The US Healthcare industry has a net worth of $3 trillion and spends about $9237 per person on healthcare; thrice that of the other developed nations – yet nothing is outstanding to show for it.
The majority of entrepreneurs in the healthcare industry lack the necessary experience, with a good number of them venturing into the business out of their personal frustrations. Many people do not know where the problems are and as such, don’t even know where to begin. Nevertheless, things are starting to look up. A couple of trends are responsible for the attractiveness being witnessed in the sector namely;
The existence of a big, yet hugely inefficient market ($3.35 trillion) and growing
Significant regulatory shocks which open up doors for new players
A culture that is open to innovations
One notable progress is the report that CVS and Amazon are battling out on who gets to own the healthcare consumer, according to Venture Beat. Apparently, CVS Pharmacy is considering acquiring Aetna, the health insurance giant. Another revelation is that Amazon has obtained pharmacy licenses in several states. While these licenses only permit Amazon to distribute healthcare related equipment only, one cannot help but suspect that the online store will in the near future pursue permits for distributing prescription medications.
Some of the opportunities available to entrepreneurs and which will help solve the various problems facing the industry according to a post appearing on Tech Crunch include;
- Avail favorable Advance Care Plans where the holders express their wish for the end of life care.
Improve the post-acute rating as well as referral systems.
Develop better hardware capable of generating simple health reports for use by the health practitioners.
Put in place tools that permit real-time logistics tracking of patients within the hospital.
Develop a cost-friendly app that works as an alternative to the 911 calls, apparatus for managing medication reconciliation and a simple process that allows caregivers to clock into shifts using a mobile app and also receive their payments reliably.
About Drew Madden
A healthcare IT entrepreneur, Drew Madden loves to build high caliber teams, trusted client partnerships, as well as extraordinary and attractive company culture. He worked at Nordic Consulting Partners since 2010 and served as the president between 2011 and 2016. Before joining Nordic, Drew Madden served in the business development division and as an Epic Consultant at Ingenix. The holder of BSE in Industrial Engineering from the University of Iowa College of Engineering kick-started his career in healthcare IT at Cerner Corporation.