The healthcare and hospitality industries have many similarities. Both of these industries are constantly evolving, which makes business sense. When two industries constantly change by adding new elements and subtracting old ones, it’s only logical that they should complement each other rather than compete with one another.
The key to successfully integrating your businesses is understanding why they complement each other and identifying opportunities that exist between them. Healthcare and hospitality are complementary because they both involve providing services to guests. If you want people to use your hotel or restaurant, you need to provide guest services as well as a clean, comfortable place for them to stay while they’re there.
In addition, healthcare hotels and restaurants often offer discounted rates for patients or those who are going through treatment at the establishment.
Hospitality and Healthcare: An Overview
The hospitality and healthcare industries are two of the most important industries on the planet. Hospitality, in particular, is one of the most profitable industries in the world, with hotel industry profits in the US alone expected to reach $70 billion in 2018. The healthcare industry is also among the most important industries on the planet, occupying the first 10 spots in the gross domestic product in 46 countries.
Healthcare is expected to be a $31.2 trillion industry by 2021. These two industries have a lot in common, and they have been growing alongside one another in tandem for a long time. Both sectors are undergoing massive changes as a result of technological advancements and changes in individual behavior, which are strengthening their relationship.
Hospitals and Healthcare Facilities
Hospitality and healthcare are complements because they both build on the fundamental services and functions of a given industry. Both sectors specialize in the provision of unique environments, services, and experiences that are not typically found elsewhere. Hospitality and healthcare both play an important role in the socialization and cohesiveness of individuals and groups.
Together, these sectors provide a place to rest and relax, as well as a context for people to interact and form relationships. In addition to the social aspects of these sectors, both are also economically important sectors. Hospitality and healthcare together make up the majority of the services that are required to provide healthcare.
Hotels as Staffing Hubs for Healthcare Organizations
To provide the best possible care to patients, healthcare workers must have uninterrupted, uninterrupted access to the facilities they need to be able to provide that care. Hotels are one of the best places to find these “bed-blocked” staff.
With the explosion of remote work, more healthcare organizations are turning to hiring temporary staff using on-demand staffing companies. In many cases, these companies will require healthcare organizations to hire temporary staff through them if they want to hire permanent staff.
Healthcare organizations that are looking for a short-term solution to staffing challenges have several options for hiring temporary or contract workers. Some of the most common options include Job Applicant On-Demand, StaffNow, Zimmber, Express Staffing, and many others.
Affordable Accommodations for Business Travelers
The hotel industry is growing at an incredible pace, with occupancy rates, revenue, and profitability all on the rise. With this growth and the increased demand for quality accommodations coming from travelers, the hotel industry is emerging as an important complement to the healthcare sector.
Hotels are among the most affordable places to stay overnight, with rates ranging from $35 a night for a basic room in some parts of the country to $300 a night in some luxury hotels. As with many other things, the price of hotel accommodations has increased in the past few years as the hotel industry has experienced strong growth.
Although the average cost of hotel accommodations has risen, however, the price of hotel rooms has fallen in some parts of the country and risen in others, making it more difficult to know with certainty where rates are going in the future.
Hotels are a great choice for travelers who will be visiting cities, states, or countries that they have never been to before. In these cases, travelers can often find great deals on Groupon or Living Social deals, or by searching for “last-minute deals.”
What is complementary asset analysis?
Asset analysis is an important step in business planning that is often overlooked by hospitality chiefs. Asset analysis is the process of determining the value of a company’s assets. Specifically, this involves determining the current worth of your assets, as well as the future value of assets that may be acquired shortly.
During asset analysis, it’s important to identify the assets that are most valuable to your company. Ideally, you want to identify those assets so that you can capitalize on their potential and generate the most revenue from them.
For example, if you own 100 restaurants throughout the country, it’s obvious that you want to own the assets with the highest value. Specifically, you want to identify which assets generate the most revenue for your company. One of the most important steps during asset analysis is identifying key assets.
Healthcare and hospitality: The needs
Healthcare providers need to be able to deliver high-quality customer service in an environment where people are often stressed and apprehensive about their health. Hospitality leaders, on the other hand, need to ensure that their teams are ready to meet the changing expectations of guests.
It’s essential to keep in mind that both industries will face new challenges in the coming years. Due to the nature of healthcare and the complex nature of the treatment, new standards are being set for healthcare quality.
Meanwhile, hospitality providers will have to adapt to the new expectations of guests who expect more from their stays. It’s important to remember that both healthcare and hospitality are in constant growth, which means that there is always room for expansion.
Healthcare and hospitality: The opportunities
It’s tempting to view healthcare and hospitality as completely different industries with little overlap. There are, however, many opportunities for collaboration between providers in the healthcare and hospitality industries. One of the best opportunities is when healthcare providers offer discounted rates to guests of hotels.
This is a great way for healthcare owners to monetize the relationship between their industry and the hospitality industry. Even better, it’s a way for hotels to attract new guests who are seeking low-cost lodging because they’ve been treated at the healthcare facility.
Identifying the key benefits of healthcare and hospitality
- Accessibility – Healthcare facilities are often more accessible for patients than other options, such as private practices. While accessibility is a major benefit of any industry, it is particularly important in healthcare because many people find it difficult to get treatment when they need it.
- Safety – When a guest stays at a healthcare establishment, they can be confident that the rooms are safe and have been cleaned well. They can also be confident that they will be able to get the care they need while staying there.
- Trust – Even if a guest can’t afford a luxurious hotel, they can be confident that they are getting the same high level of service and cleanliness that they would at a healthcare facility.