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Look for your next big opportunity in healthcare technology

Look for your next big opportunity in healthcare technology

 


Nicholas Domnisch is the CEO and partner of EE Solutions, a New York-based software development agency that drives digital health innovation.

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Do you know how prosperous the healthcare technology business is? As a tech leader, you’re probably interested. To help you understand the context of the industry, we’ve included a section below detailing why you should be concerned as a tech leader and three potential areas of opportunity.

Why do you need to care?

In the past, competition in the healthcare industry was hampered by high barriers to entry. New market entrants struggled to compete with strong existing companies like Epic and Cerner. Together, these two companies generate more than $ 9 billion in revenue, and Epic is growing about 15% annually.

However, the new regulations have leveled the competition. In 2021, the government mandated CMS-regulated healthcare institutions to comply with FHIR data standards. The standardization of that data has led to data availability and innovative competition.

You may be wondering if the tech team has the opportunity to participate in this turmoil. Let’s take a look at some of the key areas where new market entrants can innovate and add value to healthcare stakeholders. I have classified the following three opportunities.

Opportunity 1: Providing digitally compatible care

It goes without saying that the main goal of medical technology should be to improve patient outcomes. Instead, the current healthcare industry seems to be built for providers, payers, and other industry stakeholders. For example, the treatment a patient receives is not always determined by the doctor making the diagnosis, but by the insurance company due to the limitation of the scope of the patient’s plan.

Through technology, we can build a better healthcare ecosystem for everyone. The direct-to-consumer healthcare market and telemedicine technology are beginning to redistribute power to patients and their providers. Companies such as Waymark ($ 45 million in funding) have significantly improved the accessibility and customizability of care by providing care teams with technology to jointly provide community-based healthcare services to Medicaid beneficiaries. I’m letting you.

Some companies are seeing additional opportunities in smaller niches. Homeward, for example, is a technology-enabled provider that improves the accessibility of the American countryside to quality healthcare. Another company, Legion Health ($ 2 million in funding), focuses on providing mental health services directly to consumers from licensed psychiatrists and therapists.

As you can see, the patient’s experience has been completely rethought. Basic online portals are no longer meeting consumer expectations for UI / UX, interoperability, and security. Smarter solutions with rapid patient intake, symptom checkers, and an integrated communication platform improve patient outcomes with business benefits. As a technology leader, you and your team can further enhance the innovation of the patient experience.

Think about partnership opportunities for inspiration. Both Twilio and Microsoft Teams offer integrations that can reduce telemedicine development time. In addition, corporate turnkey digital health platforms such as Epic and Sprinter Health ($ 38 million raised) are fully equipped with scheduling, communications, and healthcare delivery capabilities.

Opportunity 2: Enterprise innovation using data

Increased data availability offers the opportunity to implement data analysis. To quantify opportunities, a recent study by Optum shows that of the 500 healthcare executives, 83% already have an AI strategy, and an additional 15% are in the early stages of developing an AI strategy.

You can implement data solutions to improve your healthcare operations. Companies such as Source Health ($ 3 million raised) and Gesund ($ 2 million raised) are building new operating systems and analytical tools to improve every aspect of healthcare delivery. Their APIs and analytical products can be used by anyone, from technology development teams to care delivery organizations, to coordinate care, provide better patient outcomes, and collect data.

The analysis can also be applied to the health of the population. This can, for example, improve outcomes for high-risk patients. Technology-powered care coordinators work with healthcare providers to use data insights to optimize care delivery and encourage preventive care (ie, health care) over high-cost alternatives. I am.

At this point, you may think that Epic will be a too strong competitor as a strong incumbent. However, FHIR’s mission has leveled the competition by making available population health datasets. As a result, technology teams have the data resources they need to compete.

In addition to patient outcomes, medical data is being used to improve core business operations such as patient flow. Predictive analytics can eliminate bottlenecks and improve care efficiency in high-impact areas such as emergency departments, staffing, and operating rooms. These improvements have hurt healthcare institutions’ profits by reducing average length of stay and increasing the number of annual patient visits.

Opportunity 3: Connected healthcare services

Potentially one of the most influential areas of innovation is the provision of medical services. Increased data availability improves interoperability between healthcare applications. Let me give you an example. Today’s clinical management software may be designed to meet a single specific need. As you can imagine, designing an all-in-one solution is very costly. However, by taking a more modular approach, the interoperable system acts as a standard building block and is plugged into a larger, more scalable solution.

Such solutions integrate dedicated software to enable providers to provide higher quality services. Companies like HeyRenee ($ 8.2 million raised) are using this strategy to enable more community-based healthcare services by coordinating communication and connecting all aspects of care.

Operating rooms are managed by traditional software solutions, especially when looking at surgical services, which account for about 60% of healthcare system revenue. These leave a technical gap that must be filled. Innovation leverages interoperability between digital health solutions to improve the quality of care, throughput, and revenue generation in the operating room. For example, Veyond Metaverse ($ 3 million raised) implements Extended Reality Technology to coordinate medical education, surgical planning, training, operations, and a variety of additional medical services.

As we’ve seen throughout this article, the healthcare ecosystem is ripe for innovation. New regulations make data available and lower barriers to entry into the industry. In particular, competition with incumbents in space will continue. Still, if you are a tech leader looking for a new and powerful source of revenue, this may be your chance. Join the Digital Healthcare Revolution and start building now.

The Forbes Technology Council is an invitation-only community for world-class CIOs, CTOs, and technology executives. Are you qualified?

Sources

1/ https://Google.com/

2/ https://www.forbes.com/sites/forbestechcouncil/2022/06/30/look-for-your-next-big-opportunity-in-healthcare-technology/

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