Big Data: Improving outcomes, lowering costs, increasing patient satisfaction with innovation

In a recent interview with the Health Data Consortium, Dr. Jordan Shlain, founder of HealthLoop, offered some advice to aspiring entrepreneurs looking to break into health care—“Health care is a people business in need of technology, not a technology business in need of people. . .[this] implies that there’s [sic] a lot of people building health tech that they need people to interact with, rather than seeing where there is a real need and figuring out how we can leverage technology and make people’s lives better.”

Digital health innovation has exploded within the health care industry, creating more opportunities to share data. By mid-2014, digital health funding approached $2.3 billion, a 170 percent increase over 2013.[1] This trend is anticipated to continue with the market for digital health expected to surpass $200 billion by 2020.[2]

That said, many entrepreneurs still struggle with developing a sustainable business model in digital health. Various regulatory uncertainties have also added an additional layer of complexity for entrepreneurs trying to develop a sustainable business model.

However, the growing shift from the current fee-for-service payment model to value-based payment models is beginning to alter this paradigm. Instead of encouraging volume over value which results in inefficiency and wasteful spending, value-based payment models recognize the importance of data liquidity and access to quality information to better inform timely clinical decision-making. It also makes stakeholders more accountable and encourages patient engagement—opening up opportunities for innovators in digital health. The overall result? Improved outcomes, lower costs and increased patient satisfaction powered by innovation.

Every year, Health Datapalooza brings together a wide spectrum of health care stakeholders including government, app developers, providers, payers, academia and consumers focusing on the transformative power of health data. This year, the Health Data Consortium has put together an exciting lineup of high-profile speakers including: Esther Dyson, Founder of HICCup, Bruce Broussard, President and CEO of Humana, Aaron Levie, Co-Founder of Box, Secretary of Health and Human Services, Sylvia Burwell and Dr. DJ Patil, Chief Data Scientist and Deputy Chief Technology Officer for Data Policy in the Office of Science and Technology at the White House.

In addition to these exciting speakers, attendees of Health Datapalooza with have an opportunity to learn how data is being leveraged under value-based payment models to improve health and health care, how to navigate the often-overwhelming FDA review process and finally, explore the Health Showcase at Health Datapalooza. Sponsored by Startup Health, the Health Showcase not only offers developers an opportunity to demonstrate their apps but offers an opportunity for you to network with some of the leading companies in health care and technology while increasing awareness of your latest tools.

Join us May 31-June 3 in Washington, D.C. for Health Datapalooza, and be a part of a people business in need of technology.

 

 

[1] Hagel, J., Keith, J., Brown, J.S., Samoylova, T., & Hoversten, S. (2014). A Consumer-driven Culture of Health: The Path to Sustainability and Growth. Retrieved from: http://dupress.com/articles/future-of-us-health-care/

[2] Id.

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