Why Health Technology Investment Shouldn’t Wait

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When I first began working in the healthcare industry in the late 1970s, health technology was nowhere near what it is today. Many processes were done manually, making them time-consuming, inefficient, prone to errors, and, in some cases, dangerous. For example, we used to test thyroid function using radioactive assays with no gloves (the dangers of radiation weren’t yet known). These tests were so time-consuming that we could only do a limited number per day. But as my business grew, so did patient volume, and I had to find ways to keep up.

Fortunately, the late 1970s were an exciting time for developments in healthcare technology. There were a lot of multinational medical equipment suppliers coming up with new tools, so I was able to jump on the bandwagon and ride with them. My patients benefited from the new technologies—and my business grew as a result, as I was able to scale up while maintaining customer satisfaction. The lesson I’ve learned over fifty years in healthcare: the leaders who invest in new technology before they need it are the ones who get ahead when everyone else is trying to catch up.

COVID-19: A Case Study in How Early Investment Pays Off

When COVID-19 struck, we were able to scale from 10 to 20 PCR tests per day to over 100,000 tests per day by activating what we had already built. Our cloud-based systems, mobile app, and nationwide outlet network became critical infrastructure overnight. We introduced a digital check-in system with individual patient barcodes and a robotic testing process, saving hours of handling time per sample and reducing the risk of cross-infection.

Competitors who hadn’t made those earlier investments couldn’t replicate them fast enough to keep up. The digital transformation that had once seemed unnecessary or frivolous to others became our competitive edge in this moment of crisis. The healthcare businesses that had infrastructure in place—and that acted quickly to scale up—were those that succeeded.

Keep Up with Health Technology or Risk Falling Behind

Early investment in health technology is not always the popular choice and may be met with pushback. I admit, there is some risk attached, as not every innovation works out. However, in my experience, it is far smaller than the risk of waiting—because in healthcare, as in polo, following the line of the ball means staying ahead of the play. The next wave of innovations, from AI to wearables and real-time diagnostics, is already reshaping healthcare. Those who haven’t adopted these tools yet are already falling behind.

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