On Friday, April 24th, Centric Cleveland hosted a Healthcare Insiders Forum at Case Western Reserve University’s Weatherhead School of Management. Centric Cleveland invited two distinguished healthcare professionals, Prof. JB Silvers and Dr. Leo Pozuelo, to navigate current challenges faced by this complex and ubiquitous industry. JB Silvers is a professor of finance at the Weatherhead School of Management, and Dr. Pozuelo is the section head in the department of Psychiatry and Psychology at the Cleveland Clinic. The two-hour discussion that ensued gave rare glimpses into the sea of inevitable transformation impacting healthcare providers, payers, and patients.
A special thanks to Julie Ortenzi and the Career Management Office at the Weatherhead School of Management for providing a perfect venue to host the event. Cleveland’s University Circle neighborhood has become an epicenter for medical innovation and talent in Cleveland, and Centric Consulting is thrilled to take part in the passionate revitalization of this part of the city. According to Team NEO, the projected growth in the region’s healthcare sector from 2012 to 2020 is approximately 13 percent, or more than 40,000 jobs.
Here is a summary of topics covered:
- What do you think are the biggest challenges faced by healthcare providers given the explosion of clinical data?
- What are the challenges of maintaining an Accountable Care Organization status?
- How is the industry coping with the Affordable Care Act?
- What is driving growth in the healthcare and biomedical sectors in Cleveland?
- What are the major problems for consultants to solve?
The discussion resulted in a broad spectrum of topics. So in lieu of an elaborate summary of the discussion, here are a couple of thought-provoking themes that stood out.
- Predictive Analytics – Hospitals such as the Cleveland Clinic have opted into the Accountable Care Organizations (ACO) status, which means that healthcare providers inherit a patient population. ACOs incentivize quality improvement and care coordination by linking costs with patient outcomes. This creates the need for monitoring and analyzing patient outcome data. Data gathering and predictive analysis will be crucial in assisting physicians with the ability to provide “proactive” healthcare. With outcome-based care leading the transformation, healthcare providers will need to more efficiently share clinical data and break down intra-departmental and inter-company silos.
- Telemedicine – Cost reduction and better access to quality healthcare for a larger population are some of the major factors for this emerging industry. Use of collaboration, information security, biomedical hardware, and mobile technology will need to be well orchestrated to commercialize a fully functional system.
About Centric Cleveland’s HealthcareIndustry Insiders Forum
Centric’s Healthcare Industry Insiders Forum provides a unique and rewarding opportunity for healthcare leaders. We offer a confidential setting where leaders can share and learn about common challenges and best practices within the healthcare industry.
Attendees gain an invaluable network of trusted healthcare professionals, participate in best practice discussions and get access to industry-related resources.
Interested in learning more or attending a future meeting?
This is merely the first edition of the Healthcare Industry Insiders series. Centric Cleveland plans on conducting more such events.