Straight from our inspiring 2-day Innovation Summit with our Ecosystem partners, 11TEN Innovation Partners headed to HLTH 2023. Energized from the passion generated for transformation in healthcare, the 11TEN team was ready to continue enhancing our partner ecosystem by making the right connections with people and organizations that want to push forward with ideas, project implementations, and realizing true innovation.
Throughout sessions, meetings, and ad-hoc conversations, it was clear that a wave of unparalleled innovation is sweeping healthcare, emphasizing the urgency for ecosystem collaboration, strategic convergence, and technological integration. There were many common and established names there, but also a large group of entrepreneurs and startups (many without booths) that were pitching their new ideas. One thing was clear: the playbooks of yesteryears are due for a major rehaul, and 11TEN stands at the forefront ready to support organizations as they go through this change.
We noted several key areas that emerged as the driving forces:
The Generative AI Surge: AI, especially generative AI, is becoming omnipresent in healthcare innovation, reminiscent of the ‘Big Data’ trend from the 2010s. Despite the growing AI landscape, a conscious approach centered around humans is pivotal to maintain trust and effectiveness. The near-term applications include reduction of administrative burden on physicians and improved patient triage, which could be realized at scale over the next 2 years.
Consolidation of Point Solutions: The current surge in single-purpose point solutions, especially in healthcare tech, will soon give way to consolidation of some of these companies (which we anticipate will only be sped up by tighter overall funding in the market). The question remains: who will step up to integrate these? Will EMRs evolve and step up, maybe a consortium of players (led by 11TEN?), or a new organization will emerge? It’s clear there is ‘point-solution fatigue’ from buyers, which means there is an opportunity.
Value-Based Healthcare (VBC) Gaining (some) Traction: The shift from pay-per-use to value-based models, while promising, presents challenges in terms of financial feasibility in action. There’s a debate on whether it’s an interim phase or the definitive future. More entities and solutions continue to incorporate VBC models, and company movement like CVS Health’s acquisition of Oak Street Health shows positive momentum. VC General Catalyst made a big splash at the conference, betting on the trend big by expressing interest around buying a health system – stating that full capitation combined with tech will improve health and make money on the savings.
Growing Focus on Women’s Health: Technologies and services for women’s health, a historically under-innovated domain, have continued growth – further propelled by an increasing number of women in leadership positions able to support relevant tech solutions. The changing narrative is a testament to healthcare’s personalization, evolving inclusivity, and employers wanting to provide solutions for their female workforce.
Retail’s Deepening Healthcare Involvement: Retail giants continue to make moves in healthcare, offering direct-to-consumer healthcare services and expanding offerings. Their positioning as enablers rather than disruptors indicates potential collaboration opportunities with traditional healthcare entities. Walgreens announced a new D2C virtual care offering, CVS Health announced plans for a new “super app,” Best Buy Health said it will begin selling a prescription-based medical device online, and many other partnerships with the retail setting were announced.
GLP-1 Therapeutics Trend: Despite challenges like drug shortages, the demand for GLP-1 weight loss medications remains high – and telehealth companies are hopping on board to help satisfy demand. This emphasizes the need for constant innovation and adaptation, but we can’t deny the impact this could have across the industry. With estimates stating that employer coverage could grow from 25% to 43% over the next year, coupled with the exploration of expanded indications into areas like heart and kidney disease, we expect new care pathways and innovations that help monitor and ensure proper adherence.
The Role of Big Tech: Tech giants like Google, Microsoft, and Amazon continue to deepen their healthcare footprints. Their presence signifies the intersection of technology and healthcare, and the opportunities it presents for transformative solutions. This, coupled with the lack of understanding on just how the AI-boom will play out, offers a massive opportunity for Big Tech to finally find their penetration point.
11TEN’s Commitment to the Future of Healthcare
As the landscape of healthcare transforms at an accelerated pace, 11TEN, with its commitment to collaboration, strategy, and technological integration, is poised to lead the change and rewrite the rules of healthcare innovation.
The future promises challenges, but more importantly, it offers unprecedented opportunities for those prepared to seize them. And with our ecosystem collaborations and Innovation Lab, we’re just getting started in realizing innovation together.