Anyone with a pulse knows that the pace of change in U.S. healthcare has rapidly accelerated. As a result, the level of competition has increased the industry's "clock speed." As reported in a recent edition of Strategy+Business, the term clock speed refers to the pace of business evolution within industries. Charles Fine at MIT noted that industries with faster clock speeds, such as computers, electronics and entertainment, had higher levels of market experimentation, more competition and increasingly frequent waves of innovation. As a result, new product life cycles become shorter, time to market accelerates and product portfolios expand to replace products and services that need to be killed or have lived their useful lives.
Physicians are traditionally not entrepreneurial. The structure and content of their education and training have remained virtually unchanged for the past 100 years, leaving them unprepared to deal with the topsy-turvy world they have inherited. To thrive, doctors need to adopt an entrepreneurial mindset regardless of their employment situation or clinical specialty. What's more, they have to increase their clock speed.