What is Giving Compass?
We connect donors to learning resources and ways to support community-led solutions. Learn more about us.
Giving Compass' Take:
• Stanford Social Innovation Review takes a close look at the healthcare industry in both India and the U.S., finding five tenets of "value-based" care from the former which might apply to innovation in the latter.
• Reforms in healthcare aren't easy — and come with fraught political battles — but it's worth looking outside our borders to see what we can learn. The use of more technology is especially pertinent.
• Here's how we can build a consensus for healthcare progress in the U.S.
Having spent years studying innovation and, more recently, the healthcare industry, we predict that American health care is about to change radically — the same way that Ernest Hemingway famously described the way he went broke: “Gradually and then suddenly.”
And value-based innovations will drive that change.
All the innovative companies we studied, both in India and in the U.S., had one thing in common: a visionary leader who was thoroughly committed to the cause. Purpose is the most important of the five principles of Indian value-based healthcare that we identified. It’s the alpha driver, and you cannot innovate without it. The good news is that there is plenty of purpose to be found in healthcare, an industry that literally deals with life and death.
The other core principles of value-based healthcare are:
- A hub-and-spoke configuration.
- An enthusiastic use of technology.
- Task-shifting and continuous process improvements.
- A culture of ultra-cost consciousness.
- Finding the Loose Bricks
Read the full article about game-changing healthcare principles from India by Vijay Govindarajan and Ravi Ramamurti at Stanford Social Innovation Review.