By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
Health Works CollectiveHealth Works Collective
  • Health
    • Mental Health
    Health
    Healthcare organizations are operating on slimmer profit margins than ever. One report in August showed that they are even lower than the beginning of the…
    Show More
    Top News
    An Expert’s Guide To Building and Improving Endurance
    June 30, 2022
    medical assistants
    What Do Medical Assistants Do On a Day to Day Basis?
    April 5, 2022
    superfoods to help with prostate health
    10 Healthy Foods That Can Help Protect Your Prostate
    August 29, 2022
    Latest News
    3 Ways To Deal With Health Issues In Cities With High Pollution
    March 22, 2023
    What Tools Should Your Caregiver Have?
    March 22, 2023
    How to Combat Home Sickness After Moving Abroad
    March 19, 2023
    4 Ways to Recover from a Broken Hip
    March 14, 2023
  • Policy and Law
    • Global Healthcare
    • Medical Ethics
    Policy and Law
    Get the latest updates about Insurance policies and Laws in the Healthcare industry for different geographical locations.
    Show More
    Top News
    women and long term care
    Women and Long Term Care
    December 21, 2013
    healthcare delivery
    Changing the Way We Think
    September 4, 2013
    How Health IT Enables Safer Medical Travel and Tourism
    June 12, 2015
    Latest News
    What Are Bioidentical Hormones Made With?
    March 23, 2023
    Cover Medical Costs of Child Dog Bites with Legal Specialists
    March 23, 2023
    3 Ways to Improve the U.S. Healthcare System By 2030
    March 14, 2023
    6 Steps To Ensure Speed And Efficiency Of Clinical Studies
    March 14, 2023
  • Medical Innovations
  • News
  • Wellness
  • Tech
Search
© 2023 HealthWorks Collective. All Rights Reserved.
Reading: Investment in Healthcare IT is on the Rise – Are We Ready for Change?
Share
Sign In
Notification Show More
Latest News
The Best Natural Sleep Remedies & Aids
The Best Natural Sleep Remedies & Aids
Wellness
Bioidentical Hormones
What Are Bioidentical Hormones Made With?
Medical Education
chemical peels for skin disorders
Chemical Peels Can Do Wonders for Treating Skin Disorders
Skin
health benefits of lip enhancements
Cleveland Clinic Cites Health Benefits of Lip Enhancements
lifestyle
child dog bite lawyer
Cover Medical Costs of Child Dog Bites with Legal Specialists
News
Aa
Health Works CollectiveHealth Works Collective
Aa
Search
Have an existing account? Sign In
Follow US
  • About
  • Contact
  • Privacy
© 2023 HealthWorks Collective. All Rights Reserved.
Health Works Collective > Business > Investment in Healthcare IT is on the Rise – Are We Ready for Change?
BusinesseHealthTechnology

Investment in Healthcare IT is on the Rise – Are We Ready for Change?

Jonathan Govette
Last updated: 2013/05/13 at 11:46 AM
Jonathan Govette
Share
7 Min Read
Image
SHARE

Image

We all know healthcare is massively broken, we know that we are light-years behind every other industry, we still use fax machines, we still use pagers, and we still ask patients to courier their own documents and images.

But there is a glimmer of hope at the end of a long, dark, technology disengaged tunnel.

 

More Read

medical call centers benefits

Best Practices for Healthcare Call Centers Should Follow in 2023

How Hospitals and Other Healthcare Providers Can Boost Employee Morale
8 Advances in Medical Technology That Are Changing Everything
What are the Benefits of Hospitals and Clinics Using Expense Management Services?
Using EHR systems in healthcare for Cost-Effective Services

Image

We all know healthcare is massively broken, we know that we are light-years behind every other industry, we still use fax machines, we still use pagers, and we still ask patients to courier their own documents and images.

But there is a glimmer of hope at the end of a long, dark, technology disengaged tunnel.

 

Investing in our future…

Luckily for the healthcare industry, Health IT implementation and investment is growing at a rapid pace.  In April alone, $332 Million in total was invested in Health startups.  The investment has grown almost 5 times from the last year’s total in the same time period (14 deals in April 2012 versus 67 for April 2013)

Check out the slideshare below for more details on the current status of the investment in healthcare.

April 2013 StartUp Health Insights Funding Report from StartUp Health

 

VentureBeat’s HealthBeat 2013

Since Health IT is getting red hot, VentureBeat is hosting its very own conference called HealthBeat, which your very own referralMD is competing this month.

Over 150 companies applied and 10 were chosen to compete for some great prizes, including a 250K investment from Venrock.

Check out the press release here.

