Hospitals and ASCs are at their breaking point with labor issues. If your ortho solution does not help their business, you will get pushback. Orthopedic device startups are focusing on developing streamlined, lower-cost service models tailored for ASCs. By simplifying product offerings to cater specifically to the high-volume, routine procedures common in ASCs, these startups can align their pricing with the budget constraints of ASCs, making their products more attractive (Bain) (Terso).
In 2024, orthopedic device startups are adopting strategies to simplify processes, reduce steps, and minimize labor to meet the unique needs of Ambulatory Surgery Centers (ASCs). This approach helps them thrive in a competitive market that increasingly values efficiency and cost-effectiveness.
Why This Strategy Works for Orthopedic Startups
- Cost Savings: ASCs, known for their lower operational costs compared to hospitals, are a growing market segment. Orthopedic startups that simplify their offerings and reduce costs can better meet the financial expectations of ASCs, thereby gaining a competitive edge (Bain) (Terso).
- Increased Efficiency: By streamlining operations and reducing product complexity, startups help ASCs maintain high efficiency. This operational synergy strengthens partnerships with ASCs and secures a larger market share for the startups (Terso).
- Enhanced Supply Chain Reliability: Advanced inventory management solutions ensure that ASCs have reliable access to the necessary orthopedic devices without the burden of maintaining extensive inventories. This reduces costs and improves operational efficiency for both ASCs and startups (Terso).
- Market Adaptability: Outsourcing non-core functions and optimizing supply chains enable orthopedic startups to adapt quickly to changing demands and market conditions. This flexibility is crucial for success in the dynamic healthcare landscape (McKinsey & Company).
By adopting these strategies, orthopedic device startups can effectively compete in the rapidly expanding ASC market, ensuring they meet the efficiency and cost demands of their customers while driving growth and innovation.