Digital Innovation

The Economic Rebalancing Opportunity for Health Systems

April 18, 2018  |  Providence Digital Innovation Group

Providence St. Joseph Health CEO, Rod Hochman, describes today’s “healthcare industry financial statement,” in slightly tongue-in-cheek terms, like this: technology companies, pharmaceutical companies and medical device companies own the profits, insurance companies own the balance sheet, and health systems own the debt because of the capital intensity of investing in hospitals. Dr. Hochman goes on […]

Digital Innovation

The Consumerism Movement in Healthcare

April 18, 2018  |  Providence Digital Innovation Group

The impact of consumerism on healthcare has been studied and debated for decades. As far back as the 1970s, the RAND Corporation was randomly tinkering with health insurance deductibles and then analyzing the results. The push for health savings account (HSA) expansion in the early 21st century and the significant overhaul of the individual insurance market by […]

Digital Innovation

Digital is the Engine Behind Transforming Healthcare

April 17, 2018  |  Providence Digital Innovation Group

If you’ve been following our series, you’ve now heard the phrase ‘innovation at scale’ a couple times. This means focusing on solving healthcare’s biggest problems, thereby moving the needle with respect to healthcare cost, clinical quality, and patient or provider experience, or as they’re known in healthcare, ‘The Quadruple Aim’. Everything we do in Providence St. […]

Digital Innovation

Funding Solutions, Not Vendors is the Key to Innovating Healthcare

April 17, 2018  |  Providence Digital Innovation Group

In our last piece we talked about the role of digital as powering a transformational strategy by always starting with a clearly articulated and well-quantified problem or opportunity area, then putting that problem through a digital problem solving cascade. In short, make sure you understand the problem, if it’s a “needle mover”, if you already own a […]

Digital Innovation

Why Innovation at Scale Matters in Healthcare

April 16, 2018  |  Providence Digital Innovation Group

The US healthcare industry, if it were a country, would be the 5th largest economy in the world. At more than $3.2 trillion in annual national health expenditures, the industry is just smaller than the size of the entire economy of Germany ($3.5 trillion) and is larger than Britain’s ($3.0 trillion). For it to matter, […]

Digital Innovation

Companies That Shouldn’t Exist If We Did Our Jobs Right

April 16, 2018  |  Providence Digital Innovation Group

In our previous piece, we talked about companies that wouldn’t exist if we as health systems were more effective at doing our jobs. In saying that, we don’t intend to be critical of other companies that act as online intermediaries. We’re, in fact, being self-critical as a health system. These companies are providing necessary services to […]

Digital Innovation

What Does Innovating at the Ends of the Value Chain Mean for Healthcare?

April 16, 2018  |  Providence Digital Innovation Group

In the first article in our series, we talked about innovating at the ends of the industry value chain as a critical component to innovating in health care. Innovation at the ends of the value chain means innovating on what delivers value directly to creators and consumers of value — in healthcare, that’s patients and caregivers. […]