Comments
5 Lessons For Healthcare Providers From Banks
Threaded  |  Newest First  |  Oldest First
anon4965821717
50%
50%
anon4965821717,
User Rank: Apprentice
3/10/2014 | 4:04:49 PM
Highly regulated banking industry?
The first line mentions the "highly regulated banking industry". I would propose that was a true statement many decades ago. But we have been slowly but surely chipping away at those regulations since the 80's, which of course eventually led to the financial crisis of 2007 - 2008.
RobPreston
50%
50%
RobPreston,
User Rank: Author
3/11/2014 | 10:10:50 AM
Re: Highly regulated banking industry?
You must have missed the new layer of Dodd-Frank regulations. Banking remains one of the most heavily regulated industries in the country.
fpoggio600
50%
50%
fpoggio600,
User Rank: Apprentice
3/12/2014 | 5:40:10 PM
Re: Banking and Healthcare IT
Yes healthcare can learn a few things from banks, but if you equate banking to the delivery of health care you have a pretty simple view of the world. When I deal with a bank my goal is pretty clear, make a depost, withdraw money, get a loan, pay a bill, etc.

 

When you go to a doctor or hospital you are probably sick and have no idea why. That would be like going to a bank and saying I think I need some money but I really do not know why or how much. Fifty percent of the effort in healthcare is identifying the problem (diagnosis) and once we have identified the problem the other half is fixing it (if possible). Can you tell me where in banking that scenario exists? Equating healthcare IT to banking is about as far out in left field as you could get. Next time you have a severe headache call your banker and see how much his IT system can help.
ZibdyHealth01
50%
50%
ZibdyHealth01,
User Rank: Apprentice
3/11/2014 | 2:43:52 AM
So True
Last 3 lessons are so important but there is hardly a heatlcare company which thinks like this..Most are usually excatly opposite.
rsaidman
50%
50%
rsaidman,
User Rank: Apprentice
3/11/2014 | 12:27:33 PM
Re: So True
I don't disagree with you in terms of where many healthcare companies are today but where we hope (and think they are beginning to go) is in the right direction. We believe that companies that design products and services with consumers in mind will be the most successful.
David F. Carr
50%
50%
David F. Carr,
User Rank: Author
3/11/2014 | 9:51:26 AM
What did the banks get wrong?
There must be some counter-examples of ways banks have applied technology in recent decades that we'd hate to see healthcare emulate. Hidden fees? Arguably, healthcare already has that down.
Laurianne
50%
50%
Laurianne,
User Rank: Author
3/11/2014 | 11:19:16 AM
Re: What did the banks get wrong?
You can walk into a bank branch with a statement and ask a manager a question. Try to do that with a health insurer.
rsaidman
50%
50%
rsaidman,
User Rank: Apprentice
3/11/2014 | 12:35:09 PM
Re: What did the banks get wrong?
Replacing human servicing with technology without thinking through the impact on the overall customer experience is something we would not like to see healthcare companies emulate. There are places and times when it makes sense but it must be beneficial for both the customer and the business entity.
rsaidman
50%
50%
rsaidman,
User Rank: Apprentice
3/11/2014 | 12:42:45 PM
What is the toughest hurdle to innovation for healthcare companies?
Scope and scale of IT iniatives/financial? Bureaucracy? Human capital resources? Governmental regulation?
ANON1245959207624
50%
50%
ANON1245959207624,
User Rank: Apprentice
3/12/2014 | 6:37:17 PM
HCI credibility
Quite a few people are missing the point of this article.  Health care informatics (HCI) has been plagued with over-promising things that are beyond achievement in reasonable time.  The point, as I see it, is to work on stepwise improvement on goals that are highly probable to be achievable within 5 years. 

Over-promising and uncritical acceptance of vendor promises has compromised the credibility of countless HCI projects.

Having worked at a hospital where several major multi-million dollar "initiatives" have been started, millions of dollars spent, high-paid employee time wasted and the projects abandoned I can say that one common cause of failure is the inability of the project leaders to articulate the SINGLE MOST IMPORTANT GOAL of the project.  The vague notion that "something wonderful will happen" (according to what the vendors have told us) is insufficient to ensure success.

 

 

 

 
rsaidman
100%
0%
rsaidman,
User Rank: Apprentice
3/12/2014 | 7:22:02 PM
Re: HCI credibility
Great point... we have found that incremental improvement can often yield the best results - especially when businesses focus on the highest value features/functionality rather than tackling too much at one time. This requires discipline and focus on end-users (vs. internal stakeholders).
ANON1245959207624
50%
50%
ANON1245959207624,
User Rank: Apprentice
3/12/2014 | 11:13:01 PM
Re: HCI credibility
Right -- the end users are not brought into the design and implementation loop until the major elements of implementation have been "frozen."  To often, decision-makers don't understand the daily work that must be done.  It's a tragedy of management when a hospital implements 3 different information systems and pulls the plug on two of them because of the negative effect on productivity.  Thousands of hours of work by high paid staff trying to implement these system were wasted, not to mention the dollars spent with the vendors of these systems.

I was a medical staff representative for implementation of one of these systems (drafted after the project was heading south) and no one in administration could tell me WHY we were doing this -- they looked stunned when I asked.  Finally one blurted out "We can save so much $$ if we buy the system for all the enterprise."  Bad answer.


Register for InformationWeek Newsletters
White Papers
Current Issue
InformationWeek Tech Digest, Dec. 9, 2014
Apps will make or break the tablet as a work device, but don't shortchange critical factors related to hardware, security, peripherals, and integration.
Video
Slideshows
Twitter Feed
InformationWeek Radio
Archived InformationWeek Radio
Join us for a roundup of the top stories on InformationWeek.com for the week of December 14, 2014. Be here for the show and for the incredible Friday Afternoon Conversation that runs beside the program.
Sponsored Live Streaming Video
Everything You've Been Told About Mobility Is Wrong
Attend this video symposium with Sean Wisdom, Global Director of Mobility Solutions, and learn about how you can harness powerful new products to mobilize your business potential.