Last week TailorMed’s CEO, Srulik Dvorsky, joined a group of panelists to discuss opportunities and challenges in the healthcare market today, specifically with regards to companies bringing their technology into the healthcare market.
The panel included leaders from Kaltura, Triventures, and GlassesUSA.com, with keynote speakers from AWS and the Center of Cardiovascular Technology at Stanford. Here’s a summary of some of the key insights discussed by these leaders in tech and healthcare.
“What changed because of COVID-19?”
For many tech companies right now, the answer to this question is: “everything.” Especially for companies looking to break into the healthcare space, it’s difficult to imagine what hasn’t changed when it comes to their users, whether they’re patients, providers, pharma, insurance, or anyone else.
Mirit Kagarlitsky, the Senior Director of Healthcare Technology at Kaltura, responded that the immediate change they’ve seen from Covid is that “customer expectations have changed overnight.” She explains that customers are increasingly expecting their service providers and solutions to offer smooth digital engagement. Most customers right now are not able to receive in-person assistance or service, and are almost exclusively relying on digital interfaces and seamless user experience to offer the same level of service they received before the pandemic. It’s imperative that organizations are improving on or creating a digital interface that is intuitive, secure, and user-friendly in order to retain their users and gain new ones.
When it comes to the impact on TailorMed’s customers, Srulik Dvorsky discussed how “revenue streams for hospitals have been impacted, and financial burdens for patients have increased” since the start of the pandemic. This led to an immediate increase in demand for TailorMed’s solution, a healthcare financial navigation platform. TailorMed quickly created a remote navigation version of its solution, allowing customers to easily integrate the software into their systems without the need for on-site assistance. Dvorsky added that healthcare systems are also looking for ways to manage their budgets, since their revenue streams have taken a hit. Therefore, it’s important that tech companies in this space are able to offer a solution that demonstrates a clear ROI while helping patients reduce their financial burdens.
COVID-19 is accelerating the convergence of tech and healthcare
The typical user experience with healthcare has been slowly moving toward incorporating more technology, but this adoption has gone into overdrive since COVID-19 emerged. Telehealth has become the mode of communication for patients and physicians, but there are other ways tech is being utilized. Kaltura’s Kagarlitsky explains that videos are now replacing various steps and procedures that were once done via document or verbally. For example, patients are able to watch videos explaining procedures they’re about to have, which are typically more engaging and clear for patients.
Just because a tech company didn’t start out focusing on the healthcare market doesn’t mean they won’t be able to pivot. With the current pandemic highlighting the needs and hurdles in the healthcare market, companies can look for opportunities to adjust and meet these needs. GlassesUSA.com’s Eldad Rothman explained how the company initially saw themselves as “an online marketing company that sells glasses,” and overtime shifted to offering a medical device. While this required a pivot to a totally new market, the company found that since one third of glasses are reimbursed by insurance, there was a significant opportunity in the healthcare field.
TailorMed’s Dvorsky continued this thread by advising that tech companies looking to break into the healthcare market should search for a big enough problem, and look for a way to use their technology to solve it. For TailorMed, this was the intersection of healthcare and finance, combined with the hardships that US patients face in navigating the financial burdens of treatment. By adapting to serve customers and patients remotely, TailorMed is continuing its mission to move mountains for patients. Learn more about the TailorMed Platform here.