In search of inventive solutions to some of the healthcare industry’s biggest problems, prominent health organizations are reaching out to innovators at tech companies, health services firms and other emerging startups. These ground-breaking partnerships are shaking up the industry. The Wall Street Journal reports that in the first quarter of 2015, U.S. medical startups raised a record $3.9 billion in venture capital in the midst of rising investor interest in biotechnology, digital health and healthcare services.
Why the unprecedented funding? As the world of healthcare rapidly changes, the most prominent healthcare organizations are motivated to invest in developing innovations to improve and expand their own processes, bring more value to their care and generate more revenue streams.
What does it take to get noticed by a major healthcare system?
Providence Ventures, the innovation initiative of Providence Health & Services, seeks companies who work on the problems Providence cares most about solving — online primary care access, patient engagement and chronic disease management.
Providence is investing in startups it sees as crucial partners in repositioning Providence down the road. “If you disrupt your own business through innovation, you have a say in the future,” explains Aaron Martin, senior vice president of strategy and innovation for Providence. Modern Healthcare reports that it’s becoming increasingly common for prominent hospital systems to invest in companies producing the technologies, services and products they use.
The investment is seen as lower risk — the product works, it’s useful to the industry — and hospital executives are eager to be involved from the beginning. The changing world of healthcare is forcing industry executives to find new opportunities for growth and future success and sustainability.
Companies offering healthcare information technology and healthcare services are attractive to major hospital and health organizations. Leaders of these organizations are looking for valuable patient-care advancements. Providence, for example, recently invested in a startup that develops fitness trackers for kids.
In demand: Healthcare leaders with business know-how
Each major healthcare system has unique challenges and is willing to invest in solutions to improve patient care. Industry innovators who understand healthcare are getting attention. Leaders with answers, pioneering solutions that will work long term, are changing the future of patient care.
The business side of healthcare: MBA Healthcare Administration
Having business and management skills within the healthcare industry is unique. If you seek a leadership role in the health sector, the path you choose to take with your education makes a difference.
Professionals who earn their MBA Healthcare Administration concentration, or practicing nurses who earn an MSN/MBA dual degree, will enter a booming industry where there is stability and a great deal of growth potential.