Innovation is central to the healthcare industry; future developments in nano-, bio- and information technology have the potential to dramatically change the accepted clinical patient care pathways. The public are often well informed about these matters, which results in a patient pull for innovations that are years from market. Companies operating in this environment today face huge challenges in terms of realising the latent economic potential from new innovations. By developing open business models, healthcare companies can manage the multifaceted ideas of scientists, engineers, clinicians and indeed patients at an earlier stage, allowing the good and necessary technologies to reach the health service more promptly. This study uses a qualitative approach to research the explicit and implicit business models within healthcare technology companies of a range of sizes and organisational structures and provides a useful contribution to understanding the management of innovation in the healthcare environment.