This Week in Health Tech What is the future of healthcare? Big Tech healthcare disruption with Unmesh Srivastava
A very exciting packed episode with Unmesh Srivastava in this episode of TWIHT.
Unmesh introduces P3 Health Partners, a health population management group that wants to shift the industry's focus from managing illness to cultivating wellness.
Unmesh manages everything digital at P3 in his role as CTO at P3.
We start out with understanding the timing of revamping and redoing digital strategy at P3.
Unmesh explains the need for this and how Big Tech (Apple, Microsoft, Google, Amazon) is jumping into healthcare. We all agreed that there needs to be disruption in healthcare and it is the right timing, though obviously no one predicted COVID-19 situation.
Vik talks about Big Tech, and mentions that the status quo needs to change in healthcare. Vik mentions Big Tech being questioned by Congress in the antitrust hearings. Vik mentions how combining healthcare data with all the other data that Big Tech already collects is definitely taking it to the next level and probably needs to be concerned about privacy.
Jimmy questions why Big Tech is so eager to jump into healthcare? Unmesh indicates healthcare is close to 18% of GDP and with high costs of healthcare, it is not the most efficient system and needs to be disrupted. Unmesh provides disruption examples of Amazon and Uber in retail and transportation resp.
Vik comments that at the end of the day it is about money and Big Tech sees a huge opportunity. Unmesh explains P3 data fabric and how it all integrates data from different sources (HIE, payers, provider clinics, and more). Unmesh then digs into more details about P3 data strategy and APIs. Build patient and provider experiences based on the normalized data.
Vik indicates a very similar strategy at Tido Inc., using Smart Integration, Tido's team is working w/ health partners to normalize data so it can be used for example by artificial intelligence or machine learning tools, care-coordination tools such Teams, and patient-facing mobile apps.
Unmesh mentions value of data is realized when you can drive actions from the collected data and provides an example of identifying high-risk patients and better remote monitoring.
Vik mentions the example of re-admissions in hospitals and costing a lot for healthcare and so it does make sense to use data to identify patients and also notify physicians using the Secure Notify tool.
The group then digs into Big Tech and regulations. There are no policies and regulations or governance that Big Tech can also follow.
Jimmy, Unmesh, and Vik then talk about future of healthcare. Did heavy-handedness and compliance in healthcare hold back healthcare innovation?
Vik mentions that actually it might be more related to model in healthcare and getting paid for solving the problem after the fact. Value-based model will help innovation and keeping patients healthy. Unmesh discusses about moving away from encounter-based healthcare to value-based healthcare.
Unmesh thinks future of healthcare will be less episodic and more continuous care.
The group talks about an exciting future where we are constantly monitored in different ways like wearables or even chip in the body but it will be more active than reactive.
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Vik Patel - LinkedIn
Tido Inc. - Website
Tido Inc. - LinkedIn