Whether you joined us live on October 6, watched content On Demand, or have yet to engage with Cleveland Clinic’s 2020 Medical Innovation Summit, the learning opportunity remains as we continue to host recordings of the live event on our interactive platform. If you prefer to read of the insights delivered, we’ll be recapping our content by session through the end of the year, but don’t forget you have the ability to receive this knowledge first-hand through playback of our star-studded keynotes, firesides, and panels. You will regret missing the messages these health innovators had to share – and you don't want to miss out!
Collaboration in Crisis, Healthcare Investment Trends, & Keynote: Gail Boudreaux
In our first session of the day, speakers from some of the most well-known healthcare organizations shared their experience managing the COVID-19 crisis. Plaguing the health ecosystem on the whole, COVID-19 has shifted workflows and drained supply chains for all pieces of the pie. Provider systems became overtaxed, delicately balancing inpatient levels, community spread, and the delivery of routine care. Investors found difficulty managing risky projects as the startup and entrepreneur community set its sights on COVID-19-combatting solutions. And payors flexed every policy muscle to make the care delivery methods of telemedicine and distance health a reality for all. Though varied in their healthcare roles, the efforts of these sectors made one thing clear – collaboration was the key to effective virus management.
Be it between industries or geographies; no connection was too weak for providers to leverage when it came to ensuring population health. Said Tom Mihaljevic, CEO & President, Cleveland Clinic, “I think this pandemic has taught us about the richness of our own shared international networks – international networks of our friends and colleagues around the world who can contribute with their knowledge, with their experience.” Dr. Mihaljevic continued, “I think what we have learned is the pandemic, by its own nature, is agnostic to physical boundaries. It’s agnostic to cultural boundaries. It affects absolutely every corner of this world, and organizations like ours are really blessed by the fact that we have alumni and collaborators all over the world that have helped us fast-forward our progress. They’ve helped us understand more about the disease and create more good globally.”
Anne Klibanski, MD, President & CEO, Mass General Brigham felt the same fondness of partnerships in this time of need. “Partnering with other academic healthcare systems, that was very clear. Whether it was locally, around the state, around the country, or globally, I think the important point to emphasize is that of partnership – and we’ve done this before. What’s been different here is the expansion and acceleration of these partnerships,” said Dr. Klibanski. “There weren’t only partnerships within our own academic healthcare systems, but partnerships with those networks that we’ve created in the nation, between nations, in government, and the private sector. This really led to movement beyond a lot of the traditional barriers.”
This spirit of collaboration was echoed by our resident investors – particularly as it relates to the influence other industries have had on those within healthcare. “We really believe that the best innovation comes from outside of the healthcare system, and different drivers help your system adopt it. COVID-19 has allowed us to re-imagine areas in healthcare…we’re realizing the needs are great, and these outside innovations can help drive real change within the system,” said Kristina Simmons, Chief of Staff at Khosla Ventures. Collaboration in the healthcare investment community also came by way of an unintentionally diversified portfolio. Working with their companies to find new work for r exiting tech became a theme. Simmons continued, “I believe with every adversity comes opportunity. At this point, so many of our companies have either used their technology or their platform to address different issues surrounding COVID…whether it’s addressing faster testing, optimizing telemedicine, or placing focus on mental health.”
Payor perspective on the situation was gathered in conversation with Anthem President & CEO, Gail Boudreaux, who credited the organization’s flexibility to its advanced preparedness. Establishing themselves in 2013 as one of the first payors to incentivize pay for virtual care within their provider network, Anthem continued to build on their early innovation with improvements to their process and platform that would allow bringing nearly 2,000 new physicians online in early 2020. And while communication between payors and their providers has always been key to the delivery of telemedicine, it’s no surprise that COVID-19 required edits to this feedback loop. Said Boudreaux, “We’ve really had to rethink how we communicate with our care providers. When mobilizing very quickly, we took a hard look at all of our practices. We wanted to ensure that we could keep our care providers sustainable.” Boudreaux also recognized that “one of the benefits of this situation is that we are working much more closely with our providers – both at our local and national levels.”
For true inspiration and in-depth discussions of the above concepts, view the first session of MIS2020 anytime through December 31. Log in or register to gain access and let us know what you think through this short survey.