By Chaitenya “Chat” Razdan

Summary:

In 2023, digital health tech companies raised $10.7 billion, but patient satisfaction with healthcare quality declined, highlighting the need for a more patient-centered approach to healthcare innovation.

Takeaways:

  1. Investment Surge: Digital health tech investments increased over 400% from 2013 to 2023, but this did not translate to improved patient satisfaction.
  2. Importance of Feedback: Incorporating patient and clinician feedback into healthcare design is crucial for developing effective and empathetic solutions.
  3. Patient-Centered Design: Shifting the focus to patient-centered design and using advisory boards can enhance the overall quality of care and patient satisfaction.

In 2023, $10.7 billion was collectively raised by 492 digital health tech companies. These companies include everything from AI to virtual care solutions, portable medical devices, and more. This figure represents a significant increase from the $2.1 billion raised by 197 companies back in 2013. With a more than 400% increase in investments, there was anticipation that patient satisfaction statistics would follow a similar pattern. Unfortunately, in 2023, only 49% of American adults viewed health care quality favorably, down from 56% in 2014. We have gone backward in the one area we are trying to solve—improving the patient experience.

While numerous factors contribute to declining patient satisfaction, the data tells us that more solutions and products don’t equate a better experience. Currently, there isn’t a simple or immediate solution, but health care leaders prioritizing the patient experience and taking intentional actions in this focus may move the needle in the right direction.

Patient Feedback is Critical

A critical step in building this focus is not just centering on patients, but using their feedback as a leading indicator of the innovation we need to plot for the future.

As technology advances, people still crave personal connection. A PwC study shows that 75% of customers want more interactions with real people. This is especially true in health care. Most often, it’s the care and comfort provided by doctors and nurses during a patient’s toughest moment that they remember most, and that makes the difference.

Remembering the reality of this human element in care when making day-to-day decisions creates space for innovative products to offer the best possible patient experience. This means actively seeking and incorporating patient input at each stage. Equally important is leveraging insights from frontline clinicians who understand the daily practical and emotional challenges patients encounter in treatments. By pairing these perspectives with intentional design and data collection, while keeping the core problem as the guiding principle, the health care community will have the tools to meet both technical requirements and the genuine needs of the individuals we support.

Here are four approaches that can be leveraged to ensure we don’t lose sight of who we are building the future of healthcare for.    

No. 1: Refocus with Patient-Centered Design

Historically, health care design primarily focused on efficiency and functionality from the provider’s perspective, aiming to streamline processes and optimize workflows with limited regard for the patient experience. However, with patients now having more immediate access to their health care journey and greater awareness of their needs, there is a growing necessity to shift the design process to prioritize patients at the heart of all developments.

Patient-centered design, an extension of user-centered design, seeks to enhance the overall quality of care by addressing patients’ physical, emotional, and psychological needs. This approach treats patients as active partners and collaborators. Involving patients from the very beginning reduces development time, minimizes the need for extensive iterations, and leads to higher satisfaction rates.

No. 2: Refine for Better Patient Satisfaction with Outcome-Focused Data Collection

After launching a health care product or laboratory test, it’s essential to collect and analyze data to ensure it effectively provides the intended outcome or result. This process involves monitoring real-world performance, gathering user feedback, and assessing patient outcomes. Ongoing data collection also enables continuous improvements based on actual usage and emerging needs. This iterative process ensures the product or test remains effective and relevant over time, ultimately maximizing its benefits for patients and improving their overall experience.

No. 3: Leverage Advisory Boards & Patient Feedback Loops for Insights

In today’s complex landscape, where customer pain points are increasingly nuanced, businesses are turning to advisory boards to gain deeper insights and address knowledge gaps. The use of advisory boards has surged by 20% from 2021 to 2023, highlighting their growing importance.

This powerful tool should not be overlooked within the health care industry. Establishing advisory boards composed of patients, caregivers, and health care professionals offers the means of gathering diverse perspectives directly from those impacted. By involving these stakeholders, their real-world experiences and feedback are integrated into the design and implementation processes. This helps bridge the gap between theoretical ideas and practical use, resulting in innovations that are both effective and empathetic.

No. 4: Revisit Core Motivations for Patient Satisfaction

When all else fails, go back to the basics. What initial problem were you trying to solve that brought you to this point? By focusing on this foundational question, you can realign with your primary objectives and ensure that your solutions remain true to the original intent, with the patient’s needs at the forefront, ultimately improving patient satisfaction.

Striking the Balance Moving Forward

Addressing patient satisfaction challenges in health care requires acknowledging that there is no one-size-fits-all solution. It is essential to balance innovation with the core principles of compassionate and dignified care. Following a brief funding dip in 2023, recent months have seen an uptick in health tech investments.

As this trend continues, maintaining a focus on these core principles and implementing the above approaches is crucial for driving meaningful improvements in patient experience and positively boosting patient satisfaction metrics.

Chaitenya “Chat” Razdan is founder and CEO of Care+Wear.