How close are we to platform domination in healthcares digital business models?

Platform domination is a feature of several industry sectors, especially ones where there is a winner-takes-all outcome that is hard to replicate or compete against. Google dominates search. Amazon dominates e-commerce. Facebook dominates social media. And so on. In several industries, dominant incumbent firms have also developed their own platforms to get in front of disruptive innovation. Research by consulting firm McKinsey suggests that across sectors in developed economies, a single digital platform prevails 75% of the time, citing examples of Daimler, Nike, and Unilever. So, how far away is healthcare from a platform-dominated digital business model ? Over the past few years, several healthcare focused cloud-based digital platforms or health clouds - have been announced by big tech firms such as Salesforce, Microsoft, and Google. These platforms are intended to emulate the winner-take-all models that we have come to see in social media or search advertising. The McKinsey report notes that industries with lower digital maturity, such as Pharma and healthcare, see a lower level of prevalence of platforms, citing the lack of network effects, which require a large section of market participants to elect to participate in a single dominant platform, as one of the primary reasons.  In a recent conversation on my podcast, John Sculley, former CEO of Apple, stated that platform technologies have revolutionized industry after industry with one big exception healthcare. Lets explore a few of the reasons for why that is the case.

Spotlight

Other News
Healthcare Analytics

WELL Health Launches 'WELL AI Decision Support' powered by HEALWELL AI; Empowering Healthcare Providers with Next Generation Decision Support Systems

PR Newswire | October 19, 2023

WELL Health Technologies Corp. a digital health company focused on tech-enabling healthcare providers, and its investee company, HEALWELL AI are pleased to announce the launch of "WELL AI Decision Support", a groundbreaking new service for healthcare providers. This partnership is the first major collaborative initiative between the two companies since the announcement of the Strategic Alliance Agreement on October 3, 2023. Both companies view this as the beginning of a long-term, mutually beneficial partnership, with a shared vision and commitment to ongoing innovation. Hamed Shahbazi, Founder and CEO of WELL commented, "We firmly believe the physician experience of the not-too-distant future will involve a number of safe, secure and helpful digital diagnostic tools that will better support healthcare providers in detecting acute and chronic diseases earlier. The launch of 'WELL AI Decision Support' perfectly aligns with our core strategy to empower healthcare providers with transformative technology, enhancing their capacity to improve patient outcomes and promote preventative health." Dr. Michael Frankel, Chief Medical Officer of WELL, added, "The arrival of 'WELL AI Decision Support' marks more than just technological advancement; it's a watershed moment in our pursuit of superior patient care. By harnessing AI's potential, we are equipping healthcare professionals with tools that refine and elevate their practice. Each patient deserves individualized attention and precision in care, and this module is a step forward in realizing that vision." Dr. Alexander Dobranowski, CEO of HEALWELL AI, said. Our partnership with WELL is a strategic imperative in healthcare. The alignment between HEALWELL's pioneering data science and WELL's expansive clinical network underscores the strength of our collaboration. Together, with WELL's robust healthcare software solutions, we are creating a synergy poised to redefine healthcare standards. This partnership amplifies our combined commitment to leveraging data science for healthcare applications, ultimately benefiting patients and healthcare providers alike. [Source: PR Newswire] The 'WELL AI Decision Support' module is a groundbreaking solution that bridges a critical gap in healthcare diagnostics and patient care, heralding a new era of precision in healthcare delivery. WELL AI Decision Support leverages artificial intelligence (AI) technologies to enable the earlier diagnosis, treatment and improved quality of life for the patient. The technology behind WELL AI Decision Support has been meticulously developed by HEALWELL, in close collaboration with dedicated physicians, leading researchers, data privacy professionals, pharmaceutical companies, and other domain experts. This rigorous process of development and refinement has led to its validation in both Canadian and U.S. healthcare systems. WELL AI Decision Support is also a highly modular service that will be expanded with time. Initially, the service enables healthcare providers to accurately identify over 110 complex or rare diseases often overlooked by traditional methods, providing hope to thousands of patients across Canada. 'WELL AI Decision Support' is the second significant product release under the WELLHealth.ai program, following the successful "WELL AI Voice" module, and further exemplifies WELL's unwavering commitment and leadership in delivering effective AI solutions in healthcare. WELL AI Decision Support is featured on apps.health, WELL's premium digital marketplace for EMR tools and applications. Rare and complex diseases affect over 300 million patients worldwide, and in Canada, 1 in 12 individuals lives with a rare disorder. What's even more alarming is the substantial number of people who remain undiagnosed and unaware of their underlying conditions. For those who do exhibit symptoms, the journey to a correct diagnosis is an arduous one. On average, they consult 8 physicians, endure 2-3 misdiagnoses over a span of 4.8yrs before receiving an accurate diagnosis. This partnership represents a significant win for HEALWELL, granting expansive channel access to healthcare providers. The launch of 'WELL AI Decision Support' module underscores the trust and validation of HEALWELL's expertise within the industry. Both WELL and HEALWELL plan to continue to collaborate to combine their expertise and capabilities for more groundbreaking developments in the future. About WELL Health Technologies Corp. WELL's mission is to tech-enable healthcare providers. We do this by developing the best technologies, services, and support available, which ensures healthcare providers are empowered to positively impact patient outcomes. WELL's comprehensive healthcare and digital platform includes extensive front and back-office management software applications that help physicians run and secure their practices. WELL's solutions enable more than 31,000 healthcare providers between the US and Canada and power the largest owned and operated healthcare ecosystem in Canada with more than 148 clinics supporting primary care, specialized care, and diagnostic services. In the United States WELL's solutions are focused on specialized markets such as the gastrointestinal market, women's health, primary care, and mental health. WELL is publicly traded on the Toronto Stock Exchange under the symbol "WELL" and on the OTC Exchange under the symbol "WHTCF". About HEALWELL AI Inc. HEALWELL AI is a health care technology company focused on AI and data science for preventive care. Its mission is to improve health care and save lives through early identification and detection of disease. As a physician-led organization with a proven management team of experienced executives, HEALWELL AI is executing a strategy centered around developing and acquiring technology and clinical sciences capabilities that complement the company's road map.

