Big Topics in Small Doses Episode 7: Transforming Healthcare in 2023. Three Catalysts to Watch
Transforming healthcare in 2023: Three catalysts to watch
Hello everyone. Thanks for joining us for this special edition of Healthy Dose of Dialogue podcast. In this episode, we look to the far horizon, thinking about healthcare's fast-changing future and listening to industry insiders as they spotlight three major catalysts transforming care.
With 2023 approaching, the healthcare industry continues to change at a rapid pace. Recent studies show tremendous shifts, with more investment, innovation, and new players from diverse industries entering the market.
In 2021, a study from StartUp Health reported more than $44 billion was raised globally for health-related innovation – double compared to 2020. Outside this investment, demand for healthcare has become a forcing factor for change. As more people relocate to cities, urban density is compelling health facilities to serve larger populations. And with people living longer, the need for quality care is ever-present.
There is also the rising price of health care. Today the average family pays more than $22,000 per year for health insurance and prices are only rising. Against these pressures, innovators, entrepreneurs, policymakers, and health providers are working diligently to evolve the industry.
[ #1 Technology ]
When speaking to health experts, technology is called out as one of the biggest catalysts driving reform. Not only is technology improving the efficiency and effectiveness of care, the data it produces is enhancing the quality and accuracy of that care.
Narrator: Just ask Sarah Hill, the CEO and founder of mental fitness company Healium. She says technology unlocks the potential for a new generation of safer and more affordable treatments. Healium provides virtual reality and augmented reality experiences to reduce stress, and in many instances, Hill says this reduces or eliminates the necessity of prescription drugs.
Sarah Hill – EP30, 19:08-19:36: "It's interesting, VR has been shown to be just as effective as a dose of hydromorphone, or Dilaudid, powerful painkillers. And, you know, you think of that with the rise of the opioid epidemic, people are looking for more drugless solutions ... that's another reason why this whole industry has taken off."
Narrator: The rise of health data has also been a game changer. At Gemini Health, founder and CEO, Dr. Ed Fotsch, has developed a digital platform for physicians to compare prescription drug data. This information has helped doctors recommend alternative medications that are more affordable and effective than high-priced competitors.
Dr. Edward Fotsch – EP32, 4:54-5:00: “If you don’t have transparency, you cannot have competition … [27:58-28:06] “that's how you make things affordable. You have a competitive landscape and you make sure that there's lots of alternatives, that there's a lot of transparency.”
[ #2 Health care Delivery ]
Narrator: As the second major catalyst evolving the industry, health delivery is undergoing a metamorphosis. Employers are looking to accountable care models to improve delivery, while startups are providing new treatments that broaden access to care.
For instance, in 2022 the employer group PBGH, which represents the health care interests for some of the largest employers in the nation, launched its “Health Value Index” to monitor health plan performance. The index gave many employers data for the first time to compare plan performance.
Narrator: Employers are also using technology to improve care delivery. Telehealth has allowed health providers to deliver services across state and city borders. And for patients, it can be a lifeline to desperately needed help.
Naomi Allen, the co-founder and CEO of telehealth startup Brightline, said she started her company when she realized how difficult it was for children and teens to find licensed mental health providers. Today, her startup regularly helps children and their families in areas where licensed specialists don't exist.
Naomi Allen – EP17, 6:42-6:54: "If you're a family that goes through a need, whether it's profound or not, whether it's something small or big, it's the most important thing happening in your family at the time.”… [7:27-7:34] There needed to be just a massive overhaul of the way we think about care delivery and the pediatric behavioral health space."
[ #3 Specialized care ]
Narrator: Specialized care is the third catalyst driving change. With new digital tools, research, and a global marketplace of solutions, there is a wider spectrum of specialized services. Whether it’s physical therapy, cardiology, or mental fitness, there's a new market of startups offering unique treatment options.
One such startup is Carrot Health, a digital platform providing fertility care. Carrot's founder and CEO Tammy Sun said that before she launched Carrot, she was shocked to see the scarce options for fertility services.
Tammy Sun - EP13, 12:57-13:30: "It's no longer the case that people think about fertility care as a coastal issue, or a tech worker issue, where a lot of those residual misconceptions were probably stronger when we got started. Now though, I think people everywhere are thinking about fertility.
Specialized care can also be delivered at scale. As the chief clinical officer for the guided meditation and wellness company Headspace Health, Dr. Dana Udall said she’s watched as telehealth technologies have enabled thousands to gain access to innovative mental health treatments.
Dr. Dana Udall - EP28, 16:55-17:13 “In 50% of US counties, there are no mental health providers…So telehealth is going to continue to play a really crucial role when it comes to expanding access.”
These new avenues for specialized care, combined with innovative health delivery models and digital advances, round out our three catalysts transforming care. What do you think will be the biggest catalysts to impact health in 2023? Join us on LinkedIn and Twitter to keep the discussion going. And don’t forget to visit www.doseofdialogue.com, where you can listen to all our episodes and hear from the industry experts mentioned in this special episode.
Thanks for listening.
Listen to the full episodes referenced here by clicking the links below:
EP13: A Dose of Fertility Care with Tammy Sun
EP17: A Dose of Pediatric Behavioral Health Care with Naomi Allen
EP19: A Dose of Disruption and Reform with Elizabeth Mitchell
EP28: A Dose of Mental Health Trends and Digital Innovations with Dr. Dana Udall
EP30: A Dose of Digiceuticals and Mental Fitness with Dana Hill
EP32: A Dose of Price Transparency and the Role of Pharmacists at the Point of Care with Dr. Edward Fotsch