For years, CB Insights’ machine intelligence platform, intelligence analysts, and global network of executives and startups have empowered people to tackle some of the hardest questions in healthcare — including its many silos, its complicated logistics, and the emerging technology that could finally make the promise of connected, personalized and convenient care possible. And it’s for these reasons that the disruptive Workpath team was quick to participate in CB Insights’ first ever Future of Health conference last week. The inaugural event, hosted in New York City, brought together over 600 healthcare leaders, creative thinkers, and innovators. We’ve rounded up some of our favorite moments from the event to inspire you to think about ways we can deliver the best care possible in-person at the time and place that is best for the patient:
The Hospital of the Future
Driving every presentation and discussion at Future of Health, one core theme emerged: now is the time for new innovations to shake up how healthcare providers deliver their care. Nowhere is this theme more evident than in health systems. The Future Health demonstrated how digital health innovations are changing how clinicians and hospital administrators approach patient care in virtually every aspect of healthcare. New digital tools have emerged to streamline the long list of inefficiencies currently experienced in the healthcare industry and we can no longer wait to implement new tech to help get patients to appointments (or bring appointments to them), improve care coordination, reduce hospital acquired infections, simplify billing processes, and more. During the conference, Melanie Evans, hospital reporter at The Wall Street Journal, and Redonda Miller, president of John Hopkins Hospital, drove home the point that today’s hospitals have to be much more than beds, equipment, doctors, and nurses. “If you were sitting in our Command Center, you would think you work at NASA,” shared Miller, pointing out that by using new technology her team can predict the bed needs the hospital will have two to three days ahead. When asked about the hospitals build/buy/partner decisions, she shared, “We are eager to partner with startups. There’s no one template for us, we craft it as we go along. It’s not just about the tech of a company, but also the fit.”
Bringing Medical Imaging to Remote Communities
It’s now possible to revolutionize front-line global medicine using a hand-held ultrasound scanner. Nevada Sanchez, Co-Founder and Research Scientist at Butterfly Network Inc., shared his inspiring vision of the future of health with Erin Brodwin, health tech reporter for Business Insider. His product, the Butterfly, is not much bigger than a cell phone and is battery-powered. Offered at an accessible price point, this extremely portable and durable scanner has life-saving potential in rural communities throughout Africa, Asia and Latin America, where the nearest X-ray machine may be hours away. Sanchez says that two-thirds of the world’s population has no imaging option, despite the fact that handheld ultrasound has been around for decades. “The key is accessibility and the first component is cost,” he pointed out to Future of Health participants. “You’re talking about $20,000 machines and we got ours down to $2,000.” Thanks to partners across the world who are now using the Butterfly in low resource settings, what used to be a luxury is now becoming part of sustainable healthcare for all.
It’s a Logistics Problem
Josh Mark, a key member of the Healthcare Intelligence Team for CB Insights, took the stage at the Future of Health to talk about the biggest challenge in the industry – logistics. Using the pharmaceutical industry as the prime example, Mark shared, “The pharmaceutical supply chain is not a healthcare problem, it’s a logistics problem.” As an example of how to directly solve this challenge, Mark pointed to Amazon as “a master of logistics.” According to Mark, four insurers control 84% of the pharmacy benefit manager market (PBMs). “Amazon is a good candidate to disrupt this space because, as we’ve seen, they don’t need a profit opportunity to compete in a space.” He highlighted to the following components of the healthcare systems, stating:
-Therapeutics: Amazon could be the perfect partner
-Providers: Amazon delivers lower-cost drugs
-Payers: Amazon may offer a better drug benefit
Mark concluded his insightful presentation by reminding the audience, “I know you might not think that all of this could happen in the next few years, but remember Alibaba has already done all of this in China.” With 5M estimated sellers on Amazon, 1.2M employees between Amazon-JPM-Berkshire, and 310M active customers, Amazon has a large testing ground and aggregated consumer demand.
Patients as Customers
Doug Hirsch, Co-Founder & Co-CEO of GoodRx, is on a mission to create new ways for Americans to spend less for high-quality healthcare. Realizing that Americans lack a one-stop destination for prescription discounts and prices, he set out to create a solution. Today, GoodRx serves as an online marketplace for discounts on prescription drugs and even has the ability to connect its customers with doctors who can write prescriptions. GoodRx, along with other telehealth companies like Hims and Roman Medical, are making quick and convenient prescriptions possible. And through GoodRx’s acquisition of HeyDoctor, the growing business can arrange a doctor’s appointment opposed to a trip to an urgent-care clinic and then direct the patient to the pharmacy with the best deal. “We really only have one customer, and that’s the American patient. And that’s what we’ve focused on and we’ve been rewarded for that,” shared Hirsch from the stage as he was interviewed by Lydia Ramsey, senior health reporter for Business Insider.
Shaking Things Up with Digital Health
CB Insights released its first ever annual cohort of Digital Health 150 startups, a list of 150 of the most promising private companies creating innovative products and services in the $5T+ healthcare industry. CBI Insights’ research team selected 150 startups from a pool of 5K+ companies based on several factors, including patent activity, investor profile, proprietary Mosaic scores, market potential, partnerships, competitive landscape, team strength, and tech novelty. Check out the full list, ranging from disease diagnostics to tech-driven health insurance platforms to AI tools for drug discovery, here: https://www.cbinsights.com/research/digital-health-startups-redefining-healthcare/
More Digital Health Insights
And with that, CB Insights wrapped up its first-ever Future of Health conference. In addition to inspiring presentations, the Future of Health concluded the event by encouraging anyone serious about healthcare to visit its Portal for the latest in healthcare research: https://www.cbinsights.com/research/digital-health/
Why Future of Health is Important to Workpath
At Workpath, our mission is to offer a powerful technology platform that enables healthcare organizations to seamlessly manage and dispatch their labor to deliver care whenever and wherever its needed. Throughout the Future of Health conference, and in all of the examples above, it’s clear that at the center of quality care is the ability to match the right care provider to the patient at the right time and place. Workpath makes this possible by partnering with healthcare leaders to make insurance exams, mobile imaging, mobile phlebotomy, drug testing, hospice care, emergency services, telemedicine, and other healthcare services as convenient, personalized, and effective as possible for everyone. Healthcare organizations around the country use Workpath to reduce the time it takes to assign their labor to an appointment and provide step-by-step instructions and supplies required for superior customer service. Using Workpath's customized patient communication and automated reminder system, Workpath’s partners improve their patient satisfaction while reducing their scheduling time and reducing the time it takes to identify and dispatch the right examiner to the right place at the right time. For more, visit www.workpath.co.