Digitizing the Health Industry
The sale of Wolf Medical Systems to Telus signals a strategic shift for the big Telco. Instead of simply enabling communication, it appears to be moving into the delivery of specific digital information.
I always love it when a home-grown innovation is recognized. Even sweeter is when it is recognized by a big, home-grown operation.
Last week, it was announced that Wolf Medical Systems, which pioneered electronic medical records in Canada, was purchased by Telus for its new division Telus Physician Solutions. Terms were undisclosed.
Since I’ve had dealings with Wolf’s founder Dr. Brendan Byrne and several of his investors over the years, it was nice to see that their efforts to bring Canada’s medical systems into the modern world were rewarded by a larger player who recognizes the opportunity.
And that opportunity is enormous. As the populations of most of the Western world ages, straining all health systems, health services will be the growth industry of this century. This is increased because, in many cases, the industry has been lagging behind others in the switch to digital information transfer.
Believe it or not, much important medical information is still kept in file folders in doctor’s offices. This means, for example, when someone goes to another doctor or to an emergency ward, it’s very difficult for the patient’s previous medical information to follow. Medical staff treating the patient are essentially working blind regarding the patient’s history.
A working physician, Dr. Byrne recognized this early on, which is why he created Wolf. Its early days were a struggle because the system was almost too innovative for most people, but eventually Canadian physicians caught on and Wolf started to grow.
Apparently, Telus also recognized the future and has created a new division called Telus Physician Solutions, of which Dr. Byrne is now the vice-president.
Not only do I find it interesting the two got together to revamp the creaking and inefficient medical system – which sorely needs some innovating – but also that Telus is clearly expanding its communications business into various information systems.
If health will be the number one industry of the next few decades, information will be a close follower.
Information flow creates efficiency and in the near future all large systems will require better information transfer in order to create more efficiency and thus save costs.
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