Healthcare organizations must embrace technology or they will be left behind, according to Eric Langshur, co-founder and managing partner of Abundant Venture Partners.
Speaking at the Medical Home Network Ideas Exchange in Chicago on Tuesday, Langshur said companies like Amazon are jumping into the healthcare space, eager to increase efficiencies in a system that lags other industries, including the federal government, in adopting digital solutions. They also have their eye on younger patients who are more comfortable using technology to access healthcare.
“It’s almost like an arms race now,” Langshur said in an interview after his keynote address. “New entrants are coming in that are making access to care more convenient for consumers… and then there are specialty services siphoning off the high margin patients on the other side.”
Langshur expects that healthcare will look very different in 10 years as “game-changing technologies” like precision medicine, artificial intelligence and 3D printing take hold.
He urged healthcare companies to use their advantages as incumbents in the industry to stay relevant, including capital, well-known brands and the trust of their patients.
Many are also sitting on a trove of data, which could be key.
“The team with the most data wins,” Langshur said.
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