- 95% of healthcare executives focus on the
digital transformationof the healthcare systemsaccording to a recent study.
- Cloud is becoming the de facto choice for deployment
- Data and analytics lead to better outcomes at a lower cost without compromising the patient experience.
According to Sandeep (“Sandy”) Gupta, co-founder and COO of
Innovaccer, an organization dedicated to accelerating innovation in healthcare. Sandy spoke with Dan Sheeran, GM, Healthcare and Life Science,
study shows that 95% of healthcare executives (surveyed by Morning Consult) are focusing on the digital transformation of underlying legacy health systems due to the scale, capacity and reliability limitations of these age-old engagement models. Healthcare leaders are aware of the gaps in healthcare data and processes, Gupta said.
“Healthcare was clearly one of the hardest hit industries during the pandemic, with patient interactions becoming virtual. The only silver lining for the industry was the pace of technological advancement, followed by rapid adoption. For example, many of the industry players who preferred on-premises deployment models are now considering the cloud as the de facto choice.” – Sandeep Gupta, co-founder and COO of Innovaccer
Innovaccer, which began as a research collaboration between Harvard and Wharton in 2012, now has more than 1,600 hospitals and clinics in the US and 96,000 clinicians using its products. With its formal launch in 2014, the company achieved impeccable growth in a short period of time by partnering with more than 70 top organizations, including NASA. However, the real pivot in the journey came with the decision in 2016 to focus exclusively on healthcare.
“This meant that we released 80% of the turnover we generated. In hindsight it was one of the hardest but best decisions we made. We were also lucky to have investors who supported our decisions and vision,” said Gupta.
Help healthcare providers
Innovaccer’s focus is to enable healthcare providers to deliver more efficient and effective healthcare services through unified data and analytics. The solutions integrate healthcare data from multiple sources, such as electronic health records and other IT systems, into a cloud-native unified data model. This “single source of truth” enables advanced analytics and integrated workflows that improve care and financial outcomes for its clients and help them achieve their strategic goals. The company partners with healthcare providers to generate rapid ROI and accelerate innovation in digital health solutions.
“Our goal is to help customers achieve better health outcomes at a lower cost while improving the patient experience. Another important aspect is how technology can improve the experience and well-being of care teams by easing their workload through our SaaS offering. We understand that automating and optimizing as many caregiver workflows as possible reduces their workload during peak demand,” said Gupta.
Making healthcare affordable
Another area where technology plays a critical role is in reducing costs across the overall healthcare ecosystem. According to Gupta,
the company’s SaaS offering have helped its customers save approximately $1 billion. “Imagine: 30% of healthcare spending can be considered wasteful, which means we still have a lot of work to do to reduce ‘waste’ to lower healthcare costs. That is an exciting opportunity where technology solutions can help,” he said.
Gupta also believes that integrating technology with preventive care can significantly reduce hospitalizations and lower overall costs. Data and analytics can improve post-acute care and optimize the entire care cycle to enable cost savings for all stakeholders.
For example, Innovaccer provides risk stratification through advanced analytics at the point of care, enabling providers to identify and deliver the right level of care and services for patient subgroups. This improves the quality of care and reduces healthcare costs. Innovaccer also works with dozens
partners that offer unique solutions on top of their cloud-native data platform, enabling healthcare providers to quickly add more capabilities, offer more services and make healthcare more accessible and effective. An example: the collaboration with
Get helpthe largest community resource search and referral network in the US, improving the social determinants of health management for Innovaccer’s clients.
Care: The challenge of retaining talent
For tech start-ups planning to focus on healthcare, Gupta points out, there is no shortage of opportunities: “One of the areas where we see a lot of potential for innovation is around optimizing the hospital experience for patients. There is also a lot of room to build price transparency into the system. Improving healthcare delivery is another potential area for SaaS companies looking to solve healthcare challenges. AI, ML and NLP can power many use cases, including remote monitoring, hospital-at-home, and so on.”
And for this, a crucial aspect is that young start-ups attract and retain top talent to be successful in this journey. Speaking about why retaining talent is more challenging than recruiting talent, Gupta explained that it depended on the culture of the company. “These are a few things that have worked for us. Put the customer first and focus on the fact that employees are your internal customers. Build a system that promotes risk-taking and launches moonshots that push teams out of their comfort zone while embracing failure and moving forward. And as one scales, it is critical to cultivate an empathetic and bonding culture within the organization,” said Gupta.
Disclaimer: This article was generated and published by the Insider Studios team. You can contact them at [email protected]://londonbusinessblog.com/