The most sustainable healthcare businesses are those that make care accessible to the most people.
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Affordable healthcare remains out of reach for many, with cost cited as a top reason that people skip care. When third-party insurers and hospital owners charge extortionate prices, reaping the profit and leaving crumbs for the healthcare providers doing the actual work, affordable care might seem out of the question. However, I believe that when you’re working in healthcare, you should solve the patient’s problem first—and then think about the money. In my experience, affordability and profitability are not in conflict. I believe the healthcare businesses that will win long-term are the ones that have figured out how to deliver both.
A Business Case for Keeping Costs Low
Many hospitals do not cater to lower-margin services because their operating costs are so high; the return is simply too small for them to invest in. A leaner healthcare business can serve those patients profitably where hospitals cannot, and in doing so, build a large, loyal customer base that a high-cost competitor can never reach. It’s a market opportunity hiding in plain sight.
Consider the thyroid test. Thanks to new technology, I can now sell one for RM1 (one Malaysian ringgit—less than $0.25 USD) instead of RM7, with the results delivered directly to the patient’s phone. Those savings pass to the patient. The same principle applies to equipment purchases. When a healthcare business buys in volume, suppliers offer substantial discounts, a discount that can be passed on to the patients. This creates more affordable healthcare—and it’s also good for business.
Affordability is one of the most powerful drivers of patient satisfaction and loyalty. There is a principle in sales known as Joe Girard’s Law of 250: One dissatisfied patient could influence 250 people against using your product or service, whereas one happy patient could encourage 250 people to use it. Satisfaction, loyalty, and volume, built on affordable healthcare, is a sustainable business model.
Accessibility Starts with Values
The business logic above only holds if the values underneath it are genuine. History has shown what happens when organizations lose sight of this. Boeing went from the world’s most trusted manufacturer to a cautionary tale because the numbers became the motivation rather than the by-product. Compromising on quality and cutting costs will inevitably lead to a decline.
My own approach has been the opposite. I never turn anyone away because of financial limitations. If they can pay, they pay; if not, they receive treatment for free or at a discounted rate. During COVID-19, for example, we offered students under twenty and senior citizens a 50% discount on testing, and people with disabilities received tests for free. Those struggling on limited incomes could also request discounted or free testing. Providing quality healthcare to all is deeply rewarding—and it builds the kind of trust that no marketing budget can buy.
Affordable Healthcare Is the Only Business Model Worth Building
I believe that the most sustainable healthcare businesses are not the ones that charge the most. They are the ones that have made quality care accessible to the most people. Money will come to you if you do things properly and with integrity. In healthcare, that is the only business model worth building.
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