Tiger Buford tells orthopedic CEOs that software is replacing hardware as the industry's main differentiator. He maps six domains where software will dominate: AI diagnosis tools, AR/VR surgical training, heads-up displays in the OR, AI sales reps, wearable outcome tracking, and automated post-op care.
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Brought to you by Tiger Buford. Hello, orthopedic professionals. Welcome to Inside Orthopedics. My name is Tiger. I am an orthopedic industry insider and retained recruiter for emerging Orthopedic companies. You may be driving, traveling, working out, or sitting at home. Thank you for listening. This is episode number 5, a short one. The title is The Future of Orthopedics Is Software. I'll jump right into it. Something happened in 2018. I saw the orthopedic world shift. It was subtle, but it was real. So this is a wake-up call for my orthopedic peers as we head into the 2020 decade. Dear CEO, the future of orthopedics is software. This year, software is infiltrating orthopedics at an alarming rate. Orthopedics is transitioning from a hardware business to a software business. Like any new technology has a way of sneaking up on us, in 2011 Marc Andreessen declared that software was eating the world. Like most trends, it starts off gradually then accelerates. In the orthopedics industry, we are all guilty of living in the present because we are given short-term sales goals. Our current frame of reference is that orthopedic manufacturers sell products to hospitals. Today, companies believe they sell implants, disposables, capital equipment, and instruments. The implants are all pretty much similar. The orthopedic companies copy each other, and the customers carry less care less and less about their implants. It's becoming harder to differentiate between the products. The cold, hard fact is that your orthopedic hardware is becoming less relevant each year. As I look at how software technology is transforming orthopedics, I believe that the winning companies in the future will be those that provide software solutions to hospitals. Today your product is implants and instruments. Tomorrow your product will be software. The orthopedic manufacturers need to stop thinking about physical products and start thinking about software products. This is your wake-up call. Okay, let's look at 6 areas where I believe software will change orthopedics in the future. Number 1, Diagnoses. Software will aid surgeons with more accurate diagnoses. This is already happening. The FDA just cleared AI for diagnosis of wrist fractures. AI platforms like IBM's Watson are already being leveraged by medical device companies to improve diagnoses. For example, this year Arteris received FDA clearance for AI diagnosis of cancers, a very first, and AI is coming to orthopedics rapidly. Number 2, software training or surgical training. Software and the AR/VR systems will completely revolutionize orthopedic training, making Training immersive and accessible worldwide. Companies like Ossow VR are leading the way. No more cadaver labs and shipping instruments halfway across the world. Number 3, surgery. Software will make surgeons better technicians. VR and AR heads-up displays will provide real-time data inside the patient. For a glimpse into this future, read about Augmedics AR for spine surgery. Just Google that. Software will make the robots in the OR much more effective in the future, and AI plus robotics will ultimately be the killer app for orthopedic surgery. Number 4, sales service. Software will replace most sales rep support. The rep standing in the corner of the OR will become an AI. The AI rep will know every implant and instrument ever used in the procedure and how it was used. The AI will also know the location and quantity of all implant and instrument inventory Currently in the hospital. Look at Enhatch. Enhatch is making inroads into this area today. E-N-H-A-T-C-H. Number 5, clinical outcomes. Software connected to wearables will provide real-time analyses of outcomes to the patient and to the healthcare provider. Take a look at TrackPatch, the first orthopedic wearable that will improve outcomes in joint replacements. Around 2025, I believe we will start to see software embedded in the implants also. And number 6, administration. Software and the Internet of Medical Things will take over all of the administrative work with virtual nursing assistants, better administrative workflow, fraud detection, medical medication error reduction, post-operative care management, and all this will ensure that the doctor's orders are followed by the patient. So how is your company preparing for software in the future? That's it. Thank you. Follow me on orthostreams.com or Twitter @TigerBuford. Don't forget to subscribe. Be safe out there.
