In this episode, Tommy talks with Dr. Matt McGirt, director of value-based contracting at Carolina Neurosurgery & Spine Associates.
Matt is a world-renowned neurosurgeon turned entrepreneur and a thought leader in the early stages of big data transformation in the healthcare industry. His fondness for the analytics of medical research and innovation started in medical school and has pushed him toward making the industry better.
Tommy and Matt talk about innovations in healthcare, hallmarks of successful venture-backed healthcare products, and the importance of securing a reimbursement pathway.
“We are already delivering reliable outcomes, but it takes good doctors. It also takes big data and the right analytics. You have to go back and know exactly how, why, and how often your widget breaks. Once you understand risk, you can begin to insure it in a way that’s cost-reductive to all players in the equation of healthcare costs.” ~ Matt McGirt
Main takeaways
Proper management and analysis of big data in healthcare can increase an institution’s performance. Healthcare professionals handle lots of medical records each day, but still haven’t figured out how to channel the power in those records.
The two main issues in healthcare purchasing are the lack of transparency and huge cost variations. All data needs to be evaluated to ensure quality healthcare is delivered to the patient.
When looking at promising healthcare innovations, ask yourself these questions: Is it backed by evidence and data? Does it fill an unmet need? Is it supported by the right management team to take it from point A to B to Z?
To get the best outcomes, it’s important to know how your product or service fits in the market. Getting FDA approval is just the first step. Founders must do their due diligence and secure their reimbursement pathway.
Links
Matt McGirt
Carolina Neurosurgery & Spine Associates
Duke University
Laura McGirt
John Hopkins University
Harvey Cushing
Vanderbilt University
American Academy of Neurological and Orthopaedic Surgeons (AANOS)
Lowe’s
Walmart
Fortune 100 Fastest-Growing Companies
Center for Medicare and Medicaid Services (CMS)
Food and Drug Administration (FDA)
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Mammoth
Tommy on LinkedIn
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