Transparent Consumer Markets: Personalized, Digital, Retail

This infographic from the Patient-to-Consumer Revolution shows how transparent markets, in combination with quantified self, will truly tip the market from supply to demand. Together these movements will change the basis of competition for providers. Health plans then will either enable transparent consumer shopping, or be by-passed by a consumer tech company that will.

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Quantified Self: The Bridge to a Personalized Health Marketplace

The quantified-self movement is setting the stage for long-term behavior change by engaging consumers and activating social networks. The infographic below from The Patient-to-Consumer Revolution report shows how the convergence of big data and consumer social data will help radically improve prevention and care in Health Market 2.0 and further raise consumer expectations.

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Elements of Health Market 2.0: Quantified Self, Transparent Markets, Smart Care Teams

In his MediFuture presentation, Oliver Wyman’s Tom Main says these three distinct movements are driving a shift to consumer-focused care:

  1. Personalized apps, wearable sensors, and social networks encouraging “life logging” are accelerating the quantified self movement, shifting social and cultural values, and providing smart care teams with the tools needed to make personalized care a reality.
  2. Transparent consumer markets will shift the basis of competition from reputation and referrals to price, value, and outcomes, moving healthcare from a business-to-business to business-to-consumer market.
  3. Smart care teams comprised of physician assistants, nurses, social workers, coaches, and doctors will match patients to the optimal level of care and support and—by expanding their focus to encompass population wellness and prevention— will soon deliver a dollar’s worth of care for 70 or even 60 cents.

“The important thing to understand is how rapidly things are changing,” says Main. “Only a few years ago, the most advanced healthcare providers hoped to cut the cost of care by 20 percent. In the last year, they’ve told us that goal is not nearly ambitious enough.” According to Main, the disruption in the health market will lower costs by 40 percent, produce 10 more good years of living, and improve the consumer experience by 300 percent. View his full MediFuture presentation above. Download a PDF and access additional presentations and videos here.

Esther Dyson On: The Quantified Self & the Quantified Community

Tech pioneer, journalist, and venture capitalist Esther Dyson is no stranger to innovation. A keynote speaker at Oliver Wyman’s upcoming MediFuture event, Dyson has turned her formidable talents to health, or to what she calls “the production of health,” launching a national Way to Wellville healthy communities challenge. In this last in a three-part interview series with Terry Stone, the managing partner of Oliver Wyman’s Health & Life Sciences practice, she shares her thoughts on the quantified self – and quantified community – movements. Read more here

TERRY STONE: What are your views on the quantified self and what do you think could be achieved with this movement?

ESTHER DYSON: Well, there’s the quantified self, and then there’s the quantified community, which is in essence what we’re talking about with Wellville. So quantified self is, if you like, the personal dashboard. The body is a machine that you can monitor and track, and these devices are great. If you are motivated by them, that’s great. If you’re not motivated by them, they’re not going to motivate you. Again, there’s a set of people who don’t need them at all, and there’s a set of people who don’t want them at all. In the middle there are people who, wow, you know, it would be really useful to know how much I walk every day and then discover, oh, it’s already 5 PM and I’ve been sitting the whole day. Maybe I should get up and walk around or walk home or just do something. And it’s giving you that feedback in real time rather than five years later when you suddenly get sick.

TS: Certain people may or may not be motivated by that, but I think what we find is that in many facets of our lives, just having information makes people make more informed decisions. You don’t actually have to be a fitness junkie to have it alert you and you realize you haven’t done anything, so get up.

[Read more…]

MedCity News: Quantified Self Aids Quest for Gold at Winter Olympics

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Source: Fitbit.com

MedCity News Reporter Deanna Pogorelc gathered examples of Olympic athletes employing key tools of the quantified self movement in their training. She cites a Wired article that shows how downhill racer Steven Nyman used science to turn him from a “struggling pro skier into an Olympic medal contender.” Patrick Deneen told Yahoo Sports, she writes, that he used the iPad video app Coach’s Eye to instantly evaluate his freestyle ski jumps and see where he should make adjustments. Canadian athletes, meanwhile, reportedly relied on Hexoskin, a sensor-embedded shirt to monitor their training vitals. And the U.S. figure skating team used biomechanical analyses of their skills to improve performance, according to CNN’s What’s Next blog. In the last example, the Wall Street Journal compared with Fitbit Flexes the activity levels of three U.S. Olympic hopefuls to that of three journalists. In that experiment, notes Pogorelc, freestyle skier Grete Eliassen burned as many as 7,000 calories on some days versus the sedentary person’s 1,300 or so. Read the full MedCity News post here.