The Executive Suite: Are clinical trials right for your medical practice? Assessing the strategic fit

As the healthcare industry continues to evolve to meet the needs of today’s patients, nailing down a competitive advantage becomes more and more challenging. Incorporating clinical research into your practice can be a powerful advantage. Not only is it essential to the advancement of medicine, but it can also vastly improve patient outcomes and accelerate your practice’s reputation and ability to attract top-tier talent.

Clinical trials are a fundamental part of the U.S. healthcare system and play a crucial role in advancing medical research and improving patient care. The U.S. clinical trials market size was valued at USD 23.83 billion in 2022 and is expected to surpass USD 35.1 billion by 2030 with a CAGR of 4.96% from 2022 to 2030.

Once focused within larger healthcare institutions, clinical research sponsor interest is on the rise in private practices and community-based settings as studies face challenges with declining enrollment rates and the diversity of participants.

This provides a unique opportunity for medical practices to engage and be a part of developing new interventions, positioning themselves as pioneers in their area of specialty.Building off of existing relationships with their patients, providers can play a critical role in education and exposure to cutting edge treatment options.

Improving patient outcomes

Through clinical trials, patients gain access to treatments and therapies that may not otherwise have been available to them but can have a profound impact on their health.

When it comes to clinical trials and patient outcomes, three significant issues arise—patient recruitment, retention throughout the trial, and diversity.

While clinical trials have been a part of the medical ecosystem for years, many people are unaware of what a trial really is and how it can benefit them as well as the larger community.There is a great need for continued education in this area, and those with existing relationships have the power to help with engagement in a meaningful way.

Recruitment and retention

Medical practices have an advantage over other organizations in addressing the crucial obstacles of patient recruitment and retention, which directly impact the effectiveness of clinical trials.Built off of existing relationships, many patients look at engaging in a trial as an extension of the care already being provided by a trusted healthcare partner, making them more willing to participate and stay with the study through to the end.

One of the biggest advantages of doctors incorporating clinical trials into their practices is that patients see it as a natural continuation of the care they already receive from their doctors, which makes them more willing to participate and remain with the study through to the end.

Associated screening exams and other trial offerings can also help identify at risk patients whose care plan could be enhanced through participation. Traditionally, patients in clinical trials are more aware of their health.

Diversity

Ensuring diversity in clinical trials is critical to comprehending how therapies might be used more broadly across a range of patient populations. Medical practices have a unique opportunity and responsibility to promote diversity in clinical research, which will lead to more inclusive and equitable patient outcomes.

Minority representation in clinical trials is low. According to the Food and Drug Administration (FDA), 75% of clinical participants in 2020 were white, 11% were Hispanic, 8% were Black, and 6% were Asian. To add to the complexity, one in five drugs respond differently across racial and ethnic groups.

Medical practices may be the key to reaching special patient populations and boosting minority participation in clinical trials.In doing so, they can play a pivotal role in ensuring that studies are representative of the whole population, advancing healthcare equity.

Strategic growth and industry relevance

As the healthcare industry continues to undergo significant transformation and clinical trials operate as growth accelerators, participating in clinical research provides a myriad of benefits to medical practices.

Understanding the latest therapeutics and staying at the forefront of research gives practices credibility and positions them as trailblazers in the field of medicine.As a trusted source, participation also enhances patient and physician referral relationships.

Medical practices can stand out in the highly competitive healthcare market by showcasing their dedication to quality, innovation, and patient-centered care through a robust clinical research program.

Setting the stage for trials

In order to ensure that clinical research is profitable and successful, it is crucial for medical practices exploring offering this service to carefully develop the necessary infrastructure. Numerous factors need to be taken into account, including staffing resources, technology, operations, finances, complex regulations, and training.

Many practices have concerns about the logistics of incorporating the trial into their practice and how that might result in additional administrative burden, dealing with increased regulations and red tape and them having less time to devote to their patients.There is no doubt that dedicated and strong leadership is required to build a streamlined, effective, and financially viable model.If you are passionate about offering the advanced care and access that clinical trials can bring, there is no need to let the overwhelm stop you.

Some models offer the opportunity for doctors to incorporate clinical research as a care option in their practices. By partnering with clinical trial experts, they will handle all of the management and logistics related to the trials, and you can keep your level of involvement at a manageable level that doesn’t interfere with patient care.

These experts help define a clear strategic direction, laying the foundation for a streamlined, efficient, and financially viable clinical research model that aligns with the overarching goals of the organization.

A beacon of innovation and excellence

As you weigh the decision of whether clinical trials are right for your practice, you must assess the strategic fit and potential advantages and try not to get mired in the logistics.The healthcare industry is witnessing unprecedented growth, and clinical trials are a driving force behind this expansion. As the demand for new treatments and therapies rises, healthcare organizations that actively engage in clinical research position themselves at the forefront of industry growth.

With the right mindset, you can build a robust clinical research model that not only benefits patients but also contributes to the overall advancement of healthcare as a whole.