Providers, Payers Have “Hangover” from Choosing Health IT Products

By Fred Donovan

April 22, 2019 - Healthcare providers and payers are suffering from a “technology hangover” when trying to decide on a range of health IT products and solutions, judged Sage Growth Partners in their new study The Growth Manifesto.

Providers and payers struggle to prioritize their health IT investment as they choose from an array of new technologies.

“From population health to telemedicine to analytics to precision medicine, providers and payers struggle to define priorities and set a path to technology acquisition the drives results and investment returns,” the report noted.

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To succeed in this chaotic environment, Sage Growth Partners recommended that health IT companies take a four-pronged approach to attracting new customers: understand the market, challenge assumptions and continually adapt, know the audience, and show the unique value proposition.

In understanding the market, health IT companies should consider all stakeholders to drive growth across all sectors and develop a roadmap that considers what the market is currently buying and what it will be buying in the future.

Failing to adapt is one of the biggest enemies for a health IT company, argued Sage Growth Partners. To adapt successfully, companies should continually assess and reestablish targets, draft an initial strategic plan, define assumptions and then redefine them, and finalize the plan.

The most critical step for a health IT firm to create a successful marketing communications program is to understand the pain points and unmet needs of their audience – providers and payers.

“We constantly see organizations that have worked tirelessly to develop a great idea or solution – one that could actually have a major positive impact on the HIT market – flounder because they fail to invest time, effort, and resources in listening to the market to determine what will capture the attention of their target buyers,” the report observed.

Then, health IT firms need to demonstrate t heir unique value proposition and craft a strong product strategy that prioritizes value and benefit.

“HIT companies must be clear, honest, and humble about what they’re offering and why it matters. That kind of honest self-assessment may not be easy, but it will be extremely effective,” the report concluded.

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Providers, Payers Have “Hangover” from Choosing Health IT Products

Healthcare providers and payers are suffering from a “technology hangover” when trying to decide on a range of health IT products and solutions, judged Sage Growth Partners in their new study The Growth Manifesto.

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