In this episode, Dr. Toby Cosgrove discusses how healthcare is driving increasingly into value and that health systems must deliver it by keeping costs under control and improving the quality of care.
As healthcare moves from art to science, it is accumulating tremendous amount of data. This provides health systems the ability to bring science to healthcare and the opportunity to learn and predict new things. The healthcare industry, however, is moving very slowly. Technology companies must get deeply involved with the healthcare enterprises, so they understand the intricacies and the oddities of the system.
To think that any startup can disrupt the healthcare ecosystem is also very naïve. Digital health startups must understand problems and begin to solve them in collaboration with healthcare.
Toby Cosgrove, MD, is former CEO and president of Cleveland Clinic. Serving from 2004 through 2017, he led the $8 billion organization to new heights of achievement and efficiency, seeing it ranked the #2 hospital in America (U.S. News). He currently serves as Executive Advisor, working with Cleveland Clinic leadership on strategies for national and international growth.
Dr. Cosgrove graduated from Williams College and the University of Virginia School of Medicine. He trained at Massachusetts General Hospital and Brook General Hospital in London. In 1967, he was a surgeon in the U.S. Air Force, earning a Bronze Star.
Dr. Cosgrove joined Cleveland Clinic in 1975, and chaired the Department of Thoracic and Cardiovascular surgery from 1989 to 2004. He performed over 22,000 operations and earned an international reputation in valve repair He holds 30 patents for medical innovations. As CEO from 2004 to 2017, he reorganized services, improved outcomes and patient experience, and strengthened the organization’s finances.
He is a member of the National Academy of Medicine, and a Fellow of the National Academy of Inventors. In 2016, he was a Fortune Businessperson of the Year (No. 14). Three successive presidents of the United States have consulted him on healthcare issues.
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