Digital health investments demand a nuanced view of ROI, shifting from cost-saving metrics to value-centric outcomes. This perspective considers long-term impacts on patient well-being, provider efficiency, and system sustainability. By reframing traditional ROI analyses, stakeholders can better justify digital health innovations and achieve broader healthcare goals. Found this useful? Repost ?? to help your network. We specialise in helping ambitious HealthTech CEOs, Founders, and Entrepreneurs unlock potential, accelerate growth, and build organisations ready to shape the future of healthcare. Feel free to message ?????????? ?????????????????? (https://lnkd.in/eTeFnrpt) to explore working together.
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Thrilled to finally have our article out in MIT Sloan Management Review ??. Digital health care platforms can make health care cheaper, better and more accessible but succeeding with such platforms requires a rethink on platform strategy. Our research shows: ? When entering the market, seek to complement rather than substitute incumbent actors and offerings. ? When scaling the business, seek rapid learning effects rather than traditional network effects. ? As the approach to ecosystem governance, seek to influence rather than formally orchestrate the ecosystem. I think we outline important implications for #Health, #MedTech, #Platforms and beyond. Thanks for an excellent collaboration Marcus Holgersson and Joakim Bj?rkdahl at Chalmers tekniska h?gskola and Anna Essén at House of Innovation at Handelsh?gskolan i Stockholm. The excellent edits by Abbie Lundberg and Elizabeth Heichler allowed us to get the ideas across ???? ????????????
Health Care Platforms Need a Strategy Overhaul
sloanreview.mit.edu
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Evolution: Why It’s Time to Look at Digital Health ROI Differently - HIT Consultant As the digital health market surges towards $815 billion by 2030, it's time to rethink how we measure its success. Current ROI metrics often overlook the broader impact of digital health innovations on patient outcomes, operational efficiencies, and clinician well-being. With AI poised to reduce healthcare errors significantly, a holistic approach to ROI is essential. This shift aligns with the Quintuple Aim of healthcare, enhancing patient experience, improving population health, and advancing health equity. Embracing this comprehensive perspective will unlock the true transformative potential of digital health. #DigitalHealth #HealthcareIT #AIinHealthcare #HealthEquity #PatientExperience #HealthOutcomes #Innovation ai.mediformatica.com #health #digital #digitalhealth #healthcare #tools #medicine #data #clinical #digitalhealthtools #market #medical #this #healthit #healthtech #healthcaretechnology @MediFormatica (https://buff.ly/40KTH9s)
Evolution: Why It's Time to Look at Digital Health ROI Differently
hitconsultant.net
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Healthcare platforms need a strategy overall. The digital health sector, with a valuation exceeding $175 billion globally in 2022 and an anticipated growth rate of 27% till 2030, stands at the cusp of transforming healthcare delivery through advanced technology integration. Despite this significant potential and substantial venture capital interest ($45 billion in 2021), digital health platforms face unique challenges that hinder their profitability and scalability compared to other platform-based businesses. Healthcare globally is grappling with increased demand, accessibility barriers for marginalised groups, and rising expenditures. Digital health platforms, by leveraging AI, telemedicine, and data analytics, offer promising solutions to these issues, but their integration into the existing healthcare ecosystem remains complex. Recent research, based on over 100 interviews across 14 organisations in Sweden, reveals that digital health platforms must adopt a distinct strategic approach to thrive. The study highlights the necessity for these platforms to understand their unique position within healthcare, focusing on collaborative integration with existing services, reimagining scalability through learning effects, and navigating the intricately regulated healthcare ecosystem with a distributed approach to governance. Key takeaways for leaders and managers in the digital health space include: ? Focus on narrow and well-defined scope. Integrate not substitute. ? Use data to support operational excellence. ? Build ecosystems through trust. Be transparent and generous in sharing data and evidence governance. The future of healthcare is digital, and by rethinking platform strategies, digital health platforms can not only enhance healthcare delivery but also achieve sustainable growth. #DigitalHealth #HealthcareInnovation #PlatformStrategy #Telemedicine #AIInHealthcare
Health Care Platforms Need a Strategy Overhaul
sloanreview.mit.edu
