The medical field is inundated with too much data. Every day, hospital systems, biotech companies, and digital health apps gather millions of data points, such as patient history, genomic data, health insurance data, and clinical outcomes. At the same time, organizations have more data than they ever had, yet many are unable to find useful, actionable value within that data.
The problem does not stem from a lack of data. Rather, the issue is a gap of achieving actionable insight from the data. Healthcare organizations will have to develop the ability to gather and integrate fragmented, specialized data, and transform it into a market differentiating advantage in order to achieve a competitive and sustainable position in the market.
Raw medical data is uniquely difficult to transform into actionable insights. Due to the rigor of ever-evolving and highly dynamic regulatory compliance frameworks as well as the presence of highly disparate outdated and incompatible IT legacy systems with specialized medical languages, medical data is effectively frozen. When scientific or operational breakthroughs are identified, they remain stuck in clinical silos and do not reach executives with the corporate scaling mandate.
Blind Product Development : Creating healthcare solutions without understanding current provider nuances and developing solutions based on outdated assumptions.
Ineffective Value Propositions : Selling advanced technology to hospital buyers who are primarily focused on addressing their diminishing operating margins.
Misjudged Market Demand : Targeting new therapeutic areas without the understanding that the shift in patient demographics and the regulations are local.
Companies have to go from putting data in silos to adopting active intelligence to break the barriers which means organizations need to build breakable silos which allows them to translate technical advances into business breakthroughs.
It takes a more focused utility and a deep understanding of macro-trends and the ability to think strategically to turn intricate clinical observations into something that provides a monetary benefit.
Most of the reimbursement models in place today are performance-based. In these models, insurers and government programs punish hospitals for poor patient metrics, such as hospital readmissions. Discerning healthcare businesses apply their data insights and find ways of aligning directly with financial pain. If you can show hospitals that you solve a financial risk, then you are transforming a healthcare luxury to a revenue protection necessity.
To affect the thinking of corporate leaders, health data needs a financial transformation. Companies need to work with their biostatisticians in conjunction with their commercial strategy teams to develop data models that express the impact of medical efficacy in terms of dollars saved. If a particular therapy decreases the length of time for patient recovery, an example of a business proposal should not only place a value on the science, but also document the financial burden a healthcare system removes with an increase in bed turnover and a decrease in nurse burnout.
The ability to meaningfully recognize and act on market trends puts certain companies ahead of the pack. Examining various large-scale public datasets on regional epidemiological trends and changing pharmaceutical prescription patterns can help companies detect new health trends before they are widely recognized. Companies in the health-tech and medical device domains can leverage their ability to anticipate health trends and markets to adjust their supply chain and offer their value proposition in the high potential geographies of the world before their competitors even recognize the potential opportunity.
Envision a diagnostics startup collaborating with MindCrawler Global for strategic placement of their novel metabolic disorder screening device. While the new technology was significantly superior to existing tools, early adoption was minimal since their marketing was more focused on complex molecular marketing science, rather than the business value. Directors of the lab and healthcare decision-makers stalled purchase orders since the evaluation periods were very long.
Through a business-driven evaluation, MindCrawller Global identified a critical and neglected piece of data: screening tool patients received a formal diagnosis up to three weeks faster than if they had followed the standard process, which led to expensive secondary emergency consultations. The new screening tool promoted more effective care. The startup focused their marketing strategy on the operational and financial value of the tool to the large managed care systems, rather than the technical value. This strategy resulted in a rapid acceleration of business partnerships and the startup’s product went to market faster.
The Commercial Reality : The modern healthcare ecosystem holds unrefined data as a burden. The synthesis and translation of data is the most valuable corporate engine.
The future will be won by those corporations that can seamlessly span the divide between scientific theorems and business practices. By forcing your clinical data to ‘speak’ business strategy, you are no longer burdened by an operational byproduct. You have a powerful tool for growth.
MindCrawller Research Team
8 Min Read
Healthcare Consulting
Healthcare Market Intelligence
Healthcare Analytics, Market Research, Business Growth
MindCrawller Global transforms healthcare data into actionable insights, helping organizations make informed decisions through research, analytics, and strategic consulting solutions.
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