Transformative Healthcare Executive | Innovation Growth Strategist | Leadership Mentor & Educator | Super Connector | Partnering with others in getting it done!
Transformation in healthcare is a crucial topic. What does it truly mean? Imagine a focus on alleviating the workload burden through technology, automating processes, eliminating human error, and understanding the pain points in care delivery. It's about creating process (not point) solutions that reduce waste and expense and create discipline, not just addressing isolated issues. We can achieve this by refining one workflow at a time. Consistently innovating with team input and integrating new knowledge fosters a culture of creativity and efficiency. Consider how well innovators grasp the fundamental issues from multiple angles. Some of the keys to success include truly understanding the healthcare industry, obsessing over the problem they are solving, having a clear and impactful value proposition, orchestrating workflows with change management and involving diverse experts. Transformation is challenging, no matter how we define it. By addressing these questions and focusing on change management, we can navigate the complexities of healthcare and drive meaningful change. Please share your innovation stories that are gaining traction and solving problems with discipline.
After the failure of major HealthTech scale-ups aiming to "disrupt healthcare" (such as Babylon, Pear Therapeutics, and Science37), VCs are now more inclined to invest in ventures that "enhance" the current system rather than "transform" it. I wrote down a few thoughts. 1️⃣ "𝐄𝐧𝐡𝐚𝐧𝐜𝐢𝐧𝐠" 𝐢𝐧𝐬𝐭𝐞𝐚𝐝 𝐨𝐟 "𝐝𝐢𝐬𝐫𝐮𝐩𝐭𝐢𝐧𝐠" 5 out of the 10 promising scale-ups of the "TechCrunch list" can be categorized as CareOps, aiming to reduce admin for HCPs and streamline processes in care facilities. Therefore, the main focus is no longer on disrupting care delivery but on bringing efficiency within the status quo. However, one should not forget the failure of Olive.ai (once valued at $4 billion), which was a #healthcare automation company with a promising value proposition on paper but failed to deliver on its promises. 2️⃣ 𝐀𝐝𝐝𝐫𝐞𝐬𝐬𝐢𝐧𝐠 𝐬𝐩𝐞𝐜𝐢𝐟𝐢𝐜 𝐚𝐫𝐞𝐚𝐬 𝐭𝐡𝐚𝐭 𝐚𝐫𝐞 𝐜𝐮𝐫𝐫𝐞𝐧𝐭𝐥𝐲 𝐮𝐧𝐝𝐞𝐫𝐬𝐞𝐫𝐯𝐞𝐝 3 out of the 10 promising scale-ups of the "TechCrunch list" target specific gaps / niches. Equip offers virtual care for eating disorders. Maven Clinic focuses on Women's Health. Summer Health addresses paediatric care. These scale-ups cannot remain stand-alone for long. They will need to integrate into a broader ecosystem that is still being developed. 3️⃣ 𝐓𝐫𝐚𝐧𝐬𝐜𝐚𝐫𝐞𝐧𝐭: 𝐭𝐡𝐞 𝐨𝐧𝐥𝐲 𝐨𝐧𝐞 𝐢𝐧 𝐭𝐡𝐞 𝐥𝐢𝐬𝐭 𝐰𝐢𝐥𝐥𝐢𝐧𝐠 𝐭𝐨 "𝐝𝐢𝐬𝐫𝐮𝐩𝐭 𝐡𝐞𝐚𝐥𝐭𝐡𝐜𝐚𝐫𝐞" Transcarent is a healthcare company that provides a platform designed to offer personalized, transparent, and high-quality healthcare experiences for consumers. Part of the company’s rapid rise is due to its founder, Glen Tullman, who previously founded Livongo, acquired by Teladoc for $18.5 billion in 2020. 4️⃣ 𝐈 𝐚𝐠𝐫𝐞𝐞 𝐰𝐢𝐭𝐡 𝐓𝐞𝐜𝐡𝐂𝐫𝐮𝐧𝐜𝐡'𝐬 𝐥𝐢𝐬𝐭 𝐛𝐮𝐭 𝐰𝐨𝐮𝐥𝐝 𝐚𝐥𝐬𝐨 𝐚𝐝𝐝 𝐚 𝐟𝐞𝐰 𝐧𝐚𝐦𝐞𝐬 Interesting start-ups I came across recently: LillianCare, a German hybrid primary care chain focusing on underserved areas and implementing Value-Based-Care contracts (risk-bearing for complex population) FidoCure® , a US precision oncology company for dogs, with very exciting applications in human oncology R&D. Ally Health, a UK platform bringing efficiency gains and enabling upskilling in ambulatory nursing & care. Eterno Health, bringing German medical practices into the cloud over a week-end, and building the App-Store for the ambulatory sector. Function Health, offering comprehensive lab testing as part of a membership in the US. Andreessen Horowitz, believing that the biggest company in the world will be a consumer HealthTech company, invested in Function based on this thesis. #healthtech #venturecapital #startups
