Thought Leadership: Driving Change in Healthcare

It's frustrating to see the slow pace of revolutionary ideas in healthcare.

As per a 2023 study by PwC, healthcare spending has grown at almost twice the pace of the rest of the economy, with per capita costs increasing by approximately 7x over the past 40 years.

The issue is that higher spending has yet to lead to better outcomes.

Despite its vital role, the healthcare industry has a lot of catch-up to do in embracing innovation.

But that can change.

Healthcare innovation isn't just about fancy gadgets or groundbreaking treatments; it's about making tangible improvements in patient outcomes and advancing medical innovation.

It's about taking proven ideas and swiftly implementing them across the healthcare system, ensuring everyone benefits from the latest advancements.

The challenges we face in healthcare are daunting: limited budgets, increasing demand, overwhelmed frontline workers, and rising public expectations. However, within these challenges lie opportunities for innovation and creative solutions that can revolutionize how we deliver care.

Pre-2000, medical records were still primarily paper-based. Today, about 96% of US hospitals use Electronic Health Records (EMRs), up from about 9%.

That's to show despite the challenges, the industry is still making strides to catch up.

We must empower our staff and patients to contribute to the process to foster a culture of innovation.

We need to create environments where ideas can flourish, innovative thinking is rewarded, and failure is seen as a stepping stone to success.

Productization in healthcare is also one area that offers a breath of fresh air.

A brilliant example is Carrum Health. This shows that we can drive real change if we put our minds and efforts together to make positive, conscious investment decisions.

And with Enventure, you've got just the perfect private equity advisor to guide you all step of the way with our visionary managing partners.