital when bringing new team members that they are specialists, motivated, and align with your company’s beliefs and values.

When looking for the right characteristics of those who survive and thrive in the health sector, many agree that it’s more a matter of relevant experience.

As you look to scale and hire new people for your MedTech business, always take the time to find specialist, innovative, driven and well-rounded individuals who will grow with your company. Don’t settle for less.

In Summary

Building and scaling a successful Medtech business is a huge challenge to take on. By ensuring that you take on the basic fundamentals combined with the right desire and motivation, you and your company will be sure to succeed.

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