Digital Transformation and the Healthcare Industry

In the last few years, healthcare has joined other industries in the quest to deliver better customer experience. This has brought about a fundamental change in the healthcare industry and they have now shifted from volume to value of care of patients. The evolution in the cloud, data and mobile technologies has disrupted the health care industry.

The disruption has forced insurance companies and healthcare providers to move from a health system driven model to a customer oriented model. The behavioural needs of the modern customer has also changed and they now demand both control and choice.

Digital transformation is revolutionizing healthcare. It has helped connect and apply data, communication and technology to engage and redefine customer experiences. Most people have a misconception that digital transformation is about automation of jobs, processes and technology but it is much bigger than that.

Digital transformation requires you to rethink all your business processes. It is all about using data and digital technology by putting the needs of the customer at the centre of the business. If you want to succeed in the transformation, you need to look at the entire ecosystem of the company and determine ways to drive more value to the customer.

Optimize Clinical and Operational Effectiveness

Digital technology has helped improve quality and outcome of healthcare services. Consumers are now able to access and analyse information, so that they are able to make informed choices. Innovative solutions are offered to improve quality of care and efficiency of services. The new technology has helped reduce clinical variations.

Operational Analytics

The operations are streamlined and this helps reduce costs. Clinicians and executives are now able to share information and analyse the structured and unstructured data to make informed choices. Structured (electronic medical records) and unstructured (handwritten case notes) data can be brought together to get insights and uncover actionable intelligence.

Clinical Analytics

The quality and outcome of health services are drastically improved by creation of powerful data models. The healthcare professionals can collaborate and share insights in new ways. The accuracy, completeness and consistency of health information is improved by resolving problems that are caused by bad data.

Medical Data Storage

Innovative and new technologies in the healthcare industry is generating more data than before. Digital technology has enabled healthcare providers to store the data and utilize it in the best possible way. The data can be used to optimize patient care and anticipate the emerging health trends.

Technology has helped create a system of engagement with patients. Physicians will be able to get more information about their patients and this can revolutionize the services that are provided to customers. Health professionals can explore and navigate reports faster.

Digital transformation is an ongoing process that puts customer at the centre of healthcare business. It is important to look beyond technology to drive innovation. If the healthcare industry wants to keep pace with digital disruption, it needs to engage with those that it wants to please, its consumers. Failure to engage with the customer can result in the industry operating behind the times.

Digital or Business Transformation

Digital transformation refers to the changes associated with the application of digital technology in all aspects of human society. Digital transformation may be thought as the third stage of embracing digital technologies: digital competence → digital literacy → digital transformation. The latter stage means that digital usages inherently enable new types of innovation and creativity in a particular domain, rather than simply enhance and support the traditional methods.

– Wikipedia

It has been more than 30 years since computers had been introduced into business world. With the help of, powerful mobile devices and high connectivity, now we are living in a momentary world that is evolving so fast towards digital that now digital transformation is inevitable.

Most of the C-Levels in corporations started to pay more and more attention to Digital Transformation. They believe, without this transformation, even a long-established company may extinct. It is the Kodak example they are afraid of. To be honest, the risk is there, however is ‘Digital Transformation’ just enough?

Marketing, sales, manufacturing, finance processes should all be digitised in order to fulfil the transformation. It includes working anywhere anytime, broader and faster communication, enterprise integration that would enable performance & efficiency improvements.

That is all well planned and should be executed step by step. Yet can you imagine any change to be internalised without a holistic approach? Without embarking every team member, adjusting / improving their competencies, engaging them all around the same evolving mindset…

That’s why, we believe this topic should be handled with a broader scope and it is the reason behind we like to call it a “Business Transformation’ rather than a Digital Transformation.

In other words Business Transformation shall handles the topic more broadly including mindset and organisations, leadership and entrepreneurial mindset, education and pragmatic planning.

Your Business Transformation journey is unique

Every company has its own inner dynamics and every category has its own realities hence your journey should be tailor made to your business. When there is so much at stake, it is not an easy task to move the rocks around, without rigor planning, sufficient on-boarding, kicking off the new mindset with an adjusted organisational structure.

The internal impact – Mindset & Organisation

Any change in a company first impacts its own resources, starting from human. Top-down transformation approaches tend to stay at the top level with Digital Transformation Teams, causing manager level (or further) to think it is not their business. The only way to beat the resistance to change is to embark the resistors ASAP.

Corporate and entrepreneurial mindsets are two far ends thus moving from one to other is not given. However, with the power of a corporate company, an entrepreneur mindset can achieve higher goals sooner. That’s why, we should keep on increasing skills of the individuals in our organisation, empowering them to move forward within the team.

The Impact on Consumer Experience

Digital transformation for the consumer end includes an architecture of your digital ecosystem to be able to do better listening, segmentation and tracking, enabling you to increase your digital media investments efficiency, letting you to fish where the fishes are. All these changes will definitely have a positive impact on your consumer engagement and thanks to the new tools, we will be able to measure the ROI of your campaigns / activities.

