A well-known market intelligence company, Infiniti Research, has announced the completion of their recent article on three barriers to healthcare innovation. In this blog, healthcare industry experts from Infiniti Research discusses three key barriers to healthcare innovation and have also suggested strategies to overcome these challenges in healthcare innovation.
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Healthcare innovation challenges (Graphic: Business Wire)
Currently, key challenges in the healthcare industry range from medical errors to soaring healthcare costs. The US government has been spending billions of dollars annually to identify healthcare innovations that can overcome these hurdles. Despite this, several of these efforts sometimes fail, leading to heavy losses for investors.
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Healthcare innovation challenges
Unaligned budgeting units
Hospitals are generally organized by clinical departments, care centers, and other ancillary departments with their own budgets. Consequently, it becomes difficult to align those budgets and department goals in such a manner that one innovation works for all budgets. These decentralized budgets often lead to limited investment in healthcare innovation projects that could benefit the patients throughout the entire care cycle.
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Rigid annual operating budgets
The annual budget model that hospitals usually operate under makes it difficult to invest in recent technologies and other healthcare innovation. Furthermore, investing in healthcare innovation will likely reduce the available funds for the rest of the fiscal year. Unless the payback period from the new healthcare innovation investment is realized in the current year, hospitals generally reject the proposal to buy new technology.
Separating operating and capital budget timelines and process
In many healthcare systems, technology hardware and perpetual software licenses are paid for with capital budgets. Whereas, annual subscription models commonly used by software as a service (SaaS) solutions are purchased with the operating budgets. So, the source of funding (capital or operating budget) rather than the functionality and performance of alternative solutions determines the purchases made.
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About Infiniti Research
Established in 2003, Infiniti Research is a leading market intelligence company providing smart solutions to address your business challenges. Infiniti Research studies markets in more than 100 countries to help analyze competitive activity, see beyond market disruptions, and develop intelligent business strategies. To know more, visit:https://www.infinitiresearch.com/about-us
View source version on businesswire.com: https://www.businesswire.com/news/home/20190606005575/en/
Contacts:
Infiniti Research
Anirban Choudhury
Marketing Manager
US: +1 844 778 0600
UK: +44 203 893 3400
https://www.infinitiresearch.com/contact-us
