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Innovative Business Models Focusing on Operational, Clinical, and Financial Excellence Witnessing Growing Adoption, Due to Increasing Influence of Value-based Care and Sustainable Healthcare Initiatives in the Imaging Ecosystem
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This Growth Opportunity service presents an analysis of the emerging ‘servitization’ business models in the medical imaging industry. With healthcare systems gradually transitioning to value-based care, imaging vendors across the value chain are positioning themselves as partners in this journey through risk-sharing and outcome-based services, without burdening the capital budgets of providers. Financial constraints, complicated procurement processes, lack of expertise in managing imaging technologies, and the ever-increasing need to focus all efforts on clinical services are driving providers toward service models in imaging. Outsourcing models that are quite prevalent in radiology reading services are gradually transcending to adjacent areas such as imaging IT, imaging equipment, and maintenance services.Traditional business models focusing on selling products based on specification superiority or product USP are expected to slow down. Care providers are in need of solutions that meet their clinical requirements and ownership of the equipment is of no value for customers as long as performance is assured. Business models offering the product/solution as a service with guaranteed performance will gain traction, as hospitals focus on clinical excellence and exploring partnerships to achieve operational and financial excellence.One of the challenges for vendors is the perceived uncertainty among customers on equipment upgrades and the capabilities to provide satisfactory multi-vendor services. Strict service-level agreements (SLAs) detailing the key performance metrics and the penalties associated can lead to higher penetration of services/solutions business in imaging. In Software-as-a-Service (SaaS) model, partnerships should add in value in the form of healthcare domain expertise and compliance with the local laws, coupled with willingness to enter into a Business Associate Agreement, which transfers the compliance risk from the hospital to the vendor. Defined turnaround times, reduced error rates, workflow orchestration, and automation can lead to effective implementation of teleradiology services and the customers will perceive value in shifting from on-site to a teleradiology model.Changes in the requirements within the provider community, with increasing focus on patient centricity and staff burn-out, have led to increasing demands for consulting services in imaging departments. Innovative asset-light models are an excellent proposition for cash-strapped hospitals, whose balance sheets are already stretched and may no longer be able to generate funds for an outright purchase of equipment. Traditional product selling is no longer the avenue for long-term growth. The industry is witnessing a transition from product-selling to solutions-/services-selling model. Imaging vendors are signing up for long-term partnerships with their clients, which promises business continuity for clients and recurring stable revenues for vendors. Vendors establishing long-term relationships with clients stand to gain from the recurring revenues from the account. Partnership strategies provide more opportunities for cross-selling other solutions. Hospitals’ need to derive maximum return on investments/assets creates market potential for vendors who can leverage their technology competency to add value to their offerings.
This research service covers the following segments under imaging at a global level:
For each of the segments, types and key elements of contracting, key performance indicators for measuring success, and market potential have been covered. The competitive landscape and growth opportunities for stakeholders in the market have been analyzed and discussed.
Author: Suresh Kuppuswamy
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