Accelerating the time to market for healthcare products sounds exciting, but it can also elicit skepticism. Don’t forget what's involved in getting your innovations to consumers—recurring and non-recurring development costs, the time it takes to scale to manufacturing, additional resources, and production costs followed by a lot of chaos around quality maintenance. Indeed, reducing time to market to sell solutions faster is critical in the success of your innovation, but it’s also a significant undertaking.
Wouldn't it be great if there were a repeatable and scalable solution that would not only optimize time to market with efficient resource management but also make the sales cycle 10 times faster?
A ready-to-use enterprise data integration platform offers an effective, simple solution by facilitating seamless data integration to enable data exchange between systems at the back end. This, in turn, caters to diverse integration needs and automation, freeing up time while streamlining the entire selling sales cycle as a digital health company.
The result? Healthcare IT (HIT) companies can skip the integration phase to extend their customer and partner platform capabilities while reducing their development costs without interfering with their existing internal roadmap.
Addressing the real need for speed
With complex value-based business models networked in the healthcare ecosystem, the ratio between development costs, development time, actual market launch, and new product sales warrants a scalable solution. HIT companies can shorten their cycle times and expedite their product sales to market by moving to Innovaccer’s prebuilt, unified, and FHIR-enabled Data Activation Platform (DAP).
Moving away from legacy healthcare interfaces saves you from the API coordination nightmare and facilitates faster time to market. Moreover, access to a pre built interface product that can deploy more than 200 connectors in various file formats is a huge cost-saving opportunity.
Key features of the DAP include:
Interestingly, the PaaS-based enterprise data activation platform is a ready-to-use platform that can address the broken process of clinical and administrative data exchange between system interfaces. The integrated Data Activation Platform (DAP) helps to maximize interoperability while activating personalized engagement, thereby, reducing customer churn rate. What's more, as your organization grows, an interconnected, scalable data model enables your organization to perform more customized installations through an expanded offering of apps with tons of functionality. The potential is endless.
However, it’s not just about integrating data. The DAP is a robust data architecture built to scale when used with the right set of technology tools. Organizations must be able to integrate their entire architecture seamlessly with any third-party application, so they can deliver the right service at the right time to their customers.
The DAP can be applied in many ways to power data interoperability. Below given are some of the best use cases in digital health:
Key considerations for building an in-house solution
So, you are all set to launch a fully interoperable information-centric strategy by integrating third-party data into your platform. Great! But, is it worth the investment? HITs must determine what to prioritize—build a new infrastructure from scratch by hiring multiple resources to implement a custom configuration or shift the entire resource burden to a third-party vendor (PaaS) that can free up IT resources to focus on other strategic initiatives.
Typically, in-house models cost more, take longer, and deliver a less tailored experience for customers. Building a solution involves high capital investment and infrastructure costs, as well as long lead times before any value is delivered. According to a study of nearly 1,500 IT projects, one in six-faced an average cost overrun of 200% and a schedule overrun of almost 70%. The study also suggested that an unusually large proportion of IT change initiatives incur significant cost overages.
An interview published by McKinsey highlighted that nearly 70% of digital transformations fell short of their objectives, even as companies around the globe invested approximately $1 trillion in digital transformation. Another study states that these odds could be improved from 30% to 80% by teaming with the right PaaS partner and addressing key issues in the change management process.
In-house vs PaaS managed service solution: A comparative analysis
Considerations for choosing a PaaS managed services solution
The following factors should be considered when choosing a PaaS-based platform solution:
To realize cost savings and revenue enhancement opportunities within a HIT infrastructure, healthcare organizations need enterprise data management platform on a health cloud to bring data together and create actionable intelligence.
Partnering with a vendor makes sense, starting with a baseline data repository. Once the necessary data connections and integrations are made, your organization can focus on building unique IPs on top of that foundation, significantly reducing the time to value and accelerating innovation. The biggest perk of such an interoperable data activation platform is that you can craft your digital health offerings, specifically to the pain points or needs of your partners and customers in the market.
When evaluating vendors, consider contacting two or three customers to discover how the implementation went and how the solution fits your organization’s needs. Talk to a longtime customer, a customer with a recent implementation, and a customer currently in the implementation process. This will give you a more complete view of vendor processes—from initial implementation to ongoing maintenance and support.
Buying a PaaS-based enterprise data solution not only ensures minimal involvement of in-house resources and leadership but also allows internal teams to focus on the critical areas that can accelerate value realization and digital transformation.
Utilizing PaaS integrations with the leading healthcare IT systems and vendors, it is possible to clean, standardize, and unify all the data sources in healthcare - clinical, claims, labs, pharmacy, SDoH, etc. Additionally, it facilitates healthcare organizations with a scalable platform for improved collaboration and a future-proofed framework designed for native interoperability and accelerated innovation.
For more information, visit www.innovaccer.com.