A Deeper Look at Healthcare Technology Opportunities

 The Final Day at MSP University Bootcamp

As the MSP University Bootcamp (part of this week's CompTIA Breakaway event) in San Antonio came to a close, healthcare IT took center stage between an interactive panel of practice and technology experts, and a presentation from HP. Complementing both of those sessions was a presentation on developing a motivating sales compensation plans that will help you meet and exceed your business goals.

Chris Mertens, Vice President of HP PSG US Healthcare kicked off the day with highlights of the healthcare IT market, a $10 Billion. With 900,000 practicing physicians and $44,000 in incentives for each doctor just for EMR (electronic medical records), the total HIT solutions market is substantial. The additional practice needs are numerous, such as tablet computers, security systems, VoIP, back office software and other solutions. Building a comprehensive medical technology practice can be a long term and profitable venture.

EMR is expected to help reduce a portion of the 98,000 deaths attributed to medical errors, with easy to access patient histories allowing doctors to make better and faster diagnosis. Is it too late to investigate the opportunities associated with HIT and establish your own business practice? Not quite, with only 1.5% of hospitals having a comprehensive electronic medical records system in place to date. Healthcare practices need trusted advisors and consulting, both for EMR and other critical business improvement and continuity needs.

Just remember, when dealing with this vertical market, you just can’t wing it. Become engaged and knowledgeable in the business practices and do your homework.

Mertens was joined on the HIT panel by Ron Pennell, president of Foothills IT and Gregg Hammersmith from gloStream in a question and answer session. One issue posed was that some doctors argue that no one has ever fined for a HIPPA violation, acknowledged by panel as a fact. But who wants to be the first? Failing to meet compliance requirements also creates a major liability risk to a medical practice, as no patient ever wants their records exposed to poor security or privacy practices. Whistleblowers are protected by the HIPPA regulations, so remind your clients in the medical field that they need to beware. Awareness is part of your responsibility as a trusted advisor and many of these issues are addressed by industry standard best business practices.