 

Outlook for the future

Time will tell how much the investments will pay off, unfortunately most applications that are being released have no monetization strategy, and are centered on patient’s managing their own healthcare, which are not viable businesses in the “real-world”

Monetization

Free “apps” are bad for the healthcare industry.

1. Free things are never really free. When we don’t fork over dollars for products or services, we think of them as free. But we always give up something. When it comes to online services, that something is usually personal data or content you’ve created — think Practice Fusion, whose privacy policies obscure the line between what you own vs. what they own. For consumers, that might be an acceptable bargain. But for businesses that trade may be unacceptable.

2. Free services don’t serve you. Free services can’t provide great customer service. You know this to be true if you’ve ever sent an email to a free service to get help. Imagine relying on one of those free services to run your business!. What happens when you need help, and you need it now?

3. Free services for businesses don’t last. Free services for small businesses come and go. Google Apps used to be free, now it isn’t. Free services don’t last for the small businesses because the market is so challenging to reach and serve. My guess is that understanding the market challenges is the key to why Google Apps for Business going paid is a good thing for small businesses.  Did you know Practice Fusion has yet to make any profit? How is that good for its investors?

Patient Centered Healthcare – a low 6% adoption rate

The problem with patient portals is that they are not seen as an integral part of the care process. In fact, we would argue that the use of the terms PHR and EHR create an artificial division – let’s just call it a CHR (Collaborative Health Record) and be done with it. But alas, such is not the case. Ask your local HCO where funding for their patient portal comes from – 9 times out of 10 they’ll say the marketing budget. As we reported from this year’s HIMSS conference, sure there was talk of patient engagement via portals but the message was one pitched to the Chief Marketing Officer (CMO) and not the other CMO, the Chief Medical Officer.

Yes folks, today the patient portal has very little to do with the patient being an integral part of the care team. No, the patient portal is all about improving consumer/patient satisfaction scores and more tightly linking the consumer to a given HCO. Therefore, is it any wonder then that if a patient portal is not viewed as an integral part of the care process then physicians are unlikely to actively advocate its use leading to a market where consumer adoption and use of patient portals remains at a paltry 6% or so nationwide.

 

Conclusion

Our choices in healthcare are numerous, but many are not aquatically set up to build a solid company with profit.  This is a red flag that most providers need to review and make a decision when they choose a company to do business with.  Will the company be in business in 3 to 5  years?  Will they help me with my business?  Will they make me money? or at least generate a savings?

Choose wisely my friends…

The post Investment in Healthcare IT is on the Rise – Are We Ready for Change? appeared first on Electronic Referral Management System – Doctors and Physicians.

TAGGED: investment

Sign Up For Daily Newsletter

Be keep up! Get the latest breaking news delivered straight to your inbox.
By signing up, you agree to our Terms of Use and acknowledge the data practices in our Privacy Policy. You may unsubscribe at any time.
Jonathan Govette May 13, 2013
Share this Article
Facebook Twitter Copy Link Print
Share
Previous Article Image How To Use SmartStream For HealthCare Tweet Chats
Next Article HIPAA Not an Excuse for Lack of Innovation in Hospitals and Clinics

Stay Connected

1.5k Followers Like
4.5k Followers Follow
2.8k Followers Pin
136k Subscribers Subscribe

Latest News

The Best Natural Sleep Remedies & Aids
The Best Natural Sleep Remedies & Aids
Wellness March 23, 2023
Bioidentical Hormones
What Are Bioidentical Hormones Made With?
Medical Education March 23, 2023
chemical peels for skin disorders
Chemical Peels Can Do Wonders for Treating Skin Disorders
Skin March 23, 2023
health benefits of lip enhancements
Cleveland Clinic Cites Health Benefits of Lip Enhancements
lifestyle March 23, 2023

You Might also Like

virtual reality in optometry
Technology

What Are the Implications of Virtual Reality in Optometry?

March 22, 2023
valueable healthcare programs
News

5 Most Valuable Healthcare Programs in 2023

March 8, 2023
how technology helping nursing patient care
Medicare

7 Ways Technology is Improving Nursing and Patient Care

March 8, 2023
AI in healthcare education
Artificial IntelligenceMedical EducationPolicy & LawTechnology

Colleges Prove the Huge Benefits of AI in Healthcare Education

February 21, 2023
//

We influence million of users and is the most authentic source of information on healthcare business and technology news.

Quick Links

  • About
  • Contact
  • Privacy
Subscribe

Subscribe to our newsletter to get our newest articles instantly!

Follow US

© 2008-2023 HealthWorks Collective. All Rights Reserved.

Removed from reading list

Undo
Welcome Back!

Sign in to your account

Lost your password?