Produced by Miami Herbert Business School, the 13th annual Business of Health Care conference, entitled AI, Elections and the Economy was held on February 16 at the Shalala Student Center on the University of Miami campus in Coral Gables. The event had over 600 registrants, in-person and online.
The second panel discussion of the all-day program featured eight speakers, representing a broad cross-section of health care stakeholders. The topic addressed was New Opportunities, Ongoing Challenges and the panelists were:
- Patrick J. Geraghty (Moderator)
President and Chief Executive Officer
GuideWell Mutual Holding Corporation - Matthew D. Eyles
Immediate Past President and Chief Executive Officer
America’s Health Insurance Plans - Halee Fischer-Wright, MD
President and CEO
Medical Group Management Association
(L to R) Patrick J. Geraghty, Mathew Eyles and Halee Fischer-Wright, MD
- C. Ann Jordan, JD
President and CEO
Healthcare Financial Management Association - Yolanda M. Lawson, MD
President
National Medical Association - Mary C. Mayhew
President and CEO
Florida Hospital Association
(L to R) C. Ann Jordan, JD, Yolanda M. Lawson, MD and Mary C. Mayhew
- Jennifer Mensik Kennedy
President
American Nurses Association - Stephen J. Ubl
President and CEO
Pharmaceutical Research and Manufacturers of America
(L to R) Jennifer Mensik Kennedy and Stephen Ubl
Mr. Geraghty got the chat started by inviting each panelist to introduce him/herself and address AI opportunities and challenges. Mr. Eyles expressed concern that there will be a “Black Swan” event where AI is used in a nefarious way thus undermining confidence in the entire industry. Dr. Wright pointed out that no discussion of AI can happen without first re-visiting Electronic Health Records, underscoring the deep antipathy practitioners have towards that tech rollout. This experience will color practitioners’ perception of future innovations including AI. Dr. Lawson reminded the audience that radiologists and pathologists feel particularly threatened. She also noted that for independent physicians, access to AI technology is a challenge.
Next the conversation turned towards the recent explosion of Wegovy and other GLP-1 receptor agonists to treat obesity. Ms. Jordan asserted that since GLP-1 drugs are a treatment (not a preventative), the upside is limited. There are also underlying equity issues associated with the drug. When recommended for weight loss, this family of drugs is usually prescribed off-label. Thus, cash payment is typically required. Mr. Ubl commented that the downstream benefits of GLP-1 receptor use are enormous when the effects on comorbidities are factored in. Meanwhile, there are promising inquiries regarding the application of these drugs to treat addiction.
Finally, Mr. Geraghty directed the conversation to the upcoming elections. Dr. Wright is concerned that provider compensation is lagging in an inflationary economy. Since health care prices are largely set by the government, the physician community will be looking for assistance in this area. Ms. Mayhew cautions that what’s driving innovation and change in the health sector is not the government, it’s tech. That said one area where government could lead is in the support of rural hospitals. These facilities operate in a high fixed cost, low volume environment. Ms. Jordan advises health care professionals to not let politics guide decisions. “Look at the data,” when formulating strategy. The “sick care” fee-for-service model needs to continue its evolution toward value-based care. Ms. Mensik Kennedy stated that the country has to have a national strategy to ensure an adequate health care workforce going forward. Thankfully, this is an initiative that should have strong bi-partisan support.
Mr. Geraghty wrapped up the discussion by appealing to the students in the audience, since they are our future leaders. He reminded the audience that innovation comes from the private sector. He encouraged health care professionals to embrace AI, manage the risks, and leverage the upside, “a force for good.”
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View the program agenda HERE.
View the speaker BIOs HERE.
View the sponsor page HERE.
Learn more about the Miami Herbert Business School HERE.
Editor’s note – Stay tuned readers. We will be posting additional stories on the other panel discussions shortly. This is the second story in the series. You can view the first one here.
