We are currently witnessing an exponential pace of development in medicine and technology, with digital health being a focal point for many C-Suites during this digital era.
Healthcare strategy already poses unique challenges due to a convoluted archaic regulatory environment, significant reimbursement pressures and ultra-rapid scientific advancements. Superimposing additional layers brought upon by the digital era has only exacerbated these challenges. Digital Health is defined as “the convergence of digital technology with health, healthcare, living and society to enhance delivery of care and facilitate the transition towards a personalized approach” that aims to optimize global population health.
While the strategic considerations for healthcare in the digital era are certainly complex, being aware of key drivers is of utmost importance. Any successful strategy has to undoubtedly incorporate ongoing digital transformation and foster a culture of continuous innovation. Perhaps one of the most important quotes relevant for designing a strategic roadmap in this digital era is the one by Michael Porter: “the key to a successful healthcare strategy is deciding what not to do.”
There certainly is no magic recipe for an optimal digital healthcare strategic plan, however there are some key lessons to be learned and elements of success that deserve to be highlighted.
So what are the lessons we learned from previous organizational failures? As the team at Deloitte identified, the top 3 reasons why amazing strategic plans fail are: Incoherence, Inconsistency and Incongruence. McKinsey and Forbes teams also highlight that overlooking related ecosystems, ignoring threats posed by technology incumbents or other new entrants into the healthcare industry, missing the need for duality have also frequently led to faulty or delayed implementation of greatly designed strategies.
Conversely, there are also elements of success organizations need to be aware of such as: thoughtful due diligence from several perspectives(financial, operational, competitive advantage) and understanding the impact of specific market characteristics. Additionally, we have to recognize that talent management, agile deployment methodology, understanding the economics of a digitalized medicine enterprise and a proactive instead of a reactive approach can all lead to successful implementations and to long term sustainability of a digital healthcare strategy.
So what are the characteristics of a high impact, state-of-the-art healthcare strategy in this digital era? Relentless focus on ROI is essential for “survival”, however a greater sense of purpose with emphasis on population health, personalized care, human-centric design for patients and providers will ensure long term success. C-Suite leaders need to adapt and transform their organizations in order to meet the needs of this dynamic healthcare ecosystem. Their strategic mindset has to shift from “ sick-care” to “ well care” and they will have to be purposefully disruptive in order to maintain their competitive advantage.
Ingrid Vasiliu-Feltes, MD MBA Is a healthcare executive, futurist and globalist who is highly dedicated to digital and ethics advocacy. She is a Forbes Business Council member, digital strategist, passionate educator and entrepreneurship ecosystem builder, known as an expert speaker, board advisor and consultant. Throughout her career she has received several awards for excellence in research, teaching or leadership. She is the recipient of numerous awards most notably: WBAF World Excellence AwardSocial Entrepreneurship 2021, Top 20 Global Leaders in Digital Twins Technologies, Top 50 Global Leaders in Health Tech,Top 50 Global Ecosystem Leaders, Top 100 Visionary In Education Award 2021, Top 100 Global Women in Leadership Award 2021, Top 100 World Women Vision Award, 2021-Innovation & Tech, Top 100 Women in Social Enterprise 2021 (nominee),Top 50 Global Thinkers (Nominee),Nations of Women Change Makers Award(finalist),Top 100 Healthcare Leader 2020 Award, Top 100 Finance Leader 2020 Award, and Top 100 Women in Crypto 2020. Additionally, she serves as an Expert Advisor to the EU Blockchain Observatory Forum, and was appointed to the Board of UN Legal and Economic Empowerment Network. Dr. Vasiliu-Feltes is CEO of Softhread Inc., the Founder and CEO of The Science, Entrepreneurship and Investments Institute, and currently serving as a Country Director for WBAF USA, Senator of WBAF, Faculty Member of the WBAF Business School-Division of Entrepreneurship, and teaching the Executive MBA Business Technology Course at the UM Business School. She is also acting as the Chief Innovation Officer for the Government Blockchain Association. Most recently she served as President of Detect Genomix, Chief Quality and Safety Officer Chief and Innovation Officer for Mednax, Chief Quality and Safety Officer and Chief of Compliance for the University of Miami UHealth System During her academic tenure she taught several courses within the Medical School, as well as the combined MD/PhD and MD/MPH programs. Throughout her career, Dr. Vasiliu-Feltes held several leadership positions and is a member of numerous prestigious professional organizations. She holds several certifications, such as Bioethics from Harvard, Artificial Intelligence and Business Strategy from MIT Sloan, Blockchain Technology and Business Innovation from MIT Sloan, Finance from Harvard Business School, Negotiation from Harvard Law School, Innovation and Entrepreneurship from Stanford Graduate School of Business, Certified Professional in Healthcare Risk Management, Fellow of the American College of Healthcare Executives, Patient Safety Officer by the International Board Federation of Safety Managers, Master Black Belt in Lean and Six Sigma Management, Professional in Healthcare Quality by the National Association of Healthcare Quality, Manager for Quality and Organizational Excellence, by the American Society for Quality, and Certified Risk Management Professional by the American Society for Healthcare Risk Management. Additionally, Dr. Vasiliu-Feltes is an Honorary Advisory Board Member of several companies, as well as an Editorial Board Member for several international publications, an author and TV/Media partner.