At the Health Innovation Summit, It’s Time for Show, Don’t Tell


Matthew Weinstock

5 min read

The time may finally be here for the healthcare industry to transform into a consumer-centric model — one that builds on technology innovations of the past few years, allows consumers to take more control of care decisions, and does so at a more affordable cost point, Glen Tullman, Executive Chairman and CEO of Transcarent, said during a luncheon kicking off the 10th annual Oliver Wyman Health Innovation Summit.

Tullman, alongside Oscar Health Co-founder and CEO Mario Schlosser, implored the nearly 300 healthcare leaders gathered in Chicago to tap into learnings from the past couple of years to drive change. “There’s an opportunity now that we haven’t had in the past,” Tullman said, noting that the COVID-19 pandemic forced a digital revolution across healthcare. Now the business model needs to catch up, he said, adding, that a lot of organizations get paid to retain the status quo.

For start-ups and other companies hoping to disrupt the industry, falling stock prices and tighter capital markets create an opportunity for leaders to realign their strategies, Schlosser said. Instead of trying to be all things to all people, focus on what you are good at. It’s a lesson that Schlosser took to heart earlier this summer when his company announced that it would not pursue additional full-service deals for its +Oscar information technology platform. The service was intended to help insurers and providers transition to risk-based arrangements, but an implementation with Health First Health Plans ran into trouble and the Florida-based insurer recently terminated the contract. Oscar has very good tools in other specific areas and that’s where the focus needs to be for now, Schlosser said.

Companies that sharpen their focus and business model, as well as show a path toward profitability, are going to be the ones that attract investments and will have a chance to make meaningful change. It’s now a “show, don’t tell” world, Schlosser said.

Pointing to the pharmacy benefit manager segment, Tullman struck a note optimism that broader disruption is coming. He referenced the major acquisitions over the past few years that have radially reshaped the PBM landscape. And hours before taking the stage at the Health Innovation Summit, Transcarent launched Transcarent Pharmacy Care, a service that will allow members to search and compare drug prices across pharmacies. He predicted that similar changes will hit the insurer market over the next five years.

“Consumers need to be in charge,” he said. “They need to tell us what they want, when they need it.”

The New Consumer

Attendees are learning more about some of the consumers driving change at the Health Innovation Summit’s Inspiration Experience: Renaissance 2022. During the immersive experience, attendees get a closer look at four personalities that are reshaping healthcare and society — empowered employees, influencers, psychedelic explorers and wellness protagonists, and citizens of the metaverse. The experience is built off consumer research by the Oliver Wyman Forum which identifies The New People Shaping our Future.

The Inspiration Experience is not a passive exhibit though. Attendees engage around topics that are present not just in healthcare, but all of society: what impact do social media influencers have on the spread of misinformation? How can companies be responsive to demand from workers to address such issues as flexibility, training, and wellbeing? What role will the metaverse play in healthcare?

Bringing Affordability and Quality Together
Another piece of exciting news from the Health Innovation Summit, attendees also engaged with our new content hub, Oliver Wyman Affordability and Quality Impact. They were able to sample the claims analytics engine and test their knowledge on who knows the most about utilization and condition trends across the country. The content hub is a thorough collection of Oliver Wyman’s perspective, methodologies, and tools – across lines of business – to identify cost drivers, find efficiencies, and improve quality of care. Through detailed analysis, case studies, and more you’ll see how our expertise across multiple disciplines, including behavioral health, medical cost action planning, pharmacy management, helps clients achieve impactful and sustainable change.

We’ll have continued coverage from the Health Innovation Summit in tomorrow’s special edition of Oliver Wyman Health.