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Authors argue for opportunities in health industry’s embrace of tech
Technology has already transformed fields like banking; now it’s health’s turn, says longtime venture capitalist Harry Glorikian and co-author Malorye Allison Branca
Investors Digest of Canada: www.adviceforinvestors.com/daily-buy-sell-adviser/
The data gathering opportunities that technology offers are changing how healthcare providers measure success by introducing accountability and creating a “gold rush” for more and better information argues Boston based gharry Glorikian.
Mr Glorikian, general partners at New Venture Funds has a long career working with health related startups as an executive and advisor. Along with medical science writer Malorye Allison Branca, he wrote Moneyball Medicine: Thriving in New data Healthcare Market. He also hosts a podcast Moneyball Medicine. where he discusses the use of data with healthcare and life sciences industry leaders.
Mr Glorikian pinpoints the American Discovery and Reinvestment Act of 2009 (the Federal stimulus plan responding to the 2008 global financial crisis) as the start of the digital health in the United States.
Although medical offices and hospitals were already moving patient records from cumbersome hard to access paper files to computers on a piecemeal basis, the act kicked those ideas into high gear. It allocated US$192 billion to improving health-careIT, in particular by implementing electronic health records.
The widespread digitization of patient information gave healthcare providers and insurers access to far greater quantities of data, enabling them to recognise and analyze general health. trends as well as measure the effectiveness of specific treatments with much greater precision.
The accountability is shifting the health industry’s business model to focus on actually improving health as opposed to simply delivering care, Mr Glorikian explains. in the past he observes healthcare. “Health care never had to do that… health care got paid no matter what.