What a difference a President makes. Last president of the AMA seemed much more interested in doctors and their work and now we have a shift back to data selling and analytics again. AMA makes money licensing CPT codes that are used throughout the healthcare industry as well as distributing data bout doctors so maybe put things together and some folks in the Silicon Valley want some of that doctor data, you think?
Well former Goldman Quant and now Columbia Professor Emanuel Derman this week pretty well summed the state of affairs up in a few words:
“the economy is drunk on math”…brilliant and that pretty much describes what’s probably going on here. I read this stuff and have written about it for years and honest to God it’s like sickening with all these analytics announcements. The ones we have now are not saving any money to speak of so, give it up. Besides Pfizer just said they were raising prices on 100 drugs, so now the analytics folks are going to score it off our fannies. Scoring of course denies access and somehow saves money.
With every bank and other financial institution, I guess the AMA didn’t want to be left out of the data game, it’s makes money, but doesn’t really save any is the issue. A few years ago the AMA dabbled in their portal they developed and sold it to AT&T as I think it was becoming a bit of a conflict or maybe just wasn’t doing enough.
AMA Selling Online Physician Portal to AT&T–The AMAgine Project, There’s Money in Selling And Aggregating Those Algorithms
AMA sells software too…
One Pioneer ACO Saved Money Using Software From AMA Subsidiary Who Provides Software From a United Healthcare Subsidiary
About 3 years ago a banker and I had a conversation and I’ll be darned if this is not the state of affairs today with software and algorithms, half will be useless.
Half of Analytics Investments By Companies and Banks Will Be a Waste–What Do We Analyze with Big Data and Does It Have Value–Some Algo Fairies Would Do Better at Disneyland…
Not only that but also predicted this and all thought I was crazy but we’re right in the thick of it today…consumers being abused with data sellers!! That was almost 4 years ago I wrote the post below and the AMA now is jumping on the data for profit band wagon as well. I sure hope more consumers wake up as I’m doing my best to tell you what’s going on. It’s not hard with having some former coding skills and what I call the use of data mechanics logic. The Code Hosers live amongst us and take your money and your digital rights away all the time. BD
Big Data/Analytics If Used Out of Context and Without True Values Stand To Be A Huge Discriminatory Practice Against Consumers–More Honest Data Scientists Needed to Formulate Accuracy/Value To Keep Algo Duping For Profit Out of the Game
SAN FRANCISCO – Building on its historic commitment to advance the practice of medicine and improve public health, the American Medical Association (AMA) today announced that it is investing $15M to become founding partner of a health care innovation company - Health2047, Inc. – that will conduct rapid exploration of innovative solutions to the biggest challenges facing the nation’s 1.1 million physicians and the patients they serve.
“Improving the health of the nation is at the core of the AMA's work and Health2047 will build partnerships to create new solutions for physicians and their patients that improve health care delivery and health outcomes,” said AMA Chief Executive Officer and Executive Vice President James L. Madara, M.D., who serves as board chair of Health2047. “Health2047’s product orientation and entrepreneurial DNA will help forge new paths and bring commercial solutions to market faster.”
A stand-alone, for-profit entity, Health2047 is an integrated innovation company that combines strategy, design and venture disciplines, working in partnership with leading companies, physicians and entrepreneurs to improve health care. Its new Silicon Valley-based innovation studio will draw upon the AMA’s deep subject matter expertise and the organization’s unique relationship with physicians nationwide to develop new products, tools and resources that improve the practice of medicine and the delivery of health care to patients. Health2047 will collaborate with AMA content experts across a wide range of medical, health policy, and pragmatic practice areas. It will also integrate health care companies, technology companies and entrepreneurs to co-develop, create and spin out offerings that can have large scale, systemic impact on health care and medical practice.