Innovation may be the hottest topic in health care today, but only some of the technologies being developed stand to solve group business challenges and bring in a financial return. Many medical group leaders are moving away from investing in third-parties and are looking for opportunities to use the skills, expertise, and capital they have to innovate themselves.
Emerging first movers require the right mix of external forces and internal assets to succeed in new product development. While a small number of medical groups will capture first-mover advantage, those that successfully implement new products can use their innovation strategy to engage frontline physicians and cement the medical group as a strategic partner to the health system.
Engage physicians with new product development
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Any successful health care innovation needs physician buy-in and must seamlessly integrate into provider workflow. This aspect of successful innovation gives medical groups a natural advantage when developing new products and innovations—groups have both the necessary relationships with frontline physicians to source new ideas and the oversight to ensure new products are successfully integrated into provider workflows. By equipping physicians with the tools they need to innovate and embedding physicians in designing solutions that improve patient care, medical groups can expect to better engage and retain top physician talent.
Leverage innovation to elevate the group's leadership position
All innovation investments must be rooted in a business goal and have a clear implementation plan from the start. By rooting innovation in a system-level strategic goal and quickly scaling innovation to capture a first-mover advantage, groups can cement their role as a strategic system partner.
To explore the lessons medical group leaders need to know to capture a first-mover advantage or our guides to implementing and scaling digital health innovation, visit the Medical Group Leader's Guide to Innovation.