Healthcare is at the cusp of disruption. Wharton Health Care Business Conference (WHCBC) was a moment for the industry to step back, assess and imagine. Congratulations to the organizing team lead by Co- Chairs Jenn D’Ascoli WG 14, Manuel Donnay WG 14, Lauren Matise WG 14, Diana Peng WG 14 and Steve Sweeny WG 14 for a very successful conference. Conference participants included representatives from many segments of the health care industry – the game-changing technologists, analytics experts, physicians, insurers, providers and academia.
“Medical science is more personalized. Health management is more individualized. Information is more democratized. And health care decision-making is more patient-driven than ever.” The healthcare landscape is witnessing the 5 trends that are creating chaos and enormous opportunity.
- New Customer Segments: With Affordable Care Act new customers are gaining access to the system and old customers are gaining more access.
- New Payment Model: From free for service to a cost conscious customer driven by an incentive system to share risk and responsibility.
- New Care Model: Integration of services and consolidations of groups across the spectrum. Emergence of alternate care models.
- New Technology as an enabler: Greater ability to access information, remote monitoring, gaining and transmitting information.
- New Consumerism: Empowerment of consumer to make better informed choices.
Keynote speaker Daniel Kraft redefined fundamentals and teleported the audience into a world where an individual is the “CEO of their health.” In his impactful key note Kraft said that Health Care is frozen and needs to transform to be “predictive, proactive, personalized, preventive and participatory.” Kraft shared a future vision of physicians prescribing apps to patients, consumers checking their health stats as often as their mailbox and looking at the world equipped with relevant actionable information.
How would you look three months from now if you continue to have those doughnuts every morning?
What is the risk of catching a cold if you shake hands with the person in front of you?
The panel on the future of medical delivery discussed transforming care from episodic and reactive to continuous and proactive. Andrew Sussman the President of MinuteClinic and Associate Chief Medical Officer at CVS described Minute Clinics as a point of entry into the traditional systems of healthcare. These clinics provide easy access to high quality affordable medical care. The new customers require new solutions – half of the patients at minute clinic are there during evenings and weekends to avoid expensive emergency care. The other half of patients do not have a physician. As the incentive system evolves and cost consciousness increases, minute clinic will grow in importance. The aching shortage of physicians will continue to push the system for new forms of care delivery. Common theme across the conference was the role of tele-health, virtual health consultation, reducing the need for hospital care preventive measures.
Sandra L. Fenwick, President and Chief Executive Officer of the Boston Children’s Hospital, shared her deep commitment to discovery and innovation. She described a growing focus on elimination, eradication and prevention of diseases. Progress in gene therapy will allow us to predict diseases when a child is born and prevent from developing.
Patrick J. Geragthy, Chairman and Chief Executive Officer at Florida Blue, spoke about the importance of engagement, describing a partnership with Walt Disney to educate kids about hydration, nutrition and activity through games.
Bringing these big ideas to life were the startup show case presentations.
- AirCare: A healthcare platform that allows any clinician the ability to remote monitor and interact with the patient addressing the $30bn/year spent on readmission expenses.
- Fittly: An app that allows customers to create personalized meal plans and then delivers fresh ingredients to their homes making a nutritious cooked meal reality.
- Picwell and Wellthie: Both offered tools tools to consumers to choose the right health plan simplifying the plethora of choices for decision making
- Seratis: A unique mobile messaging application streamlines patient care team coordination by enabling physicians to quickly communicate with patients care team.
Wharton Health Care Business Conference provided a ground for ideas to discuss and flourish. The conference held testimony to Wharton’s mission of Knowledge for Action.