The Power of Partnerships Between Technology and Finance
Partnerships with a Purpose:
In this new age of innovation, partnerships are key to building a successful company. Two companies can be brought together by offering similar or not so similar services and with different areas of expertise to benefit the same end-user. This results in a stronger force in both industries allowing each business to provide more services and efficiencies than they could on their own.
With the healthcare industry quickly evolving in a patient-centered direction, more and more patients are gravitating towards dental facilities that offer innovative treatments and services. For example, patients appreciate online appointment scheduling and seamless communication with their providers. Patients also appreciate the value of a clean office with state-of-the-art technology that offers them a more comfortable experience as they wait for their dentist.
Innovative technology can also be introduced into the back office to support staff, attract the best talent, and reduce the stress of running operations. This is where partnerships between vendors can play a key role. There is no single vendor that can do everything perfectly. We are in an age where software platforms and support companies need to communicate, integrate, and work with each other to create a better experience for the dental office.
Bridging the gap between Healthcare Technology and Finance:
Dentists are busy and don’t have time to waste. Yet, for years, their focus has been on how to save time and make the most of their practice – cue the search for the best software to speed up productivity. It is no secret that technology is an important part of any business. Technology can transform the way your practice operates and is crucial to your growth and success.
Selecting the right software solution for your business can be difficult when faced with an array of options. However, following the data—that is, identifying which solutions are best-suited to serve your needs today and those expected tomorrow—will help you find the software that best fits your dental practice's needs. Another factor to consider is how easily vendors integrate and work with other technologies so that as your business changes and technology progresses, you don’t have to worry about if your existing solutions will scale at the same pace.
As the search begins, you may notice that healthcare technology and finance industries are becoming increasingly intertwined. There is now software to support revenue cycle management and companies to provide loans to purchase the latest and greatest equipment for your practice. In fact, there are several partnerships between vendors that further demonstrate this growing trend. The partnership between UptimeHealth and Panacea Financial is a strong example of this movement. This partnership is unique in that it allows both partners to focus on their strengths while maintaining a cohesive relationship.
Panacea Financial is a financial services company for doctors, created by doctors. They offer a wide variety of services and banking support for dentists. They provide capital and financing options for everything from new practice buildouts to new equipment refreshes. To provide further support to their clients after their new purchases are made, Panacea Financial has partnered with UptimeHealth to offer discounts on their software.
UptimeHealth provides users with an innovative cloud-based software solution to help dental offices manage their equipment, minimize equipment breakdowns, and increase operational efficiencies. With these two solutions combined, Panacea Financial is ensuring that the dental practices have every opportunity to reduce costs, produce more revenue, and increase their rate of success.
Further, UptimeHealth’s software can also help dental practices predict when the optimal time will be to replace older or problematic equipment. With their partnership with Panacea Financial, they can easily help those offices get a quote for financing options to purchase new devices within 5 minutes.
While it may not seem like a significant pairing on the surface, this partnership is an important one for the dental industry, because it allows medical professionals to leverage both cutting-edge technology and funding opportunities to ensure that practices are able to meet the needs of their patients and grow sustainably.
In the example above, everybody has the chance to benefit. The dental practice can access easy forms of financing and best in class software for discounted rates, Panacea Financial is able to protect their investments and offer quick support to their clients, and UptimeHealth can continue to build and provide valuable data that benefits the ecosystem.
Evaluate Vendors by their Partnerships
As the healthcare industry expands, businesses and technology vendors will have a greater focus on working with partners to create a mutually beneficial arrangement.
When searching for new platforms to work with, we often evaluate solutions based on their features and ability to solve today’s problems. However, it can be helpful to think about how you want your vendor relationships to grow over time. Why not evaluate a vendor on their ability to release new features requested by their client base? Or, on their ability to integrate and work with other softwares or vendors that can support in ways they cannot? These questions might seem trivial at first glance, but keep them in mind during your search as these traits will only become more important as your relationship grows.
The best vendors are willing to take input from other vendors, share information, and offer native integrations so that everyone in the ecosystem can benefit. If more dental offices were to focus on using these evaluation methods, we would see more growth in the industry. We would see better innovation and more interoperability. And for those resistant and unwilling to adapt to to new age of open platforms, it’s time to reflect and ask, did they really care about their clients in the first place?
To Sum It Up:
As important as it is to be aware of the newest technology and trends, it’s also just as important to understand how businesses are partnering to provide a better experience for you as a client.
Partnerships are the ultimate form of cooperation toward solving a problem or creating something new, so consider this to be your guiding principle when researching potential ways to improve your business. Search for companies with the same goals in mind, and ones who will be there to work together with you on future projects. When you start your process knowing the value in synergistic partnerships upfront, you can effectively set yourself up for finding more companies that are built for your benefit.
The key takeaway here, as it usually is, is research. Target the sort of business you’re looking to partner with, find a way to offer value to that business in your work, and establish the connection.
Where there is synergy, there is common ground to be found.