by Sheila Talton
Excerpts from Article
What does the partnership of Jeff Bezos, Jamie Dimon, and Warren Buffett mean for health care? It means disruption is at the doorstep—disruption that will be driven by data. If there’s one certainty about the Darwinian future of health care, it’s that those able to harness the possibilities of focus and technology will eventually prevail. And providers who can make targeted use of the troves of data at their fingertips will have the agility to thrive in a fast-changing industry ripe for disruption.
Health systems can’t compete with Silicon Valley’s global network of cloud platforms and army of expensive data scientists on the tech frontier, just like Apple and Amazon are in no position to compete when it comes to clinical care. Health systems that try to replicate Silicon Valley smarts are ignoring a lesson that corporate America learned years ago: Companies that attempt to do everything excel at nothing and fail slowly vs failing fast.
As America’s health care system continues a radical shift to value-based care, and hospitals make the necessary pivot from fee for service-based to outcome-based thinking, there’s a huge opportunity to refocus organization priorities. Hospitals that have drifted from their core business of care have a chance to strategically use partners for noncore operations and build a dynamic network of partners with particular expertise, working toward a common goal of improving patient care while managing the cost.
While some hospitals are out ahead by realizing they should harness the power of data to deliver better care, too many may find themselves pushed to the side as Silicon Valley’s masters of data and customer experience create their own systems. Big tech won’t do it alone, but hospitals that resist the forces of change and ignore the need for agility won’t be around to see how it plays out.