The Business of... HEALTHCARE The health care system is one of THE largest and most complex in the United States economy, accounting for 18% of gross domestic product (GDP) in 2020. Colorado’s healthcare system generates $148 billion of economic output and supports 744,000 Colorado Jobs, nearly 1 in 5, statewide. Period. Full Stop.
in Colorado obtain goods and services in accordance with its internal operation procedures and all applicable state laws. However, they all have a similar approach… increase the business partner, supplier and vendor pool to connect qualified diverse owned companies to current bidding opportunities. They use external ‘matchmaker’ events, ongoing collaboration with community partners and targeted meet-and- greet events hosted by the hospital to support their business outreach programs. Step one, do your homework. Step two, decide if your company offers services they need. Step three, review the bureaucracy of the company you are targeting for potential business. Step four, attend a healthcare summit, hospital procurement webinar or conference to help you understand the opportunities, the process, the paperwork and the key decision makers. And finally, get a list of upcoming business opportunities with the local healthcare industry in your areas of expertise. I encourage all CBCC members to seriously consider the business opportunities in the Colorado healthcare sector. Please join us in our outreach to the industry for a better understanding of the BUSINESS of healthcare.
This article is not about healthcare costs or the “shock and awe” we experience opening a medical bill, visit a clinic or pick up our crucial prescription medication. This is about a $148 billion dollar industry. Clearly, too large to overlook as a potential business opportunity. For example, a colleague of mine landed a contract providing surgical masks to medical staff at a large California hospital. She is now wealthy and retired. The healthcare industry is composed of companies that offer clinical services, drug manufacturers and medical equipment and our unapologetic medical insurance. Hospitals and Health Care Systems are large organizations that provide a wide range of medical services. There is an expansive menu of companies that are vital to this industry. You have pharmaceutical companies, medical device manufacturers, insurance companies, IT and software, consulting firms, home health care and telemedicine providers, just to name a few. The industry has now evolved from just hospitals, clinics, and pharmaceuticals to a different brand- new aspect of wellness, where doctors provide online services. A study done by Global Industry Analysts Inc. proved that the digital health industry is estimated to grow from $152 billion in 2020 to $456.9 billion by 2026. That’s more than double. But what is the “on ramp” to secure business in Colorado with these large, complicated organizations? Learning the procurement process and the key players involved in securing goods and services from the healthcare industry can be a daunting task. All the hospitals
THG is a government relations consulting firm that specialize in water and energy issues.
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Dale R. Hunter Founder, The Hunter Group (THG).
9 The Acumen
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