Dear Healthcare CEO,
It is my belief that a strategic partnership with an AI-driven Predictive Analytics vendor can bridge the gap between your aspirations and results quickly.
You are probably facing enormous uncertainty in the marketplace and feeling the need to operate more efficiently and rapidly. The old paradigms are being challenged from every angle, every day. To adapt, you need to change how you think and operate and address the following challenges:
- Transition from fee-for-service payment to risk-bearing entities
- Assimilate mass amounts of data from both internal and external sources
- Demonstrate your performance by leveraging new tools and technologies
- Enable long-term organizational evolution
- Be able to “walk the talk” and meet all the performance pressure that comes with being a healthcare CEO
In such an environment, you need to deliver more with less. So where do you start?
Use a Strategic Partner to Push the Envelope on Innovation
I was a strategic sourcing executive at PepsiCo in the 90’s, and our strategic sourcing team sought out long-term relationships with strategic partners for every critical capability that was not currently one of our core competencies. We aimed to challenge our partners to keep up with technology and market changes, and we reaped the benefits from their continued pursuit of innovation. Here are some guidelines on fostering a partnership that will result in continued growth for your organization:
- Share your short-term and long-term business goals with your partner and develop the right performance-based incentive system based on deliverables that impact your bottom line
- Treat the assets of your innovation partner as your assets and work as an extended team to address your organizational objectives
- Pick a partner who is nimble and smaller then you are; that way you have more power to influence their direction, and at the same time, your organizational size does not hinder the speed of execution and innovation
Predictive Analytics is Too Complex to Venture into Without a Proven Trusted Partner
By finding the right strategic partner for your organization, you can focus on operationalizing innovation through your AI-driven predictive analytics partner. Don’t bother trying to make predictive models in-house. Analytics may be the newest, shiniest concept in healthcare, but there are many challenges that healthcare organizations are not equipped to handle:
- Are you prepared to treat predictive analytics as your core competency and invest accordingly, or would you prefer to spend time and funds on taking care of your patients better? Your focus needs to be on your delivering care to your healthcare consumer and managing the risks in that value chain. Predictive analytics is not your core competency.
- Predictive model development is very complex. From the definition of the problem, design of the model, development of the model in collaboration with multiple stakeholders (like clinicians, business executives, data engineers, business analysts, and data scientists), and evaluating the results of the model you are bound to run into significant obstacles. It takes time and significant investments to master this domain.
- Healthcare Predictive Analytics is a deep, niche expertise which requires unique candidates trained in topics like AI, machine learning, statistics, data science, and big data. Most organizations find it difficult to compete for this talent with other high-margin industries like financial, consumer and technology industries vying for the same candidates.
We at VitreosHealth strive to make sense out of the complexity around advanced analytics. We want to manage your predictive analytics efforts and mitigate the risk of technology innovation and resource management. Please contact us to listen to our customer success stories and to understand more about how we make this happen.
We deliver predictive models at a third of the time and half the cost than your in-house development teams. VitreosHealth is the trusted, proven Strategic Partner for Healthcare Predictive Analytics.