Over the years working in Healthcare, witnessed endless innovation across the technology landscape over last few years. This is only due to the aspiring moguls who understand the crux of business and would like to capitalize on specific problems using new approaches.
Innovation is everywhere, be it harnessing the data power for population health or using advanced technology to enhance digital health. From Outcome Health, Livongo... to PriorAuthNow, each one of them has addressed a specific healthcare challenge in a unique way. Enhancing clinical outcomes, access to care, and improved operational efficiencies.
We are now living in the era of innovation!!
Startups are exploding in numbers; it’s very common to see a bunch of college drop-outs or professionals working extra hours to build their dream product. They strongly believe in their solution disrupt the way healthcare is delivered today.
All innovations begin with an idea, a futuristic thought, to solve current challenges. As an innovator, one needs to have strong business understanding and analytical skills to identify solutions addressing day-to-day challenges. Before building any product, one should figure out what problem is being solved and for whom. This perhaps is the first step to gauge the success of a product.
Validate your idea by doing a competitor analysis and identify product uniqueness. Always be open to good ideas and also learn from competitor’s mistakes.
Once you put together all these pieces you begin your transition from ideation towards building a minimal viable product.
Fig 1: MVP Process- Building Minimum Desirable Product
First step of building MVP is to define the user workflows (needless to say you understand the needs of different users). List all features that will be part of the entire product, as much as possible (it's an evolving process). Prioritize features and group them into high-value must-to-have vs potentially good-to-have. Once this exercise is complete, you may begin the development phase (Build-Test-Learn).
Most innovators fail to understand the real objective of MVP. It is to build product with minimum feature for visionaries and few initial customers, in other words we are selling a vision and not a product. Minimal viable product is all about translating end-user expectations.
Fig 2: Success formula for building MVP
Another key factor to ensure successful MVP is to leverage existing solutions that satisfy part of your business workflows. For example: solutions like Pokitdok for Insurance verification, Validic for device integration, Vidyo for video collaboration, Twilio for secure messaging, MirthConnect as interface engine and many more. This is a much smarter approach than building all features from scratch. Why re-invent the wheel if someone has already solved that piece of puzzle. Our aim should be to design the core, the absolute essential features, with a unique proposition supporting seamless integration into existing workflows.
Early adopters should be convinced with the ease, usability, and value that the solution will add. MVP will help you to gather sufficient customer intelligence that will define the future development needs. Thus building a MVP will be your most valuable asset that will determine your success, and you will need a dynamic technology team to help you take off the idea.
We, at Faichi Solutions, are assisting innovative ideas to quickly convert into MVP. We convert idea/ design into mature, scalable product, thus improving your chances to get next round of funding. We bring expertise in Population Health Management, Digital Health and Telemedicine, Remote Health Monitoring, mHealth, Enterprise system development, and Integrated Care Management. This helps startups to reduce overall development time to merely 12 to 16 weeks (within a budget of USD 60k to 85k, depending on the complexity of the product design). With experienced resources in healthcare, inherent Silicon Valley culture, we bring in two most valuable attribute Technology and Team, to your success.
Happy to connect with people with innovative ideas who are sitting on the fence (or otherwise) and itching to build a MVP.