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As the?digital health?market continues to expand—projected to grow from nearly $250 billion in 2023 to over $815 billion by?2030—it’s essential to reassess how we measure its success. The prevailing focus on ROI has driven much of this sector’s growth. In fact, a recent survey revealed that?94%?of investors prioritize ROI over clinical evidence when evaluating digital health tools. The data backs it up;?82%?of healthcare and life sciences companies note significant or moderate revenue increases when incorporating mature AI. However, the conventional metrics of cost savings and revenue growth are missing an opportunity to capture the true value of digital health innovations as well has healthcare transformation as a whole. Compounding this problem is the current tendency to evaluate digital health initiatives over short periods, failing to capture the full spectrum of benefits that accrue over time. Yes, the financial implications of digital health tools are substantial, with AI applications alone?estimated?to reduce annual U.S. healthcare costs by $150 billion by 2026. However, the true value of these tools goes beyond cost savings. When thoughtfully implemented, the right digital health solutions create the time, capacity, and headspace for clinicians and healthcare systems to focus on prevention and practice medicine that is more patient-centered and holistic. This shift can lead to better outcomes by enabling more meaningful patient engagement. Additionally, the data generated by these tools helps target individuals who could benefit from early or intensive interventions, thereby reducing the long-term costs associated with complications or poorly managed chronic diseases. #ROI #ai #digitalhealth https://lnkd.in/eShewd-p
Evolution: Why It's Time to Look at Digital Health ROI Differently
hitconsultant.net
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Thought Leadership in Digital Health The digital health landscape is rapidly evolving, and thought leaders play a crucial role in shaping its future. Identify Your Niche: Digital health encompasses a broad spectrum of technologies and applications. Focus on a specific area where you can develop deep expertise. This could be telehealth, remote patient monitoring, artificial intelligence in healthcare, or a specific disease area with a strong digital health component (e.g., diabetes management with wearables). Develop Deep Knowledge and Credibility: Conduct thorough research to stay current on the latest advancements and trends in your chosen niche. Actively engage with relevant academic journals, industry publications, and conferences to stay abreast of ongoing research and discussions. Consider pursuing relevant certifications or continuing education courses to solidify your expertise. Content Creation and Thought Sharing: Publish insightful articles and blog posts: Share your knowledge and perspectives on digital health topics relevant to your niche audience. Aim for high-quality content that is informative, engaging, and evidence-based. Speak at industry events and conferences: Volunteer to present your ideas at conferences, workshops, and webinars. This allows you to connect with a wider audience and establish yourself as an expert. Leverage social media: Actively participate in social media conversations related to digital health. Share valuable content, engage in discussions, and connect with other thought leaders and influencers in the field. Consider using platforms like Twitter, LinkedIn, or industry-specific forums. Thought Leadership Strategies: Present Unique and Compelling Ideas: Don't be afraid to challenge the status quo and offer fresh perspectives on digital health issues. Focus on the "Why" and "How": While discussing new technologies, emphasize the potential impact on healthcare accessibility, affordability, and patient outcomes. Become a Trusted Source: Strive for objectivity and provide balanced viewpoints in your content. Be a reliable source of information for those seeking to understand the complexities of digital health. Building Relationships and Collaboration: Connect with other thought leaders and influencers: Networking and collaboration with like-minded individuals can amplify your reach and influence. Engage with policymakers and healthcare organizations: Advocate for policies that promote responsible development and adoption of digital health solutions. Connect with patients and patient advocacy groups: Understanding user needs and challenges is crucial for developing effective digital health solutions. Long-Term Commitment: Be patient, persistent, and continue to produce high-quality content and engage in meaningful conversations. Measuring Success: Track your progress by monitoring website traffic, social media engagement, and mentions in industry publications.
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Digital innovation is transforming the healthcare sector, with new technologies fuelling innovation, offering greater efficiency and improving patient care. The rapid transformation of the Middle East's healthcare sector has the potential to transform health outcomes and offer models for elsewhere.
