Healthcare Technology – 3 Emerging Revenue Opportunities
Healthcare technology leaders are continuously being asked to evolve as quickly as humanly possible to match rapid industry growth.
This urgent push to accelerate innovation and growth while still maintaining core areas of responsibilities like white-spaced vision, strategic planning, compliance, etc. has put continued stress on leaders as they look for new ways to find revenue.
In this blog, we’ll explore three emerging revenue opportunities that have promising potential to benefit healthcare tech leaders for years to come.
Data is truly everywhere in the healthcare industry. From prescription documents to financial records, digital information is constantly being exchanged and used to make decisions. While having terabytes of important data is wonderful, it’s more critical to use that information to drive impactful decisions. Companies that make more data-driven decisions grow more than 30 percent annually on average.
Hiring an executive finance professional with a keen eye for data that knows exactly how to interpret and wield it to make revenue-generating decisions is absolutely paramount for healthcare tech growth in 2020 & beyond.
Listed below is a practical example of how using prescription data alone can drive better financial outcomes in the pharmaceutical sector of healthcare:
- Pharmaceutical companies that make allergy drugs can access prescription data to know when and where to market their products
- Pharmaceutical manufacturer can use this data to predict their supply chain stresses/ KPIs to plan accordingly
- Insurance companies use this data to build their loss models and make better future decisions with predictive analytics
Medical professionals across the entire industry are constantly interacting. Afterall, frequent contact is a vital component of day-to-day life in the healthcare industry. Consider the following real-life examples of communication in action:
- Direct interfacing with medical professionals virtually vs. physically going into an office
- Doctors electronically submitting prescriptions to pharmacies and pharmacists getting back to the doctors with questions
- Doctors speaking with other doctors (ie. primary physicians with hospitals or hospitals to other hospitals)
Communication is also one of the largest areas for improvement. Between messaging errors, using disparate communication systems, and lags in conversation – miscommunication occurs all the time and can greatly impact the bottom line.
To avoid costly miscommunication errors, growth-oriented healthcare technology leaders are investing in creating platforms and technologies to better facilitate communication.
Embrace New Technologies
There’s an assortment of companies that seemingly pop up overnight that all leverage healthcare technology to provide better medical services. While most of this technology has been around for years, leveraging it in a new way that provides a better user experience has had some profound impacts to revenue. Listed below are a few of the top three “new” technologies that are making an impact.
Due to the implications of COVID-19, a majority of patients are preferring virtual appointments. Whether it’s virtually receiving mental health care services or consulting with a physician, online platforms like Teledoc continue to remain popular and useful. As the new normal continues to push barriers, virtual technology will consistently attract investments from healthcare technology leaders.
Online Prescription and Medical Supply Ordering
Again, the technology to fill prescriptions and deliver them to the customer has been around for years, but in 2020, it’s growing like crazy. Companies like ExpressScripts are continuing to gain momentum as more and more consumers prefer to get their medication online vs. driving to a pharmacy.
Remember when Dollar Shave Club came out and then seemingly overnight there were subscription services for just about anything you could imagine? Well, the healthcare industry is experiencing a similar trend.
Consider the example of hair loss subscription providers Keeps, Roman, and Hims. All of these companies essentially operate the same way. Patients fill out a short questionnaire online about their hair-loss, their information is sent to a doctor who then approves the treatment and finally, an order is placed to send their subscription to their door – usually within a day. Subscription models like the example above use existing technology to ultimately provide a much better experience and convenience while streamlining communication.
In the end, embracing new revenue opportunities in the healthcare technology industry has the potential to drive significant growth but usually requires a commitment and investment to get going. Our hope is that you found these revenue-generating opportunities useful and insightful.
BrainWorks Accounting and Finance Hiring Solutions
If your business is looking to hire exceptional accounting and financial professionals within the healthcare technology industry, consider working with a search firm like BrainWorks, who has a successful track record of placing growth-oriented talent that’s on the frontlines of emerging revenue opportunities.
At BrainWorks, we know how to identify dynamic executive talent who fit the unique culture, environment, and vision of your company. We solve your hiring challenges by leveraging our vast network of highly skilled talent and our extensive, time-tested industry expertise.
Get in touch with us today to learn how we can do it for you.