9 Ways Founders Can Automate Healthcare

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For years, automation has been a key driver of transformation across industries, changing the way companies and entire sectors operate. However, healthcare, a $4.1 trillion industry, has lagged behind.

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For an industry that is constantly innovating, evolving and adapting, the reluctance to implement automation is frustrating, but ultimately not surprising. Healthcare remains in a constant tug-of-war between patients, payers, providers, and drug companies. This coercion results in unnecessary costs, affects clinical quality, and results in patient and provider dissatisfaction.

We cannot solely blame the rules. In other heavily regulated industries, such as financial services, automation has redefined high-friction processes. For example, automation has changed mortgage underwriting by providing consumers, brokers and banks with relevant information, rules and transactions in real time. As incumbent banks have embraced startups, investors have been looking for new ways to reduce friction and improve accuracy, increasing annual mortgage disbursements by nearly 40% over the past decade.

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There is huge scope for similar success in healthcare, but long-term success requires healthcare professionals to truly commit to automation.

The ongoing COVID-19 pandemic has exposed serious weaknesses in our healthcare system. As health care and payer leaders grapple with rising labor costs associated with the Great Retirement and declining patient conscious rates due to the explosion of digital startups, they will need automation to stay competitive.

Friction caused by long implementation cycles, lack of adequate clinician involvement, and hard-to-measure ROI has left our healthcare system skeptical of technology.

Automation is key to a more resilient and efficient healthcare system, but its widespread adoption remains a challenge. Entrepreneurs trying to navigate these waters should consider the following market entry tactics to increase their chances of success:

Focus on a specific “starter” problem

Even if your platform can do multiple things, you should focus on getting potential customers “on board” with one thing that you do really well that has short launch times, minimal client resource requirements, and clear success metrics.

Clearly define success with measurable metrics

ROI is often both quantitative and qualitative in nature, so it’s important to define the basis for your offering and weight KPIs differently based on the nuances of leads, rather than creating custom ROI frameworks that can’t be tracked.

Deliver 1x-2x ROI within a year of launch

Having well-defined success metrics should allow automation platforms to demonstrate value within six to twelve months of launch. Ideally, companies should target 1x-2x ROI for initial rollout to avoid underpricing. Displaying ROI across the budget cycle will allow companies to be well prepared for future expansion.

Credit: techcrunch.com /

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