Here is Why Doctors are Joining Healthcare Technology Companies
While it’s no surprise that big tech companies compete for the best tech talent to meet their requirements, one of the latest trends to make an appearance is healthcare technology companies competing to hire the best doctors. Recently, a renowned cardiologist, Dr. Alexis Beatty was hired by Apple to help grow their healthcare team. Not to be left behind, Amazon quickly hired Dr. Maulik Majumudar, a talented cardiologist, who adds immense value to the company. The CMO of Verily also happens to be a doctor, namely Dr. Jessica Mega. So what’s causing this trend with some of the biggest names in the tech business? How do doctors add value to the technology business? Let’s explore –
Working in tandem to improve patient outcomes
It’s no secret that technology has been revolutionizing the healthcare landscape since the beginning of the first industrial revolution, and is making healthcare more accessible, affordable and even functional. From seamless administrative experiences to EHR, technology has been enhancing the healthcare experience for both, patients and providers alike. Now we are beginning to see things like remote patient monitoring and smart beds, which promise to enhance the care that can be provided for patients. Healthcare’s long and continuing affair with technology has evolved into a synergy between the two fields, which is why more and more doctors are beginning to migrate to the health tech space. Doctors and tech talent can work hand in hand to produce innovation, since both bring a diverse skill set to the table. Sometimes, a tech person may have an idea which may not be executable due to the complexities of the human body, which is where a doctor comes in. With the guided expertise of this dream team, the healthcare industry can achieve so much. This is why some of the well-funded startups have medial directors or famous doctors on their tech panels.
A promising market and an exciting field
Did you know that heart disease is one of the leading causes of death in the world? And high blood pressure affects about a third of the population of the US alone? That’s around 75 million people! With our chaotic lifestyles and dire environmental factors, health is becoming increasingly important an issue to be addressed, and more and more people are starting to realize this and invest in their health. From wearables to smart ways to get your insulin, technology can be used to enhance the lives of the ill and provide them with better patient care. Coming back to our example of Apple, when the company released the Apple Watch with a heart rate sensor, little did they know that consumers would begin using it to realize that they were pregnant, at risk of a heart attack or are undergoing abnormal heart rhythm. It’s the consumer who shared the various alternative ways in which the Apple Watch had enhanced and sometimes even saved their lives. This coxed the company to pour millions into R&D and even lead to the creation of a heart rhythm sensor, which was named an ECG for Apple Watch! Doctors can do a lot of value-add to the field of technology with their immense knowledge. They can get an opportunity to positively impact millions of lives with their knowledge and expertise.
Healthcare is data-centric
There’s nothing that attracts tech companies more than data because tech companies get most of their insights, strategies, and analytics from data. Medicine is one of the most ancient and practiced fields in the world, and the archives of data which tell the story of the evolution of tech in healthcare can give valuable insights to tech companies. Companies can base their technology development decisions and ideas on said data. Data is an integral part of healthcare, and doctors have a plethora of data available to them for research purposes which have been collected over time. An example of this is Apple coming together with Stanford University to conduct a study on the Apple Watch’s ability to detect heart rhythm irregularities in large groups. While a tech team can interpret this data efficiently, only a doctor will be able to come to the root cause of the data, so one can go a few steps beyond interpreting data as well.
The age of ‘doctorpreneurs’
While many doctors may be satisfied with their clinical practice, and God bless those doctors since they are the backbone of the industry, some feel like they can contribute to society in more ways than one. That’s why they are exploring the world of technology companies or are lending lend their expertise to the R&D of new and innovative technologies that will invariably save lives. This is why a lot of tech companies are on a search for doctors with experience.
Just for fun!
Yes, you read that right! A San-Francisco-based journalist who specializes in health and technology, Christina Farr, raised an important question – “Doctors, is your primary motivation for working with med-tech startups… Prestige, Money, Altruism or Fun?”. A staggering and unexpected 44% voted for Fun! One common characteristic with doctors is that most are curious, they enjoy problem-solving and seeing patients every day may not be as challenging as they may want. Working with tech companies, even if it’s just as an advisor or consultant helps them to stay in touch with the latest advancements and provides them with a platform to share the knowledge and skills that they have worked so hard for. All the years of med school and training may be forgotten if one gets too comfortable in their own field, working with health tech keeps the doctors up to date, relevant and passionate about what they do.
So, it’s safe to say that there is a very special place for doctors in the world of health tech. As health tech providers, we understand the phenomenal value that a doctor could add to our company!