The UK healthcare sector faces an array of challenges. Among the most prominent are poor real-terms funding growth, a lack of capital healthcare investment, and fierce competition for grants and loans.
However, digital transformation can be a powerful lever for accessing government loans and grants. Many NHS and local authorities have set aside capital to facilitate the development and expansion of digital infrastructure.
In this post, we’ll look at how you can successfully find and apply for grants to fuel digital transformation in your organisation.
The importance of digital transformation in healthcare
Digital transformation refers to the integration of digital technologies into all aspects of healthcare. Electronic health records, virtual appointments and preventative initiatives like wearable devices are all examples.
Digital transformation offers several benefits:
- Operational efficiency: Digital infrastructure can significantly streamline routine processes.
- Patient experiences and outcomes: The use of telehealth, mobile health apps, and wearable devices offers more personalised care.
- Staff experience: The automation of administrative tasks with digital tools improves the work environment for healthcare teams.
- Patient capacity management: Digital solutions enhance scheduling and resource allocation, improving patient access to care.
- Patient data management and sharing: The secure and efficient management of patient data through EHRs (Electronic Health Records), real-time digital records which can be shared across different healthcare settings, and interoperable systems leads to improved clinical decisions and care coordination.
Navigating government grants and loans
The NHS is actively promoting digital transformation through various funding initiatives for healthcare and social care sectors.
For example, the Digitising Social Care Fund, with £8.2 million in funding, focuses on integrating digital technologies within social care, supporting initiatives like infrastructure upgrades for high-speed connectivity, fall prevention technologies, and digital social care records.
Another instance is the Digital Productivity Fund by NHS England, which aims to enhance operational efficiency by leveraging digital technologies and automation.
These funds collectively aim to improve patient care, operational efficiency, and data management by fostering the adoption of innovative technologies.
If your organisation can clearly align with these criteria, it will be in a strong position to be deemed eligible and receive funding.
Are you eligible for government funding?
Generally speaking, government grants and NHS funds cater to two types of healthcare providers:
- Organisations initiating digital transformation: For providers beginning their transformation journey, these funds provide the necessary capital to kick-start digital initiatives, adopt new technologies and integrate digital solutions into their operations.
- Organisations looking to scale existing digital solutions: For those that have already started their digital transformation, these funds help scale up successful pilot projects, expand the reach of digital innovations and enhance the sophistication of current technologies.
If you fall into one of these categories, it is worth pursuing digital transformation funding available through grants.
Developing a winning investment strategy in healthcare
Securing funding for digital transformation requires you to tailor your strategies to the criteria of specific grants.
Follow the points below when crafting your investment strategy:
- Outline your transformation trajectory: Detail the specific steps you plan to take to implement digital innovations within your organisation, including timelines, milestones, and key performance indicators (KPIs) to measure progress.
- Clearly show the outcomes you will be able to achieve: Define the specific benefits and improvements in healthcare delivery or patient outcomes that your digital transformation will bring about. Quantify these outcomes wherever possible, such as expected improvements in patient wait times, increased access to services, or improvements in treatment success rates.
- Showcase previous transformation successes: Provide concrete examples of past projects where your organisation has successfully implemented digital technologies or transformation projects. Highlight the impact of these projects on your patients and the lessons learned that will inform your approach to future technological initiatives.
Conclusion
Healthcare organisations undergoing digital transformation qualify for a range of government grants. Therefore, it is vital for you to build a clear understanding of the funding landscape.
This will enable you to selectively pursue those opportunities that most closely align with your transformation plans, increasing your chances of attracting investors and winning grant money.
It is also worth repeating that a proactive role is essential. As a healthcare leader, you will play an instrumental role in spearheading a transformation strategy that provides significant staff and patient benefits, now and well into the long term.
Book your free Xploration
If your healthcare organisation is interested in securing investment to fund digital transformation projects, speak to Matt and book a free Xploration call.
