Geisinger CFO: Healthcare innovation isn’t always easy, but its absence can be costly

THE RELIANCE on digital solutions only intensifies with time, so it is almost impossible to not be innovative and transformative, especially when there is a need to satisfy the demands of the ever-evolving marketplace.

In healthcare, organizational leaders are always pressured to invest in solutions that improve patient care in a cost-effective manner while also making healthcare services more affordable.

For medical center Geisinger, being innovative has allowed the organization to address these challenges while particularly noting that in a contrasting scenario, the impact would be costly on operations as the issues remain critical and disruptive.

Most importantly, innovative efforts have helped the organization address the demands for lower service fees.

“Innovation in digital is not always easy because the bright, new, shiny object is not always going to satisfy the needs that we may have specifically but it is important to take a broad view of the landscape and what is available,” said Geisinger Chief Financial Officer Kevin Roberts.

During a recent interview, he further elaborated that it is not always easy to identify the investment returns of these innovative solutions, but when there is no willingness to try on something new, the benefits will remain untapped.

This is especially true when organizations limit the potential of these innovations by focusing on gaining significant, immediate returns.

Geisinger, however, doesn’t follow this. Instead, the institution has always chosen to innovate in the face of these challenges and the organization has found success through the recognition of being one of the top players in the healthcare space.

“Geisinger has been known for innovation, I would say. It is in our culture, maybe even our DNA and so, that’s the plus,” said Roberts.

Roberts believes that pursuing digital innovation has paved the way for the organization to be much more cost-effective.

According to the CFO, the medical center is now proven to be more efficient, reliable, and effective – qualities that are certainly crucial in delivering improved patient care experiences.

Nonetheless, Roberts did note that “Innovation, by virtue of its very nature, does not always have a defined outcome  — at least in the context of solving a problem.”

Albeit, there is no denying that the absence of the willingness to try alone would strain other organizations from improving operations and enhancing their performance. In the long run, this strain would be costly and damaging to the organization.

Moreover, it is important for leaders in the same space to note that such innovative solutions will continue to grow and evolve, tailoring to healthcare needs and quality gaps.

In the end, it is all about the efforts and motivations to leverage these capabilities and reap the benefits of their applications.

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