mit's h@cking medicine presents "a hackers guide to health care: big data"
DESCRIPTION
A presentation on the basic data and business structures around starting or building a business in health care. http://hackingmedicine.mit.edu/ - To learn more: http://goo.gl/Pjd1xTRANSCRIPT
A Hacker’s Guide to Health Care
Big Data & its Business Applications
-or-
How to Monetize Data
H@cking Medicine A Production of the MIT Entrepreneurship Center
Joshua Rosenthal, PhD 10.22-23.11
1) Start with the Money
Note: Payer (money) buying intervention (provider)
Most ‘Successes’, Aren’t
Engineers' Guide to Multiples
1x Rev 4x Rev 8x Rev
- Ja Ja Binks + Good fights
- Teddy Bears
+ Existential crises of free agency vs. determinism wrapped in a fairy tale
2) ‘Learn’ from the ‘Experts’
“Health Care will move to performance-driven consumerism, following financial services & e-com”
Problem: He’s been
saying this for 20 years
Sounds good, makes sense
(Nice hair, good “Blue Steel”)
Hack: Find out why it hasn’t happened
– then make a biz from it
Specifically, learn why they are wrong
3) Know the Bodies
Health Care, Where Good Ideas Go to Die
Perverse Incentive - A
Supply-driven markets:
Note: Google “unwarranted variation” + “health care”;
cf. Dartmouth Atlas for Unwarranted Variation
Perverse Incentive - B
Payers have Money and Aggregate – but have not historically been “health care”
“Actually, I make more money off of bad drivers.”
(Read w/ accent)
Note: Medicare $ > Employer $
Employer populations = tougher outcomes (3-year turn) Cf. Medicare reimbursement rates
Illusion
Track how fat you are! Only $1.99!
DTC: It Doesn’t Work
Note: People don’t like to pay out of pocket
for something they don’t like to do or don’t want to know about
4) Do Good…
... but you are probably not profitable
If P < EHC x DWS, then 501c3
P: Profit; EHC: Employee Head Count; DWS: Dog Walker’s Salary; 501c3: Non-profit
It’s easy to do good...
4) … and Make Money
... but you are probably doing bad things
“I’ll bill you.”
It’s easy to make money...
It’s tough to make money
& do good
in Health Care
But here’s a hack...
5) Start
... with the money: _______ ... where they make profit: _______ ... with a real biz problem: _______ ... with the (publicly available) data: _______ - Then ask: Does this hose people? A: quality > than quantity (supply driven)? B: customer/patient satisfaction?
Data & Biz Problems
Package in work group
(Psst... Know a good accelerometer app developer? – Please ping me.)
1) List of Data Sources & Context 2) Connections between Data and Biz Needs: A Mad Libs Approach
Hacker’s Guide
How to Monetize Data
-Summary-
1) Start with the Money 2) ‘Learn’ from the ‘Experts’ 3) Know the Bodies 4) Do Good and Make Money 5) Start