11/30/2023 0 Comments Benjamin schwartz md![]() Robotic joint replacements offer a fascinating case study on healthcare FOMO, as you pointed out. At Intel, we often see that implementing complex technological solutions in healthcare is best achieved when done incrementally, under the leadership of enthusiastic early adopters within the organization. ![]() Your point about starting small and finding champions is particularly compelling. The psychology of FOMO in healthcare, particularly among doctors and administrators, really offers a nuanced understanding of how adoption spreads in this sector. Spot-on observations, Benjamin Schwartz, MD, MBA. #healthcare #health #healthtech #digitalhealth #healthcareinnovation #healthcaretechnology #FOMO You want FOMO not GIMO - Glad I Missed Out. Finally, healthcare operators are petrified of workflow disruption. In healthcare, the heavier the lift, the higher the barrier to entry. Doing so makes your product seem unfocused. In theory, those things may be true, but they also significantly raise the chances of failure. Investors are constantly pushing companies to stretch outside their core competencies under the false belief that doing so expands the TAM, creates a moat, and offers a bigger exit opportunity. Wild hunch, many in the crop of digital health companies (including unicorns) that arose during the 2020-2022 funding craze are going to crash in large part because their hype far outpaced the quality of their product. Nothing beats organic growth and letting your product or service sell itself. ![]() Generating buzz means delivering a delightful experience that people start talking about. No one has FOMO over something that doesn't work, or nobody likes. (Caveat - don't treat them as a means to get access to higher level decision makers. Give them advisory roles and solicit their feedback early and often. Find people that are excited about change and thoughtful about how to achieve it. This approach takes too long, requires going through too many layers, and never generates FOMO. Every company wants to land that massive, system-wide rollout. Forget pilots - find a champion and start small. Every hospital C-suite exec knows they need AI even if they have no idea how to get it, use it, or implement it. We've seen this with health tech, most notably AI. But as soon as the product or service is on a billboard or all over the media (local or national), you can bet FOMO is rising. When selling to hospitals or health systems, one of the first questions is going to be: "Who else is using this?" If the answer is "no one," good luck. It's a master class in healthcare FOMO).Īdministrators are no different. Despite lack of robust clinical evidence of their superiority, their use has exploded. (Robotic joint replacements are a perfect example. Experience enough FOMO, and you'll become a convert. Hear about it enough, and competitive nature compels you to investigate. Once there's a modicum of success, others start to take notice.ĭoctors get annoyed when patients ask them about a technique, product, or procedure a colleague is using but they aren't. It often starts with those one or two individuals willing to be innovative, take calculated business/culture/workflow risks, and swim against the current. One of the most underappreciated aspects of selling into healthcare and driving change: FOMO.ĭocs and administrators are a weird mix of ultracompetitive, cautious, and reactionary.
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