MIT Hacking Medicine Business Models
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The document discusses scaling medicine through design and accelerating data to improve quality and lower costs. It suggests that engineers and designers are essential to hack business models and define experiments to test assumptions. Some areas proposed to focus on include incentives, health reform, and the intersection of high tech and med tech. The document outlines several tools that can be used to map and hack healthcare business models, including a business model canvas, care delivery value chain, and health model canvas. It provides the MIT example of Ginger.io and encourages attendees to "please hack healthcare."
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MIT Hacking Medicine Business Models
- 1. Hacking.Medicine @MIT HEALTH EXPERIENCE DESIGN 2012 3/25/2012 ZEN CHU @ACCELMED MIT ENTREPRENEUR-‐IN-‐RESIDENCE HackingMedicine.MIT.edu
- 2. SCALE MEDICINE SO INCREDIBLY INEFFICIENT IDEAL FOR ENGINEERS & DESIGNERS
- 3. ACCELERATE DATA EFFICACY OR FAILURE QUALITY & COST BETTER FASTER CHEAPER
- 4. DESIGNERS ARE ESSENTIAL REPEATABLE PATTERNS HACK BUSINESS MODELS DEFINE EXPERIMENTS TOOLS NEEDED
- 5. WHERE TO FOCUS? INCENTIVES + $$$$ CHANGING WITH HEALTH REFORM
- 6. HACKABLE INTERSECTION OF HIGH TECH & MED TECH
- 7. FOLLOW THE MONEY 62% of $2.3 Trillion = Hospitals & Docs 2008 BIGGEST REFORMS HOSPITALS PHYSICIAN PRACTICES
- 8. ADOPTER ≠ PAYOR UNCOVER THE PERVERSE INCENTIVES DOCTOR PATIENT HOSPITAL PAYOR PAYMENT REFORMS & NEW BUSINESS MODELS CAN CORRECT MISALIGNMENTS
- 9. MARKET RISK TRUMPS ALL Largest Risks Must Market Risk Reimbursement Be Addressed & De- Physician & Patient Adoption Risked Up Front Packaged Solutions Before Funding Value Regulatory Risk Safety & Efficacy Management Risk Investors & Companies Willing to Take These Risks Technology IP Risk Time
- 10. TOOLS FOR MAPPING & HACKING HEALTHCARE BUSINESS MODELS
- 11. BUSINESS MODEL CANVAS CHANNELS ENERGY OF DIVERSE TEAM BUSINESSMODELGENERATION.COM
- 12. CARE DELIVERY VALUE CHAIN Michael Porter, Tiesberg
- 13. HMS INVENTION SCORING TEACH ACADEMICS REAL PRODUCT VALUE
- 15. HEALTH MODEL CANVAS HINTS FOR UNBUNDLING HEALTHCARE BIZ MODELS DISEASE SUB-‐SEGMENTS NATURAL HISTORY ACCELERANTS IDENTIFY KEY ADOPTOR: -‐ Tech enablers PaGent/DTC -‐ Clinical tesGng PaGent -‐ PaGent Engagement Data Accelerants KEY RISKS/LIABILITIES -‐ DistribuGon Specialist/PCP/Nurse Regulatory Pro/Cons Specialist/Nurse Reimbursement Codes Hospital/Department Health Reform Changes Insurer Hospital Payor/Employer PERFORMANCE & EFFICACY METRICS Clin Data Cost/Timepoints Payor Data Accelerants VALUE INFLECTION MILESTONES Royalty Stacking Regulatory Path Regulatory Compliance Premium SUBSTITUTES & COMPETITION Reimbursement Codes EXECUTION DIFFERENTIATION GO TO MARKET DIFFERENTIATION SLIDESHARE.COM/MEDICALVENTURES
- 16. OSTERWALDER CANVAS BUSINESSMODELALCHEMIST.COM
- 17. MAP EACH PLAYER CURRENT BEHAVIORS & SUBSTITUTES TERTIARY HOSPITAL COST & COMPLEXITY SPECIALISTS GPs COMMUNITY HOSPITAL NURSES OUTPATIENT CLINIC CAREGIVERS DOCTORS OFFICE PATIENTS RETIREMENT HOME RETAIL CLINIC PATIENT HOME WHERE IS THERE A CONSUMPTION VACUUM? BEST WAYS TO IDENTIFY DISRUPTION!
- 18. HACKMED PROCESS RIGOROUS CLINICAL PRODUCT DESIGN 1) ASSEMBLE DIVERSE GROUP OF MENTORS ACROSS HEALTHCARE DISCIPLINES BEWARE BLIND SPOTS & BIASES 2) MAP DISEASE CARE DELIVERY VALUE CHAIN 3) MAP EACH PLAYER’S VALUE CANVAS 4) TEST ASSUMPTIONS WITH INTERVIEWS 5) IDENTIFY UNMET NEEDS & PAIN LEVELS 6) BUSINESS MODEL CANVAS FOR EACH SCENARIO 7) DEFINE MIN VIABLE PRODUCT 8) MAP VALUE/VOLUMES/IMPACT VS DISEASES 9) COMPARE MKT SIZES & COMPETITION 10) CHOOSE EXPERIMENTS TO TEST ASSUMPTIONS ... ITERATE…
- 19. MIT EXAMPLE -‐ GINGER.IO
- 20. MIT EXAMPLE -‐ GINGER.IO
- 21. PLEASE HACK HEALTHCARE! TWITTER @ACCELMED HACKINGMEDICINE.MIT.EDU @HACKMEDMIT
- 23. Health IT Landscape Follow the Money Pharm Benefit MedTech Manager Companies $ $ Employer $$$ Insurer $$$ Hospital $$ PaGent Physician
- 24. Align Employers & Employee/PaGents Pharm Benefit MedTech Manager Companies $ $ Employer $$$ Insurer $$$ Hospital $$ PaGent Physician
- 25. Castlight Health VALUE HACK Personalized tools to help Aligns employees with employees shop for employer costs healthcare based on cost, quality & convenience Uses employer data to create master provider cost Bringing cost transparency database to health care decisions Lower healthcare costs by 15-‐30%
- 26. Supply Chain Management Pharm Benefit MedTech Manager Companies $ $ Employer $$$ Insurer $$$ Hospital $$ PaGent Physician
- 27. VendorMate Value HACK Capture, CredenGal, Monitor Free soluGon to hospitals, Streamline operaGons & charged to vendors know who’s walking your halls. Supply chain management Comply with HIPAA, privacy, security
- 28. Billing Management Pharm Benefit MedTech Manager Companies $ $ Employer $$$ Insurer $$$ Hospital $$ PaGent Physician