Representatives from many of the nation’s leading health systems, health plans, and healthcare technology firms attended PNC’S Healthcare Symposium at the Breakers in Palm Beach, Florida.
PNC’s 2018 Healthcare Symposium created a unique forum for healthcare executive-level discussions on key industry trends and challenges. Extensive peer-to-peer conversations on topics that are relevant at the C-suite and board level included:
Governor Jeb Bush presented the keynote address which focused on his perspective on the political climate in Washington and current discourse in American politics.
Karen Larrimer, Head of Retail Banking and Chief Customer Officer for PNC, shared her experiences of PNC’s digital transformation in the rapidly changing retail environment, including parallels between the banking and healthcare industries.
Amazon’s Global Healthcare Leader Chris Holt shared his company’s culture of innovation inclusive of starting with the customer and working their way backward. They start with understanding who the customer is, the specific problems and opportunities the customer faces, and what the entire customer experience looks like.
Bruce Broussard, CEO of Humana, discussed encouraging leaders to shift from being internally-focused to consumer-focused, developing analytics not only for business metrics but also to help enhance the personalization of the consumer interactions throughout the care continuum. Migrating from technology solutions functioning in silos to solutions that create a positive customer experience is also essential, he noted.
He also touched on the importance of integrating healthcare ecosystems in order to foster more coordinated, simplified consumer interactions.
He shared how the intersection of strong relationships with consumers and robust clinical assets will differentiate industry leaders in the future, indicating that “Health Advisors” may drive the future of integrated health care delivery by building and leveraging key success factors such as strong branding, market relevance, and frequent consumer touch points.
From the provider perspective, Trinity Health’s CFO Ben Carter shared the company’s strategy for a “People-Centered Health System.” Insights included success with episodic delivery initiatives and Trinity’s significant investments in making their outpatient services more efficient and patient-friendly. They have also found success in expanding telemedicine in home health. Carter also stressed the importance of adapting to the increased velocity of consumerism in the industry by approaching interactions with patients not as transactions but as opportunities to build relationships.
He noted that healthcare companies are competing for control of the initial healthcare access points, or “first dollar” positioning, thus fostering mergers and collaborations between traditional payer, retail and provider participants as well as new market entrants. He shared how Trinity Health is creating its own disruption in order to reduce cost, errors, and waste by further integrating supply chain processes into the health system.
Dr. Shahram Ebadollahi with IBM Watson Health, discussed the role technology will continue to play in disrupting the healthcare industry. He cited significant recent advances in artificial intelligence (AI), and the potential for AI to impact health by facilitating analyzing of the vast amounts of exogenous, genomic and clinical data that exist both inside and outside health systems.
Dr. Ebadollahi examined the role of healthcare as one of the leading industries to leverage blockchain technology, second only to the financial services industry. He cited studies that reveal how healthcare companies are benefiting from blockchain technology for clinical trial records, regulatory compliance, and electronic health records.
Ascension's VP of Innovation, Chris Young, revealed how AI is emerging as a key tool for disease identification and management and how blockchain distributed technology is driving transformation in the ways healthcare industry stakeholders are processing data and transactions both from a clinical and financial perspective. He also believes blockchain technology has the potential to transform key processes in healthcare administration such as identity management, preauthorization and eligibility verification and claims processing, among other processes.
Left to right: Panel moderator, Chris Ward, PNC's Treasury Management Group; Shahram Ebadollahi, VP of Innovations & Solution Incubation at IBM Watson Health; Chris Young, VP of Innovation at Ascension Health and Chris Holt, Leader of Amazon Global Health, shared their visions of how technology will continue to drive immense change.
Turner Bredrup with Harris Williams & Co. noted that recent larger mergers across healthcare industry segments are being motivated by opportunities to merge complementary platforms and accelerate healthcare companies’ evolution in providing better care, improving efficiencies, and protecting competitive advantages.
He specifically referenced recent high-profile M&A activity and how consolidation has driven by opportunities such as shifting care delivery to lower cost settings and improving data analytic/predictive modeling capabilities.
For additional details on the content of the Symposium, please contact your healthcare relationship manager or Brian Kelly, head of PNC Healthcare: email@example.com
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