Innovation Eats at the Roots of Existing Markets
Integration and Interoperability is often the bane of the hospitals existence as they work to identify best of breed providers that enable their vision. This week I watched in the wings with a hospital client as some big players flexed their muscles at one another…annoyed…who really won? I am sure one of these giants will say that they won – their strategic position was secured. I can’t say who will win…..I can just tell you who will lose. It will be the patients and the caregivers.
Later that week I had a call with one of the good guys in the industry, John Elms of Connexall. John always knows what to say to be both encouraging, and push me forward. He said,
“All existing industries are like large oak trees. They are strong and really lovely but they shade the ground making it hard for new things to grow. Innovation will eat at the roots until the tree dies and new trees grow.”
Mega Suite providers & large niche players dominate our healthcare industry. Honestly, as a small firm I both admire and dislike them. I admire what those companies have achieved but dislike how they seem to create barriers for innovation. They covet their regulatory drivers, many promote an environment of FUD (Fear, Uncertainty, and Doubt) to hospitals, and often they will tell the hospital “oh, that’s in our road map”.
Notice earlier I said Barriers to Innovation….why is that? Because barriers to entry implies that they hold the key to the door….they do not. Look at disruptors in our marketplace who have gotten a strong footing – it’s because a hospital partnered with them.
The hospital holds the key to the door and holds the power over the direction of the industry. How do you do that? Partner with innovative companies. How do you all think a mom from Peculiar, Missouri was able to build a dynamic, forward thinking tool like Aperum®? We partnered with a forward thinking hospitals in Kansas City: CenterPoint Medical Center. They took a risk on us and we have poured resources into them.
Hospital, you own the people and process and most importantly the Use Cases and ROI. You are the voice of the product. To be fair – You don’t own the tech, the risk, and the investment. Partnership is about recognizing the value in each side- laying aside ego to find a way to make something phenomenal.
This week we will be releasing the Impact Study that Centerpoint Partnered with us on to provide insights on how they achieved increase in the Patient Experience Domain scores and had a positive ROI using Aperum®.
Hospital, if you want to learn more about partnering with an innovative provider we are developing a white paper with tips, and recommendations. We have done it both right and wrong. If interested drop me a line.