March 4, 2018
HIMSS is underway, and, from patient engagement, to connected health and AI/Machine Learning, impact on health is happening in a big way. Fortunately, many of our clients attending HIMSS are leading the way.
With all the excitement, an important question remains: What can companies do to make a lasting impact on the health care system, and set themselves up for success?
- The Science Must Be Proven and Rigorous.
The reality is, people get sick. With a growing aging population, we are seeing more non-communicable diseases – diabetes, heart disease, various cancers. Tackling these diseases is a priority. We need new medicines and better diagnostic tools to identify problems more accurately and earlier in the process so that we can help people live longer and better-quality lives.
Innovators have amazing theoretical ideas. But, in healthtech, unlike other tech sectors, a vision is not enough to succeed. Clinical validation is more important than ever. Trials must be planned and executed to perfection, and results must be communicated credibly, with no sugar-coating at all.
- The Technology Must Be Able to Impact The World.
Good storytelling is an absolute must. How a company tells its story and communicates its potential impact can make the difference between receiving funding or not, gaining market traction or not, or having access to the brightest employee pool or not. The market must be left with a clear understanding of how this innovation can truly make a difference in this world.
To do this, frame where the gap is in the current system. Then, explain clearly and compellingly how the solution eliminates the issue. The goal is make people feel that they will not be able to live without this idea coming to life!
- The Product Must Fit Into The System.
This is the difference-maker for health care success. A company can be innovative and cutting-edge, but innovation doesn’t guarantee success.
Here’s a practical example: Many companies create slide decks to present to investors or potential customers. But few discuss reimbursement, despite reimbursement being the key to finding a place in the US health care system. At the very least, you must have your reimbursement strategy mapped out to be impactful.
Ultimately, for a health care innovation to take off, the entire system must be excited about it! The science must back up the ideas (through clinical validation, FDA clearance, etc.), the company must tell a meaningful story about the innovation’s impact, and the company must clearly communicate an understanding of how its puzzle piece fits into the bigger picture.
Be sure to check in with your Finn Partners team for more #HIMSSsanity!
Michael Heinley firstname.lastname@example.org, @mheinley
Giana Gregga Giana.Gregga@finnpartners.com, @gmgregga
Nicole Grubner email@example.com, @nicolegrubner
And, follow @FinnPartners on Twitter for our video blog updates!
You May Also Like