Are Hospitals Healthcare's Department Stores? - Part 2
Sam Basta, MD, MMM, FACP, CPE
Senior Executive & Strategic Advisor | Value-Based Medical Technology & Care Delivery Platforms | LinkedIn Top Voice
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Hello again friends and colleagues,
In Part 1 of this article, we discussed the challenges facing hospitals and health systems due to technological transformation of healthcare, and the limitations of mega-mergers as a response. It was my intent to publish Part 2 last Thursday, but unexpected duties delayed the release. Today, we delve into two alternative strategies inspired by the retail industry: platform building like Amazon and Walmart, and specialized retailers like Best Buy and Sephora. These strategies offer more effective solutions for hospitals to adapt and thrive in the changing landscape.
Strategy 1: Platform Building
Drawing inspiration from retail giants like Amazon and Walmart, hospitals can create a platform that integrates various healthcare services and technologies to improve patient care, enhance operational efficiency, and foster innovation.
Key points to consider for platform building:
Strategy 2: Proprietary Specialization
Hospitals can also learn from specialized retailers by focusing on offering tailored, personalized care for specific medical conditions or patient populations. Proprietary Specialization that is suggested here is different from the centers of excellence the provide undifferentiated specialty services to a local or regional market. Specialization suggested here is national (or possibly global) differentiated specialty services powered by proprietary technology or expertise.
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Key points to consider for specialization strategy:
Mayo Clinic: A Promising Health System Platform Strategy
The Mayo Clinic is an innovative example of a health system that has been effectively adapted to the needs of the modern healthcare landscape. A few years ago, Mayo Clinic was among the first to offer remote care to acute patients in their homes. By leveraging the increased availability of traveling medical staff and portable internet-enabled devices, the Mayo Clinic has been able to provide high-quality care to patients outside the hospital setting, helping them recover faster and more comfortably.
The Mayo Clinic also built an effective healthcare innovation platform, the Mayo Clinic Platform, starting by creating an anonymized data repository that the Platform made available to startups to develop and validate AI models for a variety of medical conditions. Mayo partnered with Google for it's expertise and technology capabilities to supplement Mayo's resources.
Mayo, then, started expanding its data assets, partnering initially with Mercy Healthcare, and more recently with Hospital Israelita Albert Einstein in Brazil, Sheba Medical Center in Israel, and University Health Network (UHN) in Canada. This global alliance creates a data-sharing network that transcends language barriers and accelerates AI-based solutions by utilizing current data science and years of clinical data to improve patient outcomes worldwide.
By shifting from the traditional pipeline model to a platform model, Mayo Clinic fosters collaboration among providers, researchers, and health partners, enabling tools to scale and adapt in a more accessible and intuitive environment. Their vision for an AI-powered platform model demonstrates how healthcare institutions can create a more efficient, patient-centric system by embracing the transformative power of AI.
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See you next week,
Sam
Healthcare Innovation and Transformation Partner
1 年Amazing view of what healthcare in the future should and can soon be!