Healthcare Innovations Paddy Padmanabhan paddydamoconsultingnet IIT Bay Area June 9 2018 Healthcare challenges and trends driving innovation Healthcare reforms Cybersecurity challenges The financial and reputational cost of a breach affecting patient health can far exceed the lost revenu ID: 773904
Download Presentation The PPT/PDF document "Healthcare Innovations" is the property of its rightful owner. Permission is granted to download and print the materials on this web site for personal, non-commercial use only, and to display it on your personal computer provided you do not modify the materials and that you retain all copyright notices contained in the materials. By downloading content from our website, you accept the terms of this agreement.
Healthcare Innovations Paddy Padmanabhanpaddy@damoconsulting.net IIT Bay Area | June 9, 2018
Healthcare challenges and trends driving innovation Healthcare reforms Cybersecurity challenges “The financial and reputational cost of a breach affecting patient health can far exceed the lost revenue from business disruption.” ─ PWC “Health reform isn’t over, it’s just more complicated.” ─ PWC “Advances in connected devices, including sensors, wearables and implantables that enable consumers and clinicians to pro-actively track and manage health, anywhere, anytime, and from any device.” ─ KPMG IOT &wearables High cost of treatment “Treating people with chronic diseases accounts for 86% of our nation's healthcare costs.”─ CDC Focus on VBC “The historically predominant fee-for-service business models are being replaced by risk-sharing models based on integrated, team-based care.”─ Accenture Disruptive technologies “The convergence of blockchain with emerging technologies such as AI, ML, mHealth and IoMT provide new opportunities to explore digital health economies by 2025.” ─ Frost & Sullivan @paddypadmanabha 2
Technology vendor landscape* *From The Big Unlock: Harnessing data and growing digital health businesses in a value-based care era @paddypadmanabha The custodians We have the data and the workflow The enablers We built it, you can rent it The arbitrageurs We can do it for you (and for less) The innovators We have a whole new way of doing it Technology vendors 3
Innovation in healthcare @paddypadmanabha 4
Innovation focus areas and examples Smart glasses Chatbots Remote monitoring 3D printing Smart sensors Virtual reality Smart clothing Artificial intelligence Blockchain CRISPR Artificial Intelligence Artificial Intelligence Big Themes Top Healthcare Innovation - 2018 Direct-to-consumer (DCT) genetic testing Acuity-adaptable care delivery models Confirm Rx Distraction-based virtual reality (VR) for pediatrics NeuroAD Therapy System Neonatal MRI system Micro Hospitals Source: Advisory Board, ECRI Institute, PWC, Damo Research Population Health @paddypadmanabha “Growth in the AI health market is expected to reach $6.6 billion by 2021” ─ Accenture 5
Market partnerships that are driving innovation Humana, MultiPlan, Optum, Quest Diagnostics and UnitedHealthcare partner to launch a blockchain driven pilot program to improve data quality and reduce administrative costs burden related to provider directories (by using the encrypted system of data exchange that relies on a distributed ledger). 2 nd April, 2018 JPM, Amazon, and Berkshire form joint venture to focus on using big data, virtual technology, better customer engagement and more consumer choice to address critical healthcare problems and issues. 5th April, 2018 @paddypadmanabha 6
Where is all the money going ? @paddypadmanabha On average, $5.2 billion was invested in the U.S. Health IT market in each of the last 5 years. ─ Healthcare Growth Partners, Jan 2018 7
Innovation funds: how providers are supporting innovation UPMC enterprises corpus: $120M annually (a part of the UPMC R&D budget - less than 1% of UPMC revenue). 3 rd March, 2018 Partners Healthcare fund: $171.1 million to develop new technologies in the laboratories of Partners HealthCare system. 8th January, 2018 Mayo Clinic venture innovation fund: 4% of Mayo Clinic Ventures net licensing income with a focus on early stage and concept technologies. 2015Intermountain innovation fund: $35 million fund (launched in 2015 and managed by Healthbox, a partner for innovation and entrepreneurship in healthcare). Optum venture fund: $250 million (launched in November 2017 to invest healthcare data and insights companies. 29h Nov, 2017 @paddypadmanabha 8
https://www.damoconsulting.net/book-the-big-unlock/ https://www.cio.com/blog/healthcare-technology-trends/