How digital innovation is reshaping Middle East healthcare
weforum.org
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Delivering smart #IntelligentHealthEcosystems is a passion of mine – it will transform the lives of patients and revolutionize how the healthcare sector operates. Despite advances in digitization and connectivity, underinvestment in new technologies, slow adoption rates and an ongoing lack of stakeholder alignment have hindered progress towards this vision. But there is reason for optimism. Stakeholders agree the biggest need is better patient-reported outcomes; patients say they are ready and willing to share data to get these outcomes. In my interview with Wired magazine, I talk about how stakeholders can use this common goal to better collaborate and target investment into real change – paving the way for a smart intelligent health ecosystem that’s truly fit for the future. #HealthTech
Building a Smart Healthcare System
wired.com
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Digital health transformation projects can be enabled at a lower cost and higher quality by focusing on key strategies such as interoperability, data utilization, and value-driven approaches. Rhapsody, a digital health enablement platform, emphasizes the importance of interoperability in accelerating innovation and reducing costs by connecting providers and health tech companies seamlessly. McKinsey highlights the potential of digitization in improving healthcare quality and reducing costs through measures like monitoring chronic conditions effectively and enhancing clinical decisions. The World Economic Forum stresses the need for collaboration among stakeholders to unlock the full potential of digital, data, and AI in healthcare, emphasizing standardized data sharing, tech integration, funding alignment, regulations, and hybrid healthcare delivery models. The Inter-American Development Bank's report underscores the benefits of digital transformation in healthcare systems in Latin America and the Caribbean, including efficiency improvements, medical error reduction, and increased life expectancy through proper implementation of digital technologies. https://lnkd.in/efPQDwiK #healthcare #healthcareinnovation #digitalhealth #healthcareit #himss24
How to enable digital health transformation projects at a lower cost and higher quality
healthcareitnews.com
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??How to Ensure Digital Transformation in Healthcare Reaches its Potential? The World Economic Forum, together with Boston Consulting Group (BCG) and other Forum partners, are launching a Digital Healthcare Transformation Initiative, designed to responsibly accelerate progress via public-private collaboration. Some key points regarding this issue that authors Jennifer Clawson and Max Kottorp touch on include: 1?? Unlocking Digital Potential: Despite huge investments, digital health hasn't fully delivered. The Digital Healthcare Transformation Initiative aims to break barriers hindering transformation, focusing on collaboration for a seamless, end-to-end digital healthcare experience. ?? 2?? Key Enablers for Success: Five critical factors identified for digital health success are: data value unlock, tech integration, aligned incentives, adaptive regulations, and hybrid healthcare delivery. These pillars will drive efficiency and innovation. ?? 3?? Promising Initiatives: Inspiring digital health projects are already making waves, like the World Health Organization's Global Initiative on Digital Health and India's CoWIN platform. These efforts highlight the potential of technology to revolutionize healthcare delivery. ?? The stakes are high, but so is the potential for positive change. With collaborative efforts and a focus on long-term, system-wide transformation, we can build a healthcare system that's accessible, equitable, and of the highest quality for all. Let's remember to include patient voices in this conversation and accelerate the digital revolution in healthcare together! ???? #DigitalHealth #GlobalHealth #HealthcareInnovation #WorldEconomicForum #DigitalHealthTransformationInitiative
How to ensure digital transformation in healthcare reaches its potential
weforum.org
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??How to Ensure Digital Transformation in Healthcare Reaches its Potential? The World Economic Forum, together with Boston Consulting Group (BCG) and other Forum partners, are launching a Digital Healthcare Transformation Initiative, designed to responsibly accelerate progress via public-private collaboration. Some key points regarding this issue that authors Jennifer Clawson and Max Kottorp touch on include: 1?? Unlocking Digital Potential: Despite huge investments, digital health hasn't fully delivered. The Digital Healthcare Transformation Initiative aims to break barriers hindering transformation, focusing on collaboration for a seamless, end-to-end digital healthcare experience. ?? 2?? Key Enablers for Success: Five critical factors identified for digital health success are: data value unlock, tech integration, aligned incentives, adaptive regulations, and hybrid healthcare delivery. These pillars will drive efficiency and innovation. ?? 3?? Promising Initiatives: Inspiring digital health projects are already making waves, like the World Health Organization's Global Initiative on Digital Health and India's CoWIN platform. These efforts highlight the potential of technology to revolutionize healthcare delivery. ?? The stakes are high, but so is the potential for positive change. With collaborative efforts and a focus on long-term, system-wide transformation, we can build a healthcare system that's accessible, equitable, and of the highest quality for all. Let's remember to include patient voices in this conversation and accelerate the digital revolution in healthcare together! ???? #DigitalHealth #GlobalHealth #HealthcareInnovation #WorldEconomicForum #DigitalHealthTransformationInitiative
How to ensure digital transformation in healthcare reaches its potential
weforum.org
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