Industry insights

November 30, 2023

Healthcare Innovation: Now and for the Future

Healthcare Innovation: Now and for the Future

By: Macy Krauthamer

Healthcare Innovation: Now and for the Future

At the Council Fellows Alumni dinner on November 16th, members heard from moderator and former U.S. Senate Majority Leader, Bill Frist, and speaker, Ford Koles, National Spokesperson and Vice President of Advisory Board. Together, they provided valuable insights into the challenges and opportunities the healthcare industry is currently facing.

Here are three key takeaways from the discussion:

  1. Lack of a “Phoenix Rising” Vibe in Healthcare
    Koles expressed concern that healthcare lacks the resilience and transformative spirit symbolized by a “Phoenix Rising” moment. While drawing parallels to personal comebacks (like Ben Affleck’s resurgence), Koles highlighted the absence of a similar rejuvenation in the healthcare sector post COVID-19. The observation prompts a reflection on the industry’s response to pandemics, where there has been a historical tendency to block out and ignore critical lessons rather than aggressively learn, adopt best practices, and foster a culture of continuous learning and improvement.
  2. Impact of External Factors on Mental Health
    The conversation also dove into the profound impact of external factors, such as the COVID-19 pandemic and the rise of social media, on mental health. Koles emphasized the alarming increase in behavioral health issues, especially among teenagers. The intersection of the pandemic, social media, and historical events like the introduction of smartphones shed light on the need for a nuanced understanding of the interconnected challenges facing mental health. To better address mental health and wellbeing for all age groups, healthcare professionals should consider holistic approaches that acknowledge the influence of societal changes and technological advancements.
  3. Shifting Dynamics in Medicare Advantage
    The discussion touched on the seismic shift in Medicare Advantage (with a notable transition away from government-controlled Medicare and toward private insurance companies). The regulatory crackdown on Medicare Advantage plans suggests a changing landscape for insurance companies and providers. And the emphasis on transparency and employer involvement in benefit decisions indicates evolving dynamics in the payer-provider relationship. Healthcare stakeholders should navigate evolving regulatory landscapes and consider new models of collaboration, such as employer engagement in benefit decisions.

The conversation revealed the need for resilience, adaptability, and a comprehensive approach to address the multifaceted challenges facing the healthcare industry. As external factors continue to influence healthcare dynamics, stakeholders must remain vigilant and innovative to drive positive change in the sector.

Learn more about the healthcare industries hottest topics and mingle with fellows alumni at the Council’s upcoming Council Board-hosted Holiday Reception! Register at this link.

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