Impacts of Entrepreneurship in the Health Sector - Essay Example

Creativity in the health care environment has brought about efficiency in management of this sector as new methods have been developed, which have significantly altered the traditional approach as the term entrepreneur or innovation was not used in HealthCare. An entrepreneur in health care will create value in the sector by developing new ideas of how to attend to the operations of the health care setting, which will see to it that efficiency and competitiveness is achieved. Various entrepreneurial spirit ideas such as advancement in equipment and technology used in healthcare has had both negative and positive impacts on the health care sector.

Today there are many healthcare providers in the market, and it has become a consumer driven sector. This means that consumer satisfaction is paramount for any health care venture and there needs to be innovation on how best to meet consumer needs. Consumers are rational, and they will choose the provider who best satisfies their needs by considering costs, quality and availability of health care whenever they needs it. For this reason, innovation in this sector is important as an entrepreneur will come up with a unique strategy, which will ensure that they are competitive in the market, and get and retain customers (Exton, 2008). . The innovative ideas brought forward by entrepreneurs have changed healthcare to make it more efficient and readily available, and an example is websites such as WebMD and Resolution Health, which offers consumers with information on drugs, diseases and prescriptions.

Quality information on doctors and hospitals is also provided in these site, and this has increased efficiency in the sector as patients are able to get prescriptions from the comfort of their homes.in the past people had to go visit the doctors at their stations and incase of a serious illness that required immediate attention, survival of the [patient would be undermined. However, today, the entrepreneurial spirit has reduced the distance between patients and physicians as they can be able to communicate over the internet through the various platforms that entrepreneurs in the healthcare sector have developed.

Innovation has resulted to the development of equipment used for diagnosis that has resulted to many procedures, which required a visit to the doctor to be done out of hospital. Another example is the dial a doctor strategy, where, a person in need of medical attention can call the physician and they get advice over the phone at a fee. This has significantly improved services and efficiency in the health care sector, which in turn results to increased profits. Entrepreneurship in the health sector has led to innovations, which are aimed at attracting more patients, and this is the basis of increased profits since more patients will mean more patients, which means more customers and higher profits.

Despite the numerous advantages that entrepreneurship has brought to the healthcare sector, it also has negative aspects, which