Step by Step Approach

As said, digital transformation is a key stage throughout this journey. All your existing processes should be analysed with expert analysts according to the dynamics of your company and industry. Only after then, a solution can be determined and tailored to your needs. The gains here are not necessarily immediate, therefore long term investments should be planned with an entrepreneur mindset.

All in all, Digital Transformation is inevitable in this era, we just need think it as broad as it requires to land it well in your organisation. As Portera we are committed to understand, analyse together and help you build the right organisation to reach this new mindset fully.

One Challenge Private Equity Doesn’t Think About – Digital Presence

Private equity firms face plenty of challenges but the one challenge that they don’t think about is credibility in the digital domain and a good Digital Transformation will take care of that. Before you acquire a company you may have to convince the owner or owners that you are the right fit for them. It’s their business – they want to be sure you’re going to take them further than they can get on their own, and if they give up their majority – the confidence their share is going to be worth far more when you are done. Private Equity needs a Digital Transformation.

Confidence comes from walking the talk. Would you trust a tailor to dress you if he was wearing a suit from the 70’s? I sure hope you answered, no! Now, carry this line of thinking through to your digital presence. If you were betting your future on a firm bringing you to the next level, they better look like they came from the next level. Private equity firms need to seriously consider their digital presence, and in fact, the principals need to think about their personal brands as thought leaders – welcome to Leadership Casting. You may not know it, but you could be one Google search away from having your reputation, even career destroyed. What is that question, that keyword phrase that can cause you to experience that kind of potential negative result? It’s your name.

You start to do with business with someone you have never met before – what do you do? That’s right – you Google them. Today, people expect you to come to the table with a reputation both offline and online. And this is what Leadership Casting is all about. What are you going to find when you Google your name? Is it going to be thoughtful insights into your industry, life, some compelling information about you – or is it going to be you wearing a beer cap at the ball game or, even worse, something totally NSFW (what were you thinking when you posted those pictures?)

Leadership Casting is an exciting part of the entire Digital Transformation package as it is the solution for super-charging your online persona – or brand. Most of us know that all the major companies now monitor the Web and social media for every and any remark about them – and immediately move in to squash any potential negative comments or posts. Leadership Casting, though it employs some of the tools of the social media brand manager, focuses on showing the world you are a thought leader, and builds a positive presence for you online.

Every private equity firm should be lining up right now to get on to this. Building a brand online – promoting the rock stars in your company as thought leaders, making sure your digital presence is compelling. This is what builds your firm’s credibility. Today’s digital world wants to know about you, what you think, what you stand for as well as how good you look in a beer hat. Knowledge is power is the old saying – well today that has been turned upside down – managing the knowledge about you is power.

Want to convince your next acquisition your firm is the right partner? Think about a Digital Transformation – and start with Leadership Casting.

Private Equity and Digital Transformation – Creating Value Through Vision

The Holy Grail for private equity is to find a business you can grow rapidly and profitably. One area of growth that private equity (and everyone else) cannot ignore is the power of Digital Transformation. OK, that sounds a little like the start of a super-hero film but give this a moment.

Actually, a superhero doomsday setting isn’t that far off the mark. It’s a fact that a huge number of businesses are not prepared for the digital age. They don’t have a digital strategy and they are going to begin to fail more frequently, more rapidly as all aspects of digital marketing and digital buying continue to be felt.

So what does that mean for private equity firms? First and foremost, there are going to be some pretty good deals out there soon, but only for firms that understand the power of Digital Transformation. Instead of just growing value through acquisition and better management, prudent firms can target companies that can’t figure out how to transform their business model or processes to cut costs, gain more market share, and profit through digitization. Turning around these companies might be as simple as instituting a CRM system, or putting up a truly strategic transactional website to attract and convert more visitors. These are going to be the Private Equity Rockstars in the coming years. But that is the future – it’s now that counts.

The private equity firm that starts Digitally Transforming now is going to be way ahead of the curve. Look at the possibilities, the CRM, the strategic website, but look up, way up – two words: mission and vision. Think of the best companies on earth and you know what their vision is. Apple’s vision is to provide their customers with endless tech toys that all link together seamlessly. Netflix is all about bringing you endless entertainment for a monthly fee – and smashing the cable companies along the way. U.S. Steel is – steel. Nothing fires up a company more than knowing who it is and where it’s going.

This is an area that Digital Transformation excels at – transforming a company through vision. And in this case the vision is not a core principle – but the idea that the core principle needs to be transformed. Digital Transformation is about taking a company and growing profitability while you move the company into the 21st century. And that is exciting! Not only does it mean employees enjoy their work more as you eliminate duplication and admin work, but it conveys to everyone a new sense of purpose. Digital Transformation is really about changing HOW a company operates and not necessarily WHAT it does. Steel is steel – but that doesn’t mean U. S. Steel can’t digitally transform.

Think about that from a private equity setting. Supercharge a portfolio by transforming companies from within utilizing best practices for the 21st century – make them more profitable, revitalize entire cultures – maybe a Digital Transformation is a little like a super-hero movie! If you want to build ROI, create efficiencies, and drive a successful portfolio, you have to know how to implement a Digital Transformation.

Just one thing – stay in the suit – form fitting spandex is definitely a step in the wrong direction!