Impact Of Innovation On The Healthcare Industry Essay

Impact Of Innovation On The Healthcare Industry Essay

Length: 1088 words (3.1 double-spaced pages)

Rating: Better Essays

Open Document

Essay Preview

Introduction
According to Steven (2010), ideas are a connection of networks. These networks are created in the most unconventional places such as coffee shops and conference rooms. Most good ideas happen when people congregate together and share their interests, their mistakes. A lot of important ideas take time to come to fruition. This is because resources may be limited, not enough interest is generated. This paper is discuss the different sources of innovation, the trends and forecasts that can affect the healthcare industry and the role that disruptive innovation plays in the healthcare industry.

Sources of Innovation
There is a perception that innovation occurs in the brain of one individual. The idea then matures into a concept that is profitable to the company as well as consumers. However, that perception is not the case. Innovation sources are many; it is in the best interest of the company to recognize these sources and capitalize on them when necessary. Below are three sources of innovation that companies should be aware of:
Employees. Employees are companies’ wealth of ideas when it comes to innovation. Several companies have recognized the importance of including innovation within their business model. In fact Google allows employees to spend about 20% of their time to create, design and innovate. Hoarty, Gurram & Laurence, E. (2013) recognize that employees play an integral role in innovation. This is because innovation goes beyond new product or service creation; it is the ‘generation, acceptance and implementation of new ideas, processes, products or services Hoarty, Gurram & Laurence, E. (2013).’ Therefore, companies must strive to introduce innovation as part of their culture.
Competitors. Davilla & Shelton (2...


... middle of paper ...


...ever, these innovations are improved so much that it replace former technologies. An example of this disruptive innovation in the healthcare industry is Google Glass (wearable technology), which allows doctors to interact with their patients in a more effective way. Doctors are able to pull up patients’ charts in a more efficient way while communicating with them. As Google Glass continues to gain momentum, the use of paper charts will diminish.

Conclusion
Innovation is a continuous challenge for many companies today. However defining a clear strategy; understanding the different sources of innovation which are: employees, resellers, the industry, consultants, will facilitate innovation. Also companies must analyze the trends that may possibly affect innovation within your industry. These trends may not necessarily be negative if companies are able to adapt to them.

Need Writing Help?

Get feedback on grammar, clarity, concision and logic instantly.

Check your paper »

Essay on Healthcare Organizations And The Healthcare Industry

- Healthcare organizations are required to be in compliance with the Federal requirements in order to ensure the equipment and patient safety. There are many programs that are responsible of providing health and safety guidelines in healthcare industry. Manufacturer recommendations are not enough to ensure patient and equipment safety in the healthcare industry. There are many healthcare programs now that are needed to be administrated by an agency to ensure that they get the expected outcome in the medical field....   [tags: Health care, Medicine, Healthcare, Hospital]

Better Essays
1017 words (2.9 pages)

Tenet Healthcare: Embracing Innovation Essays

- Tenet Healthcare: Corporate Innovation Innovation is an integral part of any successful business entity. Innovation involves building a creativity culture, developing new business models, installing new technologies, and most importantly, innovative leaders (Davila, Epstein, & Shelton, 2013). The new, unstable and highly competitive healthcare environment requires innovative leadership to become successful in the effective execution of innovative practices. Davila, Epstein, & Shelton, (2013) describe the Seven Rules of Innovation: utilizing strong leadership on the organization’s innovation strategy, integration of innovation, matching innovation to organizational strategy, aligning go...   [tags: transformational leadership]

Better Essays
3147 words (9 pages)

Lack Of Availability : The Negative Impact Of Cloud Computing Practices Affecting Healthcare

- Lack of Availability: The Negative Impact of Cloud Computing Practices Affecting Healthcare The goal of this paper is to describe what is cloud computing and the cloud computing effects on healthcare to help define awareness and solutions for help in resolving the issues through research methodologies. Introduction Cloud computing is an internet based method where information can be shared with different devices. Improvements have been marginal and cloud computing is not being viewed as an alternative (Griebel et al., 2015)....   [tags: Medicine, Health care, Healthcare]

Better Essays
2337 words (6.7 pages)

