This is the very question asked by Colin Hill, CEO and co-founder of GNS Healthcare, a healthcare analytics company. Hill hopes to make the case that healthcare can benefit from what a recent McKinsey report calls “the next frontier for innovation, competition and productivity.”
I think Hill is onto something, especially with this insight:
What will healthcare look like in the year 2020? One thing is certain: we can’t afford its current trajectory. Left unchecked, our $2.6 trillion in annual spending will grow to $4.6 trillion by 2020, one-fifth of GDP. With almost 80 million Baby Boomers approaching retirement, economists forecast these trends will likely bankrupt Medicare and Medicaid in the near future. And while healthcare reform ignites a number of important changes, alone it does not resolve our issues. It’s critical we fix our system now.
Something’s got to give, and better decisions from better data can yield significant healthcare savings if done right. Saving lives and reducing costs dramatically in healthcare would qualify as one of those hard problems where disciplined approaches can yield significant results. Here is Hill’s post on Forbes…