Healthcare Industry Perspectives
Tech, Trust, and Transformation: Health Evolution Summit Highlights from TTCP
October 21, 2021
This past August, TripleTree and TT Capital Partners (TTCP) professionals attended Health Evolution Summit, an annual conference designed to foster collaboration among leaders in healthcare. The conference brought together executives from across the payer-provider spectrum, spurring discussion and engagement around the future of the industry.
As highlighted in a previous blog, Dawn Owens, CEO of TripleTree Holdings, moderated the Payer Insights panel discussion with David Holmberg, CEO of Highmark Health, Felicia Norwood, EVP and President of the government business division from Anthem, and Paul Tufano, Chairman and CEO of AmeriHealth Caritas. Additionally, TripleTree and TTCP professionals participated in conversations with company leaders and key policymakers throughout the week, which informed several takeaways from this year’s Health Evolution Summit:
Harvesting New Data-Driven Insights
During this year’s Summit, speakers continuously emphasized the importance of data in improving quality of care, outcomes, and patient engagement. With advances in computing power and artificial intelligence, leveraging data is increasingly critical for organizations to thrive in healthcare’s dynamic landscape. Unite Us’ acquisition of Carrot Health, Ciox Health’s merger with Datavant, and Covera Health’s Series C financing round, demonstrate strong momentum in the market and desire for these capabilities. Longitudinal data sets and systems that can efficiently harvest insights will be especially crucial as organizations continue the seismic shift to value-based care in 2021 and beyond.
Transformation is Hard, but Innovation is Inevitable
Transformative, large-scale change was another common theme at the Summit. During one discussion, Christopher Chen, CEO of ChenMed, emphasized the immense scale of the United States healthcare system by comparing it to the Russian economy – noting that the U.S. healthcare industry is twice its size. Change is difficult in any industry but can be particularly challenging in a massive, highly regulated market like healthcare. Incumbents resistant to change for fear of a disruption in their business model can also hinder innovation. However, this hasn’t stopped many organizations from progressing. For instance, GoodRx, a provider of prescription price transparency solutions, recently launched a telehealth marketplace that evaluates over 100 telehealth providers, seamlessly integrating the service into its already-robust digital platform. In the post-pandemic healthcare economy, meaningful advancements that make it easier for healthcare consumers to navigate the system will remain a priority.
Developing Trust in the U.S. Healthcare System
The COVID-19 pandemic, coupled with a volatile political climate, has brought to light new realizations about trust in the U.S. healthcare system. At the Summit, Jan Berger, CEO of Health Intelligence Partners, discussed how the system is not always the most trusted place for healthcare advice. Many consumers instead look to religious institutions, barbershops, beauty shops, and other community mainstays for information and guidance. Recent studies demonstrate the importance of trust in effective care delivery and the need to rectify instances of mistrust throughout the system. Going forward, providers, payers, and other key stakeholders will have to reimagine long-standing assumptions about institutional confidence and continue to refine community engagement practices to improve the relationship between the healthcare system and its end users. The next wave of the pandemic may serve as an additional indicator of progress – or the continued need for it.
Back to “Normal”?
Finally, the Delta variant of COVID-19 was also a prevalent discussion topic throughout the event. Pushing back plans for a return to business-as-usual in many areas of the country, the reemergence of the disease has demonstrated the need for proactive cooperation between individuals and institutions to prevent a repeat of 2020. A once-in-a-generation pandemic has also led to once-in-a-generation innovation: the rapid development and deployment of safe, effective vaccines. With vaccines and other tools developed over the past year, healthcare providers are far more equipped to fight the disease than ever before. As we head into an uncertain winter, the fact that the Summit was safely able to host over 500 people from around the country illustrates how technology and practical, effective protocols can expedite a return to normalcy.
It was great to see so many familiar faces at Health Evolution Summit 2021, and we look forward to safely connecting in the months ahead.
Health Evolution Summit