Bridging Innovation and Care: The Rise of Healthcare Entrepreneurship
Entrepreneurs infuse the business world with fresh ideas and strategic thinking. Imagine what they can do in healthcare.
Published February 1, 2024.
Healthcare is undergoing a transformation, thanks to a new wave of disruptors: entrepreneurs. Fueled by a desire for efficiency, they're on a mission to make healthcare more accessible and effective for everyone.
Technology is the biggest driver of health entrepreneurship, bridging the gap between innovation and care to improve patient outcomes and the overall healthcare experience. Let's take a look at how healthcare entrepreneurs can shake up the sector for good.
Discover how C8 Health can simplify tasks for your medical team.
Meet the Expert
Mical DeBrow is an accomplished healthcare leader and clinician with extensive expertise spanning pharma, healthcare payers and providers, and healthcare information technology.
The Role of Entrepreneurship in Healthcare
Healthcare is a field ripe for innovation, and often, the most impactful ideas come from those who know it best—the healthcare professionals themselves. Their firsthand experience allows them to identify gaps in current practices and processes, and their insights can lead to sustainable solutions that truly meet the needs of patients.
When healthcare professionals turn their expertise towards entrepreneurship, they bring a unique perspective that can lead to practical, problem-solving innovations. These solutions have a higher chance of success because they are rooted in real-world experience and are relevant to the context in which they will be used.
Technology plays a significant role in this landscape. Innovations such as artificial intelligence (AI) and machine learning can automate routine tasks, reduce unnecessary work, and even aid in the prediction of perioperative complications.
While there is considerable interest from venture capitalists, corporations, and insurers in healthcare, the focus is not solely on financial investment. The goal is to support programs that deliver better care more efficiently. However, the sustainability of these initiatives also depends on their viability from a business perspective.
So, healthcare entrepreneurship is not just about creating solutions that deliver tangible benefits to patients. It’s also about ensuring these solutions are sustainable and make sense from a business standpoint.
» How do you share information in healthcare? Explore top strategies for healthcare knowledge management.
Overcoming Barriers to Innovation in Healthcare
Healthcare entrepreneurship, like any entrepreneurial venture, comes with its own set of challenges. These include navigating complex regulatory environments, securing funding, and convincing stakeholders to adopt new technologies and practices.
One of the biggest barriers is the mindset of "we’ve always done it that way". This mindset is not a good selling point because healthcare continues to be perceived as grossly underfunded and underappreciated.
So, what’s the solution? Approach every new opportunity with a business case and a clinical case. If you don’t, either the business side or the clinical side will say no. When developing any new product, service, or even technology, you’ve got to take both sides into account. If it’s unaffordable, it’s not going to happen regardless of the outcome.
How Entrepreneurs Are Shaping Modern Healthcare
From telemedicine to full-service clinics in department stores, tech entrepreneurs are devising incredible solutions to healthcare challenges.
Take Oracle, for example. This multinational computer technology corporation acquired Cerner, a company renowned for its clinical software for electronic health records. This merger brings advanced technology to the clinical domain, showing immense potential.
Similarly, Siemens Healthineers, a German-based healthcare company, is broadening its presence in the United States. It aims to play a more extensive role in the healthcare sector, including acute and long-term care, and even extending to drug development.
Then there’s C8 Health. We’re all about helping healthcare organizations thrive with seamless technology that simplifies operations. Our mobile platform for implantation of best practices was created by providers for providers and empowers healthcare providers to make critical decisions through access to vetted best practices. This not only drives better patient outcomes but also lowers the cost of healthcare.
C8 Health is breaking down the silos of knowledge within and between departments and professions. We’re organizing and structuring knowledge so it’s easy to access, apply, and share. This approach positions C8 Health as a leading solution in the healthcare entrepreneurial landscape. We’re not just about creating technology; we’re about making healthcare better for everyone.
» Streamline collaboration with C8 Health's data-driven features.
Innovation and Care: A Powerful Healthcare Combination
When we can use technology to penetrate existing structures in healthcare, disrupt, and develop, we can better impact patient care. Technology doesn't just drive clinical innovation but can improve the way we access knowledge, implement best practices, and drive operational efficiency.
Healthcare entrepreneurs are bridging business and clinical care to conceptualize solutions that help better our sector. Patient safety is central to any innovation, so every new venture should balance clinical value with cost-effectiveness.