Industry News: Volume 10, Issue 26

INDUSTRY NEWS

Fixing the Biggest Problems in Healthcare

 

Published on September 27, 2020

By Michael Gorton

Teladoc founder, author, keynote speaker, serial entrepreneur. I build world changing companies from ideas.

Healthcare is broken. If you believe that statement and you are building a company that should be part of the engine that fixes it, read on.

At Teladoc, we built a system capable of delivering physicians to patients in minutes, for a fraction of the cost of an in-person visit. Impact: Access, Efficiency, and Cost.

On the other side of the coin, Physicians (providers) working inside the Teladoc engine could work fewer hours per week and make more money. Impact: Access, Efficiency, and Income.

The pieces are in place so that we can now change everything. Telemedicine and digital health have reached a watershed moment. After years of shouting into the empty forest, suddenly everyone is listening. The industry is in full acceleration and entrenched in the historic shift from emergence to growth. Consolidation is happening all around us, every day. Tens of thousands of lives are now being saved by the very industry that Boards of Medical Examiners were relentlessly trying to shut down just a year ago.

But, the solutions delivered by Teladoc and the telemedicine industry are just the tip of the iceberg. What you are witnessing now is just the beginning. 

We still have an overly expensive architecture that only treats the sick. It is therefore, not a healthcare system, but a “SickCare gimcrack.” Lowering cost AND keeping people healthy well past reaching a hundred years old, is now within the scope of technology and delivery. 

For the past six months, a team of telemedicine and digital health pioneers and I have been working on a solution that has begun paving the road to replace our broken, costly SickCare gimcrack with a true affordable healthcare jet engine.

As of today, some of the most significant and recognized players in telemedicine and digital health have joined this team, and we are looking for others. Are you one of them? Do you have a company that should be part of the engine that changes everything?

We can define consolidation and its impact. Today there are thousands of telehealth companies in various stages of development. In a few years, most of the early stage companies, now excited by their own growth, access to capital, and high valuations, will be gone. DEAD. The vast majority will be simply crushed out of existence. The fight for dominance has begun. In a few short years, the top three or four players will control up to 50% of the entire industry, while the remainder will be anemically held by less than a dozen more.

I have lived through this twice. Once in solar and the other time in the internet. In the 1990s, I built an Internet company. Those were exciting times. Boom times. Investors were encircling us and throwing money at our deals. Sound familiar? Many of my colleagues rejected great offers because they believed they had the next “billion-dollar deal.” In almost all cases, they were wrong, and they ended up with nothing.

The lessons of the late 90s apply today. History teaches us the cycles of a new industry. In 2002, Harvard Business Review published a study on the topic. We have seen example after example of how emergence-to-growth plays out in a new industry. Just look at manufacturing, automobiles, airlines, telecom, internet and solar power. The list could go on and on, and the pathway is always the same. Emergence spawns Growth, which leads to Consolidation. There is a reason smart people study history…

Restated

There are two things that need to happen, and our team is intent on delivering:

  1. We want to cherry pick the best deals and work with management to make sure they survive the coming, crushing, consolidation, and
  2. Collaboratively build the jet engine of a truly affordable healthcare system that delivers real care for maintaining health.

We have begun this process and have a few companies and investors onboard, but are actively seeking additional investors and entrepreneurs. Please reach out to me on LinkedIn so we can schedule a meeting to discuss.

America’s Business Community Leads Pandemic Response and Preparedness: COVID-19 recovery, resilience to economic fall-out and support for Community Collaborative model to prevent the next public health crisis

By Bill Oldham & Shawn Murphy

IJBED.com – Despite its devastating impact on populations and businesses worldwide, COVID-19 is providing an opportunity to reassess, discover and strengthen the fabric of communities and states across the country in order to mitigate the brunt of future health crises. While we are “all in this together,” there is a need to take action and set the agenda for addressing the factors that affect the strength and resilience of individuals, businesses, policy makers and communities.

To view the original article in its entirety, click here.

COVID-19 disrupting mental health services in most countries, WHO survey

World Mental Health Day on 10 October to highlight urgent need to increase investment in chronically underfunded sector

By WHO

Who.in – The COVID-19 pandemic has disrupted or halted critical mental health services in 93% of countries worldwide while the demand for mental health is increasing, according to a new WHO survey.

The survey of 130 countries provides the first global data showing the devastating impact of COVID-19 on access to mental health services and underscores the urgent need for increased funding.

To view the original article in its entirety, click here.

Tourism Revenue Slashed By $316B Due To Covid-19 – A 41% Decrease

The global tourism industry had a rosy outlook for 2020 continuing a historic rise in the industry in recent times. However, at the beginning of the year, it became apparent that COVID-19 had turned the world upside down and global tourism effectively came to a collective halt. According to data presented by Stockapps.com, the projected tourism revenue for 2020 has been slashed by almost $316B as a direct impact of the pandemic – a significant 41% decrease.

2020 Revenue Forecasts Slashed by Nearly Half

Global mobility is one of the main drivers of the pandemic and is seen as the reason as to the virus’ rapid spread across the globe. As such the first action that many governments took is to close its borders from travellers in an effort to stem the spread of the virus. The dire health situation needed drastic measures in many countries but these same measures also had massive economic implications particularly for the tourism industry.

Forecasted revenue from tourism in 2020 before the pandemic took hold was at a rosy $712B but since COVID-19 that forecast has now been slashed to $369.4B – a decrease of 41%. The new forecast is also significantly lower than 2019’s recorded revenue which was at $685B.

European Tourism Hardest Hit

Europe, Asia and North America’s tourism are the most affected among the different regions. Europe’s forecast was slashed by nearly $95B – a 41.4% decrease while Asia’s forecast was slashed by 33.4% totalling over $85B. 

Among individual countries, new forecasts show that Italy is expected to feel the most significant impact in terms of tourism with new projections nearly at 45% less than originally forecasted.

You can read more about the story with more statistics and information at: https://stockapps.com/tourism-revenue-slashed-by-316b-due-to-covid-19-a-41-decrease/

Contact: Rex Pascual

Stockapps.com

St. Magnus House

3 Lower Thames Str

London

EC3R 6HE

rex@finixio.com

Employer-sponsored health insurance premiums rose 4 percent in past year: analysis

BY JESSIE HELLMANN

Thehill.com – mployer-sponsored health insurance premiums rose 4 percent over the past year, outpacing the increase in workers’ wages and the rate of inflation, according to an analysis released Thursday by the Kaiser Family Foundation.

Average annual premiums for employer-sponsored health insurance are now $7,470 for a single plan and $21,342 for a family plan, up 4 percent from the previous year. 

To view the original article in its entirety, click here.

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