Rethinking the Business Model: A new approach to innovation in the transition to value-based care
Collaborating Across Disciplines
The scope of the problem requires cross-disciplinary partnership, tapping a spectrum of expertise (physicians, technologists, financiers, academics) early in the innovation process. Market-ready solutions will not arise from one source. While 2015 saw 4.5B+ private funding in the digital health space alone, all health organizations face issues of compliance, data liquidity, integration, and exploratory implementation (e.g., using AI to battle chronic disease). With strong ecosystems of partners, health ventures can better meet the challenges of technical complexity, market fragmentation, and regulatory friction.
Even with existing collaborations in the market, many solutions are missing a key perspective, practicing physicians. For example, EMRs and HITECH initiatives are system-level modernization solutions. But with universally reviled UIs, they only impair the physician-patient relationship. Technological friction has decreased efficiency, hampered care value, and done little to improve output. The physician-patient dynamic needs to be core to any health technology solution.
Connecting the Data
It has always been a challenge for health professionals to store, secure, and disseminate their copious amounts of data. Instead of improving with digitalization, the challenge increases as disparate systems and new technologies are introduced. With the proliferation of connected devices, the doctor’s office is now just one of many intersections between individuals, data, and caregivers. Companies looking to gain a foothold in health should aim to make all those touch points part of a seamless experience. Workflow integration,prioritizing secure interoperability to deliver meaningful real-time data whenever and wherever it’s needed,holds vast potential.
Creating Solutions for the Healthcare System We Need (Not the One We Have)
The U.S. health care model is shifting from acute and episodic to continuous and connected care in response to the rise of chronic disease. The design of our health system has made adapting difficult, it’s also opened a greenfield for innovation. But we must stop trying to enhance existing solutions without first addressing if practicing physicians find them valuable or capable of solving today’s health challenges. If we work together and innovate in ways that support the continuous and connected care system Americans needs, we can positively transform the delivery model and augment the interaction between doctors and their patients.