With the growing acceptance of decentralized testing, there are more point of care startup companies than ever before. As they feel the pressure to compete in the market, many companies think they’re in a race to develop more features than their competitors. And while technological advances are undoubtedly at the forefront of new product development, it’s not the sole driver of success in the market. In this post, we touch on the key element that leads to product adoption in the point of care market.
For point of care startups, the trap of overvaluing technology is particularly easy to fall into. With a constant push towards innovation and cutting-edge solutions, it’s tempting to believe that the most technologically advanced product will automatically lead the market. However, the reality is more nuanced. Success in point of care is not just about the technology itself, but how it integrates into and enhances the patient care processes.
Companies that understand and focus on improving the patient care process shift the emphasis from the features of the technology to how it benefits patients and healthcare providers. By aligning technology with the needs and workflows of the point of care setting, these startups can create solutions that are not only innovative but also deeply relevant and impactful.
With increasing competition and pressures from CMS, patient experience is a big factor in the decision-making process. According to TeamHealth, assessing operational and patient flow is the number one thing a healthcare organization can do to improve the patient experience. This is where point of care companies can make an impact.
One company who clearly understands this point is Entia. Based in London, Entia is tackling the operational inefficiencies typically found in cancer care. Their device enables at-home monitoring for oncology patients while providing insights to healthcare professionals for a more personalized approach to care.
“Our approach at Entia is to empower patients with greater freedom whilst also equipping healthcare professionals with the insights to make more informed and personalised clinical decisions,” said Entia Founder and CEO Dr Toby Basey-Fisher.
The next thing a product must account for is the operational process of the healthcare facility. It’s important for companies to ensure the product fits in with existing clinical workflows. It is hard enough for a facility to adopt new technologies, let alone if it means compensating for a lack of integral features.
One example is connectivity to laboratory information systems. As any point of care coordinator would attest, it is extremely important for products to be integrated with their middleware provider, typically RALS or Telcor. If they aren’t already interfaced, companies can’t expect adoption within the hospital setting.
When point of care startups deeply understand the patient care process, they can tailor their technology to address specific challenges and pain points. This understanding turns technical features into patient-centered solutions, enhancing the value and appeal of the product in a meaningful way.
Focusing on the patient care process also brings significant economic and operational advantages. It can lead to more efficient care delivery with improved patient outcomes, which leads to things like higher bed turnover, increased patient satisfaction, and reduced healthcare costs. For startups, this focus can also mean higher profit margins and a stronger market position, as they offer solutions that truly meet the needs of the point of care environment.
Understanding the patient care process should begin early in the product development cycle. Point of care startups need to engage with healthcare providers and patients from the outset, gathering insights and feedback to shape their technology in a way that truly aligns with real-world needs. UnifiMed has a team of point of care coordinators, laboratory directors, and physicians who assist companies with understanding the true needs of the market to shape the viability of their products and services. By focusing on these aspects, startups can create solutions that are not only technologically innovative but also genuinely transformative in the point of care setting.
