Our Key Takeaways from ViVE 2023
Leaders from Redesign Health and our Operating Companies recently attended ViVE 2023 in Nashville. Throughout the chock-full week in Music City, we attended (and hosted) insightful panel discussions and connected with industry leaders in healthcare IT, digital healthcare and business transformation. Here, some of our experts share their takeaways from the event.
1. Cautious optimism around AI. This was a major theme in the dialogue at ViVE. The overall tenor: Optimism balanced by concerns about risk.
“We saw significant conversation and excitement around the potential use cases for AI tools like ChatGPT,” remarks Brenda Schmidt, Head of Enterprise Growth, “but also concern around the lack of regulatory guidance for data usage and hesitancy about utilization in clinical settings until more of this work is done.”
2. Labor challenges. Seemingly everyone at ViVE was talking about how to address the workforce labor challenges for providers and health systems. All signs point to what Brenda Schmidt calls “the critical need for workforce transformation and retention strategies.”
“The healthcare labor gap persists,” adds Alicia Bloom, VP of Enterprise Growth and Strategic Partner Innovation. “Creative solutions to attract and retain both clinical and nonclinical staff are more important than ever. There was a lot of curiosity and excitement, with some uncertainty, about how we might leverage AI to address the healthcare labor gap.”
“The healthcare labor gap persists. Creative solutions to attract and retain both clinical and nonclinical staff are more important than ever. There was a lot of curiosity and excitement, with some uncertainty, about how we might leverage AI to address the healthcare labor gap.” - Alicia Bloom
3. Equitable access to care. Conversations about access to care are increasingly acknowledging that availability of care is simply not enough.
Rather, Alicia Bloom notes, leaders are asking questions like, “Is it the right care at the right time? Is it delivered in a way that meets the unique needs of the person and their family? Are we identifying and addressing social determinants of health? Transforming the healthcare experience requires transformation within the system, and that is more clear than ever.”
4. Opportunities in alternative sites of care. As healthcare increasingly moves into settings outside the hospital, we’re intrigued to see leaders exploring what’s next in home health.
Home-based settings don’t necessarily lower the cost of care, but they can produce better quality for the same cost, with lower staff turnover and lower capital expenditures by avoiding new hospital beds.
“No matter the setting, the key to successful healthcare delivery is building trust with patients and meeting them where they live, including considerations around more frequent touchpoints and considerations of social determinants of health,” says Scott Bechtler-Levin, Head of Venture Design.
As heard at one of ViVE’s sessions, we’re seeing a major shift in healthcare from “design for to design with. Engaging providers and patients is not optional — it’s critical.”
5. Changing expectations around fundraising. The buzz at ViVE reinforced the changing expectations around startup valuations, with Series A rounds creating the most uncertainty among investors.
“While there’s a sense from investors that valuations should still be lower, their need to deploy capital will likely result in an increase of activity in the end of this year and early next,” notes Christian Bjelland, VP of Capital Network at Redesign Health.
“General partners are feeling the pressure to start investing and won’t be able to wait until valuations are ‘perfect.’ Lots of GPs are fundraising after deploying very quickly and it’s going slowly. This will impact activity in the near term for many.”
While there’s a sense from investors that valuations should still be lower, their need to deploy capital will likely result in an increase of activity in the end of this year and early next,” - Christian Bjelland
Reflecting on ViVE, we’re feeling the energy and conviction around our mission to redesign health for everyone. In Alicia’s words, “Our model is well positioned to collaborate with incumbents to drive real change together, and I had many energizing conversations that reinforced the value of true partnership.”
Interested in joining us? Explore our partners page for more information.
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