Why Health Systems Are Partnering with Innovative Healthcare Companies
The healthcare industry is experiencing accelerated innovation and change. With the rise of technology and changing patient needs, health systems are facing new challenges.
In order to keep up with the demands of modern healthcare, many major health systems are turning to innovative healthcare companies for help.
In this post, we explore the reasons why health systems are turning to modern healthcare and technology companies to provide innovative solutions for their most pressing challenges, and how this trend is shaping the future of healthcare.
The Need for Progressive Healthcare
Traditional healthcare models are often no longer sufficient in meeting the needs of patients. Advancements in technology and changing patient expectations are causing health systems to modernize and become more progressive in their approach to healthcare.
This means incorporating new technologies, streamlining administrative processes and data analysis, and providing a more patient-centric experience.
However, many health systems do not have the resources or expertise to make these changes on their own. This is where partnering with innovative healthcare companies can be beneficial.
Access To Cutting-Edge Technology
One of the main reasons health systems are turning to innovative healthcare companies is for access to cutting-edge technology. These companies specialize in developing and implementing new technologies that can improve patient care and streamline processes.
A few examples of cutting-edge healthcare technology include:
Telemedicine: Telemedicine is the use of technology to provide remote healthcare services. This technology has become increasingly popular in recent years, especially with the rise of the COVID-19 pandemic. Telemedicine companies offer virtual consultations and remote monitoring, allowing patients to receive care from the comfort of their own homes.
Artificial Intelligence: According to IBM, Artificial Intelligence (AI) is defined as “a field which combines computer science and robust datasets to enable problem-solving” which includes the field of machine learning. AI can help healthcare providers make more accurate diagnoses, develop personalized treatment plans, and improve patient outcomes.
Wearable Technology: Technology such as fitness trackers and smartwatches has become increasingly popular in recent years. These devices can track various health metrics, such as heart rate, sleep patterns, and physical activity. They can also provide individuals with personalized health recommendations based on their data.
Cost Savings
Outsourcing to innovative healthcare companies can also lead to cost savings for health systems. By partnering with these companies, health systems can avoid the high costs of developing and implementing new technologies on their own.
In addition, outsourcing certain tasks or services can also free up resources and allow health systems to focus on their core competencies. This can lead to increased efficiency and cost savings in the long run.
Improved Patient Experience
Health systems are focused on improving the patient experience. By partnering with or outsourcing to innovative healthcare companies, health systems can benefit from their expertise in creating patient-centric solutions.
For example, digital patient engagement platforms can help health systems better communicate with patients, provide personalized care plans, and gather feedback to continuously improve the patient experience.
Increased Efficiency and Productivity
Innovative healthcare companies are constantly developing new technologies and solutions to improve efficiency and productivity in the healthcare industry. By partnering with these companies, health systems can benefit from these advancements and stay ahead of the curve.
For example, electronic health record (EHR) companies offer solutions that streamline documentation and improve communication between healthcare providers. This not only saves time, but also reduces the risk of errors and improves patient outcomes.
In 2018, Mayo Clinic partnered with Epic, a leading EHR company, to implement a new EHR system across all of its locations. This partnership has led to increased efficiency and improved patient care. According to the Mayo Clinic News Network, over 51,000 Mayo staff members were trained to use Epic.
Data Management and Analysis
With the rise of digital health, there is an abundance of data available in the healthcare industry. However, many health systems struggle with managing and analyzing this data effectively.
Innovative healthcare companies specialize in data management and analysis, and can provide health systems with the tools and expertise needed to make sense of this data. This can lead to better decision-making and improved patient care.
Cleveland Clinic, a leading academic medical center, has partnered with IBM Watson Health to develop a cognitive computing platform that can analyze vast amounts of medical data and provide insights into patient diagnoses and care plans.
The Rise of Modern Healthcare: Amazon’s One Medical and CommonSpirit Health
The healthcare industry is rapidly modernizing, and health systems have recognized the need to adapt in order to stay competitive. This is where partnering with innovative healthcare companies can be a game changer.
Amazon’s One Medical, a primary care provider known for its technology-driven approach, and CommonSpirit Health, a nonprofit health system, joined forces in 2023 to provide collaborative healthcare solutions in the Seattle area.
In a November 2023 release, Ketul Patel, CEO of Tacoma, Wash.-based Virginia Mason Franciscan Health and president of Chicago-based CommonSpirit Health's northwest region said, "This new collaboration provides One Medical members with access to the region's best specialty care providers, and together we'll be able to provide better continuity of care, a better patient experience and ultimately better health outcomes.”
Benefits of the Partnership
The partnership between One Medical and CommonSpirit Health offers several benefits for patients in the Seattle area.
Comprehensive and Coordinated Care: By combining primary care and specialty care services, patients can receive comprehensive and coordinated care in one location. This eliminates the need for patients to visit multiple providers and ensures that all of their healthcare needs are addressed.
Access to Technology-Driven Care: One Medical is known for its technology-driven approach to healthcare, which includes online appointment scheduling, virtual visits, and a mobile app for managing health records. Through this partnership, patients of CommonSpirit Health can now access these services as well.
Improved Patient Experience: CommonSpirit Health patients can schedule appointments, access their health records, and communicate with their providers through One Medical's technology platform.
Cost Savings: Collaborative healthcare has been shown to reduce healthcare costs, and this partnership is no exception. By streamlining care and eliminating unnecessary visits, patients can save money on their healthcare expenses.
Other Examples of Healthcare Partnerships
Some of healthcare’s most exciting initiatives are the result of innovative partnerships, and the list is growing. Below are some examples:
Kaiser Permanente and Apple: Kaiser Permanente integrated Apple's health records feature into its patient portal, allowing users to access and manage their health information more easily.
National Health Service (NHS) and Amazon: The NHS partnered with Amazon to provide reliable health information through Alexa-enabled devices, allowing users to access accurate health advice at home.
Stanford Medicine and Siemens Healthineers: Stanford Medicine collaborated with Siemens Healthineers to advance medical imaging technologies and improve diagnostic capabilities.
Geisinger Health System and Merck: Geisinger Health System collaborated with Merck to explore how machine learning and predictive analytics could improve the identification of patients at risk for serious health complications.
Mount Sinai Health System and Hasso Plattner Institute: Mount Sinai partnered with Hasso Plattner Institute to utilize artificial intelligence and data analytics in radiology and pathology for more accurate diagnostics.
University of California, San Diego Health (UCSD) and Tempus: UCSD partnered with Tempus to enhance cancer care through advanced data analytics and personalized treatment plans.
Who Is Responsible for Partnering with Innovative Healthcare Companies?
In most cases, the responsibility of partnering with innovative healthcare companies falls on the shoulders of healthcare executives and leaders. These individuals are responsible for identifying areas where their health system can benefit from partnering with outside companies, and for selecting the right partners to work with.
In addition, healthcare IT teams play a crucial role in implementing and managing the technologies and solutions provided by these companies.
Conclusion
The healthcare industry is constantly evolving, and health systems are facing new challenges in meeting the demands of modern healthcare. By partnering with innovative healthcare companies, health systems can access cutting-edge technology, improve efficiency and productivity, and provide a better patient experience.
As the trend of partnering with and outsourcing to innovative healthcare companies continues to grow, we can expect to see more advancements and improvements in the healthcare industry in the years to come.
