How do you weigh healthcare innovation risks?

Healthcare innovation ideas are crucial for success. since it involved patient care and patient data is always cautious. We should be able to understand potential risks and anticipatory risks. Understanding and prioritizing the risks are pivotal to success.

It is also important to understand how your ideas will affect your business overall. Is your idea contributing to your marketability? Will your innovation eventually make you obsolete?

In my experience, a methodology that has been useful is Design thinking, a human-centered problem-solving approach, that provides a promising mechanism for weighing the risks associated with healthcare innovation through prototyping. This methodology emphasizes empathizing with end-users, ideation, and iterative testing, which can be especially valuable when dealing with novel technologies, practices, or care models. One of its key advantages is that it allows for low-fidelity prototypes to be created, which enables healthcare professionals to test certain elements of an innovation with minimal risks.

Weighing healthcare innovative risk involves a comprehensive and methodical evaluation of the potential benefits and risks associated with new healthcare practices or technologies. This process aids in making informed decisions that optimize patient care while minimizing potential adverse outcomes.The process involves Identifying the Innovation, Assessing Potential Benefits,Analyzing Potential Risks,Regulatory and Ethical Compliance,Cost-Benefit Analysis,Pilot Testing,Continuous monitoring and evaluation and Stakeholder involvement. In brief we must understand While these innovations may offer significant advantages, they also carry inherent risks that need to be carefully considered.

The goal is always for the best possible outcome for the human patient involved. In my opinion, protocol health care has done a lot of harm and innovation, just like so many other things and health care, need to be evaluated on the individual patient basis. Are we able to educate the patient so they can make an actual, informed and educated decision about their health care? "Benefits outweigh the risk" should be more than just a button we tick inside of our EMRs.

Assessing the feasibility of a proposed project is an institution-specific task. Given the competing priorities within an organization which is often the case, conducting a comprehensive feasibility study is a crucial step. Especially, when it requires a meaningful allocation of resources. This study enables evaluation of the project's complexity, resource requirements, costs, funding options, key partnerships, and potential obstacles. By thoroughly analyzing these factors, the project team can identify and mitigate risks, optimize resource allocation, and estimate the return on investment, increasing the likelihood of successfully bringing the innovation to fruition.

In healthcare, I always supported Comparative Effectiveness. I moderated a program years ago with Dr. Carolyn Clancy, who was the head of AHRQ and we discussed CE. We were creating a new HECON model called Thereconomics and trying to create a CE Committee over P and T and Value Analysis Committees, to evaluate all potential treatments and diagnostics used in patient care. I published an article years ago regarding this approach. Thanks. Fred

Assessing Feasibility for Healthcare Innovation: Tech Complexity: Evaluate solution intricacy and needed resources. Financial Estimation: Gauge costs for development and upkeep. Resource Planning: Identify necessary skills and tools. Funding Strategy: Plan financial support and sustainability. Partnerships: Engage essential collaborators effectively. Training Plan: Enhance partner skills through training. Barrier Anticipation: Predict and plan for challenges. Risk Management: Develop strategies to overcome hurdles. ROI Calculation: Estimate potential return on investment. Feasibility Study: Thoroughly assess viability for success.

I agree with you totally, but we also must take in to account the low level of education of doctors in all technology forms and applications. So any educational add on would be very helpful on adopting new technologies

What may seem like a “novel” solution may be viewed as similarly to existing solutions and strategies in place within managed care companies, health care systems, or local markets. To stand out, a compelling and differentiating case has to be built. It needs to first start with fully understanding current gaps and pain points; whether these gaps and pain points are recognized across the enterprise or key stakeholders; and how the proposed solution will solve the issues measurably and demonstrate a ROI compared to prior solutions management or products.

This is absolutely true. Every innovation has it's own impact nuance. It is imperative to understand that Healthcare as we know it today is NOT a Free Market. In most other industries that are not as regulated both by govermental mandates as well as payer constraints innovation has contributed to incredible progress in manufacturing, science and agriculture. One has to be familiar with the roadblocks to true innovation and it's time for leaders in healthcare to advocate for changes in the payer landscape and govermental expectations such that we can truly change the ways we provide care to meet the expanding needs of the nation. Recall not too many years ago "Telehealth" as a concept existed but it was illegal provide care that way.

Nice process, but missing the usual and key component: do you understand the health care system as a system and all the drivers and interrelationships of those drivers and how the affect your initiatives positively or otherwise. Second have you researched the determinants of health and do you understand how the work in priority to see how your initiatives fit those priorities. We are addicted to crisis of the day solutions in our health decisions. So we fix the immediate and spend all our money there. Then there is no money left for creating a system that fosters good health, addresses determinants of health for prevention and “cure” of the current mess we are in.

In my experience the innovations in healthcare are necessary part of our medical system with great positive impact on outcomes, cost and risk management. Now with advanced AI technologies and combining the information from different disciplines we can overcome many challenges that we couldn’t in the past. The associated risks depends on how we set up the goals; attention to ethics, health care economy and population at risks to avoid disparities, etc are crucial. The key here is an honest and clear communication and disclosure of the conflicts to help decision makers avoid any bias. An example is expensive medical tools that come to market frequently; while they might do some goods, can negatively impact the healthcare system as a whole.

1. Identify the innovation: Clearly define the specific innovation or technology you are evaluating. 2. Assess clinical evidence: Review the available clinical data and evidence supporting the innovation. 3. Evaluate safety and effectiveness: Assess the potential risks associated with the innovation, such as adverse events, side effects, or complications. 4. Engage stakeholders: Involve key stakeholders in the evaluation process, including clinicians, patients, administrators, policymakers, and legal experts. 5. Conduct a cost-benefit analysis: Evaluate the financial costs and potential savings associated with implementing the innovation.