The time for an innovation system
I was recently watching a documentary that shared the Victor Hugo quote: “All the forces in the world are not so powerful as an idea whose time has come.” I thought of how innovation has struggled to get support and traction within healthcare organizations, but perhaps the time has come for fueling the innovation system.???
In my opinion, the current financial state of healthcare has made innovation a critical element for organizational viability. It has been a dreary season for healthcare news. Scott Becker of Becker’s Healthcare recently talked about five systems with more than a billion dollars in losses this year, and nationally 50% of systems are projected to have losses this year.?
Here, I am using innovation to mean both the new and valuable outcome as well as the effort and process required to create the outcome. Although the word “innovation” is thrown around a lot, I believe the time has come for the discipline of innovation. And to recover and stabilize, organizations must focus on a system to support the two fundamental types of innovation – efficiency and business model.??
For organizations to survive, they must have an efficiency innovation program that engages all employees. Historical continuous improvement programs need to be strengthened through a scalable and measurable engagement process that delivers impact against prioritized problems at the team level. This will help harness the brilliance of everyone working together versus just getting everyone to contribute one-off improvement ideas.??
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For organizations to win in current and future markets, they need a business model innovation program and system. Business models – not bright, shiny objects? –? compete. In other posts, I mentioned that few organizations have a unified definition, toolset and process for business model innovation. I am seeing knee-jerk reactions across sectors today, which tells me they don’t have innovation systems in place.??
Medicine teaches the importance of being proactive and prepared. Can you imagine having a knee-jerk reaction to managing sepsis?? Providers and care teams have a process for diagnosing, treating and caring for patients, even when there are urgent or unexpected needs. From my experience of being deeply engaged with innovation over the past 12+ years, it is time to fuel an innovation system so that we are no longer reactionary to market conditions.??
Organizations need a consistent system of business model portfolio management and innovation system in place, along with an expanded efficiency innovation program. In my view, this system is a key foundation to building resilient organizations. ?
The need for an innovation system that is repeatable, clear and scalable is an idea whose time has come!?
Chief Medical Officer at Latica.ai
2 年If health systems wish to innovate, they need to provide safe access to their data, at scale.
Global President, Knees - Zimmer Biomet | Combat Veteran
2 年Excellent article Todd Dunn!
Architect | Design Leader - Equitable and Sustainable Urban Environments
2 年Great article! Thank you for sharing.
Great article - I read another article estimating 63% of Healthcare organizations will be in the red. Healthcare has been traditionally slow to move (some orgs are still using faxes as an example) - I have seen some pretty impactful solutions over the last year leveraging AI that will be interesting to see how healthcare adopts and evolves with technology.
Co-founder/CEO, SeamlessMD | physician entrepreneur | enabling health systems to digitize patient care journeys with automated reminders, education and symptom monitoring - leading to lower LOS, readmissions, and costs
2 年Well said Todd - totally agree that business model innovation is under-appreciated - and actually business model innovation can in turn drive the right type of technical/product innovation needed to succeed!