Why Device Companies Need to Become Software Companies (MDDI online)
AI. Algorithms. Machine learning. Deep learning. Digital therapeutics. Each of these terms has become embedded in our health tech lexicon and in the narrative of nearly every company in the space. Why? Because they’re key to transforming healthcare.
Healthcare innovation is in a rut. Industry is stuck trying to innovate its way toward sustainability. Providers are stuck trying to create new care models that consistently produce better value. One critical problem remains in the way: Data—there’s simply too much for human beings to synthesize and exploit.
Data is a tidal wave crashing down over the main drivers of our healthcare system: Physicians. Physicians are our chief data synthesizers, but the systems they’re using are limited. They’re supposed to simplify workflow and decision-making, but they’re doing neither. And many physicians worry that these systems are putting pressure on them to perform at ever-higher levels. It’s no wonder that the Triple Aim has become the Quadruple Aim—now including clinician burnout.
Clinicians are being pressured to transform their clinical practice. They’re supposed to be th...
