With unprecedented disruption to access and delivery of healthcare, medical businesses are vulnerable to the requirement for rapid change; but there will also be opportunities to consider, improve, and transform business models.
Innovation and uptake of technology in healthcare has lagged almost all other industries – driven in part by practitioner risk aversion and historical caution, regulatory protection diluting urgency, fragmentation of the specialist landscape, litigation risk, privacy concerns, or implementation challenges. Rational fear has impeded growth and change; but downward pressure, driven by government, insurers, regulators, clinicians, and patients will influence a more rapid innovation cycle.
There may not have been a compelling need for the healthcare sector to change the way that technology and innovation influences patient experience until very recently, but the horizon is shifting quickly.
So, what does the future of medical business look like? How will business owners orient and navigate the shifting landscape? How can specialists harness their specific knowledge to the potential for real change; innovating, improving outcomes and the experience for patients, protecting their income, and giving back to the profession in terms of legacy, while building and protecting business value?
While other sectors have been impacted by the disruption of digital newcomers, momentum in healthcare has been necessarily more cautious; but the pace is quickening. Medical businesses will not be the same in ten years as they are now, and there are opportunities to innovate, especially when considering the purpose, structure, and delivery of services.