Now, more than ever, healthcare systems around the world are under tremendous pressure. You may be feeling this too. Technological advances, novel therapeutics, innovative treatment paradigms, and aging populations are all compounding factors. Regardless of where in the healthcare spectrum you reside, you’re likely facing a challenge of improving outcomes while managing costs. Now imagine if you could tackle these issues and find inspiration to disrupt the status quo. Welcome to the NantHealth blog.
Americans spent $3.65 trillion on healthcare in 2018, up from 2017, where the United States spent about $3.5 trillion, or 18 percent of GDP, on health expenditures. And though US healthcare spend is the highest in the developed world, we rank 27th in the world for levels of healthcare, including factors such as access and outcomes.
Healthcare is complex. Data is complex. Technology moves faster than any human has the capacity to keep up with. Here at NantHealth, we have the privilege of leveraging real-time insights into the state of healthcare. In an age of compounding technologies, NantHealth acknowledges that the healthcare sector is primed for disruption. Through this blog, we will explore what we’re seeing in this space and the innovators who inspire us. We hope that through our share-of-thought, we may help spark new thinking in you – new thinking that materially benefits the patients that we both serve.
The blog will also highlight our employees, who drive us toward success every day, and our values, which define everything we do. As we continue to support the communities where we live and work, we will share these stories of giving back with you. I’m proud to say we foster a culture of innovation at NantHealth, and the minds and talents of our team inspire us every day.
Regardless of where in the healthcare spectrum you reside, you’re likely facing a challenge of improving outcomes while managing costs.
Mark Mozley, Senior Vice President, Global Sales & Marketing
As you follow our journey, you’ll find perspectives on the state of value-based care, novel approaches to payer-provider integration, the opportunity of interoperability in the continuum of care, and much more. Luckily, these perspectives will come from folks far more qualified than me, from subject matter experts with diverse perspectives, such as NantHealth Regional Vice President of Sales, Ray Wright.
In a recent conversation I had with Ray, he talked about his time as a young financial planner. He said, “I was taught that the life insurance industry knows how many people will die each year to within one-half of one percent. What they don’t know is who. Powered by the Law of Large Numbers, costs for fixed payments to beneficiaries are shared across the insured population, and as more people participate, the more accurate these how many and how much forecasts become.”
Ray expanded. “As you’d expect, payers make use of historic data to predict how many people will require treatment for various diseases. They also don’t know who, but unlike the fixed payment of a life insurance contract, payers cannot predict how much treating disease will cost.”
A look back at over 430,000 oncology treatment plans, submitted by providers from six U.S. payers from 2016 through 2019, shows a steady increase in cases treated across nearly 50 cancer types with the Top 5 types accounting for over 60% of all cases annually. Extrapolating trends for each cancer points to a doubling of treatment plans from 2016 to 2022 for the population insured by these six payers.
Source: Treatment plan information submitted to Eviti from 136,700 healthcare providers over the past four years.
How much might the treatment of these cancer cases cost over the next several years? It’s impossible to know for sure. The introduction of new therapies, new technologies, biosimilars, and other variables guarantees that costs will change.
Follow our journey through our updated website and blog launch, as well as our product platforms and user group events. I also invite you to subscribe to the blog to make sure you get the latest articles delivered straight to your inbox. We look forward to navigating this healthcare landscape with you, through our combined inspiration to disrupt the status quo.
Senior Vice President, Global Sales & Marketing