March 3, 2024

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Custom-Built Technology Tools in Healthcare: A New Revenue Stream

3 min read

As financial pressures mount, hospitals are looking to diversify their revenue sources. A promising solution that many institutions are currently exploring is the sale of custom-built technology tools. Yet, this strategy raises a key question; will tech designed specifically for one hospital environment be equally effective in another? This concern regarding the compatibility and effectiveness of such solutions in different healthcare settings is one that needs to be addressed as this trend grows.

Financial Pressures Lead to Innovative Solutions

Hospitals are under considerable strain due to financial pressures, workforce shortages, and rising labor costs. To alleviate these pressures, many are turning to new revenue streams, one of which being the sale of custom-built technology tools. These tools, such as artificial intelligence (AI) tools and scheduling or clinical note summary tools, are being sold to other healthcare providers. This strategy is not only helping hospitals financially but also allows them to have a broader impact on the healthcare industry by sharing their innovative solutions.

Leading the Way: Mayo Clinic and Mass General Brigham

Influential health systems like Mayo Clinic and Mass General Brigham are at the forefront of this innovative strategy. They are leveraging their expertise in healthcare technology to generate additional income by licensing out these custom-built tools. This approach not only offers a solution to their financial pressures but also positions these institutions as pioneers in healthcare technology.

Mass General Brigham is also investing in healthcare education and employment, partnering with Bloomberg Philanthropies to invest $37.8 million over five years in the Edward M. Kennedy Academy for Health Careers. This is aimed at doubling the school’s enrollment and creating a guaranteed path to jobs at Mass General Brigham.

Commercialization in Healthcare

The trend towards commercialization of custom-built tools reflects a broader trend within the healthcare industry. Hospitals are seeking to diversify their revenue streams amidst labor shortages and rising costs. By advising companies that build artificial intelligence tools or by licensing custom products, hospitals like Mayo Clinic and Mass General Brigham are setting the stage for a new era in healthcare technology.

The Future of Custom-Built Technology in Healthcare

As the trend of monetizing custom-built health tech tools continues to grow, it is crucial to consider the compatibility and effectiveness of these tools in various healthcare settings. While these tools may have been successful in their initial settings, their effectiveness in other environments is not guaranteed. As such, it is vital to conduct rigorous testing and evaluation to ensure these tools can truly benefit the wider healthcare industry.

Conclusion

With mounting financial pressures and the ongoing need for innovative solutions, the sale of custom-built technology tools presents a promising new revenue stream for hospitals. However, as this trend continues to grow, it is crucial to address concerns about the compatibility and effectiveness of these tools in various healthcare settings. By doing so, we can ensure that these innovations truly benefit the healthcare industry as a whole.

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