The healthcare industry is going through a continuous process of evolution. Digitalizations, advent of newer and better technologies, rising costs of medical procedures and a demanding middle class, who want the best of everything, are the major factors that are driving this change. In the past few years, several new healthcare startups have emerged which are helping the growth and transformation of global health business.
The boom of healthcare startups is evident from the venture funding deals that have increased by 200% in the short span of 4 years between 2010 and 2014. The decreasing cost of technology has inspired young entrepreneurs to start healthcare startups at lower costs. As a result, healthcare facilities are becoming client oriented, personalized, engaging and innovative.
What does it take to succeed as a healthcare startup?
The first condition for succeeding as a healthcare startup is to find the right set of people, accelerator and environment. There is one group eager to provide positive ambience, resources and educate the entrepreneurs who come up with brilliant ideas.
The other group, however, does not believe in the power of ideas and create hindrances for the startups. The young entrepreneurs must find out resources that can help their ideas blossom. Providing healthcare or being a part of the healthcare industry is not without challenges. Entrepreneurs must follow the rules for getting necessary licenses and comply with regulations set by Food and Drug Administration and Affordable Care Act.
The startups should be humble and try to work with the established giants of healthcare industry such as diagnostic centers, clinics, hospital chains, regulators, insurers and drug makers. Another important criterion of success is networking, because it helps in getting new clients, building strategic relationships and gaining credibility.
The healthcare industry can be tiring and it takes perseverance and patience for sustaining the pressures of this industry.
Healthcare startups that might make it big
Some startups show strong promise of impacting the healthcare industry positively, in the initial phase of their growth. Young entrepreneurs with ardent passion for technology are coming up with surprisingly innovative tech and digital solutions for healthcare providers.
For example, Codegi has developed automatic coding software which can help in keeping track of clinical notes and electronic health record documentation. Exhale Healthcare Advocates serves the consumers directly instead of offering its services to the service providers. It enables the consumers to find available healthcare services, shop by price, enroll for insurance, negotiations, prescription shopping and bill analysis.
Dynofit has created an amazing solution in the form of wireless electromyography system for patients who have suffered from cerebral palsy, stroke or brain injury gain some control over their body muscles. Obaa has developed a way for the general physicians to consult specialists during patient consultation by using Google Glass.
Healthcare startups changing the healthcare industry
Project io makes prosthetics according to the exact size of missing limbs of patients. It uses an app named Anaken for taking exact measurement of existing limbs for making perfectly fitting prosthetic ones. Oscar Health helps patients in finding the most suitable health insurance for their needs and lets them find physicians, recognize diseases from symptoms and interact virtually with a doctor. MediSafe is another startup that directly helps the patients by reminding them to take prescribed medicines and track their progress.
New healthcare startups are changing the healthcare industry by coming up with surprisingly innovative medical care solutions. Low cost technology and high demand have created a positive environment for the growth of health based tech startups.