Collaborative disruption strengthens business viability, creates opportunities for innovation and brings value to patients and providers
By Raelene Kambli
Beyond a shadow of a doubt, collaborations bring in positive change. In our previous two articles on collaborative disruption in healthcare, we already spoke of how collaborations are the key to sustainable growth and market disruption. We also looked at several collaborative models in Indian healthcare that are working towards co-creating solutions for real-world healthcare challenges in the areas of digital applications for early detection, productivity solutions, telemedicine services, innovative payment models, and remote and connected care, among others. We also raised questions around whether these collaborations are creating the desired impact on patient outcomes, affordability, system improvement and business viability.
Therefore, in this article, we will understand the impact of collaborative disruption on businesses.
Check out our previous articles (Article 1: Collaboration is the key to disruption in healthcare https://www.expresshealthcare.in/strategy/collaboration-is-the-key-to-disruption-in-healthcare/417973/)
(Article 2: How healthcare companies in India are disrupting the market through collaborations
Strengthening business viability and creating a safe haven for innovation
While most companies believe that strategic collaborations greatly impact business models, these also impact the development of technologies and its usage. “Businesses are involved in the development of new-age technologies and application systems to build on the changes and on the emerging digitalisation surge. As artificial intelligence (AI), data engineering and servitisation models are changing the way medical business functions, companies are looking for effective ways to manage this change and embrace the future of wellness. The enhanced digital choices among businesses globally have culminated in the transition among operating structures to defining networks, data monetisation and go-to-market approaches”, explains Dr Keshab Panda, CEO and Managing Director, L&T Technology Services.
According to Sunil Thakur, Managing Director, Quadria Capital Advisors Pvt Ltd and Member, NATHEALTH Governing Council, this trend has a far-reaching positive impact among all stakeholders, most importantly providers, pharma/medtech, insurance companies and patients. “It helps in augmentation, capacity building, efficiency, productivity, outcome and velocity of service. The biggest benefit that any collaborative disruption model provides is speed to market, strong validation and the relative robustness of the product. Moreover, data is central to most collaborative disruption models and wider partnership models will help accelerate and strengthen the AI and machine learning (ML) platforms that can be used by clinicians and providers across the country. Models like telemedicine and telepathology will help wider outreach for providers, lower insurance cost for payers, create convenience for patients and free up resources for providers. Medtech players can use data to create DIY products to create a retail model and also help augment resources for clinicians,” he adds.
So, from a provider point of view, how can a collaborative model ensure economies of scale, profitability and assurance of good patient outcomes?
Economies of scales and positive patient outcomes for providers
Experts advise that providers must embrace value as a key part of their vision for future success. They need to evolve their collaborative models based on empowering physicians and caregiving teams to ensure service efficiencies, patient satisfaction and improved medical outcomes. Dr Amit Raj, MD, Plexus Cardiac Care, elaborates further:
- Seeking value-based collaborative relationships with payers that are right for them and allow them to “dip their toe” in value-based payments and take on the greater risk over time as they develop the competencies, experience, and infrastructure to be successful.
- Gaining buy-in from front-line staff for value-based models and providing individual physicians financial rewards tied to their performance.
- Investing in collaborative medtech infrastructure, such as data capturing and exchange and analytics, that enables and empowers physician-led care teams to coordinate care across the continuum.
- Evolving their patient service model to offer convenience (e.g., extended hours, telemedicine, etc.), to improve patient satisfaction, trust, and retention.
- Utilising advanced practitioners (e.g., nurse practitioners) as appropriate to reduce costs and increase physician capacity.
Dr Raj additionally recommends that efforts need to be taken to design value-based networks and affordable products. “Providers must be committed to accelerating the shift away from traditional fee-for-service provider payments to value-based models that reward quality and health outcomes goals. These goals are aligned to deliver improved health, affordability and experiences by effectively connecting the care delivered by providers to customers,” he asserts.
Going forward, it is important to note that fortune favours the bold. This wave of collaborations across Indian healthcare is beginning to yield results. It is creating hotspots for real innovation to develop. This benefits both established companies as they move more quickly with the help of their agile startup partners, while the startups gain access to investment, network and customers. Collaborative disruption is, therefore, pushing healthcare companies to the next level- from disruption to revolution.