Identifying Risk in Innovative Healthcare Projects
It’s no surprise that healthcare delivery in the United States continues to experience massive disruption and change. This is due to many factors. Some will argue that it is primarily due to the unsustainable costs of healthcare services [healthcare spending is at 17.9% of the US Gross Domestic Product (GDP) and continues to grow]. Other wealthy countries typically spend about half this amount.
Another important driver of change is large-scale industry consolidation via mergers and acquisitions (AETNA & CVS, Dignity Health & Catholic Healthcare West, etc.). A newer element of disruption comes in the form of new expectations from consumers. This is related, in part, to their increased buying power. This is driving a consumer-centric focus so that services are simpler and more accessible to patients. These disruptions are fueling a focus on innovation in healthcare.
So, what is an innovative healthcare project? There is no one answer, but there are a few hallmarks that can help with identification:
- Does it involve a disruptive technology or clinical practice? (Telehealth, artificial intelligence)
- Does it involve a healthcare “sacred cow”? (Physician compensation models/strategies, call center centralization/de-centralization models)
- Is it focused on patient experience and digital transformation? (Fully integrated patient portals,
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