Most data-pushed healthcare IT (HCIT) providers aren’t going to continue to exist. Their business models are at critical chance of failure in the subsequent three to five years. To beat the ones odds, they want to conform dramatically, and rapid, to some extent wherein they are now not selling records at all.
Like any wide variety of industries, healthcare is being converted by using the explosion of low-fee records. In healthcare, the transformation is driven in big component by using electronic clinical file adoption and digitization. There had been many benefits. End users can take benefit of portions of newly available information to clear up troubles in population fitness, medical selection support, and patient engagement, among other programs. And ease of getting right of entry to manner ease of market access: Emerging statistics vendors can get on their toes quickly and create new assets of opposition. For example, AiCure and Propeller Health are the usage of very one of a kind methods to generate patient remedy adherence data. Competition leads to better services and more choice. What may want to go wrong?
Plenty, clearly. End customers may be beaten with the aid of the flood of uncooked data and reviews that may not healthy nicely with their current workflow or solution their precise question. And for records carriers, the ubiquitous availability of information and occasional boundaries to access means that the competitive benefit received from the information itself can be speedily eroded.
Eat too many HCIT vendors are nevertheless pursuing that facts-centric benefit. The bulk of HCIT funding helps startups that sell information — clinical or operational information that is in any other case tough for clients to acquire or to prepare. These firms regard records as the supply of enterprise value. But as more statistics and greater data vendors flood the market, a competitive position based totally completely on statistics becomes impossible to shield. Consider the move by the Centers for Medicare and Medicaid Services to publish huge Medicare enrollment and usage facts, and to make it available and smooth to interpret through the CMS website. Information that could as soon as were proprietary — and top rate-priced — is now widely available, free of charge. CMS’s pass illustrates a wide trend. Increasingly, for most HCIT corporations, the fact is a commodity.
What’s a facts provider to do?
One solution is to emerge as the authoritative supply for a selected form of facts. Some companies have managed it, in healthcare and in other areas — think of QuintilesIMS as a source of pharmaceutical income statistics, Nielsen as the authority on TV viewer habits, and the U.S. Census for information about U.S. Demographics. In principle, a healthcare IT company can comply with their lead and attempt to corner the marketplace on facts set. But to try this in these days’ panorama is a tall order. The identical dynamics we’ve defined — huge access, low costs, low limitations to entry, commoditization of information sets — mean it’s an open question whether or not this strategy can work.
A better choice is to conform from providing records to supplying insight.
Companies transferring this route goal to resolve troubles inside a use case, for instance, decision aid. They may attention on a specific populace consisting of most cancers, diabetes, or Alzheimer’s patients and a specific perception about sickness progression, pain management or treatment options. They address an underlying stakeholder need inclusive of managing the whole fee of care. Clients get what’s absolutely wanted —uncooked records converted to help higher choices. And HCIT companies break out the commodity trap.