by Lowell Clifford Opada | Dec 6, 2021 | Industry Knowledge
Healthtech startups are one of the most rapidly growing businesses around the world. Although striving to fix the nation’s numerous healthcare problems is far from simple, the complexity of starting a business in the industry does not intimidate today’s eager entrepreneurs.
Aside from the problem, solution, market, and monetization, which are the fundamentals of any startup, establishing a healthcare business has particular challenges. It’s a highly regulated industry controlled by conglomerates, making it even more difficult for any entrepreneur to launch a successful startup.
This industry can be particularly challenging for entrepreneurs. So, we’ve compiled three tips to help you maximize your chances of success.
1. Provide an Essential Service.
Making sure you have something people need and knowing how much they’re willing to pay for it is the first step in starting a healthcare firm.
Get to know your target market and examine the difficulties they experience in their daily lives. Analyzing how your service can potentially alleviate their pain points will guide you in the right direction for your new business.
2. Secure FDA Approval Ahead.
The FDA is known as the world’s leading healthcare regulatory agency, creating clear approval standards and making partnerships with medical companies around the world. Since getting a new product through the FDA and onto the market is every medical technology firm’s dilemma, especially for startups, involving them as soon as possible can be highly beneficial going forward.
A startup will likely come across a few lapses in developing their product and will have to make iterations as they build it along the way. With that said, startups reaching out to the FDA directly to understand what’s expected of them ahead in the process is more desirable and can further protect your business by increasing stakes for competitors looking to come up with their alternatives.
3. Consider Outsourcing.
Outsourcing critical business activities allow you to save money while focusing solely on your business and its core functions. This will also boost the flexibility with which resources can be configured to meet changing market demands.
A key concern that many entrepreneurs worry about when outsourcing is data security and privacy since it’s one of the most critical aspects when dealing with patient data in healthcare. No matter where your startup outsources, it’s vital to find a reputable service provider that complies with international data protection standards. For instance, The Health Insurance Portability and Accountability Act (HIPAA) sets the standard for sensitive patient data protection. Do your research to ensure that you only work with BPOs that put data protection as one of its utmost priorities.
Fortunately, many outsourcing destinations, such as the Philippines, adhere to international standards in data protection and privacy. Republic Act No. 10173, otherwise known as the Data Privacy Act in the Philippines, is a law that seeks to protect all forms of information, be it private, personal, or sensitive, which assures your data privacy concerns. With the country’s rising position in the outsourcing industry, most BPOs are certified with ISO 27001 accreditation. Even smaller BPOs, such as SOPHI, comply with ISO standards and are accredited under PCI-DSS.
Establishing a healthcare startup is a risky move. As more businesses compete for funding and attention, the business environment has become more competitive. Patience, a solid foundation, and due diligence in checking regulations with the right agencies are required to cover all your bases and start your new business on the right track.
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by Lowell Clifford Opada | Nov 8, 2021 | Industry Knowledge
With the global market being affected by the pandemic, entrepreneurs are now more hesitant to invest in scaling their businesses. In the latest survey by the Proceedings of the National Academy of Sciences of the United States of America (PNAS), 41.3% of businesses reported temporarily closing because of COVID-19. Business conditions continue to worsen, and survival is at risk. Here are reasons why outsourcing can be a survival plan in this pandemic.
- Affordability – Outsourcing decreases spending compared to hiring in-house. With increasing health benefits required to attract talent, hiring additional employees onshore can rack up the costs of running your business. Outsourcing reduces the cost of manpower with a considerably lower cost of labor in BPO destinations like the Philippines.
- Scalability – Outsourcing allows firms to grow operations to ease the burden of their workload. Almost any task can now be outsourced, and the latest software and technology are accessible online. Companies such as SOPHI, offer a wide range of services, from customer support to digital marketing.
- Flexibility – Outsourcing providers have the ability to increase the number of manpower according to your needs. Resources can be added during your business’ peak seasons to support the demands of your customers. After which, you can easily scale back to your core team onshore when you reach the lean months.
A recent study by McKinsey & Company claimed that 90 percent of executives said they expect COVID-19 to fundamentally change how they do business in the next five years. Smart strategies are needed to get through these challenging times. Outsourcing has become a viable solution to the growing pains of many businesses in this pandemic. Combining the right strategies with the help of a reputable service provider offers a long-term plan to help businesses outlive this crisis.
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by Lowell Clifford Opada | Oct 18, 2021 | Industry Knowledge
In every startup, managing and functioning can be a challenge. Whether running it alone or having a partner, certain activities pressure owners in keeping the business afloat. At some point, they will need help to focus on growth and operations at the expense of spending less. Although outsourcing can help prosper a great run in the industry, when is the right moment to consider it?
Operating a startup can be time-consuming, and the urge to succeed professionally can push owners to set aside their well-being. Workplace burnout may contribute to a decrease in work performance and may put the firm at risk. Investing in outsourcing unloads that burden and allows growth by hiring external insights that benchmark on executing duties.
Task delegation is also a factor when considering the time to outsource. It may differ in many features, but startups should determine if they have the abilities to handle it. Offshoring a skill gap is the best choice as they can search for a person or company with the expertise needed without restrictions.
A recent survey headed by a Business Process Outsourcing research company (Assivo) shows that 59% of respondents consider outsourcing a cost-cutting and can cut labor costs by up to 70%. This offers a variety of advantages and is usually the ideal setup for new companies that want to utilize their limited available sources
A struggle in work-life balance, a skill gap in operations, and cost efficiencies are determinants in deciding when to do it. Working with a trusted partner like SOPHI helps businesses assist with jobs outside the company’s center to be fully globally competent in the industry.
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by Lowell Clifford Opada | Oct 11, 2021 | Industry Knowledge
It takes conviction and determination to take your business down the outsourcing road. With the competitive market nowadays, multiple startups are now considering outsourcing to focus on their business goals. But any business can significantly benefit from this cost-effective opportunity as long as they find a suitable country that offers a win-win situation for both parties.
Outsourcing to the Philippines is an inviting concept to many entrepreneurs, especially Americans. According to Oxford Business Group, the Philippines has been the global leader in voice and call center services since 2010. The Contact Center Association of the Philippines also claims that the country’s call center industry will expand and generate up to US$20.4 billion in revenue by 2022. The IT & Business Process Association of the Philippines forecasted in their 2019 assessment a revenue growth that would reach 7.3–10.8% by 2022 and 7.3–12.3% in gaming and animation. Aside from its industry growth rate and revenue rate, there are numerous reasons why the Philippines rises above the outsourcing world.
As a startup business, innovation and resourcefulness are vital. The majority of companies that outsource to the Philippines stand to save up to 80% in wages, which is much cheaper than providing a salary for almost the same duties and responsibilities in the first-world countries. In addition, with over 64 million English speakers, language barrier would never be a problem. Lastly, the country’s culture is highly westernized. Offshore team members can easily relate to their clients.
Multiple outsourcing vendors are operating out of the Philippines, so it’s crucial to look for a BPO that can be trusted. Call centers, such as SOPHI, offer flexible and affordable rates to suit any startup’s budget. If you haven’t tried outsourcing to the Philippines yet, this may be the best decision you can make for your company’s growth.
You can learn more about outsourcing in the Philippines by visiting our website and following our social media accounts on Facebook, Instagram, and Linkedin.