How to Position Your Business for Growth in Healthcare Innovation

How to Position Your Business for Growth in Healthcare Innovation

In the field of Healthcare Innovation, there are several obstacles to overcome. Unlike commercial industries, healthcare providers in Medicare and Medicaid typically have long-term relationships with their enrollees. Thus, they may see more value in a new obesity-treatment technique than a new diagnostic test. Likewise, commercial insurers experience significant turnover in their physician workforce, which can sabotage the potential for new innovations. Hence, the innovation process must appeal to physicians who are not paid on a flat salary.

The single-payer system constrains the growth of customer-focused and technology-based innovation. The need to keep costs under control means that the government allocates less money for care of the truly sick. Similarly, the lack of a robust venture capital community in Europe means that prices for medical devices and drugs remain low, delighting consumers while squeeze margins for innovators. Nevertheless, this model is potentially promising in the context of disease-related innovations.

Healthcare Innovation has a paradox: while new innovations are rapidly adopted and incorporated into health systems, their impact is limited, unproven, and pose risks to patients. However, if a new treatment method or treatment is proven to improve patient outcomes, it could be a game changer. Hence, companies are not helpless against such challenges. By taking simple steps, they can position their business for growth in the healthcare innovation arena. You can start your journey today by getting in touch with a healthcare innovation company.

While implementing the top 10 innovations requires a major overhaul of the healthcare industry, it is also essential to evaluate existing processes to identify those that break performance trade-offs and improve quality. Leaders should consider partnering with ecosystems and non-traditional players and other sources of knowledge outside their four walls. Finally, leaders should strive to be agile, flexible, and embrace change. It is essential to be agile in healthcare innovation. And, by keeping in mind the six forces of innovation, they will be able to make the necessary changes in their organization.

The importance of diversity in innovation can also be measured by the fact that diverse innovators produce better quality health care. For instance, a strategic long-term vision could double the number of bona fide innovators. Even a slight increase in this number could lead to an output improvement of 20% in innovation. That translates to a substantial increase in quality and high-value licenses for the health system. By investing in foundational development, the gap between diverse groups and the quality of health care can be closed significantly.

The Center for Affordable Medical Technologies is one example of an interdisciplinary healthcare innovation lab. Located at the Massachusetts General Hospital’s Center for Global Health, this organization brings together multidisciplinary teams to co-design solutions to health issues in the US and globally. They involve patient input in their designs and engage clinicians, hospital staff, and healthcare providers in the process of evaluating these solutions. The Mayo Clinic’s flagship offerings will be developed with the help of the center.

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