Can the World’s Biggest Companies Save Health Care? | Deloitte US has been added to Bookmarks.
By Margaret Anderson, managing director, Deloitte Consulting LLP
It’s no secret that we often don’t get what we pay for when it comes to health care. While we spend upwards of $3.5 trillion a year for health care in the US1, our longevity, infant and child mortality, and maternal mortality fall behind other countries.2 Eric Topol, author of the book Deep Medicine, calls this state of play “shallow medicine” where our life expectancy is declining, and health care utilization is increasing. He points out we are “bending the curve in the wrong direction.” Embedded in this narrative is the state of play for physicians (high burnout rates, suicide rates that are the highest for any profession,3 and 12 million serious diagnostic errors each year4). Large consumer-centric platform companies such as Google, Amazon.com, Inc., and Apple Inc.5 are trying to reshape the existing health care model and change the trajectory that we are on.
I recently moderated a panel at the Milken Institute Global Conference, where we took a quick spin through the current state of health care in the US and peered ahead into the future of health. Alex Moazed, author of Modern Monopolies (a book about the evolution of platform business models) explained that “platforms create the means of connection versus production.” Today’s health and life sciences sectors appear to be headed toward a transformation that is likely be built on a platform business model.
Can the frictionless consumer experience we now have in banking, retail, and entertainment be achieved in health care? Can the data generated by our digital devices—combined with greater penetration of electronic health records (EHRs)—lead to better patient outcomes and improved efficiencies? Here are some of the highlights from our discussion:
These are early days as we chart the future of health, but I left this panel energized and optimistic about some things on the near and long-term horizon.
1. US Centers for Medicare and Medicaid Services, National Health Expenditures 2017 Highlights
2. Kaiser Family Foundation analysis of data from OEC, 2017
3. American Psychiatric Association (APA) 2018 annual meeting.
4. National Academy of Sciences, Improving Diagnosis in Health Care, 2015
5. A disclaimer of sponsorship, affiliation, or endorsement by Apple, similar to the following, is included on the publication and on all related printed materials “The Deloitte Center for Health Solutions is an independent blog and has not been authorized, sponsored, or otherwise approved by Apple Inc.”
Margaret is a managing director engaging across the federal health, nonprofit, and life sciences sectors where she is focused on advancing treatments and interventions for patients, as well as helping to improve the outcomes and efficiency of research and delivery systems. Prior to Deloitte, Margaret advocated for cross-sector collaboration, cultivated a culture of innovation, and engaged patients as partners while serving as executive director of FasterCures, a Washington DC-based center of the Milken Institute. She has worked on biomedical and public health policy serving previously at the Academy for Educational Development, as program director at the Society for Women's Health Research, and as a health science analyst at the American Public Health Association. Margaret has served on national boards and committees including the National Institutes of Health (NIH), National Center for Advancing Translational Sciences Advisory Council and Cures Acceleration Network Review Board, and National Health Council. She currently serves on the boards of ACT for the NIH, Asthma & Allergy Foundation, and Melanoma Research Alliance. She holds a bachelor's degree from the University of Maryland and a master's degree in science, technology & public policy from George Washington University.