Skip to Main Content

Reinventing healthcare: 5 key takeaways from Oak Street Health's Geoff Price

In the ever-evolving world of healthcare, staying informed and proactive is not just a choice — it's a necessity. 

Whether you're a healthcare provider, a patient or someone deeply invested in the healthcare ecosystem, there's always something new to learn. 

Today, we're diving into some invaluable insights from the Chief Innovation Officer at Oak Street Health, Geoff Price, and highlighting the broader trends shaping the industry.

Medallion Elevate 2023: Where innovation meets healthcare

Before we get into Geoff's insights, it's worth highlighting the significance of the Medallion Elevate 2023 event. This virtual event isn't just another conference — it's a catalyst for change. With its theme centered around "Igniting Transformation in Provider Operations," Elevate offers a fresh perspective on current challenges and opportunities. 

And guess what? 

Geoff Price was one of the thought leaders sharing his vision there.

Five key takeaways from Geoff Price

  1. Transforming perceptions of primary care: Geoff emphasizes the need to shift how we view primary care. Historically, it’s been viewed as a backdrop to specialty care — but it has the potential to be a game-changer. Oak Street Health's growth and success proves that primary care can lead to improved patient outcomes and cost savings.
  2. The power of niche: Oak Street Health's decision to cater specifically to older adults on Medicare wasn't just a business move — it was a statement. By focusing on a specific demographic, they've been able to tailor their services, leading to enhanced care across 20 states and over 150,000 patients cared for.
  3. Challenging the status quo: Breaking away from convention is tough, especially in a field as established as healthcare. But with a clear vision and robust operational practices, Oak Street Health has managed to do just that: 95% of their patients are Medicare enrollees and 42% of Medicare patients are also Medicaid enrollees.
  4. Embracing technology: Geoff's enthusiasm for technology, especially their in-house tech platform, Canopy, is palpable. He believes in the potential of AI and predictive analytics to revolutionize healthcare.
  5. Making an impact: The numbers speak for themselves. A 50% drop in patient admissions and high patient satisfaction scores showcase the effectiveness of Oak Street Health's approach.

What's trending in healthcare?

The healthcare industry doesn't stand still. And this year is no exception. Here are some trends to keep an eye on as we make our way into 2024 and beyond:

  • Tech-driven healthcare: Think AI diagnostics and telemedicine. Technology is not just an add-on; it's becoming central to patient care.
  • Personalized care: It's all about the patient. Tailored healthcare solutions lead to better outcomes and happier patients.
  • Collaboration is key: The future is collaborative. Whether within teams or across different healthcare entities, working together is the way forward.
  • Eco-friendly practices: With the global focus on sustainability, the healthcare industry is also stepping up to adopt greener practices. Forming strategic partnerships with companies that are developing new platforms with broad-range capabilities to improve health care operations and reduce environmental impact may be sought after.

To wrap things up, the insights from Geoff Price, combined with the broader trends, paint a promising picture for the future of healthcare. It's a world where technology, personalization and collaboration come together to offer better care for all.

And as we navigate this journey, staying informed and open to change will be our best allies. For more insights like this, visit our Resources Library and catch all the content from Elevate.