I’m Dr. Hassan, a Board-Certified Physiatrist and Independent Practice Owner. I help physiatrists start and grow their own profitable practices so they can achieve financial independence and live without limits.
When building a profitable practice, you must figure out what type of innovator you are. Innovation is about creativity and problem solving. It takes a perceived issue and dreams up ways to make it better. We see this daily in new technologies, smartphone apps, and new and improved formulas for our favorite drinks. You might think that innovation is linear; that it should be approached the same way for every circumstance. That’s not quite accurate. In reality, innovative techniques are different depending on the problems you’re trying to solve. Health care and rehabilitation medicine is ripe for innovation. As we have seen due to the global pandemic, we have been forced to pivot, change paradigms, and rethink all models of care delivery. You may ask yourself, how do I determine what type of innovation to create and deploy? You must choose the best innovation strategy based on the need. Innovation is not a one-size-fits-all approach. It blossoms through the creative thinking of those involved.
Here are four types of innovation you can use when problem-solving (And remember, businesses are just solutions to problems):
1. Sustaining. This type of innovation focuses on significant changes that help you improve or maintain what you are already doing. In business, it’s often about gaining market share based on getting better at what you’re already doing. You know what problems need solving and the skills required to accomplish that. It may mean bringing on new team members or learning new skills. This is an effective strategy when you want to differentiate yourself from others.
2. Breakthrough. Do you see a problem and want to solve it but haven’t been able to? What you need is a radically innovative solution. You want to transform the market, which may require exploring unconventional ideas and solutions. You may wish to consult those who have a different skill set or background to give you a new perspective.
3. Disruptive. When you look to use new technology for high-impact results, you’re looking at disruptive innovation. It’s often the type of innovation that makes the headlines. There may be no technology involved. You may see that it’s time for core change to your business model, or how you’re doing things in general. It’s a break from the old ways to embrace the new.
4. Incremental. Slow and steady wins the race. So can gradual, continuous improvement on your products and services. This strategy is less about flash and more about alleviating potential stagnation, and producing continued market share growth.
Generally, these strategies are used for business purposes. It would help if you answered a few questions to know what innovative approach will work best. First, how well is your problem defined? Next, what is the impact on the market? And finally, what level of technology is needed, such as emerging or well-proven technologies? Larger companies will gather teams to work on a specific plan to fit their needs, yet you don’t have to have a large firm. These strategies can be utilized by entrepreneurs and small practice owners as well. They are guidelines to increasing your innovation success.
Knowing which type of innovator you are will help you toward building your profitable practice. But before you being, you should ask yourself these questions.
I’m Dr. Hassan, a Board-Certified Physiatrist and Independent Practice Owner. I help physiatrists start and grow their own profitable practices so they can achieve financial independence and live without limits. Please go to businessofrehab.com/contractnegotiations to pick up the free guide to help you negotiate the contract of your dreams.
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