The State of Digital Health in 2019 with Malay Gandhi and Nikhil Krishnan
Dec 10, 2019
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Malay Gandhi and Nikhil Krishnan discuss trends and innovations in healthcare startups, MRI accessibility and pricing, opportunities in the healthcare sector for entrepreneurs, challenges in the healthcare supply chain, unbundling hospitals and empowering physicians, success of One Medical and standardized solutions in healthcare, the state of digital health in 2019 and potential developments in 2020, and challenges and market failures in addressing infectious diseases.
Improving access to imaging technologies like MRI and ultrasound can enhance diagnostic accuracy and patient outcomes.
Basic blood testing services may not offer significant value compared to existing options.
Empowering physicians to have more control over their practice and patient care can improve the healthcare system.
Investing in healthcare point solution companies requires attention and caution due to potential overcrowding and competition.
Deep dives
Long: Improving Access to Imaging
There is a need for more accessible imaging technologies such as MRI and ultrasound that provide clearer insights into patients' health. These technologies have been underutilized and there is a lack of widespread access. By improving access to imaging, we can enhance diagnostic accuracy and improve patient outcomes.
Short: Commodity Blood Testing
Companies that focus on offering basic blood testing services that are readily available in traditional laboratories, such as those offering fertility testing or food allergy testing, may not offer significant value compared to existing options. These services are often expensive and can be obtained more affordably and conveniently through traditional laboratory channels.
Long: Enabling Independent Physicians
Facilitating the independence of physicians and enabling them to have more control over their practice and patient care is important for improving the healthcare system. By providing support in areas like practice management, claims, and patient relationship management, companies can empower physicians to provide high-quality care to their patients and create more efficient and cost-effective healthcare practices.
Short: Aggregating Point Solution Companies
The market for point solution companies in the healthcare industry, particularly in areas like care coordination workflow tools and online menopause services, may become overcrowded and competitive. The ability to differentiate and sustain a dominant position in these spaces may be challenging, and it is uncertain whether winner-takes-all dynamics will play out. Attention and caution should be exercised when considering investments in these areas.
Importance of Healthcare Innovation
Healthcare is a complex industry that presents numerous opportunities for innovation. It is crucial for individuals in the tech sector to not be intimidated by the healthcare space and to recognize the meaningful problems that can be solved. Encouraging talented individuals to pursue healthcare innovation can lead to substantial improvements in the industry.
Regulatory Changes in Healthcare
One important area for potential innovation in healthcare is regulatory change. A stroke of the pen can create significant opportunities for startups by altering the regulatory landscape. For example, decoupling employer and health insurance relationships and empowering individuals to have more control over their healthcare choices could fundamentally transform the market dynamics.
Addressing Systemic Inefficiencies
To redesign the healthcare system, it is important to address systemic inefficiencies. High costs in the US healthcare system primarily stem from exorbitant pricing. Tackling this issue and increasing access to healthcare services for all individuals should be prioritized. Additionally, focusing on data interoperability and consumer-driven health record systems can enhance the efficiency and effectiveness of the healthcare infrastructure.
