We are all in the midst of not one but several waves of disruption.
There are many forces at play. When these forces intersect, they multiply. When they multiply, they change everything exponentially. And after that there’s no stopping.
I'm Praveen Suthrum. After 16+ years of building and running NextServices, a healthcare technology/management company, the challenges and opportunities in the industry leap out at me. I also get early access to industry trends and changes.
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We are all in the midst of not one but several waves of disruption.
There are many forces at play. When these forces intersect, they multiply. When they multiply, they change everything exponentially. And after that there’s no stopping.
I sat in a Google self-driving car back in 2012...when it was still a Toyota Prius. See the pic below. Neither I nor the car look this way anymore.
Recently I was at a healthcare facility in a semi-urban region - less than 100 miles from a major metro. It had a whiff of industry from good times that have long drifted by.
I tried to locate a Starbucks. Google Maps spotted one and took me towards the local university campus. As I drove there, I noticed several pain management clinics advertising themselves in unusual ways for "relief".
If you throw a pebble today, it's likely to land on an article that talks about how artificial intelligence and its brother machine learning are changing healthcare.
Yes, I get it broadly. But I was curious to explore how exactly healthcare's trends are shaping any one medical specialty.
Instead of driving on the highway, let’s imagine you drove upwards from wherever you are…you’ll reach space in about an hour.
Well, they are calling it the golden age of rectums! The trends are simple and straightforward.
First, baby boomers and beyond are aging and staying alive longer.
Say we met 10 years ago during the early stages of our business. And you asked me this: would healthcare delivery be more complicated in the future?
I would've shaken my head animatedly and said "no, it would be simpler!".
I'm sitting in the waiting area across the endoscopy room of a major hospital. Mindless talkshow TV runs in the background. Patients are waiting. Patiently.
It's a scene I've experienced for years while working in healthcare. While waiting for doctors.
But there's something different in the air now.
Here's the premise.
36 million American patients miss their medical appointments. If only they had a ride waiting outside, they'd make it to the doctor's office.
In 2011, Ivan Owen created a puppet-hand to attend a steampunk convention. Seeing his video on YouTube, Richard a carpenter from South Africa wrote him an email. Richard had lost his fingers and was interested in collaborating to create an artificial hand for himself.
Two years ago, Practice Fusion, an electronics health record company was rumored to be valued at more than a billion dollars.
Last month, the company sold for a fire sale price of $100 million.
Just out of curiosity, I searched Google News for these three words: artificial intelligence investments.
Here's what came up.
Whether you are IBM Watson or some other AI system, you seek to find answers to questions. That humans can't answer quickly or analytically.
When we ask cognitive (thinking) questions, there's a big underlying assumption. That the data we feed into the AI system is reliable. But is it?
I don't know if you see this but healthcare is spiraling out of balance. Perhaps into self-destruction.
Our industry is a mess. And it's costing us dearly.
How? You ask.