Healthcare is complicated…
It is so helpful to have a world view of the industry you participate in, a view that is long term coherent, and toward which everything eventually converges to. Over the course of my tech career, I came to appreciate a complex world view balancing the intersecting game theories of devices vs. cloud, platform vs. app, enterprise vs. consumer, and more. Reflecting, this was achieved by being grounded in the clear economic motivations of all parties.??
Now, as I attempt to do the same for healthcare, I can now confidently say that the healthcare industry is more complicated than tech. Every day, economic incentives intersect (and collide) with beliefs that healthcare is a human right. We have hardcore capitalists righteously arguing for fundamental government participation. And to top off that complexity,? we have the prominent role of religion as sponsors and providers of so much healthcare (I had never realized that the Catholic Church manages 26% of all healthcare facilities globally!). Even within the most non-practicing of people, religion becomes meaningful at times of birth and sickness, when healthcare provides so much value to all of us.??
As I go through my learning journey, I thought I would start posting some of what I’m reading and thinking about to have a discussion and learn from others out there. This week it was two NY Times articles which caused me to reflect:?
First, a view of the US health system, and the rise of private equity ownership of physician practices: Who Employs Your Doctor? Increasingly, a Private Equity Firm. The article explores a new study that found private equity firms now own more than half of all specialties in certain US markets. The chart below says so much. I would feel good about this if this was a case of the best gastroenterologists being rewarded for excellence. But that’s not at all what is happening here. Instead, we have bankers cornering a resource and demanding more for the bank – this doesn’t benefit doctors or patients, prices will go up, and we will all continue to bemoan our broken US healthcare system.??
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On the flip side, the other story covers the current state of the beloved NHS in the UK, where there is a strong belief that healthcare is a human right to be provided by the government. A National Treasure, Tarnished: Can Britain Fix Its Health Service? Ouch:?
I appreciate a great latte – but I think it’s ethical and right to reward a doctor for 10+ years of training – and I appreciate being able to get appointments for my family when we need them.??
Innovation gives me hope!?
I’m optimistic that innovation will greatly improve both situations. The growth of telemedicine will enable access to specialists outside of local geographies and conversational AI will reduce the need for many routine medical appointments, allowing our local healthcare systems to focus on the patient relationship and procedures only they can perform.? If you squint, you can see a more accessible, more effective, lower-cost, patient-centered health care system supported by incredible life science innovation, but we’ve got some work to do!?
Founder & CEO at OSP specializing in futuristic healthcare solutions
1 年Great article, Terry Myerson ? ! Our healthcare system is highly problematic with fragmented data, too much focus on economic incentives, and slow adoption and trust in technology. A more accessible, more effective, lower-cost, patient-centered healthcare system supported by life science innovation is only possible if all the stakeholders dedicate themselves to improving patient centricity instead of caring about their agendas.
Board Member, Chief Data Analytics Officer
1 年Very interesting. Thanks for sharing
Global eCommerce & Digital Transformation Leader | Driving Growth Through Innovation & Strategic Partnerships | Advisory Board Member | Mentor
1 年Great reflection Terry … innovation does gives us all hope !
Chief Digital Officer at Memorial Hermann Health System
1 年Greatly appreciate you putting digital pen to digital paper Terry Myerson . As someone that has recently come into healthcare from financial services, I could not agree more with your complexity assessment. I thought the world of regulations was challenging in my previous life, however, the number of players with differing goals in the healthcare ecosystem is vastly more challenging. In addition to the points you make, what is frustrating to me is that in all of this, what appears to get lost at times is the person/patient. In the middle of all of the challenges on the provider front, payor issues, access problems, among many other complexities, there sits a patient perhaps dealing with a frightening health issue - or perhaps just wants to maintain their healthy condition - and they are left to their manage their own path. Agree that I think innovation will help us improve how we provide, however, we also need to put the experience of the patient back at center. We’re highly focused on that at Memorial Hermann Health System and I know other leading systems are as well which gives me hope.
Embedded Escalation Engineer at Microsoft
1 年Lack of standards in any sector causes problems.