Chris Coloian weighs in on consumerism, healthcare data analytics and HIT
We’re continuing our blog series featuring interviews with healthcare executives who participate in the Healthcare Summit at Jackson Hole, an invitation-only event in its third year that's designed to be light on formal educational content and heavy on relationship development. In this blog post, we ask Chris Coloian, president and CEO at Predilytics, to discuss how consumerism is influencing healthcare and how information technology will grow.
Dodge: What is Predilytics’ role in the healthcare industry and what impact do the changes in healthcare reform have on the company?
Coloian: Predilytics is a health information technology company that applies advanced machine learning analytics to create actionable insights from large data sets in order to help organizations improve care delivery, manage risk and increase revenue generation. Bottom line, we help drive high value business goals and objectives through creating analytical insights.
Health reform is opening up opportunities for many innovative and new players in the space by creating disruption to traditional thinking and starting to change the healthcare delivery marketplace. Whether it’s movement towards providers taking risk or the establishment of Health Insurance Exchanges (HIEs), it opens up opportunities for innovative companies to look at new approaches, and traditional companies to have to innovate to maintain and/or grow earnings.
Dodge: What are the most meaningful things that are influencing healthcare right now from your perspective?
Coloian: First and foremost is consumerism. I know with consumer-directed health plans, we’ve often thought that the consumers were fully engaged in their health, but as the age wave continues and boomers continue to engage in the system, their desired level of personalized individual service that meets their requirements will be hoisted upon the healthcare system. We only have to look to how they transformed the banking, education, entertainment and travel industries. They will continue to expect the infusion of technology and connectivity to their own health resources and health performance to improve their quality of life and health status. They are a much different consumer than their parents.
Dodge: How will the changes and advancements in healthcare data analytics influence healthcare in the foreseeable future?
Coloian: The demand of the consumer is going to require the healthcare system to become knowledgeable about the individual consumer in intimate and insightful ways, as they have not been compelled to do so before. In the past it was OK to spout treatment protocol, it was OK to talk about best practices, it was OK to talk about quality measures. Now providers are going to have to deliver care for the individual that includes the right approach for their desired health status in the timeframe that they wish to achieve it. That’s going to be a different philosophy than the omniscient provider delivering protocol-driven health. Analytics are going to have to underpin that, as they do in almost any other industry that has to respond to consumer needs.
Dodge: What parts of the healthcare system will experience the most growth in the next five years?
Coloian: I think information technology—we’re already seeing a huge infusion of public and private financing. In addition new and innovative ambulatory provider models, such as the growth we see in Minute Clinic and other new care delivery models. I believe that you’ll see an enormous increase in the number of health-enabled smart devices, whether it’s today’s Fitbit and Jawbone or other wireless enabled technology that brings the point of care to the consumer versus the consumer having to go to an institution to get that care. You will continue to see healthcare and health status reenter the overall societal dialog as boomers start to push companies to be more health conscious. You see that with the removal of trans fats, you see that with the removal of high calorie and large portions meals. There is a return to population based health initiatives that the country has not seen since the immunization era of the ‘50s and ‘60s.