mit's h@cking medicine presents "a hackers guide to health care: big data"

A Hacker’s Guide to Health Care

Big Data & its Business Applications

-or-

How to Monetize Data

H@cking Medicine A Production of the MIT Entrepreneurship Center

Joshua Rosenthal, PhD 10.22-23.11

1) Start with the Money

Note: Payer (money) buying intervention (provider)

Most ‘Successes’, Aren’t

Engineers' Guide to Multiples

1x Rev 4x Rev 8x Rev

- Ja Ja Binks + Good fights

- Teddy Bears

+ Existential crises of free agency vs. determinism wrapped in a fairy tale

2) ‘Learn’ from the ‘Experts’

“Health Care will move to performance-driven consumerism, following financial services & e-com”

Problem: He’s been

saying this for 20 years

Sounds good, makes sense

(Nice hair, good “Blue Steel”)

Hack: Find out why it hasn’t happened

– then make a biz from it

Specifically, learn why they are wrong

3) Know the Bodies

Health Care, Where Good Ideas Go to Die

Perverse Incentive - A

Supply-driven markets:

Note: Google “unwarranted variation” + “health care”;

cf. Dartmouth Atlas for Unwarranted Variation

Perverse Incentive - B

Payers have Money and Aggregate – but have not historically been “health care”

“Actually, I make more money off of bad drivers.”

(Read w/ accent)

Note: Medicare $ > Employer $

Employer populations = tougher outcomes (3-year turn) Cf. Medicare reimbursement rates

Illusion

Track how fat you are! Only $1.99!

DTC: It Doesn’t Work

Note: People don’t like to pay out of pocket

for something they don’t like to do or don’t want to know about

4) Do Good…

... but you are probably not profitable

If P < EHC x DWS, then 501c3

P: Profit; EHC: Employee Head Count; DWS: Dog Walker’s Salary; 501c3: Non-profit

It’s easy to do good...

4) … and Make Money

... but you are probably doing bad things

“I’ll bill you.”

It’s easy to make money...

It’s tough to make money

& do good

in Health Care

But here’s a hack...

5) Start

... with the money: _______ ... where they make profit: _______ ... with a real biz problem: _______ ... with the (publicly available) data: _______ - Then ask: Does this hose people? A: quality > than quantity (supply driven)? B: customer/patient satisfaction?

Data & Biz Problems

Package in work group

(Psst... Know a good accelerometer app developer? – Please ping me.)

1) List of Data Sources & Context 2) Connections between Data and Biz Needs: A Mad Libs Approach

Hacker’s Guide

How to Monetize Data

-Summary-

1) Start with the Money 2) ‘Learn’ from the ‘Experts’ 3) Know the Bodies 4) Do Good and Make Money 5) Start