Over the last few decades, healthcare has had its own share of innovation, experiments and several watershed moments trying to upend the existing paradigm. The last 24 months or so, health-tech has witnessed a huge influx of capital and a tearaway advancement in technology and real-world applications. Post pandemic – health tech funding has increased tremendously, and it makes the unicorns from the bygone ‘Ecommerce Everywhere’ decade seem rather judicious (if there was ever a silver lining from the deadly COVID 19). Health-tech doesn’t seem like a winner take all market, but it is hard to predict which path the eventual market leader will adopt, primarily because the aha moment of unlocking and stacking up of streaming data as is yet to fully materialize in healthcare.
Let me take a shot at predicting how healthcare 3.0 i.e. predictive healthcare would look like in the future.
The current healthcare spectrum looks something like this.
As is evident, the fundamental tectonic shift, which has happened in other major industries – media and entertainment, commerce, SAAS products has somehow not happened in healthcare. There are two primary reasons for this
1) We are still working with a relatively small set of the overall data that we need; conventional healthcare data sets constitute only 15-20% of the healthcare relevant data of a patient over a lifetime.
2) We haven’t really cracked the ideal combination of the business model and product positioning that would keep acquiring theses data sets which would truly decentralize health care delivery. Not to mention that trial and error in healthcare is a costly affair.
The water shed moment in the Teladoc and Livongo merger has signaled to the world that the need of the hour is to move towards personalization of both care pathways as well as the delivery of such services.
However, in my humble opinion the current landscape isn’t really primed to truly decentralize the health care delivery – it’s merely shifting from a conventional hospital setting to a virtual care center (albeit a large and fairly competent one). We have seen this in so many other major industries – democratization of services, especially enabling those who create, leads to explosive adoption and successful personalization of such services.
- Cloud adoption through AWS or Azure, led to a Cambrian explosion of SAAS players (Software is still eating the world), who focus on the customers’ needs. This gave the smaller players the courage to try novel products and solutions even from new upcoming players.
- Social Media and search engines generated hitherto non-existent data on personal preferences and ushered in a new era of consumer advertisement.
- New age media companies like Twitter and Netflix are meeting people where they are in terms of content curation and also created new avenues for niche subject matters to be mainstream.
Long story short – moving data from static to streaming and creating the base infrastructure aiding the supply side (doctors and AHPs in this case) unlocks huge value and creates a tectonic shift in how services are rendered and consumed.
In healthcare, the current shift we are seeing is moving from a traditional hospital setting to a virtual care setting. With virtual care now primarily available as a quick consult for immediate problems or for specific chronic care ailments, the services are effectively shifting from a traditional long, confusing and time consuming experience to a much better and convenient user experience. Most importantly, though the virtual care providers use vitals monitoring, no player has managed to aggregate all relevant data and make it longitudinally available.
For true democratization of healthcare delivery, it really must be a multiplatform solution and patient centric. If healthcare companies can meet the patient where they are in their journey, then and only then can the patients have continuity in their treatment plans i.e true value-based care.
This is where the evolution of wearables technology plays a crucial role in that they can help generate meaningful data and consequently insights into a patient health, which are otherwise not available in a conventional hospital setting. Imagine this, if we can have insights about a patients’ vitals and correlate it with patient reported outcomes along with regular lab results and EMR information, we can well and truly personalize their treatment plans and intervene and iterate predictively. The difference between a patient merely recollecting their pain and expressing it in a numerical or a smiley scale vs recording the same patient reported symptom in conjunction with let’s say the number of steps is far more insightful.
Let me re-iterate, the real paradigm shift happens when technology upends both the supply side as well as the demand side; Paypal and India’s UPI stack had a far bigger impact on the world of payments more than any bank, ever did. That’s why at Securra, we are creating an AI led platform, which could absorb data from everywhere and enable any healthcare provider to custom create their own care pathway, across therapeutic categories. Combine this with a business model, which is well primed and positioned to collect other relevant data like Device/sensor data, SDOH, Genomics, environment Lifestyle, Credit score, zip code etc. to ensure a larger, better, and more valuable pool of data. Securra will then leverage these data sets integrated with traditional healthcare data to deliver hitherto unavailable but invaluable insights into the pateints’ health through our proprietary AI algorithm. This would help providers and physicians create dynamic and personalized care pathways.
With Securra, any doctor, hospital, health insurer, CRO can set up their own virtual hospital setting which can absorb data from existing infrastructure, automate profiling and risk assessments and create a personalized plan. With our platform and our ‘expert in a box’ solution, providers can scale their services rapidly and reach the patient where they are in their journey all while focusing only on what is essential, while the grunt work of context setting, evaluating care plan efficacy and identifying points of intervention etc are all automated.
Like I mentioned before, Securra will not only help generate meaningful longitudinal data but also put this unlocked value in hands of each of the provider – insights as a service. Securra will take the route of B2B2C rather than the aggregation model so as to achieve maximum adoption in the shortest time. Securra’s platform will be able to support any devices, data sources and more importantly any therapeutic area. With this, we aim to upend the way healthcare is delivered and hopefully healthcare 3.0 would witness a radical paradigm shift in where we focus in the healthcare value chain…
..powered by Securra, who ably and quietly would support the providers and payors usher in a healthier world!!!