#4: The Impact of technology on Healthcare

With- Jamey Edwards Duration: 21 minutes

In Conversation with  Jamey Edwards

Chief Platform Officer at StartUp Health, which was founded in 2011 to invest in a global army of entrepreneurs called Health Transformers, committed to achieving health moonshots.

Jamey joined StartUp Health in 2022 to lead its efforts to support scaling digital health innovation across its own operations and portfolio. Jamey is a serial healthcare entrepreneur with over 25 years of experience in building successful companies, having led or participated in transactions worth over $10B of the transaction value.

 

Podcast Insights:

  1. There is a strong need for the traditional healthcare culture to evolve. However, there is a strong resistance to change owing to a risk-averse culture due to multiple lives at stake, billions of revenue at stake, and strict regulations to address.
  2. Covid exposed the underbelly of the healthcare system. Every central healthcare institute now has a healthcare equity initiative, which is excellent.
  3. Technology has the greatest impact on healthcare. During Covid, the healthcare sector witnessed huge investments worth $ 40 billion, which dropped to $ 23 billion in 2021.
  4. Ultimately, successful technology integration requires a collaborative approach involving inputs from all stakeholders, like patients, healthcare providers, and IT professionals.
  1. Telemedicine is an excellent example of creating a higher level of care. No wonder it’s expected to boom to a 130-billion-dollar industry in 2025.
  2. During Covid, organizations like Kaiser extended 50% of healthcare services digitally, creating a favorable environment for patients to receive appropriate care irrespective of their geographical location.
  3. Telemedicine greatly serves society as it reduces care costs, improves contact between physicians and far-off patients, promotes better connectivity, and saves time.
  4. However, telemedicine also challenges the digital platform to imitate real-life environments and offers therapeutic and diagnostic care.
  1. Mckisney recently revealed a $ 250 Bn digital transformation opportunity available only in the US. That shows the tremendous potential of new-world technologies that are taking over.
  2. The doctors and other supporting medical staff are constantly being pushed to work harder and harder at lower pay. Technology comes as a big respite.
  3. Hospitals and health systems are centered around platforms, so collaboration and interoperability are crucial. This also allows the patient to carry data from one doctor to another.
  4. New regulations are coming up to drive the improvement of information sharing across platforms.
  5. It’s essential to break down silos and build cross-functional teams. We must integrate or talk to each other in a hospital with all the collaboration tools. Consequently, one common data platform or data lake is essential for joint decision-making.
  1. Artificial intelligence (AI) – AI can be used to develop personalized treatment plans based on a patient’s medical history, genetics, and other factors, which is a great add-on.
  2. Telemedicine – With telemedicine, patients can receive medical advice, diagnosis, and treatment from healthcare providers via video conferencing, phone, or other digital channels, offering great convenience
  3. Chat GPT – With tools like Chat GPT, businesses can improve their efficiency and decision-making.
  4. This can help businesses to identify new opportunities, mitigate risks, and improve their overall performance.

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