Back in 2013, I wrote an article exploring what the key stimulate for what is going to drive patient engagement funding and implementation, especially in the world of startups. Successful patient engagement holds the key to improve community health, reduce costs, and make a more positive healthcare experience but effectively scaling this has been a challenge since startups are unable to stay lucrative when going direct to consumer markets. So many companies, like Jiff and Keas, start out with an engagement focus and end up molding into what drives profit, which typically is on the employer side of patient engagement as the ROI is more evident and incentives are easier to align.
Fast forward to present day and the answer to who exactly is buying patient engagement and implementing it may finally be here — Hospitals. Health system leaders are starting venture funds and are cashing out on recapitalization because they truly understand healthcare. This approach is becoming more and more common among non-profit healthcare systems as getting in on the ground floor of new healthcare engagement technologies could result in some big payoffs as these funds give low bank interest rates and significant returns from securities. The most recent findings say that these fund leaders are tripling their investments over seven years. These investments by healthcare systems result in shortened sales cycles for patient engagement products and technologies by creating immediate customers.
Given that recent legislation is mandating hospitals to push towards value and quality of patient care, a growing number of hospitals are aiming to select a vendor/approach this year, so don’t be surprised when many healthcare systems turn into venture capital healthcare systems. C-Level executives and management will reap the monetary benefits but so will healthcare overall. A more engaged patient populace has only positive results forecasted. It’s an exciting day in healthcare.
Stay tuned throughout August as we continue to celebrate patient engagement. Want to know how we were able to help the Department of Veterans Affairs engage their patients and reach their goals? Read our case study.