Tech Crunch recently published Mike Townsend’s article “A Prescription for Healing the Healthcare Industry”. It reveals that the healthcare industry in the United States has grown to be worth nearly $3 trillion and the average American spends nearly $10,000 on healthcare each year. This is nearly three times more than other developed countries.
Despite the huge increase in spending, it might be a bubble with unsustainable growth. There are a variety of problems that are often being solved by people who don’t have experience working in healthcare.
For example, John Crowley, an entrepreneur who started Amicus Therapeutics, only became an entrepreneur in the healthcare technology field after both of his two children were diagnosed with a serious disease. They were both diagnosed with Pompe disease, often fatal or incredibly severe neuromuscular disorder. Because Crowley recognized the lack of treatment options, he left his career as a consultant and founded Novazyme Pharmaceuticals. The company is dedicated to finding and researching new treatments for the disease.
However, Townsend reveals that most entrepreneurs aren’t in the healthcare market because they aren’t aware of the problems existing within the market and they don’t understand where to begin. It is often an investment that people avoid because it is highly regulated with politics and payment incentives, making it one of the farthest things from a free market. Consumers are not the people who make the decisions about which company succeeds, but it might be changing. Obama’s appointed CTO, Aneesh Chopra, has sought to change the healthcare culture by creating initiatives to innovate healthcare. Chopra is currently working to create a society where health data is provided to companies and made more accessible to the patients and possible innovators.
Drew Madden is a managing partner Evergreen Healthcare Providers to create healthcare technology expertise for the partners around the company. They focus on helping companies implement Electronic Hospital Records and other healthcare technology.
Drew Madden was a member of Nordic Consulting Partners from 2010 to 2016 where he served as president for five years. He helped the company grow from a small business with 10 employees to a large one with more than 700 employees. He also helped the company grow from 3 to 150 clients and helped it become an award-winning company for Epic implementation services.