Ezekiel Emmanuel chairs the Faculty of Medical Ethics and Health Policy at the University of Pennsylvania. He launched the Faculty of Bioethics at the National Institutes of Health, helped shape US health policy as a senior aide to the Obama administration, served as President Joe Biden’s COVID-19 Task Force, and more Americans. Advocated a plan to expand medical care for this purpose. ..
Although not mentioned in Penn’s resume, Emmanuel is also a venture capitalist and the emerging healthcare technology as a Connecticut-based Oak HC / FT (Healthcare / Financial Technology) venture partner. I’m betting on a company. Oak invests in clients, including PSERS, a teachers’ pension fund in Pennsylvania.
The Philadelphia asked Emmanuel how to balance public and private interests. His answer has been edited for clarity and length:
When I left the government in 2011, I had a lot of offers to join the board and businesses. At that time, I said no. I continued to strive for the government to be more active in payment reforms and health care delivery system reforms.
That’s how I think about the world. When you spend $ 4 trillion on health care and its price is rising faster than inflation, it will suck in money from many other things. That is the point I have been making for 20 years.
[The Trump] The administration wanted to “abolish and replace” [Barack Obama’s insurance programs], But they never came up with an “exchange”. And I realized that change came from only one place: the private sector.
So I joined Oak in 2017. I have had a friendship with one of the founders, Anlamont, for many years. Her fund had the philosophy of improving the quality of care, improving the patient experience, reducing costs, and transforming payment and delivery systems. Also, there is no investment in pharmaceutical or device companies. It corresponded to my philosophy.
When I saw some of their investments — Aspire Health for End of Life, VillageMD, [acquires] Primary care medical practices, quartet health for mental health care — they have helped transform what has long been the backstory of health care. My writing supported more mental health care, more primary care and better end-of-life care. And now there are companies here that are trying to do these transformative things.
I didn’t think it was the opposite. When I predicted that the government would not be a positive actor in change, it was another mechanism to try to change the healthcare system.
At Oak, I’m a venture partner. [Unlike Lamont and other general partners], I do not make an investment decision. I belong to the board of directors of several companies and ask questions. How do you think the government is moving in the direction of this company? Is it the direction your doctor wants to take? For example, will it change the experience of oncology?
In oak, I learned a lot about the people I have to make [payment] Decision — Insurance companies and hospitals. How do you get your facility or doctor to adopt something new? You can come up with a great idea, but if no one buys it, it doesn’t help anyone.
The market aspect is extremely important. To be honest, as a scholar, as a policymaker, I didn’t pay attention to it. To my disadvantage. Many of the government’s experiments on payments don’t think about dynamics, so they don’t go anywhere.
I am a breast oncology scholar. I have some insight into how doctors respond to suggestions. [As a venture capitalist], You can see what the hospital buys.I was on the phone today [health insurer] Humana, and I saw how the market influenced their decision making.
One of our problems as a scholar is that we have great ideas. We do a demonstration project, but it turns out to be non-extensible. [to handle more patients].. The private sector is good at scaling.
Part of their goal is to place primary care physicians in poorly serviced areas and give people access to medical care in rural New York City. It’s part of achieving the bigger goals I’m committed to. It’s equity play. Not just, “Take money and do these in Lower Merion.”
Yes, they have just launched Iris, a virtual patient navigation system that educates patients about potential side effects. [of therapies] And give them access to live nurses on the line.They are working in some [insurance] The payer begins to deploy this.
It is very complicated for the patient to navigate the system. We have considered the usage of so many patients and can give you some advice. This is completely new. But we have this data, so let’s use it to help the patient.
I have been to the Aspen Idea Festival for many years. I’ve been a speaker. She goes there.
You will have to ask Annie Lamont about it and the Governor.I’m surprised when they sign a contract [because of favoritism].. I’m pretty sensitive to it.
I don’t think [venture capital involvement] It influenced everything I said with the pen. I have spoken as frankly as ever.
I understand that Oak’s investment goal is my goal. It’s about reducing costs, improving quality, improving the patient experience, and not trying to game the system and make more money. And we don’t invest in hospitals, pharmaceutical companies, or disputed medical devices. We are investing in what was traditionally backwater. Social determinants of health.
another [Oak-backed] The company is Unite Us. They are trying to help underserved medical patients and connect them to social welfare. Close the circle.The [insurers] Food stamps, houses, [Special Supplemental Nutrition Program for Women, Infants, and Children] WIC payment. No academic group can extend this to larger programs.It won’t happen [without] society [like Unite Us]..
With the realization, there will be a big change in the way of thinking. How many nonprofits have successfully expanded innovation?It worked for [vaccines and other drugs]..But new therapies, artificial intelligence, the process of care, it’s more difficult [get large numbers to adopt it].. But the company can succeed. Maybe the company knows something about what it takes to make this successful.
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