As one of the most anticipated healthcare conferences of the year, there is no shortage of news, trends, and predications to sort through in the aftermath of the J.P. Morgan Healthcare Conference. An important part of digesting the highlights from this year’s event includes looking at the deals and partner announcements from the week and the broader themes they point to, helping tell the story of what’s to come for healthcare in 2024.
Looking back at the PAN HealthPulse report published last year, themes like AI in healthcare and behavioral health were owning the media conversations — and were, no surprise, still the front runners at this year’s conference. We also saw value-based care and the patient experience take center stage at this year’s show with relevant deals.
For example, General Catalyst lead a $95.5M round in Harbor Health, an eight-location value-based primary care and multispecialty clinic. We also saw Uber Health’s collaboration with Socially Determined to identify at-risk patients and provide them with non-emergency medical transportation and grocery and prescription delivery.
Let’s dive a little deeper. There is a strong connection throughout some of the deals we saw over the last few weeks: the patient. Somewhere along the way in our healthcare system, the patient was lost. But now, it’s clear that we’re getting back to the people who really matter when delivering care. Look no further than the big box retailers — CVS, Walgreens. Amazon — finding ways to capitalize on patient care and evolve population health.
Not only that, consider a McKinsey & Company report that the number of patients treated within the value-based care landscape could roughly double in the next five years, combined with the fact that the global patient experience technology market is expected to reach US $42.2B by 2029. It’s no wonder that the money, deals and solutions are all targeting the patient journey.
One very apparent way this shift is coming to fruition is through the introduction of AI into all aspects of the healthcare journey. According to HealthPulse: In addition to discussions around how hospitals and health systems can and should use AI to improve patient care, media have focused on AI’s ability to accelerate scientific discovery by advancing the understanding of disease, as well as the patient journeys of those impacted.
That’s never been clearer with the discussions in San Francisco this year, which included how to best leverage generative AI and the impact it will have on drug discovery, as well as big players in both tech and biotech joining together, such as the collaboration announced between Alphabet’s Isomorphic Labs and Novartis and Eli Lilly. It’s highly likely others will follow as big tech and healthcare continue to go after the same goal: get life-saving drugs and therapeutics to the market as fast as possible.
On the other side of the healthcare coin, though, are the health systems. While AI continues to be part of the discussion, specifics on strategic direction are minimal. It’s clear that the desire and investment in advanced technology is strong, but the future depends on clear guidance for implementation and expectations.
Let’s think back to what the Uber Health deal speaks to in terms of responding to market demand: a need for quick, dependable and available patient care. Health systems are under immense pressure to deliver this level of service, especially in ambulatory and out-patient services.
It’s clear that the future is building and growing to reach new markets and populations. For example, Sutter Health is investing roughly $800M to open 25 ambulatory care centers in the next three years to house primary and multispecialty services, and CommonSpirit Health is expanding into new markets. Patients are demanding better access, and the investments from health systems are following to meet it.
So, where does that leave us? The players across the market are hungry to bring the next biggest and most impactful solution to patients everywhere — but what will it be?
Here’s what we know: brands have an opportunity to differentiate their story in a media landscape that is searching for indicators of success. Given the media conversation trends, we also know that telling meaningful, patient-centric stories underscores this differentiation. Patient care and improving the patient journey along with AI integrations will likely continue leading the narrative.
We’ll be tracking these trends for clients ahead of the upcoming spring conference circuit including ViVE and HIMSS. What are your biggest takeaways from JPM? How are you using these trends to fuel your next campaign? Let’s connect!
And don’t forget to download our HealthPulse Report understand the evolving trends happening in our market.