Read More

Health Technology, AI

Emory Healthcare and Andor Health Unite for Virtual AI Healthcare

Andor Health | November 07, 2023

Emory Healthcare has collaborated with Andor Health to mitigate the risks of patient falls and address other safety concerns within the hospital setting while implementing virtual patient observer technology within its healthcare facilities. Andor Health, the creator of ThinkAndor, will employ generative AI technology to access data from various systems, including ambient listening and real-time visualization, to identify common safety risks such as falls and self-harm. In addition, Emory Healthcare will commence a pilot program for the virtual sitter technology in November at two of its hospitals. This program will involve the remote monitoring of at-risk patients on medical and surgical floors, as well as in the emergency departments. Jason Atkins, RN, Vice President and Chief Clinical Informatics Officer for Emory Digital, a part of Emory Healthcare, says. Andor Health's virtual patient observer/virtual sitter technology expands our virtual health initiatives across Emory Healthcare while reducing the burden of nurses and other team members. [Source – Cision PR Newswire] Andor Health's virtual observers collaborate with registered nurses stationed in a control center to employ voice-activated technology to engage in remote conversations with at-risk patients. These interactions involve reminding patients to remain in their beds, prompting them to seek assistance, or offering relevant guidance. Raj Toleti, Chairman and CEO of Andor Health, emphasized that recent technological advancements, such as generative AI-based virtual sitting and ambient monitoring, offer promising opportunities to alleviate operational challenges, mitigate staff shortages, and reduce costs. These innovations enable healthcare systems to concentrate on providing high-quality patient care. Healthcare organizations like Emory Healthcare can efficiently monitor patients and optimize staff effectiveness through large-scale virtual sitting, harnessing the capabilities of virtual hospitals as supplementary support. About Andor Health Andor Health believes in transforming how healthcare teams establish connections and cooperate. Its cloud-based platform, using both machine and human intelligence, accesses information within electronic medical records and provides immediate, actionable insights to healthcare teams, whether they are within or outside the organization. By enhancing communication processes, its solutions expedite the time to treatment, reduce clinician fatigue, and improve patient outcomes. About Emory Healthcare Emory Healthcare is one of the prominent academic health systems in Georgia. At the systemic level, it maintains 2,796 licensed patient beds and hosts a cadre of over 3,450 physicians who practice across over 70 specialized fields. Moreover, it extends its reach by serving a broader population through a collaborative initiative at the St. Francis–Emory Healthcare Hospital in Columbus, ten regional affiliate hospitals, and a closely coordinated network of physicians.

