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Striking a healthy balance

How can private healthcare businesses navigate economic turbulence? Sandy Boxall investigates

I just used my phone to order up a repeat prescription. It’s the sort of action that was unthinkable even a decade ago but is now so commonplace it barely merits mentioning.

Thanks to the relentless tide of digital advances, patients no longer have to rely on traditional routes to healthcare – thank goodness. Can you imagine what the pandemic would have been like without technology to underpin the vaccines?

Today, though, we’re facing up to a different kind of storm. Much like Covid, no one is totally immune to cost of living increases and a looming recession. And of course it’s not just individuals and families affected.

Businesses, too – including those in private healthcare – are grappling with increased risk and challenges. With firms and individuals poised to reduce spending, even if your business has a full order book, it is probable that this won’t last. It pays, then, to not only be fully tapped into every digital opportunity but also to have a diversified customer base. And this means targeting public sector tenders.

Next stop: public sector

Although media reports suggest that the chancellor is hunting for spending cuts, the government sector nonetheless enjoys some big advantages.

For example, its budgets are committed for the future, sometimes for years in advance, and it cannot go bankrupt. Government must also pay on time – with plenty of avenues available to complain if for some reason it doesn’t.

And it’s also important to remember that much government spending is non-discretionary. It is going to happen – regardless of external pressures – regardless of the political stripe of the incumbent administration.

No silver bullet

That all said, it’s important to remember switching to public sector tenders won’t address every economic challenge in one fell swoop.

Companies need to continue to prioritise digital business while understanding that public sector work doesn’t happen overnight. Suppliers need to invest in the market, build relationships, and bid for the right tender and win it. First time entrants should look to make a minimum three to six month commitment.

This means that now is the time to begin pivoting your business – there’s no time to waste. If you need any advice, Contract Finder Pro is here to help. Don’t hesitate to get in touch...

About the author Sandy Boxall is director of Contract Finder Pro