To be viable long term in the healthcare-as-consumer ecosystem requires connected medical devices to not only integrate with existing health IT infrastructure but also with evolving care pathways. Further, the integration must be seamless, reliable, and automated, requiring no additional work on the part of the user. Attention to satisfying the different value propositions of the buyer (organization), the user (provider), and the end-beneficiary (patient), is essential.
The ultimate goal of connecting medical devices with existing healthcare IT infrastructure is to integrate input and output data, enabling improvement of patient outcomes as well as provider and patient experience. Achieving this goal requires understanding of existing healthcare hardware and software infrastructure and of healthcare data standards such as FHIR.
Open standards enable data interoperability between medical devices and other patient health data sources to create new opportunities for AI and predictive analytics and to address important business and technical issues concerning security and patient privacy. Miniaturization of computing power, increased network bandwidth and powerful AI software create new opportunities for healthcare products that leverage available data from any source to assist physicians in the diagnosis and treatment of patients.
The impact of these trends is accelerating with recent mandates and more so with the efforts of government and industry to provide telehealth in response to the COVID-19 pandemic.
Integrating a new connected medical device into an established care pathway constitutes long- term market viability table stakes. In addition to effectively transferring device data into an EHR, collaboration with healthcare providers from the early stages of technology development improves understanding of patient needs, gains the trust needed from physicians and enables early feedback on potential improvement in patient outcomes.
Providing or partnering with a service that coordinates the integration of multiple different connected medical devices into an established care pathway, speeds time to market, enhances the life span of your device and augments long-term market acceptability of your products.
The purchaser of a medical device (generally different than the user) wants to know not only that integrating the device will enhance patient care and provider satisfaction but how interoperability will create a compelling value proposition for their operation.
Does using the device result in new revenue, as with the historical Fee for Service business model? Or does using the device bring value through a Value Based Care, enhancing outcomes and thus revenue through efficiency? How will the organization pay and the users access? How is the value measured?
Bringing pricing and business model innovation to the purchaser is just as important as technical innovation. Competition or partnerships with many players, big and small, will likely become necessary as Internet of Medical Things (IoMT) evolves to provide enhanced infrastructure for the integration of more and more provider (and personal) devices into established care pathways.
Investment for startups is difficult in the current environment. Investors beyond seed stage are looking for platforms with robust scalability that add value across the healthcare continuum. Making it easy to integrate a device and to use the data generated as a part of a care solution is appealing.
It may not be an optimal time to be looking for money, but it is a good time to be having conversations and getting feedback. Investors never really need to invest. They can wait until the market gets worse (and they can drive a better deal) or until it gets better and they gain visibility to the ROI they are seeking. Or they may love you now! Ask and find out
Turn your connected device into a strong and viable business.
Green Room Technologies leverages extensive experience in all aspects of healthcare technology to help companies who have developed unique and valuable products successfully to market, creating viable, thriving business.
Start with Green Room’s exclusive Business Viability Assessment or explore our online resources for Market and Technology Readiness. Learn more here:
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