Acceleration of Meaningful Transformation in Healthcare
It seems that conditions are ripe for an acceleration of meaningful transformation of healthcare in the United States. I’d point to six key reasons that provide the growing pressure and opportunity for meaningful change to improve cost, quality and experience in healthcare:
1) Medical costs keep going up, outpacing that of the economy (medical cost trend 6-7%)
2) 30%+ of overall spending in healthcare can be considered wasteful
3) Quality of care is no better or worse than other countries
4) The consumer experience in healthcare is fragmented and poor compared with other industries
5) Employer-based heath insurance covers about half of all Americans, with major employers taking direct aim at healthcare in bold ways (i.e., Amazon, JPMorgan; Berkshire; the Health Transformation Alliance: 40+ major corporations who have come together to fix the broken healthcare system)
“The ballooning costs of healthcare act as a hungry tapeworm on the American economy.” Warren Buffett
6) New technology and innovations are now available that enable meaningful transformation (i.e., AI, Machine Learning, Big Data, etc.)
While most of these reasons are not new, they are intensifying or becoming more clear. In combination, they provide a burning platform and unique opportunity for significant change to occur at an accelerated pace.
?Don Antonucci serves as the Chief Business Development Officer of 10xHealth where he leads the industrywide growth of 10xHealth’s advanced intelligence technology solutions in healthcare.
Small Group Account Executive
1 个月Thanks for leading the way on this!
Managing Partner at Recon Strategy
6 年Succinct and comprehensive. Thanks for posting. A burning platform is certainly needed: that 30% of waste is shielded by a lot of hardened system habits and – in my experience — plenty of highly mission-driven decision-makers convinced they are doing the right thing…and, given all the vertical silos and horizontal fragmentation in which they are entangled, it is often hard to disagree.
Chief of Finance & Operations @ East Multnomah Soil & Water Conservation District
6 年Very well said, Don. I agree that the time is right for meaningful transformation. I think as emerging technologies & innovations come into play, it should ultimately aid in better care, drive down the cost (hopefully) and begin to chip away at the % of healthcare spend waste.