Written by: Mike McGuire | LinkedIn

“Disruptive innovation” is defined by Harvard Business School Professor, Clayton Christensen as, “The products or services that supplant incumbents because they are more convenient, more affordable, and more accessible.” In other words a disruptive innovation is essentially, something that creates a new value proposition that disrupts an existing market and network. Disruptive innovations tend to have a dramatic impact on leadings firms and products within the affected market.

The importance behind disruptive innovation is that it changes customer expectations of your product or service. Without the customer on your side, your business is likely to fail. Another important aspect is the change to the revenue opportunities around you. Whether that is a decrease in opportunities or an increase depends on your ability to adapt to the innovation.

In the medical practice time management of both the patient and staff through emerging technologies represents a portion of the global technology disruption that is recreating our markets today. Failure to optimize patient time creates inconvenience and engenders hostility which coupled with the disruptive innovation of Social Media creates huge risk for the practice. The better answer is to learn how to better use your time and your patients time.  

An article authored by Princeton economist Alan Krueger states, “The time patients spend getting health care should be reflected in the way we calculate health care expenditures.” Kruger continues, “Time spent interacting with the healthcare system could be used for other more productive and pleasurable activities.”

Kruger calculates that Americans over the age of 15 collectively spend 847 million hours waiting for medical services, this is if you count all health care related activities including:

  • Time to travel
  • Wait time
  • Exam and treatment time
  • Taking meds
  • Obtaining medical care for others
  • Paying the bills associated

If time is money, how should your company improve time management and create the patient/ doctor relationship everyone wants?

See how Jellyfish Health helped a surgery center cut overall registration times by 68%and increased their patient satisfaction by 50%

DOWNLOAD CASE STUDY HERE

Check back with us next week for a continued discussion on the changes in the medical models and what the government is doing about it.