The US healthcare market is filled with challenges—regulations and compliance, interoperability, data security, and much more. It’s difficult for any company to navigate these complexities alone. Success to overcome these challenges often depends on time, resources, focus… which are limited! So, relying on strategic alliances is vital!
Why Partnerships Are Essential
Let’s start off by explaining, what exactly is a partnership? Companies define partnerships in various ways. Some may refer to their clients as partners, others as key strategic individuals, companies or payors, and others to companies with whom they have a valued relationship.
At Light-it, we define partners as those with whom we share a mutually beneficial relationship. While we maintain various types of partnerships, today, I want to focus on our collaborations with healthcare technology companies that fit into what we call our 'ideal healthcare tech stack.' These are our preferred vendors when building a digital health product. Keep reading to learn more about what this means.
Building Your Digital Health Product
Developing a healthcare product is no easy task—there are many approaches to consider. When a client approaches us, we often guide them through the build vs. buy decision. In many cases, leveraging existing products is more efficient than reinventing the wheel. That’s why we prioritize running proof of concepts and gaining a deep understanding of various healthcare solutions to identify the best options and ensure we have the necessary capabilities before implementation is required. This is how we build our 'ideal healthcare tech stack.'
A healthcare tech stack refers to the combination of technologies, tools, and platforms that are used to develop, deploy, and manage healthcare applications. It includes everything from front-end user interfaces to back-end databases, integration tools, and specialized healthcare software, like electronic health records (EHR), and secure communication protocols.
At Light-it, our tech stack is carefully curated through rigorous testing and analysis of available solutions in our Innovation Lab, where our objective is to stay ahead of the curve and anticipate product needs. We select technologies that not only meet current industry standards for security and interoperability but also offer scalability and flexibility to adapt to the unique needs of our clients. Our goal is to create a robust foundation that supports the development of innovative, efficient, and compliant healthcare products.
This methodical approach drives us to establish partnerships with companies whose products we may one day integrate into extraordinary solutions for our clients.
Focusing on What Matters
On the other hand, many of the companies that are part of our curated tech stack prefer to focus on their core product rather than customizing it to meet individual client needs. Their priority is often to refine and enhance their main offering, ensuring it delivers the highest value and maintains a competitive edge in the market. Customization, while important for end-users, can divert resources and attention away from this core focus.
That’s where a partner like Light-it becomes invaluable. We specialize in the technical customizations that can transform a one-size-fits-all product into a tailored solution that perfectly aligns with a client’s specific requirements. Our team works closely with these digital health companies to understand their technology and extend its functionality to meet the diverse needs of healthcare providers, payors, and patients.
By handling the complexities of integration, customization, and compliance, we enable our partners to remain focused on what they do best—innovating their core product. This collaborative approach not only enhances the value delivered to the end customer but also strengthens the product’s position in the market by making it adaptable to a wide range of use cases. In this way, Light-it serves as an extension of the digital health company’s team, ensuring that every implementation is a success, without compromising the company’s primary objectives.
What Makes a Successful Partnership?
It’s crucial to understand what truly distinguishes a successful partnership. While it may initially appear that any company could be a strong partner, the reality is far from this. The foundation of a truly effective partnership lies in a genuine mutual need—one that aligns the goals and priorities of both parties. This shared need is the basis of the partnership, driving collaboration and ensuring that both sides are invested in its success.
When a partnership is built on this solid foundation, it naturally encourages an environment where key qualities can thrive. The following elements are essential for a successful partnership:
- Excellent Communication
- A Strong Drive to Get Things Done
- A Collaborative Spirit
- Transparency and Trust
- Time investment
Ultimately, these qualities transform a basic business arrangement into a thriving partnership. When companies come together with a shared purpose and a commitment to these principles, they can achieve far more than they could alone. The value created through such partnerships is not just incremental—it’s exponential, driving innovation, growth, and success for both parties involved.
Our Partnerships in Action!
Case 1: Healthie
Healthie is an all-in-one practice management platform and EHR specifically designed for health and wellness providers and their clients.
Healthie provides a platform that serves a wide range of customers, each with unique needs and demands for customized solutions. To meet these specific requirements, customers often seek custom development and one-off projects that enhance and complement the Healthie platform. That’s where Light-it comes in, we partner with these customers to tailor Healthie to their precise needs. This allows Healthie to remain focused on its mission of creating an exceptional platform capable of being tailored while Light-It works with customers on complex customizations that ensure the solution fits seamlessly into their diverse requirements.
Case 2: Vital
Vital helps leading digital health and wellness companies connect to wearables and labs through a single universal API, collecting vital signs from over 500 health devices and coordinating lab services across kits, in-person visits, and at-home phlebotomy in all 50 states.
Many of our clients aim to develop health-tracking platforms, but considering the wide range of wearable devices their users rely on can be complex and costly. Each device tracks different health data, making integration a challenge. This is where Vital's API comes in, simplifying and streamlining the process to ensure that data from multiple wearables can be seamlessly incorporated into a unified platform.
Additionally, if customers lack the technical resources to integrate Vital's API, Light-it can step in to assist in the development and integration, tailoring the platform to fit each client's needs. This partnership with Light-It allows Vital to concentrate on further refining its solution's value proposition while also expanding its ability to serve a more diverse range of customers.
What Do We Offer Our Partners?
At Light-it our goal is to go much further than a tech partner, we aim to create an ecosystem that opens up a range of opportunities designed to create value and drive mutual success to the companies involved.
Here are some of the things we bring to the table:
- Access to Top Health Tech Startup and Institution Projects
- Visibility Through Cross-Marketing Actions
- Access to Light-it's Networking
- Event organization
- Access to capital through our recent Fund
The Future of Healthcare Innovation
At Light-it, we believe that the future of healthcare innovation lies in strong, strategic partnerships. By collaborating with companies that share our vision and commitment to excellence, we can overcome the challenges of the US healthcare market and drive meaningful change.
Connect with Us
If you're interested in exploring partnership opportunities or learning more about how we can support your healthcare tech initiatives, don't hesitate to reach out. Let's discuss how we can work together to achieve our shared goals and make a lasting impact on the industry.
