Product Development: Is your vendor there for you?

So, all your systems run fine for your needs. No need for updates. No need for new technology.

Doesn’t that sound laughable?

Friends and acquaintances, employees and coworkers, are always complaining about technology. That’s why there continue to be new cellphones, laptops, tablets, kindles, smart-boards, interactive monitors, etc. Each of these were designed specifically to make up for the shortcomings of the other products.

In the world of healthcare, this is ever present; new needs are discovered nearly every day. Imagine back in the 1800s without heart monitors, defibrillators, or MRIs. Each of these inventions elongated lives, added accuracy, and enhanced efficiency.

1. Why focus on product development?

The main arguments critics find with product development is the cost. Added expenses for new machines, software, hardware, or experts seems like too much. It seems like that only until the results of these changes are seen. Wouldn’t you get through more patients if your system was more efficient? More patients mean more business. Since all hospitals need back-up generators, wouldn’t energy efficient models of technologies actually save the hospital from spending on larger generators, not to mention sky-high utility bills prevalent in the healthcare field?

People often believe that the failure of products is a high figure, between 80 and 95 percent. This belief keeps companies from innovating the way they should because they believe they’ll  waste resources and money producing failing products.

In fact, an article published in the Journal of Product Management shows that “the actual product failure rate is around 40 percent.” Companies who focus on innovation are actually more likely to succeed than fail in their attempts to improve and develop products.

There are definitive, lucrative benefits to siding with innovative companies, but I think what is often overlooked are the long-term effects. In the long run, new products increase efficiency, accuracy, and longevity.

2. Why should you care?

shutterstock_285230642On top of all of the benefits listed above, companies who constantly develop products are constantly looking for the needs in the market. This guarantees that they will be aware of newer healthcare practices, laws, and problems that evolve in the healthcare industry. And with the success rate beating out the superstitious figure by 40% means that they’re also relatively safe in their pursuits for better product.

3. Healthcare facilities have a tough run of the lot, because most companies tend to remain loyal to the services they’ve used before because they’re comfortable with the provider.

Switching over from one company to another is a hassle, and there are always contracts to work out. If your facility works with a provider that doesn’t have a strong record of innovation, chances are that your clinic will fall behind. You may feel safer partnering with a company with “proven products,” but be careful that they’re looking for new products and not just resting on their laurels.

Overall, it points to the main difference between these ideologies; those focused on innovation take risks, but are overall looking to please the providers.  Those who are focused on the safe, slow course are trying hard to keep their business from having any risk. Even if the developments they could use would benefit their customers.

Why should you care? Because one of these groups is here for you.

That’s the person you want on your team.

This post was written by Linde Fielding, a content writer at Novarad.

Posted in Blog, Development, Innovation, Uncategorized

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