Read More

Health Technology

ShiftKey Extends Its Tech Solutions to Embrace Acute Care Facilities

ShiftKey | September 15, 2023

ShiftKey, a leading technological enterprise at the forefront of reshaping the future of workforce engagement, has officially announced its expansion into acute healthcare facilities. ShiftKey's technology, data resources, and talent marketplace are set to be accessible to acute care facilities in Kansas, Missouri, Tennessee, and Texas. This expansion addresses workforce-related challenges and enhances patients' access to top-tier healthcare services. Furthermore, the technology has already undergone beta testing at acute care facilities in Alabama, Louisiana, Nebraska, New Mexico, South Carolina, and West Virginia. CEO of ShiftKey, Mike Vitek, characterized the company's foray into the acute care sector as a pivotal step in its platform and business development. He emphasized the organization's vantage point on healthcare staffing challenges and expressed optimism regarding the potential alleviation of strain on acute care facilities and healthcare professionals. Meanwhile, Brandon Tappan, Chief Revenue Officer at ShiftKey, added that the escalating workforce challenges confronting healthcare facilities have become an annual trend. The departure of nurses from acute care facilities in large numbers underscores the imperative for a novel approach to address staffing needs within institutions serving vulnerable populations. Integrating ShiftKey's technology into acute care facilities represents establishing an independent healthcare staffing solution. This initiative aims to reinvigorate and safeguard this vital industry by enabling individuals to rejoin the workforce on their terms. About ShiftKey ShiftKey is a technological enterprise dedicated to transforming workforce access and integrity. Employing data and a marketplace model, the company facilitates connections between independent licensed professionals and facilities with workforce requirements. It is pivotal in advancing empowered labor, stability, and solutions for professionals, institutions, and beneficiaries. With a platform encompassing 10,000 healthcare facilities and myriad independently licensed professionals, ShiftKey is one of the foremost leaders in strategic workforce solutions, catalyzing a more sustainable, inclusive, and prosperous workforce economy for the years ahead.

Read More

Digital Healthcare

Syra Health Announces the Launch of CarePlus, the Company's Electronic Medical Record System

PR Newswire | October 20, 2023

Syra Health Corp. a healthcare company with a mission to improve healthcare by providing innovative services and technology solutions, announced today the launch of CarePlus, its own Electronic Medical Record (EMR) system designed specifically for small to mid-sized healthcare organizations. CarePlus is an easy-to-use, secure, and scalable platform that allows for streamlining clinical workflows and integrating telehealth. said Sandeep Allam, Executive Chairman, President, and Digital Health Leader, Syra Health. We listened to what healthcare providers were telling us they wanted in their EMR system. We are proud to offer CarePlus, our affordable solution that can be further customized to fit each organization's individual needs. [Source –PR Newswire] Another unique feature of CarePlus is its ability to interact with labs, radiology systems, and other EMRs, eliminating interoperability issues. "Our Syra Health developers have created CarePlus that solves a common complaint heard across the healthcare industry about EMR Systems," said Dr. Deepika Vuppalanchi, CEO, Syra Health. "They haven't been able to talk to one another seamlessly until now." AboutSyra Health Corp. Syra Health is a healthcare company with a mission to improve healthcare by providing innovative services and technology solutions. Syra Health aims to achieve its goal by becoming a valuable partner to government, payers, providers, life sciences organizations, and academic institutions. Syra Health offers products and services in digital health, behavioral and mental health, population health management, health education, and healthcare workforce.

Read More