The CMS Innovation Center recently announced the winners of its first round of health care innovation awards. The projects will receive funding for three years. The winners will have access to the funds, and will be able to test and refine their products before they are approved for reimbursement. The competition will be fierce, and innovators must work with insurers to get their products approved for reimbursement. This process will involve engaging with key industry players, including hospitals and physicians. In addition, they will want to obtain the help of powerful intermediaries, such as pharmaceutical benefit managers and group purchasing organizations. These organizations can provide assistance for a new health care innovation project, and they will also work with them to help them achieve their goals.
A number of health care innovation efforts can help address this issue. For example, new drugs and diagnostics are a great way to improve the quality of care. Medical devices and implantable sensors can be used to monitor the progress of various diseases. In addition, IT innovations are helpful in connecting islands of information within the health care system. This can improve quality and decrease costs by keeping providers informed. Furthermore, IT innovations are also beneficial to the health care industry, as they can help reduce errors of omission and increase patient satisfaction.
Many of these initiatives fail. While some health care innovators succeed, others fail. The managed care revolution was a failure, and many businesses that tried to bring economies of scale to physician practices failed. Aside from the lack of capital, these ventures have failed. The key is to create a healthy culture of innovation that is open to new ideas and solutions. The key is to embrace change and be a part of the health care innovation community.