(wow) Words Of Wonders Level 1159 Answers – Every year, all the health care “people” come to San Francisco – during perhaps the most expensive week to get a hotel in the city.
The average price of a San Francisco hotel between January 13 and 16 this year rose between $500 and $3,000 in the Union Square area, where the conference was held.
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And if you take healthcare out of the US economy, it is the 5th largest country that is growing as fast as China. So one might ask: What’s wrong with that? Isn’t that a good thing?
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While the economy grew at less than three percent, healthcare spending grew by 5-6 percent in the three years from 2016.
The Peterson Foundation, a bipartisan think tank, estimates that healthcare will outpace the entire economy in the next 7 years.
Get doctor appointments, lab tests, prescriptions and more. Affordable payments. Available in over 45 countries. An average of just $45 per month.
I tried to map the main six domains from a recent study in JAMA. Three important insights:
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The numbers: Waste costs the US health care system $760 billion – $935 billion annually, or 25% of total costs.
Unknown opportunities: This figure does not take into account efforts to reduce administrative burden, as the authors reported that they could not find any published articles addressing savings from interventions in this waste category. Funny!
On chronic care: “It is difficult to demonstrate reductions in overall costs of care as a result of investments to improve chronic conditions,” they wrote. “Because few resources have taken on the costs of intervention.
Administrative complexity and pricing failure alone created 54% of the total waste. However, there is little or no intervention in these two waste areas due to declining income.
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While chronic care is the bandwagon in healthcare, innovation in this space should simplify and not add more administrative complexity as this would dilute any savings generated by the investment.
“We trust our partners at the lowest possible level. I sit down with each partner and get ideas, comments, concerns and what my partners want to tell me.”
“I created a new way to get lab tests cheaper, faster and with 10x the required sample size.”
“We’ve raised a round to fund our research and development team of PhD students to build a prototype. We’re almost there.”
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The first dialogue is from the words of Walmart founder Sam Walton (with a touch of modern literature). And last is Elizabeth Holmes.
Opportunity cost is a real thing. In recent years, digital health has been one of the main categories of venture capital funding. While many of these innovations address two of the biggest problems in healthcare today, administrative complexity and cost inefficiency, most become sources of complexity themselves.
Creation for creators. You, most educated, top 10% income, good health insurance. You have created a great product to solve your problem.
For one thing, in order for the product to work, the end user has to act like you, which requires a level of education and a level of rationality that cannot be achieved within minutes of being “connected”.
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Funding complexity rather than real benefits – perhaps the biggest self-inflicted opportunity cost in healthcare.
Over the past 20 years, while unicorn startups have become a phenomenon, the amount measured by corporate revenue is largely due to the small number of companies created before 2000.
The truth is that building valuable companies is difficult and far from new. Corporate governance is complex and corporate strategy is nothing more than white boards and sticky notes. They require a lot of leadership, humility, and excellence—something I find lacking in today’s healthcare innovation environment.
I have never had an interest in or admiration for evil, but I am amazed at its appeal to others. I was surprised to hear his every scream and shout. This is not to deny and denigrate its existence, or to suggest that evil does not require conflict, but simply to wonder why it is worshipped, especially in literature.
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Evil is a blockbuster hit; Perfection is hidden behind the curtain. The wicked have clear speech; Daya bites her tongue. This is Billy Budd who can only stand. This is Coetzee’s Michael Kay, whose cleft lip so restricts speech that conversation with him is almost impossible. This is Melville’s Bartleby, who resists the repetition of language. This is Faulkner’s Benji, idiot.”
Growing at twice the rate of inflation, is health care—not technology—keeping the US economy on a sugar high?
And the middle class pays for it. We are at a tipping point and all that is about to change.
Khan T. Wong earned a Master of Healthcare Administration from the Milken Institute School of Public Health at George Washington University. He was named Forbes Healthcare 2021 30 under 30. Wong has presented at Stanford Medicine X, the HIMSS conference, and served as a fellow at Bon Secours Health System.
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Mental Health What can I expect at my first psychiatric appointment? Usually during the first session, the psychiatrist will give you a diagnosis. They create formal tests such as questionnaires or checklists. They ensure that everyone is valued equally. Finally, psychiatrists may prescribe medication based on your diagnosis. Kendra Bean January 13, 2023
