Issue link: https://beckershealthcare.uberflip.com/i/1424600
53 INNOVATION tial. Aside from what I've shared, there are many other areas you need to be on the watch for, but overall these are the first ones I would take a look at before having deeper conversations. Nick Patel, MD. Chief Digital Officer at Prisma Health (Columbia, S.C.): When assessing a new digital health investment, some of the red flags I watch out for are a lack of maturity of the solution in regards to depth to meet current and future needs, limited interoperability (Fast Healthcare Interoperability Resources application programming interfaces, soware development kits), imbalanced deployment own- ership, low technical IQ, poor cybersecurity track record, a road map to nowhere and shaky financial stability of the company. Once you have checked some of those boxes, you have validated the vendor's true track record on successful, on-time execution of their solution. It's important to have eyes wide open on what's "go ahead" and what's "on the road map." Mark Kandrysawtz. Chief Innovation Officer at WellSpan Health (York, Pa.): When we look at a new investment in digital healthcare for WellSpan Health, there are three factors that we focus on. Prob- lems in any of the three are considered a red flag. e first is ease of use for our patients and providers. A new technolo- gy may advance clinical care exponentially, but if the user experience isn't intuitive for both the care team and our patients, we know that it will be hard to achieve a positive return on investment. Second is how well the tool integrates with our current digital eco- system. We all know the frustration of having 20 different adaptors, dongles and remotes for various electronic devices, and no one wants that experience with their healthcare. New digital health tools need to connect not only with our existing systems, such as electronic health records and patient portals, but also provide a seamless experience with the technology our patients use. ird, of course, is cost. We all know new technology introduces new costs, so it is always about return on investment. ROI, however, will be unique to a solution and may change over time. You need to weigh the price tag of early adoption versus waiting. Being an early mover may have advantages to ROI, but there can be hidden costs while solutions grow and develop. Ultimately, the benefit to clinical outcomes and patient experience will drive our assessment and decision, but identifying the red flags and performing due diligence will determine the level of success for the investment. Claus Torp Jensen, PhD. Chief Innovation Officer and Executive Vice President of Research and Development and IT at Teladoc Health (Purchase, N.Y.): I am always looking for clarity in the prob- lem or opportunity being addressed. If the clarity isn't there, then that is a red flag. Another red flag is if different stakeholders have different perspectives on why this is a good thing to address. And if I cannot see a clear path to a delightful unified end user experience, this is a red flag as well. Finally, I personally seek an early understanding of both business and technology feasibility of various solution approaches. While you cannot, and should not, do a lot of design upfront, broad-based experience still tells us whether something is likely to be practically feasible or not. Prentice Tom, MD. Chief Futurist at Vituity (Emeryville, Calif.): Moving from idea to successful startup in health tech is a difficult proposition. A successful exit, even for digital health companies with great ideas, requires significant additional enterprise competencies. ere are a number of red flags that investors should be wary of: The first is lack of enterprise balance, especially leadership with a deep understanding and expertise in our health delivery system including structure, financing and culture. Healthcare is both large yet nuanced. Does the company understand their market, the re- lationship between stakeholders and opinion leaders who may not be their customer? e second is great ideas without a great execution/operations team. Early-stage companies oen begin when someone with technical knowledge envisions a better way of doing something. e founder's focus is solely on creating the "best" product. Inspiration is the 1 per- cent. OK, let's even say 10 percent. e third is failure to acquire the necessary financial resources to weather the long healthcare tech adoption runway. Every aspect of healthcare innovation adoption is complex. Business development is certainly the long sales cycle. Does the company have a thorough un- derstanding of how their product integrates into the system? e abil- ity to provide great data is only useful to the customer who can act on it. Is the company willing to partner with complimentary innovations to create an integrated solution? Healthcare is an enormous ship with enormous inertia. It takes more than one tugboat to change its direction. n Providence launches national foundation for 'future of health' innovation, equity & more By Jackie Drees P rovidence has created a national foundation to address healthcare challenges related to innova- tion, health equity and clinical institute initiatives, among other areas, the Renton, Wash.-based health sys- tem said Sept. 20. The Providence National Foundation will work with the health system's 40 local foundations across seven states. In the last three years, the foundations have raised nearly $1 billion. "Philanthropy powers the programs and services that provide access to the latest technology, equipment, fa- cilities and research, so caregivers can deliver the same high quality health outcomes in every community we serve, from rural areas to large cities," Providence CEO Rod Hochman, MD, said in a news release. Providence National Foundation will focus on the follow- ing funding priorities: whole person care, innovation, clinical institutes, vulnerable communities, health equity and environmental stewardship. Providence comprises 52 hospitals and employs more than 120,000 employees across Alaska, California, Mon- tana, New Mexico, Oregon, Texas and Washington. n