"It’s critical to truly understand whether your solution meets a health organization’s needs."
- Sandra Powell-Elliot on working with large health networks
Many health innovators target large health systems as investors or buyers of their solutions. However, it can be challenging to know what innovations appeal to this customer group, whether they are open for collaboration, and who within the organization is most likely to buy or champion your innovation.
As a start-up, what is the minimum viable product you need to have already developed to pitch to a large health system? How do we get in front of the right key decision-makers? How do large health organizations build a culture of innovation? On this episode, we’re joined by Hackensack Meridian Health VP of Life Science & Innovation, Sandra Powell-Elliott. We discuss how their health system finds strategic partnerships and collaborations, gains adoption, and how they take a diverse approach to innovation.
3 Things You'll Learn
1. Networks are interested in strategic, goal-driven innovations
Innovation can take many different forms, but the field is now gravitating towards goal-oriented or purpose-oriented innovation. Innovation is now currently focused on improving metric-oriented outcomes, and putting a provider at the forefront of healthcare in a measurable way.
2. Replacement cost is a minimum requirement for large health networks
At the very minimum, health networks are looking to invest in innovations that have a low replacement cost. If that replacement cost is low, that can translate into a net neutral and then from there we can move toward a more profit-driven economic model.
3. Target key decision-makers in large health systems
If an organization has an innovation department, those are the people to contact first. If they don’t have people who specifically deal with innovation, go to the CFO or COO, or the Chief Safety Officer. Talk to high-level executives who are making the decisions. Department directors or division directors may have the ability to highlight you but they aren’t the key decision-makers.
If you want to maximize ROI and avoid market failure when launching and commercializing your healthcare innovation, let’s talk! Click drroxietime.com to book your free 30-minute strategy session.
Sandra Powell-Elliott is the Vice President of Life Sciences and Innovation at Hackensack Meridian Health. To get in touch with her, go to firstname.lastname@example.org.