Every year, the Duke Health Sector Management program hosts HSM Bootcamp, a week-long intensive course for Daytime and Executive MBA students. During this week, current and future healthcare leaders receive a comprehensive overview of the healthcare industry, from providers to insurers, to medical devices to innovation and venture capital.
HSM Bootcamp includes lectures from Fuqua faculty, corporate sponsors, case practices, industry expert speakers, and culminates in a consulting team assignment. By the end of the program, an HSM student can expect to walk away with a rare understanding of the US healthcare industry, valuable contacts with corporate sponsors and thought leaders, and many like-minded colleagues and friends.
Here are some highlights from the recent HSM Bootcamp, which was held July 23rd-28th, 2017.
Highlights of the week include the numerous corporate sponsor lunches, dinners and case practices scattered throughout the curriculum. During HSM Bootcamp, we dined with Boston Scientific and Becton Dickinson (BD), attended receptions with Johnson and Johnson and Optum, and conducted case studies with Amgen and Medtronic.
- The medical device industry has had to adjust to the value based trend in healthcare. Companies are now required to justify each new product based on the value it provides, as well as look for new investments in growth areas. Key growth areas include venous, aortic, neuromodulation, Deep Brain Stimulation and many others. An example of a corporation’s push into new frontier is Medtronic’s device for Deep Brain Stimulation (DBS) in Parkinson’s patients. (Medical Device, Medtronic)
- Healthcare is inundated with problems. Big data provides potential solutions to those problems. However, although big data is not the answer to everything, it is a foundational element to the solutions. Currently, the industry utilizes big data to respond to the question “What is the status of our current patient population?” For example, where are the gaps in our care processes? Who will have a readmission or incidence? How can we take care of our existing community better? In the future, with the help of artificial intelligence and machine learning, big data analytics will be able to predict and provide relevant, easy to digest, immediately applicable insights into treatment and advice. (Insurance, Optum/United Healthcare Group)
- The healthcare industry is chalk full of innovation, particularly within technology and emerging markets. A way to encourage innovation is through the pull and push mechanism. How can we, as a system, decrease costs of innovation (push mechanism), and increase reward (pull mechanism)? An example is Johnson and Johnson’s innovative initiative with JLab, an incubator for healthcare startups and is committed to providing innovations to push patient care. (Pharmaceutical, Johnson and Johnson).
Duke HSM students are provided a critical understanding of the healthcare industry through academic lectures from top researchers and scientists. The overview provides a critical leg up among health professionals.
- Medical care is similar all over the developing world. ‘Western’ approach to healthcare is the same. What is different is how each country pays for medical care.
- A nation’s healthcare system reflects the country’s history, politics, economy and national views. There is no correct system. Every system has a tradeoff.
- A common thread within healthcare is the increasing healthcare costs, and how healthcare leaders can impact the system, manage the high costs, and decrease wasteful spending.
The Bootcamp curriculum not only consists of relevant academic topics, but these topics are bolstered with in-depth viewpoints from thought leaders and industry experts living and breathing and shaping the concepts. Thought leaders range from a variety of professions such as White House economists, physicians, medical device executives, population health experts, venture capital and entrepreneurs in the healthcare space.
- Healthcare is unique. Healthcare is characterized by a sizable public sector involvement, an uncertain impact of technological intervention, and an importance of human interaction and judgement. It is important to realize that technology and human do not always substitute one another. When we adopt a new technology, we require more labor and people for the adoption of the device.
- There is a large challenge for the implementation of technology. End users of technology do not always use the product as it is intended, resulting in unexpected benefits and costs.
- The industry is at a precipice for change. Keep an eye on the following pioneers:
- BCBS: telemedicine for doctor appointment
- Medwand: measures vital and basic
- CrowdMed: crowdsourcing diagnostics
- Practice Fusion: cloud based EHRs
The whirlwind week culminates in a group assignment. HSM students are assigned a team of diverse and experienced team of current and future healthcare leaders. Within the Executive MBA class, we boast a neurosurgeon, an eye surgeon, pediatrician, anesthesiologist, healthcare policy, consultants, medical device marketers, pharmaceutical executives, and healthcare administration professionals. The team project is to provide an analysis and recommendations for cost cutting opportunities for several different healthcare corporations.
HSM Bootcamp taught us that health care is an incredibly complex and fascinating animal. It consists of multiple sectors and stakeholders, with conflicting incentives, mindsets, standards of processes, and cultures. Bootcamp provides a definite advantage for students to explore the kaleidoscope of sectors, network with current and future healthcare leaders, and gain first-hand insight on corporations.
An MBA advantage isn’t the ability to regurgitate buzzwords such as AI, Blockchain or Machine Learning. The MBA advantage is to be able to think critically about where and how disruption will affect healthcare. A theme throughout the week is the idea of problems and solutions.
Professor Barak Richman asks, “If you hear of a problem, a gap, or a limitation, what do you do in business school?” The answer “You fix them.” Throughout your time as a student at Duke, keep an eye and an ear out for problems and gaps. What currently exists does not have to continue to exist. As a member of the Duke community, we are provided the resources, the knowledge, the insights, and the critical thinking to change our world, and change our system. If anyone is going to help fix the US healthcare system, it will be the business leaders, the entrepreneurs, and the innovators among us.
As Ronnie Chatterji states, “Learn old war stories of what you can’t do. But learn new war stories of what you can.”