Medical tourism isn’t new, but it has changed. While many people from developing countries once traveled to the US to get medical procedures that were not offered in their homeland, the tides have turned. Now, many Americans are traveling overseas or south of the border to escape the rising costs of specialized elective and non-elective medical treatments.
Many countries are capitalizing on this market.
The global medical tourism market size is expected to grow at a compound annual growth rate (CAGR) of 25.2% from now to 2030. And why wouldn’t it be? Renowned surgeons in developing countries are attracting patients from around the world, delivering high-quality treatment at a fraction of the cost you’d expect in the US. The largest global medical tourism market is cosmetic,which includes fat-reduction surgeries, hair transplants, and more. But many individuals are also traveling for cardiovascular, bariatric, dental, infertility, orthopedic, and ophthalmology treatments and surgeries.
Turkiye seized the market share in 2022 with a revenue share of 19.5%. According to recent health tourism data, 746,290 medical tourists visited Turkiye during the first and second quarters this year. That equates to tourism income from foreign travelers for health and medical reasons of more than $1M (USD).
Dr. Kazim Sipahi, founder and CEO of the Vera Clinic, understands how valuable medical tourism is for the patient and the clinic. The Vera Clinic is a renowned hair transplant clinic in Istanbul, Turkiye. The clinic has performed more than 30,000 successful hair transplants in Turkiye for patients worldwide. The clinic also offers dental and cosmetic surgeries.
What sets businesses apart from others is their leadership. Here are some expert tips business leaders can learn from medical tourism facilities like the Vera Clinic:
1 .Build engaged teams
Team building can meaningfully connect teammates in a way that boosts performance and company morale. What’s team building mean? It is an ongoing process of sharing expectations, building trust, and respecting individual differences to organize a group of people into a cohesive unit. Team building occurs from daily interactions and activities that encourage members to work together to reach shared goals and objectives.
Employees who feel like part of a team are more engaged, which only accounts for 32% of full and parttime employees, according to a recent Gallup poll. In fact, that same poll found that 18% of employees are actively disengaged. Disengaged workers cost businesses $350 billion a year or 18% of a disengaged employee’s annual salary.
Dr. Sipahi finds that strong relationships foster respect and build high performing teams. Here are a few strategies to build engaged teams.
- Set clear expectations. Employees want to know what’s expected of them in their role. Set employee expectations early so they clearly understand their role. In order to empower employees, consider making agreements, versus just setting expectations. Expectations are often silent and uncommunicated, whereas agreements are mutual. This allows the employee to say “yes” to their project deadlines in a way that is empowered and realistic for their schedule.
- Establish an open-door policy. Transparency is just one of the latest buzzwords in the workplace. Transparency promotes two-way honest conversations between employees and managers. It transcends hierarchy and strengthens the employer-employee relationship. Transparency creates a culture of emotional safety, which reflects the belief that workers will not be punished or humiliated for their ideas, questions, or mistakes. With emotional safety, team members are empowered to speak freely and take risks. Studies show that team members are more engaged and motivated in an environment that favors emotional safety because they feel like their contributions and opinions matter.
- Meet one-on-one with team members. Have meaningful conversations with your employees. According to Harvard Business Review, one-on-one meetings are fundamental to the role of business leaders, and leaders who adopt this strategy find an increase in the team’s day-to-day output. Individual meetings between employer and employee build trust and emotional safety, improve worker experiences, motivation, and engagement. Use one-on-one meetings to recognize employee achievements and show gratitude for their work. A Workhuman and Gallup study showed that employee recognition could save companies almost $10,000 from increased productivity, nearly $300 from reduced injuries, and just under $400 in unscheduled absences.
2. Create a company culture based on innovation
While businesses have unique challenges, they all must navigate the fluctuations in the market and lightning-fast changes in technology. Dr. Sipahi states, “Planning ahead for high-tech changes that prioritize growth and improve cash flow are crucial to business success.” This begins with understanding the manager’s role in creating and sustaining an innovation culture in the workplace.
A McKinsey survey found that 84% of executives believe innovation is critical to their growth strategy — an innovation culture improves efficiency, productivity, and employee satisfaction. In fact, a PwC survey showed that 75% of workers believe innovative company culture is key to their job satisfaction. Part of the equation to creating an innovative company is promoting creative, out-of-the-box thinking. Innovation cannot exist without creativity. Lastly, according to Harvard Business School, creativity also improves productivity, adaptability, and growth.
3. Develop a growth mindset
A ‘growth mindset’ was coined by Carol Dweck, a psychology professor at Stanford. She found that a growth mindset regards intelligence, abilities, and talents as learnable traits. She also found that people with a growth mindset are more willing to take risks. Leaders with a growth mindset often encourage workers to adopt the same, which promotes company growth through collaboration. But taking risks also means taking responsibility. Taking ownership or accountability for one’s actions eliminates the fruitless blame game.
“Agility in the workplace means being accountable, having a plan, and monitoring progress,” according to Sipali.
4. Establish pricing based on perceived value
While pricing must consider costs, competition, and the target market, it also must consider perceived value. Perceived value is how well your product or service meets or exceeds the needs and expectations of your customers especially in relationship to your competitors. Ultimately, the perceived value is reflected in how much your client is willing to pay for your product.
The Vera Clinic offers more than cosmetic procedures and surgeries. The clinic takes care of its patients with meticulous attention to detail, including airport transfers, hotel accommodations, and other treatment needs. The company recognizes that many of its patients come to Turkiye for medical tourism because of its breathtaking scenery and unique culture.
There is a perceived value for taking care of the customer, client, or patient.
5. Learn how to make decisions
Sitting on the fence does not work in business.
“Leaders need strong decision-making skills, conviction, and adaptability to making critical choices affecting the organization,” Dr. Sipahi says. The decisions made at the top affect the entire organization and are the backbone of effective leadership. Effective decision-making includes identifying the challenge, coming up with solutions, weighing options, making a choice, and disseminating the information. A McKinsey study found that making the right decision has a 20% financial return. The study also found that the quality and speed of decision-making are associated with performance.
Business leaders are often ultimately responsible for many company decisions; however, employees should have the opportunity to weigh in. Giving employees autonomy to make decisions … and teaching them valuable decision-making skills creates an even stronger team. Harvard Business Review statistics showed that teams who could choose their ideas or the ideas of their colleagues were 50% more likely to succeed.
Medical tourism is growing and molding in the process. The Vera Clinic recognizes this growth as they continuously strive to make a positive impact on the medical community and create a reputation for reliable and excellent patient care.