Adapting to Digital Transformation in Healthcare
Despite an abundance of healthcare delivery systems, demand continues to exceed supply, highlighting operational inefficiencies that hinder patient care. The healthcare industry has traditionally been slow to adopt digital transformation compared to other sectors. However, the recent push towards value-based care is improving efficiencies and reducing costs, thanks to both government initiatives and private sector innovation, setting the stage for significant technological disruption.
Sally Frank, Global Head of Health and Life Sciences at Microsoft for Startups, stresses the importance of startups and companies that address these healthcare challenges. By streamlining the adoption and integration of technology, these innovators are vital in fostering a more efficient healthcare ecosystem. At the HIMSS24 Views from the Top Session, Frank was joined by leaders from emerging health tech startups and veterans from the funding and healthcare system sectors, all sharing their unique perspectives and strategies for growth.
Market Makers: Bridging Gaps in Healthcare
Successful disruptors in healthcare, according to Frank, understand the intricate healthcare ecosystem and focus on meeting unmet needs without disrupting existing workflows. These market makers prioritize customer-centric solutions that seamlessly integrate into current systems, enhancing services without extensive upheaval. Innovaccer, led by CEO Abhinav Shashank, exemplifies this with its unified patient record system developed in 2020 that simplifies data collection and sharing across care teams. Following this, Innovaccer launched a FHIR platform to support the 21st Century Cures Act’s data sharing requirements and integrated AI to further enhance operational efficiencies.
BeeKeeperAI, another startup in Frank’s Pegasus portfolio, uses Azure’s confidential ledger to safeguard AI and machine learning developments, implementing a zero-trust framework to secure data. This platform significantly accelerates the adoption of AI in healthcare by simplifying and securing the development of clinical algorithms, illustrating how targeted technological solutions can streamline complex processes and deliver substantial value to the healthcare industry.
Key Insights and Future Directions at HIMSS24
The upcoming HIMSS24 session titled “Digital Health Startups: Harnessing Innovation to Disrupt and Improve Care Delivery” promises to be a crucible of ideas, with seasoned leaders like Shashank, Robbie Freeman, and Michael Greeley sharing their experiences. Attendees will gain insights into scaling startups, understanding customer needs in healthcare, and navigating the investment landscape. These discussions will not only highlight successful strategies but also offer lessons on avoiding common pitfalls, providing valuable learning opportunities for emerging entrepreneurs in the health tech space. Scheduled for March 12, this session is poised to offer practical advice and visionary strategies for navigating the complexities of healthcare innovation.