master of management in clinical informatics the mmci exchange€¦ · the driving power of...
TRANSCRIPT
that covers both the business
aspects and health-related as-
pects of all facets of health and
health care. The program is
unique, but others are begin-
ning to appreciate the value of
discussing both the financial
and medical aspects and how
they relate.
Informatics continues to grow
more important in our global
world today. The “cancer
moon shot” is only one exam-
ple of what the future will re-
quire. You have the oppor-
tunity to engage in now and
tomorrow and carry the better
understanding of informatics
and business into the broader
world. Opportunity awaits!
Informatics has become a dom-
inant factor in every aspect of
health and health care. Data,
knowledge, and information
have become drivers in every
initiative from basic science to
population health. Informatics
is a hot topic, driven by such
standards as HL7’s FHIR ®
continue to engage a wide vari-
ety of individuals. From the
Internet of Things to Big Data,
Informatics provides the core
concepts. The number and
kinds of persons interested in
areas of informatics include
government, providers, re-
searchers, payers, all clinical
specialties, vendors, and others.
And it is a fast changing field.
At a recent meeting, the speak-
er suggested that the field of
informatics is changing rapidly
– that in five years we would
see major changes. True, but
as the next speaker said, you
had better be ready for changes
in the next 6 months.
Informatics is a field that does
change rapidly. Technology,
policy and politics, user com-
munities, global endeavors all
are changing rapidly. If we
look at national initiatives,
public and private collabora-
tives, professionals and non-
professionals, and whole socie-
ties we can better understand
the driving power of informat-
ics. Precision Medicine, Pa-
tient Centered Outcomes Re-
search Initiative, Population
Health, Predictive Analytics,
Accountable Care, and Clinical
and Translational Science
Awards are just a few of the
well-funded national initia-
tives. And it is exploding! The
opportunities abound.
Recent studies tell us that our
health is influenced by many
different types of data: clinical,
genomic, behavioral, social,
economic, and environmental.
The amount of data we must
work through has grown expo-
nentially from bytes to exa-
bytes and is still growing. Pri-
vacy and security, data ransom-
ing, and information blocking
are only a few of the topics
with which we must deal. The
cost of health care in the U.S.
is 3 times of any other devel-
oped country, and over 6 times
the average of developed coun-
tries. No longer can we just
focus on a single component of
the overall system. We must
understand the technology, the
business, the applications, the
users, and the policies that
drive change.
I like to wear my MMCi jacket
on trips. It’s an attractive jack-
et, and I think noticeable. I
like it when someone com-
ments on MMCi and asks what
the letters mean. I like to make
the point that it is a program
Informatics — Riding High!
Master of Management in Clinical Informatics
Duke University School of Medicine Spring 2016 Volume 3, Issue 3
The MMCi Exchange
Webinar
May 18th
12:00—1:00 pm DST
Open House
May 6th
8:30 am—2:00 pm
Hock Plaza
Case Competition
June 10th
Hock Plaza
Visit the MMCi web-
site to register for an
event.
http://
www.dukemmci.org/
Inside this issue:
A unique blended
curriculum...
2
Emma Rasiel
Corporate Finance
2
Kevin Schulman
Clinical Informatics
Strategy
3
Will Mitchell
Principles of Strategy
3
MMCi Presents! 4
Ed Hammond, PhD MMCi Director of Academic Affairs
Join us for an
Information
Session
complex financial models that
underlie strategic decisions.
Rather, we focus on what ques-
tions to ask of the financial plan-
ners who build the models; and
which assumptions to challenge
and stress test.
The course begins with the tools
and methodologies used to value
two key forms of financing:
equity and debt. We stress the
importance of the tradeoff be-
tween rates of return versus risk,
and discuss how to measure and
evaluate both of these metrics.
We build relatively simple cash
flow forecasting models, and
discuss which key features of
these models require the most
attention when incorporated to
more real-world, complex fore-
casts.
Page 2
The MMCi Exchange
We go on to look at portfolios
of assets in both corporate and
personal settings, and how the
performance of these models
vary in different economic
scenarios (periods of growth vs
recession). We discuss how to
think about these models when
planning for the short term vs
the long term as well as some
common human biases that can
lead to less than optimal deci-
sion-making. We finish the
course with a brief discussion
about “hedging” (providing
insurance for) negative finan-
cial scenarios.
The Corporate Finance course
provides a framework for stu-
dents to learn about how finan-
cial decisions are made in
almost any context: from run-
ning a hospital to starting a
new medical practice to per-
sonal finance goals. Students
will come out of the course
with an understanding of how
to measure financial perfor-
mance, and – equally im-
portant – how to assess the
potential risks inherent in fi-
nancial decision-making.
It is often the case that corpo-
rate decisions that fit an organ-
ization’s strategic goals may
nonetheless be at odds with
prudent financial management.
In this class, we are not so
much learning how to build
MMCi 525 — Foundations of Corporate Finance
In this edition of the MMCi Exchange, we have focused on the significant trends in informatics and how graduate programs like MMCi serve to meet the sector’s current and future needs for skilled leadership. The Master of Management in Clinical Informatics degree is a unique com-bination of rigorous business and informatics courses. Our Term 3 faculty offer you some insights regarding the value of their courses in becoming effective strategic leaders who are capable of driving innovation in health care through the use of technology. They describe the tools, skills or methodologies their course provides that will help in making health-based decisions, better engaging executive leaders and understanding decision-making at the organizational level.
Emma Rasiel
Associate Professor of the Practice, Teaching Director of the Duke Financial Eco-nomics Center, Director of the Duke in New York Pro-
gram
A unique, blended curriculum…...
