Innovation is the adrenaline for healthcare

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Farrugia said leaders must foster the right culture to produce and nurture innovative ideas. “Build a fearless environment and a diverse team, and then the last thing is to have a balance – not just a diverse portfolio, but a balanced portfolio.” She explained that the portfolio of innovative projects must be balanced between short-term gains and long-term gains.

“If we’re only looking for the long term, we’re bankrupt,” Farrugia said. “So we really have to look at what percentage of short-term innovations we’re going to focus on in the medium term, the long term, and make those decisions. Sometimes those are really tough decisions to make.

Bunch said innovation is becoming increasingly central to healthcare, and organizations can learn by innovating from within. “Health must continue to evolve. There is no doubt that what it looks like today is not what it will look like ten years from now or five years from now. He added that his organization had developed AI digitization capabilities by looking at how the call center processes data and how they could invest in it to innovate. “When it started to add value, we pushed it back,” he said. “We had to start internally, and we learned that way… Make sure it’s essential and engage.”

“Medicine is going through the biggest transformation it’s ever seen, in its delivery of care — in a good way,” Brown said. He said the systems bring doctors, caregivers, nurses, nurse practitioners and other members of the care team together around the goal of quality care. This team must create and support innovative ideas together. “You are part of a caregiving team and you have to accept that.”

As leaders think about fostering cultures that create new innovations, they must also foster cultures that accept and use innovations – to drive change and long-term returns.

How to sustain innovation?

Sometimes even effective innovations can struggle to gain or maintain broad acceptance. For example, the pandemic has given rise to many innovations that may still be effective post-pandemic, but may fall into disuse as people revert to old patterns. Tyler asked the panel how to make healthcare innovations last — or “stick” — over time.

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