9 June 2017
Impact, Insight and Inspiration at the Healthcare Tech Innovation Forum
DataArt sums up the key takeaways from its full-day Healthcare Tech Innovation Forum, hosted in partnership with MedStartr and PwC on June 5, 2017.
“Stout identified common traits of successful start-ups. These were: an idea that makes sense and meets a market need, the team to execute on the vision, solid business model, secure funding and the right timing. He also identified three key problems that tech start ups must solve to be accepted by the health plan, which are: better patient experience, improved quality of care and hard ROI (Return on Investment). Stout also devised a formula for a successful strategy Q X A = S where Q is the Quality of Your Solution, A is Market Acceptance of Your Solution and S = Likelihood of Success.
This insight was well supplemented by the Innovation Partnership Framework by Ed Marx, … whose advice to start ups consisted of being thoroughly knowledgeable about the organization they are selling to. He summarized it as a number of ‘knows’. Know the organization (know me), knowing what it stands for (know my vision), understand their biggest challenges (know my pain), don’t oversell yourself as this may deteriorate trust (know yourself), understand what proportion of risk you are willing to take (know shared risk), have metrics for your goal (know measurement), and be clear on the terms of the partnership (know partnership).
…This panel discussion focused on challenges that start ups face in selling their solutions and gave the perspective of investors, healthcare organizations and payers. The panelists agreed that the greatest source of failure is the lack of commitment on the client’s part. Consequently, the key to success is finding a champion within the healthcare organization who has the authority to support the new product, help navigate the political structure, involve appropriate stakeholders and decision makers. Large healthcare organizations, that may seem to be the most direct avenue to success, are in fact not a good place to begin the adoption of the start up’s solution. They tend to be bureaucratic, have conservative investment policies and complex political structures, that are difficult for a start up to penetrate. It’s best to achieve success with smaller companies which can then be used as proof of the benefits for larger organizations.”
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