Page 3
Spring 2016 Volume 3, Issue 3
I enjoyed writing Clinical Informat-
ics Strategy. It’s interesting that the
course uses several cases I have
developed or co-developed. We
also read several of my research
articles in the class as supporting
readings. Overall, the class is real-
ly a great summary of a lot of our
research into innovation in the
health sector.
The framework for the class is to
understand basic business models
and frameworks where technology
has been utilized to improve quality
and reduce cost of services. The
start of the course is very focused
on these concepts: scale, network
economics, disruptive innovation,
business process improvement. in
health care.
We then look at telemedicine
through the lens of workflow,
and the economic value of
connectivity in health care. In
the later part of the course, we
explore different business
models including mHealth,
business transformation, and
conclude with the idea of Lean
Start-Up. The case for this
last class features two MMCi
graduates from Nairobi,
Kenya.
The course is all case-
based. This means that we
have an active discussion on
actual business cases for every
one of our sessions togeth-
er. We ask questions about
business strategy, leadership,
and even debate these points
among students in the class.
Overall, we’re respectful
but challenging of the cur-
rent paradigm.
From my perspective, the
opportunity to challenge the
status quo is not a personal
issue, it a question of
of business models and
frameworks. We ask hard
questions in class, and the
answers might lead us to
make different decisions in
our organizational roles.
The core frameworks we
develop point to different
business models supporting
technology deployment and,
frankly, result in some pret-
ty tough questions that need
to be addressed to best un-
derstand the role of technol-
ogy in health care. We’re at
MMCi 539 — Clinical Informatics Strategy
an interesting juncture in
the health care industry-
we’ve invested a lot in core
technology but have yet to
achieve the value creation we
expected. We need to
understand why this has been
the case so that we can make
better decisions as managers
going forward about our tech-
Kevin Schulman, MD, MBA
Director, MMCi Program Gregory Mario and Jeremy
Mario Professor of Business
Administration
Associate Director, DCRI
MMCi 557 — Principles of Strategy
We use multiple strategic
frameworks about market,
industry, and business analy-
sis, all pointing to ways to
create profitable customer
value. Because this is health
care, we work with a complex
customer environment, with
Will Mitchell
Visiting Professor Professor of Strategic Man-
agement in the University
of Toronto’s Rotman
School of Management
decision makers and major in-
fluencers including patients and
their families, health care
professionals, regulators, and
others. Moreover, we
work hard to deliver a triple
bottom line of performance –
organizational success, career
development, and social impact.
This is a challenging task and
one that is exciting to use the
tools of strategy to accomplish.
As a base for developing in-
sights, we will use a mix of
cases, current materials, framing
lectures, and active ongoing
discussions with the highly
experienced and knowledgeable
participants that make up the
class. These materials work in
close complement to the Clini-
cal Informatics Strategy course
that also runs in Term 3, while
also incorporating key elements
of the financial analysis that
students will be learning during
the term.
Throughout the class, I will
push students to develop a
personal point of view about
opportunities in health care and
work with class mates in de-
veloping the implications of
their ideas. Strategy is partly
about developing ideas for
creating new value and, just as
much, about encouraging a
group of people to engage with
and help shape ideas. The
classroom is a safe environ-
ment to develop and practice
the communication skills that
are needed to be an effective
strategic leader.
The starting point of strategy is
to develop a vision for the type
of value that your organization
wants to create, as well as
major strategic themes within
that vision. The vision and
strategic themes guide the
decisions that individuals and
groups within organizations
will need to make in their daily
work and in their longer
term activities. Our goal in
the class is to help students
link the high level vision to
these daily decisions, so that
one’s organization has a
chance to excel in a compet-
itive environment.
Throughout the course, we
draw from research in strate-
gy and healthcare. This
work helps identify relevant
patterns that provide in-
sights for how to identify
opportunities for your or-
ganization. In parallel, we
bring the ideas from re-
search to life by drawing on
the experience of the faculty
and students in the class in
making tough decisions in
real time situations. Overall,
we bring research and expe-
rience together in a way that
will help solve specific
problems and seize new
opportunities.
The May 6th Open House will include a class observa-tion of Clinical Informatics
Strategy
Master of Management in Clinical Informatics
2424 Erwin Road, Suite G06
Durham, NC 27705
Phone: 919-613-0310
E-mail: [email protected]
http://www.dukemmci.org/
The MMCi Exchange
Consulting Panel presents to the Class of 2016 Vijay Mohan, Director, Pharma and Life Sciences Advisory, Price Waterhouse Coopers and MMCi Class of 2015 alum, Donna Schmidt, RN, Director, Price Waterhouse Coopers, Audrey Lysko, MBA, Manager, Kyle Gibler, MD, MBA Senior Associate at McKinsey, Victor Palli, Deputy Director, Healthcare IT, JBS International and MMCi Class of 2011 alum
Bringing Business Innovation to Health Care
NC HIMSS Annual Conference Jen Maddocks (Lft) and Cathy Vanliew (Rt), Class of 2015. Congratulations to Jen for an impressive keynote address: Patient Engagement through Technology.
“Those who think, present.” Aayush Jain
CIO Panel presents to the Class of 2016 Mitch Krieger, MD, FACS, MMCI Class of 2013, Associate CIO, Cleveland Clinic, Ben Alexander, MD, CMIO, Wake Med, Eric Poon, MD, MPH, CHIO, DUHS
Dr. Ed Hammond speaks to prospective students and alumni regarding the “Digital Transformation of Health Care”
«Ad-
dressBlock»