AVA: April 2023
AVA: Ask Vic Anything
Don’t you think the government will bailout health systems as they have in the past and as they seem to be doing with banking?
Vic: I think it is a 50% probability, but we already spend ~20% of GDP on healthcare and few voters are satisfied with the outcomes. The government can certainly print more money and send it to health systems, but this will not fix the issues. We’ll still be unable to find enough labor, and costs will continue to rise. Millennials will eventually become uncomfortable with 22%, 25%, or 28% of our economy spent on healthcare. Timing of these transitions is always difficult, but I believe a redesign will be forced on us at spending levels between 20-30% of GDP.
I’ve been a member since the beginning of HCH and agree with you. However, the issues seem so large and daunting. How can one person make an impact?
Vic: No question, the challenges facing us are huge. It can feel overwhelming. But all I can do is try. Every person that becomes a member contributes their voice to the overall chorus of HCH members calling for positive action.
Send this report to your boss or call an old friend and ask them to consider joining. Education and awareness are the first steps.
Budgets are tight at my health system. I’d like to learn how innovation can help us but can’t invest. What do you recommend?
Vic: I completely understand. Cash is tight across the entire industry. You do not need to invest any capital. I suggest you set up an initial year of learning and exploring. Be very transparent that you are taking this 12-month period to understand the market and will not be investing. You will learn how innovation can increase revenue and save $ – with or without investment.
These issues are so complex I’m having difficulty understanding them. How do you recommend I educate myself?
Vic: People learn in different ways. I find composing my thoughts into an article forces me to unpack and more deeply understand topics. This may work for you, or you may listen to podcasts, watch videos, read books or debate topics over dinner with friends.
Got a question?
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