Whilst the pandemic is still having a significant impact on UK Healthcare, one of the longer term outcomes is the acceleration of digital transformation across the sector. Social distancing paved the way for contactless appointments, which led to a broader rollout of e-consultations. Now, the sector is placing greater emphasis on the role that technology can play in delivering better outcomes for patients and productivity improvements, which presents a significant opportunity throughout 2023 for brokers operating in this space.
The rise of digital transformation in UK healthcare has led many operators to explore, redesign and reimagine their own services from the ground up, whether that’s investing in their physical facilities to ensure they cater to the new normal, or identifying the right balance of technology to invest in and deploy. Funding these initiatives will be critical to the sector’s ability to respond to the changing landscape. But this has traditionally been an area where funders and banks have been slow to move.
Whilst there is a growing demand for new and innovative healthcare technologies and medical equipment, which create an opportunity for banks and funders, although the lack of a robust resale track record makes many slow and cautious to respond. Flexibility and sector expertise are likely to be the critical ingredients in helping connect your healthcare sector clients with the vital funding they’re going to need to compete.
The Covid-19 pandemic has highlighted the importance of having a robust and resilient healthcare system, which needs to continue providing quality care to patients, and funding plays a crucial element to keeping the sector strong. This presents a significant opportunity for those willing to be flexible and open to utilising their wider expertise to support the sector.
Alongside evolving the way patient care is delivered to keep pace with the changing face of healthcare, many operators are also dealing with a broader societal focus on the sectors’ significant contribution to the UK’s carbon footprint. Technology, too, can provide one tool in the wider arsenal to improving the environmental credentials of the sector, be that investment in the latest energy efficient therapeutic equipment or upgrading facilities. Funders and operators must work closely to understand the means and costs of transitioning to Net Zero, with those willing to act early able to create real advantage.
It is critical that operators carefully balance productivity and the environment with delivering better patient outcomes. This is why we’ll likely see the largest portion of investment targeted towards technology-assisted care. This ensures that productivity can be improved, but retains the patient benefits of people interaction that many studies show to be a vital component in delivering positive outcomes.
Nevertheless, there are many opportunities for Commercial Finance Brokers to support the sector in connecting operators with the necessary funding options to advance standards of care. Top of their list of priorities should be forging stronger partnerships with the funders who possess the expertise, flexibility, and willingness to invest in the space.