Hacking Medicine at MIT.edu
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Framework for thinking about applying infotech principles to impacting healthcare and medicine.
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Hacking Medicine at MIT.edu
- 1. H@cking Medicine @hackmedmit Zen Chu Entrepreneur In Residence MIT Entrepreneurship Center entrepreneurship.mit.edu
- 2. Invited Hacker: Ed Park CTO, COO athenahealth Healthcare hack resul?ng in $1.5B valua?on
- 3. H@cking Medicine Create the ecosystem and programs for MIT & Harvard Health Science Technology students to learn & rapidly hack the unique needs & challenges in medical technology development by collabora?ng with clinical & domain experts around the world
- 4. WHY HACKING MEDICINE? MIT Hacking Culture Provoca?ve Include Life Science Outsiders
- 5. MIT IS THE PLACE Engineering Leadership Entrepreneurial Culture Boston Medical Industrial Complex Large Successful Examples
- 6. MIT Strengths Map To MedTech Trends Focus @ Interface of IT & Devices
- 7. BUT… HEALTHCARE IS COMPLEX
- 8. MIT MedTech Educa?on Students Need to Taste the Essen?al Process Teching materials already exist for validated engineering-‐driven methodology Stanford’s BioDesign Program
- 9. Fragmenta?on & Scalability Challenges Geography, Specialty, Disease State 700 Payers Negotiated Payments & Pricing Among Each Player & Region >4000 5700 US Medical Product Hospitals Companies
- 10. Health IT Landscape Follow the Money Pharma Companies Pharm Benefit MedTech Manager Companies $ $ Employer $$$ Insurer $$$ Hospital $$ Pa?ent Physician
- 11. US Healthcare Spending 2007 $2.3 Trillion, 15.2% GDP Other Devices, Hospital Care Diagnostics Pharmacy, etc Admin Costs Nursing Homes Physician Services Pharma Source: PHRMA Annual Report 2008
- 12. TIME IS RIGHT TO HACK HEALTHCARE Costs Drive Reform Incen?ves Changing Infotech meets Healthcare Business Model Hacks HackingMedicine.mit.edu @hackmedmit
- 13. CALL TO ACTION Momentum Building Be a Part of It! Fall 2011 Conference @ MIT Student Leaders Fantas?c Mentors
- 15. Health IT Landscape Follow the Money Pharma Companies Pharm Benefit MedTech Manager Companies $ $ Employer $$$ Insurer $$$ Hospital $$ Pa?ent Physician
- 16. Align Employers & Employee/Pa?ents Pharma Companies CASTLIGHT Pharm Benefit MedTech HEALTH Manager Companies $ $ Employer $$$ Insurer $$$ Hospital $$ Pa?ent Physician
- 17. Supply Chain Management Pharma Companies Pharm Benefit MedTech Manager Companies $ $ Employer $$$ Insurer $$$ Hospital $$ Pa?ent Physician
- 18. Billing Management Pharma Companies Pharm Benefit MedTech Manager Companies $ $ Employer $$$ Insurer $$$ Hospital $$ Pa?ent Physician athenahealth
- 19. Hacking New Business Models NEW MODEL EXAMPLE • Prac?ce Management athenahealth • New Workflows e-‐Prescribing • Collec?ve Knowledge Sermo Social Network • Direct to Consumer iPhone Disease Management • Outsourcing O2i Teleradiology • Decentraliza?on In Home Tes?ng/Monitoring • Pay 4 Performance Cerner • Bundling Episode-‐Based Pricing
- 20. Priori?ze By Rapid Hackability & Data
- 21. Start With Hackable MedTech Direct to Consumer Easy to test tracHon UNregulated Opportunis?c MIT Start Here Consumer devices Health Info Tech Big data & cloud services No/few medical claims Sensors Imaging analysis Regula?on Hospital supply chain management Wellness apps Health social media Convenience & Produc?vity Simple solu?ons for HC workers, MDs Gene?c analysis & counseling Hospital supply chain management Students can focus on clin workflow No/few regulatory requirements Regulated Clinical Data & Quality Required Professional Consumables Low Hackability High
- 22. Healthcare Is More Complex Get students to learn the methodology Market Risk Reimbursement Largest Risks Must Physician & Patient Adoption Be Addressed & De- Packaged Solutions Risked Up Front Value Before Funding Regulatory Risk Safety & Efficacy Management Risk Investors & Companies Willing to Take These Risks Technology IP Risk © zen@acmedx.com Time
- 23. Regulatory Is Cri?cal… But demands clinical & domain exper?se