What a remarkable time to be in healthcare!
Regardless of your stance on the elections last month, it is clear that we are on the verge of significant changes to the way that we treat patients and do business. Healthcare IT and Medical Device companies have all seen an uptick in valuations, and the market is screaming for innovations like those that we see outside of the hospital every day.
One of the things that I find remarkable is the difference in the velocity of technology between the consumer and healthcare space. While I can appreciate the effect that additional regulation and research requirements have on the ability of companies to bring medical solutions to market, I am frequently disappointed in the unwillingness of companies to work together to solve problems.
When I was working at GE, it was hardly unusual to hear that peripheral technologies that could potentially enhance our core products were not “validated”, or not compliant with the company’s standards. I always found this odd considering that other companies faced the same regulatory burdens to receive FDA approval as we did, as well as the fact that many of the smaller companies had much more to lose if there were issues with their tech as their reputation was dependent on a very small number of implementations.
Over time, in an effort to add value for my customers, I became a believer in the need for collaboration between companies, and an advocate for bringing vendors together to solve the issues that the hospital was facing. Ultimately, this led to synergies between technologies that allowed each to exceed its individual capabilities. Working with companies like Voalte, Extension, Verizon and others supported better workflows and led to improved outcomes.
We all have a vested interest in improving care delivery, and making it more accessible and less expensive. I have always valued my role as a leader in this area and would encourage you to realize the impact that you have as well.