Last week has been pretty crazy with soaking up tonnes of information related to healthcare companies and healthcare innovations at the Health 2.0 conference in San Francisco. Lots of companies out there – some that have been around for a while, and some truly new and exiting ones.
The key to a lot of these companies is a well defined business model – Mark Smith from CHF described it well – he said the business model of a lot of new Health 2.0 companies looks like this:
Phase-1: Invent new gadget
So having clarity in the business model on who the payer is and what the benefit to them is within the ecosystem of patients, providers, hospitals, insurers is key to a lot of these innovations. Though this is true with every business, the size of scope of healthcare probably sometimes clouds this and creates false illusions.
Coming back to the conference, what excited me the most is the focus on “Patient Engagement” which was highlighted time and again by everyone as key unmet need both in terms of process, technologies and tools. That’s exactly the focus for us. Had a chance to review and understand some of the solutions in this area – HeathWays, Phytel, MedAdherance, and the new product from RelayHealth. All good solutions that have gotten some traction in pockets – however SmartRx has a unique approach to making the patient engagement easier with tangible ROI. Our focus on creating care templates enables providers to simplify the engagement model and the feedback loop in terms of tracking returning users is critical to show impact and ROI.
The “blue button” initiative to gain access to EMR data and the increasing clarity about the need and ROI of patient engagement means exciting days ahead of us as we look to launch our solutions.