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McAdam Spotlights Health Care Market

In a speech to the World Health Care Congress, President and CEO Lowell McAdam detailed our initiatives to improve patient care and lower costs through technology.

McAdam Spotlights Health Care Market
See videos of speech excerpts and the full speech.

April 18, 2012 - Verizon President and CEO Lowell McAdam addressed health care innovation in remarks yesterday at the World Health Care Congress in Washington, D.C. that detailed the challenges facing the U.S. health care delivery system and highlighted Verizon’s efforts to help transform it through the use of information technology.

He noted the tremendous amount of innovation across the whole health care marketplace, citing the adoption of electronic medical records, connected medical devices and machine-to-machine communications and high-speed video capabilities made possible by wireless and broadband networks.

According to industry experts, demand for connected health technologies is expected to grow rapidly as the industry seeks to better manage costs and improve patient care by facilitating real-time care coordination, increasing patient engagement and enabling information portability.

All of this represents an opportunity for Verizon – to grow new areas of our business, while at the same time addressing one of the world’s great social and moral challenges.

“We believe Verizon is uniquely positioned to bring safe, secure health IT solutions to the marketplace,” McAdam said. “What we bring to the table is communications infrastructure that stretches across the entire health care marketplace, from the biggest institution all the way to the consumer and everywhere in between.”

As part of Verizon’s commitment to the health care marketplace, McAdam announced that the company will form a strategic relationship with NantWorks LLC, a California-based technology and health care company.

Verizon and NantWorks’ first initiative will be to create an integrated information infrastructure, the Cancer Knowledge Action Network, to improve the treatment of cancer.

This initiative follows Verizon’s recent combining of the company’s wired and wireless services and IT and network assets to form Verizon Connected Healthcare Solutions, the company's $5 billion health IT practice. It comprises hundreds of dedicated health IT experts and a research and development group, aimed at bringing new innovations to market.

Those innovations are putting a new set of tools in the hands of the consumers of health care, which, McAdam said, is where the real revolution in the health care paradigm will come from.

“Already, we see signs that customers are impatient to use the technology to take control of their own health care,” he said. “A smartphone is basically a computer for your pocket. Of the 100 million or so smartphone users in the U.S., one-third already use their mobile device to keep track of things like diet and exercise. And if you look at users under the age of 35, that number becomes 60 percent.

“These are the early signs of anytime, anywhere health care. If we can harness that pent-up willingness on the part of consumers to manage their own health, we can move the needle on some of the biggest problems in the system today.”

Note: The full speech video and a speech transcript are now available.

April 18: A related blog post on shared value and health care is on the Verizon Responsibility blog.

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