As demographic, digital, and financial forces continue to transform the way healthcare is delivered, it becomes increasingly important for companies operating in the health IT sector to drive growth through innovation and technology adoption. Nevertheless, with a pronounced dip in profits due to increasing pressure from healthcare payers and providers to deliver cost-effective health IT solutions, most businesses do not have the capital required to invest in new technologies.
To generate funds for their technology initiatives, health IT companies are now partnering with info tech companies. For instance, Johnson & Johnson’s participation with Verily Life Sciences LLC (formerly Google Life Sciences) in the creation of Verb Surgical and Medtronic’s announcement to provide healthcare services are indicative of the shifting business models in the health IT industry. Driven by a need to deliver more cost-effective, value-added solutions, these partnerships allow health IT companies to pursue opportunities outside the traditional boundaries of their sector, as well as pose some unique challenges that have never been faced by the health IT sector before.
Today, many healthcare organizations extend beyond hospitals to home healthcare providers, clinics, and off-site service providers. In this highly dispersed environment, patient records are always on the move, and therefore, difficult to secure. To address security and privacy concerns, health IT companies need to introduce security solutions that are flexible enough to adapt to a healthcare organization’s particular culture, as well as non-intrusive to the operations and productivity of healthcare providers.
Increasing use of wearables and other bio-sensing devices by consumers offer health IT companies an opportunity to gain a more comprehensive view of an individual’s health and lifestyle and use this information to develop new solutions that allow remote monitoring, disease management, and early detection. But to achieve this objective, health IT companies will be required to invest in Big Data, predictive analysis, and artificial intelligence capabilities.
Put simply, the challenges and opportunities confronting the healthcare technology sector are decidedly immense in nature. To overcome these challenges and seize the opportunities, health IT leaders must come up with an action plan that’s focused on technology investment and capability building.
Allen Austin helps health IT companies put their plans into action by providing them talent and leadership solutions that are designed keeping the current and future needs of their business under consideration. Our consultants study market trends, understand a business’s strategic objective, and determine its leadership needs to deliver tailored solutions that add measurable value to a company’s growth and success.
Being a leading retained executive search firm, Allen Austin focuses on helping its client find the right candidates who possess the right attitude, skills, and experience to lead their organization. We provide relationship-focused executive search services that encompass everything from recruitment and selection to training and retention of high-impact talent for mission-critical positions. Our leadership advisory solutions help leaders build purpose-driven, high-performing organizations that outperform their competitors and deliver breakthrough results.