A data capture and scanning executive shares how he’s combating the challenges of a lucrative vertical opportunity.
Healthcare is a big market opportunity for solutions providers. So big, in fact, that it’s hard to do a quick web search to find out what total healthcare IT spending is in the U.S. One forecast puts the figure somewhere around $100 million annually, and others have it even higher. And health IT spending isn’t trending downward either.
Jim Collins didn’t need to know the exact market numbers when he acquired a scanning and data capture company in 2009 that had a client base of about 35 hospitals and healthcare facilities in its portfolio. Collins, the founder and president of document management solutions provider Datamation, just knew healthcare was a tough vertical to crack. The acquisition was a good way to get his foot in the door, but Collins had his work cut out for Datamation as the company has tried to make progress in healthcare. He gives sound advice for other IT companies with aspirations to get rich in the healthcare vertical: Find a niche, be patient with long sales cycles, know what you’re up against, and make sure your i’s are dotted and your t’s are crossed when it comes to security.