Over the course of three days at the Mayo Clinic‘s annual Transform conference, featuring scores of healthcare’s top names, several themes stood out. Here’s what I gather were the main points.
1. Economic factors and barriers are just as important in determining health outcomes for the population as a whole. It stands to reason – people with fewer financial resources are often forced to choose between paying for a costly lab test or doctor visit or putting food on the table, among countless other instances and examples.
This isn’t particularly surprising or new thinking, but perhaps if those seeking to inject new technologies into the healthcare realm – to disrupt, as it were – keep this in mind, the focus won’t simply be on the increasing consumer element of healthcare, but also on access and social improvements. One wonders: Can the new technologies being developed, such as a predictive analytics, be applied to the social setting instead of just the clinical or business setting?
When Investment Rhymes with Canada
Canada has a proud history of achievement in the areas of science and technology, and the field of biomanufacturing and life sciences is no exception.
It’s not clear that there’s a direct answer just yet, but plenty of people felt compelled to mention it. We always hear that healthcare is different from any other sector, and perhaps this is where tech and healthcare can come together – not just looking to take profits or market share away from established giants like in finance or transportation or entertainment, but in providing the tools for people to be in a better financial position, which in turn can help lead to better outcomes. It seems lofty, maybe even pie-eyed, but it’s still a thought worth exploring.
2. Healthcare as a place needs to be re-imagined, which ties in with both the increased consumer-driven movement and the above-mentioned economic factors that, in current-day healthcare, often require people to drive miles upon miles out of their way for seemingly routine procedures. Telehealth and telemedicine, or whatever you’d like to call it, can be an important step in addressing this, but it’s not a cure-all.
That this was mentioned, more than once, at the Mayo Clinic, one of the top international medical destinations, was not lost on the crowd. However, no one is suggesting getting rid of hospitals or urgent care or sophisticated outpatient centers. But the notion of forcing consumers to leave the comfort of their home for simple primary care matters, like checking for an ear infection or strep throat, when the technology exists to hold consultations remotely, should be reconsidered. Even dispatching providers to people’s homes can be more efficient, particularly for those elusive low-income patients who may lack transportation. Expect more startups and providers to explore the concept of the home visit enhanced through technology.
3. Big data in healthcare won’t slow down anytime soon, and it’s getting difficult for even the most advanced providers to contend with the onslaught of new information. We hear about big data on a near-daily basis, but it’s actually getting to the point where it can be too much. Payers and providers alike need to determine what sort of data is good data, and then how to apply that data to its patient base. The tools being developed to handle all of this data are being formed as we speak, so plenty more to come in this area.
One final observation: Nearly every speaker seemed to hail from established healthcare, insurance, pharma, medical and tech companies, along with government and public health experts. While each gave excellence presentations from absolutely valid standpoints within healthcare, there seemed to be a relative paucity of startup voices present — although there are some. The nearby Twin Cities have quite a few. Perhaps next time they’ll have a chance to weigh in on the transformation taking place in healthcare.
