McDonough’s Business of Health Initiative Conference Discusses Shaping Future of Healthcare to be Prevention-Oriented

Industry leaders, policymakers, and academics gathered at Georgetown McDonough’s inaugural conference hosted by the Business of Health Initiative to discuss the challenges and opportunities at the intersection of business and health.

As one of the Fields of the Future at McDonough, the Business of Health Initiative integrates business, innovation, and health to address complex challenges in the industry.

Led by professor Sandeep Dahiya, director of the initiative and Crnkovich Family Business of Health Chair, the event featured a fireside chat with former president and CEO of Humana, Bruce Broussard (P’18, ’21), a long-time advocate for value-based care, and two panel discussions that addressed the use of AI and leveraging value-based payments in healthcare.

Challenges and Innovations

During Broussard’s fireside chat, moderated by Dahiya, they discussed the U.S. healthcare system’s evolution and the move toward value-based care. Broussard shared a staggering statistic that Americans spend more on health and live shorter lives compared to those in peer countries. He provided historical context for how the United States got to this point: going back to the trending topics in healthcare in the 1950s (infectious disease), 60s (introduction of medicare and medicaid), and up through the early 2000s (genomes). The U.S. healthcare system’s long-standing focus on fee-for-service models and the challenges that come with it also play a major role in where we are today, he noted.

“The other thing that happened is the business model never changed. It kept, and it continues […] to be, the more you get paid, the more you do,” said Broussard.

He argued that to improve healthcare, a shift toward value-based payment models is necessary – one where outcomes are prioritized over service volume in order to drive accountability.

Broussard shared insights from his experiences at Humana, emphasizing how primary care and home care models, coupled with a focus on holistic patient care, could help reduce costs while improving quality of life. He also pointed out the importance of engaging patients, especially in under-resourced communities and making care more convenient through telehealth services.

Daihiya then shifted the discussion to industry innovations, and Broussard highlighted how technological advancements, particularly in AI, could help streamline operations, provide personalized care, and improve preventative care. 

In pondering solutions, Broussard noted that at the core is simplification: not only to ensure better patient engagement but also better patient outcomes in the long-term.

Technology Enablers in Healthcare

The first panel discussion, moderated by professor Yunan Ji, focused on the transformative role of technology and AI in healthcare. 

Jessica Lamb, partner at McKinsey & Company, Aneesh Chopra, chief strategy officer at Arcadia, and Lynne Chou O’Keefe, founder and managing partner at Define Ventures, discussed the opportunities AI presents in optimizing hospital operations, reducing inefficiencies, and enhancing patient outcomes.

Lamb shared her excitement about AI applications already in practice, such as using virtual reality to train healthcare providers and AI to streamline administrative tasks. O’Keefe emphasized the importance of creating personalized healthcare experiences and eliminating friction, while Chopra advocated for a vision of healthcare where technology is employed to advance what is best for the patient. The panelists also addressed challenges in scaling AI solutions, particularly the need for high-quality data and aligned incentives across stakeholders in the healthcare system.

Value-Based Payments for Better Outcomes

The second panel, moderated by professor Michael O’Leary, senior associate dean for graduate and executive degree programs at McDonough, explored value-based care and its potential to reshape the healthcare landscape. Eric Larsen, president of TowerBrook Advisors, and Sean Cavanaugh, chief policy officer at Aledade, discussed their experiences in shifting from traditional fee-for-service models to value-based payments.

Cavanaugh explained how Aledade leverages data and analytics to help healthcare providers manage patient care holistically. Larsen highlighted the role of the private sector in driving innovation, noting the growing importance of AI in the healthcare sector and its potential to disrupt traditional business models.

The conversation also touched on the role of government in shaping the future of healthcare, with Cavanaugh calling for better alignment between policy and AI adoption. Both panelists agreed that the healthcare system must evolve to focus on prevention and primary care to improve long-term outcomes and reduce costs.

A New Era in Healthcare

In his closing remarks, Dr. Deus Bazira, director of Georgetown’s Global Health Institute, reflected on the role of the consumer in driving the healthcare system. Additionally, he observed the generational shift occurring as younger generations, such as Gen Z, who are accustomed to using technology to navigate the world around them, will soon begin to shape the future of healthcare. 

Bazira emphasized the importance of training healthcare professionals to think beyond traditional models and focus on the health of populations as a whole. He also highlighted the need to address the challenges of patient safety, prevention, and customized care to improve health outcomes. 

“I am grateful for the experts who joined us to shed light on both the challenges and opportunities we face within this emerging field,” said Dahiya. “This Business of Health conference highlights the profound impact that innovation, technological advances, and value-based care models could soon have on the U.S. healthcare system.”

Throughout the day, the thoughtful questions posed by students during the Q&A was also indicative of the change they hope to inspire within the healthcare industry – living out the Georgetown value of being people for others.

“From AI’s role in healthcare to value-based models and the evolving business of medicine, our panelists’ insights brought clarity to some of the biggest challenges in the industry,” Dahiya reflected.

The industry experts at this event agreed that, in the near future, collaboration between business leaders, healthcare providers, and policymakers will be essential to create a more efficient, equitable, and effective healthcare system.