At the end of November 2017, there was an exciting development to watch in the healthcare industry: CSV was considering buying out the health insurance giant Aetna and Amazon had obtained licenses to distribute healthcare-related equipment in multiple states across the country. Given that, these are two large companies, both of which have a significant footprint across the country, the developments were substantial.
In America, the healthcare market is quite big, running an annual budget of more than $3.3 trillion. This sheer size of this market may explain the increasing interest by companies to introduce change, primarily through technical innovation. There are many inefficiencies and opportunities, which, can be solved by the introduction of such innovation into healthcare.
When compared with sectors in other industries, very few entrepreneurs invest in the healthcare industry. It may be because the nature of healthcare in itself means that everybody does not easily understand it, and usually, investors will not invest in what they feel they do not comprehend or cannot add value at the end. It may also be very rightly regulated because it deals with human life, a fact which may scare away potential investors.
However, that perspective should change, and it is already starting to turn. Many opportunities exist which entrepreneurs should tap into and capitalize on as they add value to the industry. The industry generates a lot of data from which rich analytics can be derived and used by decision-makers and practitioners in their work. There are also opportunities for interoperability and interconnection of healthcare systems to help exchange information and track patient progress as they move on to other health institutions. This connectivity would lead to increased efficiency in decision making.
Necessity dictates entrepreneurs to provide the solutions that are essential for this field. Drew Madden, a seasoned healthcare IT executive, is one such entrepreneur. He is passionate about injecting the power of information technology into the healthcare industry and has for more than ten years worked hard to improve the digitization of Employee Medical Records.
Drew Madden joined Nordic Consulting Partners in 2016 and served as its president for six years up to 2016, a period which the company experienced phenomenal growth. With many years of experience in this field, Madden is keen on ensuring that this sector benefits from the efficiency that technology beholds.