Seven Steps to Finding the Right Healthtech Partner
Choosing the right technology partner is an important decision and a significant investment for your business.
For long-term success you need a partner who is prepared to work with you to develop and implement the right tech, make sure it remains current and give you a strong return on your investment. But with so many different companies all claiming to offer the right healthcare solution, how do you decide which one will work best for your organisation?
Here are seven factors to look for if you want to forge a strong tech partnership that aligns with your business.
1. Market traction
The first factor to look at is market traction – this is the proof that the company you’re thinking about working with has a valid business model along with sustainable growth. Evaluate whether they’re new, which could be riskier, or if they’ve been around for a while; whether they’re disruptive and whether they’re expanding.
2. Research & development investment
Look at your potential tech partner and where they’re investing their money. How are they growing and scaling their business? It’s important that they’re thinking about the future – if they’re not going to be around in five or ten years time, they may not be someone you should partner with. You need to be convinced they’re going to be there for the long-term and that they’re operating their business in a way that will continue to be effective and scalable for your business.
3. Integration capabilities
Digital integration is important for growth. The integration capabilities of your platform and technology provider are a key factor in your future expansion. If you want to be adaptive and flexible in the way you are operating then this is a must in your evaluation criteria.
4. Engagement approach
It’s really important to understand the engagement approach of the technology partner you’re about to align your future with. This means looking at how they engage, both with their customers and the wider industry. Get involved and understand how their delivery team, the success team and the technical support work with their customers. On top of this, make sure you understand how they’re sharing and being transparent about the information around their technology.
5. Industry experience & partners
Research the company’s industry experience. How long have they been around? Have they built a name for themselves? Who are they partnered with? If you’re not comfortable with the people they’re partnering with, think carefully before you commit – you’re not just buying them, you’re buying their partners as well.
6. Product capability and price
A tech partnership is an upfront investment and while product capability and price are important, they should not be at the top of your criteria list. If the first five points are not taken care of and well addressed, the business is not likely to be worth your time and there may be no point looking at the product offering and the price. When it comes to product capabilities, look for a progressive, agile tech platform with a high level of data security. For price, consider the overall return on investment you are likely to receive in terms of greater efficiency and long term business growth.
Don’t just take your potential partner’s word for it. Make sure that you contact and get references from either customers or partners that they’re involved with (or both) to ensure they’re worth investing in for the long haul.
A tech partner is an extension of your business so it’s important to find the right company to work with. At Lumary we understand the critical role a tech partner plays in your ongoing success. We work with our clients over the long term to help them identify the gaps in their existing technology and find a solution that will evolve alongside their business and the wider healthcare industry.