Healthcare Champions (S1E4)
Sick care vs. Healthcare:
A rebel’s crusade.
Lessons + insights from S1E4 of BarkleyOKRP’s Healthcare Champions Podcast
Terry Burke is no stranger to the wild world of healthcare. With decades of experience, from actuarial work to leading individual business units at Blue Cross, he’s seen the industry’s ups, downs, and everything in between. And now, as a senior advisor at Oliver Wyman and a performance coach, he’s on a mission to put a dent in the status quo. The crux of Burke’s crusade? Transforming our “sick care” system into proper “healthcare.”
As he puts it, the traditional model was designed to treat people once they got sick rather than focusing on preventive care and whole-body wellness. And with chronic illnesses on the rise, this outdated approach just isn’t cutting it. But changing the healthcare behemoth isn’t easy. Burke likens it to Steve Jobs’ quest to “make a dent in the universe” – it takes a healthy dose of reality distortion and persistence.
Fortunately, he’s got a few tricks up his sleeve. Value-based care, for one, is a promising avenue. This model encourages a shift towards proactive, patient-centric care by aligning incentives between providers and payers. And with technology like artificial intelligence and natural language processing, the possibilities for early illness detection and personalized prevention are endless.
Of course, the path to true healthcare transformation is paved with challenges. Budgeting for innovation can be a headache, and getting the industry’s various players – from payers to providers to policymakers – to work in harmony is no easy feat. But Burke remains undaunted, armed with his actuarial expertise and a healthy dose of rebellious spirit. As he sees it, the key lies in cultivating a mindset of continuous improvement and a willingness to take risks. “Innovation happens when it happens,” he says, “It goes in fits and starts, and I think you have to be ready to take advantage of it.”
So, who’s poised to make the next big dent in healthcare? According to Burke, keep an eye on the Medicaid organizations and the rise of individual consumer health reimbursement arrangements. And don’t be surprised if digital transformation unexpectedly shakes up the industry. One thing’s for sure: with trailblazers like Terry Burke leading the charge, the future of healthcare is looking a whole lot brighter – and a whole lot healthier.
Healthcare Champions captures stories from visionaries at the forefront of healthcare business strategy and innovation. Each episode highlights healthcare industry opportunities that could drive real impact from individuals who are champions of real change.
To explore more episodes of Healthcare Champions, click here.
For a thorough evaluation to help your brand build its biggest future, contact Sam Meers, EVP, BarkleyOKRP Healthcare Innovations, at smeers@barkleyokrp.com.