By Rédaction Africa Links 24 with Mohana Ravindranath
Published on 2024-01-19 09:30:42
Hospitals are undergoing a transformation as they begin to venture into the business of selling technology tools. This change is driven by a combination of financial pressures and a surge in new technology that has the potential to improve patient health and alleviate the administrative burden on limited staff.
At the J.P. Morgan Healthcare conference, an exclusive gathering for investors, influential health systems such as Mayo Clinic and Mass General Brigham have taken steps to diversify their revenue streams. This includes providing advice to companies developing artificial intelligence tools and licensing out custom-built products in preparation for a challenging 2024.
While some hospitals and academic centers have been licensing out risk models and health record tools for some time, there is now a growing trend due to various factors. These include shrinking profit margins and philanthropic dollars, workforce shortages, and rising labor costs. According to Dana Rollison, chief data officer at Moffitt Cancer Center, hospitals are exploring the sale of new technologies they have developed, such as scheduling or clinical note summary tools, more than ever before.
This change represents a significant shift in the healthcare landscape, as hospitals traditionally have not been known for selling technology tools. The move toward leveraging innovative technologies to generate revenue reflects the evolving nature of the industry.
The shift toward selling technology is a response to the challenges faced by hospitals, and it presents an opportunity for them to create additional income streams. By capitalizing on the development of new technologies, hospitals can not only improve patient care but also contribute to their own financial sustainability.
As hospitals navigate this transition, it is clear that the convergence of financial pressures and technological advancements is reshaping the healthcare sector. This shift has the potential to drive innovation and improve the overall delivery of care to patients.
Read the original article on Africa Health News
