CEO of Game Changer Tec on Rebranding the Healthcare Industry Through Big Data Analytics and the Internet of Things
The healthcare industry is the largest industry in the United States. With $2.6 trillion being spent each year, which is close to 20% of our economic spending, healthcare is currently not a sustainable business model. Of that $2.6 trillion, $800 billion is associated with fraud, waste and abuse. Pete Martinez, the chairman and CEO of Game Changer Tec. LLC is altering the healthcare business model and ideology. With 32 years of experience as IBM’s Vice President of Global Business Services, Martinez led a team of over 1,700 in advanced research projects, supercomputing and information-based medicine – a trade that has made him the perfect candidate for transforming healthcare with big data analytics.
Today, healthcare’s business model functions off of a system that makes money the sicker you are. With healthcare not being health care, but rather disease care, 98% of transactions are made when you are sick or injured. Last Thursday, Martinez explained to South Florida IMA members and guests how that ideology is about to change, and how digital marketing will become a key player.
5 Major Elements to Transform the Healthcare Industry:
- What is the transformation of healthcare to health? How do we make healthier people?
- How do we transform the consumer into the middle of healthcare? Creating consumerism in health care.
- What is the digital media play in the health care arena?
- Digital marketing to couple those digital channels.
- Big data analytics.
The Transformation of Health.
The first notion of transformation is health. If you are healthier, you will be less likely to rely on care, so Martinez and Game Changer are changing the way we study healthcare; studying healthy people rather than sick people. What makes people healthy and how can we market that?
The second notion of transformation of health is branding. What do we know about the customer in healthcare? What do we call them? A patient, which by textbook definition means someone who is willing to endure pain and trouble without complaint. Rename the customer to something other than a patient in order for healthcare to be a more self-fulfilling concept. Martinez says that consumers need to become the CEOs of their health. Genomics will change consumerism for the healthcare industry. People will be able to know more about their gene structure and their chances for developing any disease, as well as the bio-chemicals of their body.
How Digital Media Comes into Play.
New channels will propagate to market to healthcare consumers; emphasis on social media.
Digital Marketing Initiatives.
Where does the digital marketing have a role? The boost of information on the Internet right now does not mean that it is good, quality information. Proper branding, high quality information, good scientific merit, strong security measures, and core personalization are what will rebrand healthcare information and public knowledge.
Big Data Analytics.
Big data analytics is the game changer for all industries right now. Most people study statistics – what happened; but analytics tells you why it happened. Big data analytics for healthcare is starting to analyze trends.
Martinez gave the example of concussions: what if we could tell people that a gene signifies prone to concussions; or a particular skull shape is more vulnerable to concussions. With the Internet of Things, the information at the point of impact gives greater healthcare possibilities. What was the altitude, body temperature, physical state at the time the incident occurred? Take multiple pieces of disparate information and join together pieces that have never been put together before.
South Florida IMA brings local marketing professionals and brands together to share ideas and network. If you are looking for a digital marketing networking organization in South Florida, be sure to check out South Florida IMA’s membership opportunities. Follow us on Twitter @SFIMA and Instagram at SoFlo_IMA.