9 ways founders can bring automation to healthcare

The way companies and entire sectors operate has changed due to automation. The healthcare industry has fallen behind.

It's unsurprising that the reticence to embrace automation is frustrating for an industry that continually innovates. There is a constant tug-of-war among healthcare providers and patients. The push and pull causes unnecessary costs, impacts clinical quality, and leads to patient and provider unhappiness.

Regulations can't be solely blamed on us. High-friction processes have been redefined in the financial services industry. Automation gave consumers, brokers, and banks with relevant information, rules, and real-time transactions. As incumbent banks embraced startups, investors leaned into novel ways to reduce friction and improve origination accuracy, increasing annual mortgage origination accuracy by nearly 40%.

Long-term success in healthcare requires healthcare incumbents to commit to automation.

Significant cracks in our healthcare system have been exposed by the current COVID-19 Pandemic. With ballooning labor costs tied to The Great Resignation, and reduction in patient mindshare from the explosion of digital-native startups, healthcare systems and payers will need automation to stay competitive.

Friction created by prolonged implementation cycles, lack of adequate clinician involvement, and difficult to measure ROI has left us with a healthcare system skeptical of technology.

Increasing meaningful adoption remains a challenge, despite the fact that automation is the key to a more efficient healthcare system. The following go-to-market tactics should be considered by entrepreneurs trying to navigate these waters.

Focus narrowly on a specific ‘starter’ problem

You should focus on helping prospective customers with one thing you do well that has short go-live times, minimal customer resource requirements and clear success metrics.

Clearly define success across measurable metrics

It is important to define the framework for your offering and weight KPIs differently based on prospective customer nuances in order to keep track of them.

Deliver 1x-2x ROI within a year of launch

Within six to twelve months of launch, automation platforms should be able to demonstrate value. Companies should aim for 1x-2x return on investment for the initial deployment. Companies that show their return on investment within a budget cycle will be well-equipped for future expansion.