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Edition 2 :: May 2018
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From the ME

25 Years and counting

2018 marks the 25th year of MediSwitch being in business - a milestone worth celebrating and reflecting on. MediSwitch was the pioneer in developing the market for healthcare switching and defined an industry that grew as a consequence. We created a brand-new way for doctors to interact with medical schemes by doing away with the onerous, time-consuming and error-prone paper-based system of submitting claims. It is that spirit of innovation, forward-thinking and pioneering work that is MediSwitch’s greatest legacy and led to MediSwitch gaining the respect of the industry as a trusted healthcare IT provider.

But of course we cannot rest on our laurels. A *2016 study by growth strategy consulting firm, Innosight, found that the lifespan of large and successful companies is shrinking. Looking at the time that companies spent on the S&P 500 list in the United States between 1960 and 2010, Innosight found that in 1965, the average tenure of companies on the S&P 500 was 33 years. By 1990, this had reduced to 20 years. Based on these findings, Innosight predicts that 50% of the current S&P 500 will be replaced over the next 10 years.

Although the overall state of the economy and disruption from new technologies have a definite influence on company longevity, the researchers concluded that reinvention is the key to sustainability. And reinvention stands on two pillars:
  • the ability to recognise and address fault lines in the business model, customer needs, performance metrics, industry position, and internal talent or capabilities; and
  • the ability to not get caught up in present-day obligations.
With this in mind, MediSwitch is in the process of reinventing itself. While we must retain our brand value and customer trust, it is imperative that we also embrace the fact that technology, customer needs and healthcare industry changes are transforming the landscape in which we operate.

The process of reinvention has already begun with a re-examination of our strategic direction, business processes, product offerings and structures in an effort to reinvigorate that spirit of innovation that created our company in the first place.

We have identified two key focus areas, namely: insightful data analytics; and moving beyond the switching of administrative health data to becoming the foremost clinical health information exchange in South Africa. We are determined to be an IT company whose purpose it is to deliver innovative healthcare technology that makes a positive difference in healthcare in South Africa.

Our new focus, combined with the innovation process, sets MediSwitch up to balance the present and the future. While we must give our existing customers the care and attention they deserve, we must also keep an eye on new technologies in other markets or industries and explore ways to bring those to bear on the healthcare sector in South Africa.

The previous generation of MediSwitch management gifted the current team with a company with credibility, brand value, and excellent products and service. It is now our job to create the next generation of products and services that bring significant value to our customers and ensure MediSwitch’s sustainability for the next 25 years.

‘Till next time.

- Andrew

*Research reference: https://www.inc.com/ilan-mochari/innosight-sp-500-new-companies.html

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