Overall Healthcare and Economics Essay

- Overall Healthcare and Economics: Health care costs have continued to increase in the past few decades despite of the numerous health reform initiatives. Currently, these expenditures account for more than 18 percent of GDP in the United States, a percentage that is expected to continue rising significantly. Actually, it’s projected that the share will rise to 34 percent of GDP by 2040 if health care costs continue to increase at historical rates. The increased health care costs have considerable impacts on households, insurance companies, and government budgets....   [tags: increased healthcare costs and policies]

Better Essays
1299 words (3.7 pages)

Healthcare Industry in Nepal vs. USA Essay

- ... Based on different studies by WHO and Ministry of Health of Nepal there are many plans and policies to be executed in the next three years to bring dramatic change between the figures of Health Indicator targets. New initiative includes prevention and control of venereal diseases, introduction of vaccines, healthcare awareness program and different camps to be established in rural areas for free health service (http://www.nep.searo.who.int/LinkFiles/Health_Information_HSC.pdf) Despite decades of foreign assistance Nepal still has a lot of room for improvement in the health sector....   [tags: rehabilitation, curative, preventive care]

Better Essays
2013 words (5.8 pages)

Organizational Change and Healthcare Management Essay

- For several decades health care has been tied to the economy and with the current downturn we see continued efforts to control and reduce over-head costs. Health care organizations in their effort to become more efficient and address changes in the industry have altered their strategic business plans. Lee & Alexander (1999) researched organizational change in hospitals and their survival, in this paper I hope to discuss their findings and add other examples to validate their conclusions. Core and Peripheral Changes with Regard to Hospital Re-organization Found in the organizational structure and studied in hospital re-organization is the core and periphery both are varied systems that relat...   [tags: Healthcare, argumentative, persuasive]

Better Essays
963 words (2.8 pages)

Essay about The Retail Drug Industry : A Largest Healthcare Provider

- History When brothers Sidney and Stanley Goldstein partnered with Ralph Hoagland in Lowell Massachusetts in 1963, they were unaware of the nationwide impact that CVS would have on the retail drug industry today. Just six years after establishment, Goldstein and Hoagland sold to Melville Corporation and began acquiring companies including Revco, Prescription Health Services, People’s Drug and Eckerd Health Services. This led to an increase in sales reaching one billion dollars in 1985 as well set the bar for all pharmaceutical companies within the United States....   [tags: Strategic management, Health care, SWOT analysis]

Better Essays
1354 words (3.9 pages)

United Healthcare And Healthcare Care Essay example

- United Healthcare Case Study Many individuals have the opportunity to choice a healthcare organization for their healthcare needs. One in particular is United Healthcare group which provides individuals with the most ideal care. As well as to work to give individuals access to the quality care they require at a reasonable price (UnitedHealth Group, 2015). They give data, direction and apparatuses to individuals to settle on more educated choices about their wellbeing, health insurance and prosperity (UnitedHealth Group, 2015)....   [tags: Health care, Health care provider]

Better Essays
1467 words (4.2 pages)

The New Patient Consideration Innovation Essay

- While a cluster of strengths is changing the substance of contemporary human wellbeing administrations, one could battle that nothing will change the way nursing is being practiced more than the current advances in development. With no uncertainty, development is changing the world at a turn speed, and no spot is much clearer than in the healthcare environment. This article distinguishes the new patient consideration innovation that is clear in clinics today Patient Care Technologies Introduction In today 's healthcare setting, data innovation has set the establishment for future improvements....   [tags: Electronic health record, Health care, Patient]

Better Essays
1445 words (4.1 pages)

Essay Impact Of Technology On Health Care Industry

- Health Care industry is becoming more critical nowadays, as the decline of the population in Australia is steadily increasing through out these years. And the need for health innovation is going to be the prime factor that will assist Australia in tackling the ageing population. Innovation of technology also will be another primary element that will support the innovation phase of Healthcare industry in Australia. The use of technologies is really in high demand nowadays, as the young and middle generation are starting to implement it into their daily life....   [tags: Health care, Electronic health record]

Better Essays
702 words (2 pages)