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Google recently hired the CEO of Geisinger Health for the new leadership role. Google has announced to sign the company in $3.5 trillion which is a healthcare industry. The new trend is set to overtake the health companies by large companies. Of course Google is not the first to do this as many other companies like Apple, Amazon, Berkshire-Hathaway, JPMorgan Chase have done this.
“Feinberg’s job will be figuring out how to organize Google’s fragmented health initiatives, which overlap among many different business.” Sources close to the Google announcement said Feinberg will report to AI head Jeff Dean, who we’re told led a months-long search for the right candidate. According to CNBC’s Christina Farr, who first reported on the details of the transition,
This strategy was taught at Stanford Graduate School of Business. Part of his research centers on “cross-boundary disrupters” in which the company got excellence in one area then it moves to implement that expertise in other industry.
For Google, which fancies itself an “information company,” I’m intrigued by the potential to marry its information services (and other billion-dollar Google initiatives) with a healthcare agenda.
Google is now one such multinational company which shook the world in such a great manner. Thanks to founders, Larry Page and Sergey Brin, Google is having brilliant search expertise which has beaten up every search engine. Former CEO of Google Eric Schmidt also created a lot of revenue from the paid search, advertising. Google is now having the biggest challenge of setting up in the healthcare industry. It wants to monetize the profitable search of healthcare—a space overflowing with complex rules, regulatory prohibitions, and serious patient trust issues.
The attempt of Google in the healthcare industry is not new and it also launched Google Health to make the record of the health of patient information to the doctors, pharmacies, and hospitals. But unfortunately, this programme was not implemented. Recently company has worked on artificial intelligence though Verily. Verily is a brand which focusses on the medicine and disease research projects. Google also appointed Dr. Toby Cosgrove who is the CEO of Cleveland Clinic.
As details of Feinberg’s new position get sorted out, one question emerges from this high-profile hire: Where might Google go in the healthcare space?
According to CNBC’s early reporting, “One particular area of interest is building out a health team within Nest to help manage users’ health at home, as well as to monitor seniors who are choosing to live independently.” The Nest family of home-automation products—everything from digital doorbells to thermostats to home security—are designed to place Google squarely in the center of the American home, powering everyday life. Dr. Feinberg was the CEO of UCLA’s Hospital and then he joined the Geisinger.
He is having a good experience of how to bring the medical facilities into the home. In his last interview Feinberg said that he was not searching for a job and never asked Google to hire him but he talked about the role of technology in the medical field or healthcare.
Expanding on the theme, Feinberg wondered, “Why do people have to come to a doctor now? I don’t go to the bookstore anymore. I don’t go to my travel agent anymore. I can do so much through my phone. Why can’t I tell you what my symptoms are, and have you hook me up with someone who can help? If I do need medicine, why don’t you just drone them to my house? Those types of interventions I think are coming and those disruptions are absolutely crucial.”
Google Healthcare products are valuable for those who are sick enough to go to hospital and they are going to get the valuable monitoring as hospital.
Dr. Feinberg pointed out that only “20% of whether we live or die (is) based on going to good doctors and good hospitals.” He told me a far greater percentage of health is based on “your social environment, your access to clean food, your access to transportation…” Self-driving cars were also the initiative of Google. Transportation sectors have been taken up by other competitors like Uber and Lyft but if Google will come in this zone then can disrupt these disruptors. Think if the delivery is done by the human then cost and time is wasted but the concept of driverless cars will change the whole scenario and no wastage of time and money will be there.
Data is the foremost thing in today’s date. Google revolutionized many things like driving with the help of Google Maps, Surfing the internet faster with the chrome, connecting with the people through internet and the vital source of information. American healthcare service providers are also working on the data to rely on the business and improve the health care of patients. Internet is the go through resource of information for health care, according to 43% of people. Google already categorized us on the basis of interests and how we take the things then it can be used to improve care delivery.
Precision medicine and predictive analytics are two of the most touted opportunities in healthcare today because they take individual health factors into account. Dr. Feinberg gave an excellent example. He said that technology-enabled Geisinger to keep tabs on every single patient within a 3-million-person catchment area.
“And we know, based on how close they live to the forest, the odds of them getting Lyme disease,” he said. “We can start thinking in advance what’s wrong with people, or what could become wrong with them, and prevent it.” Google can pave a good pathway for the successful health care programme and it could help to apply on the depression, cancer, heart disease, and asthma.
The market of the wearable devices is also expanding which has to be worked upon. Healthcare devices like Google Fit have competitors like FitBit. These health wearables are in great demand in the market by the health freaks. Google, the tech giant will be able to beat these companies easily if it works upon the strategies.
These health wearables are proficient in determining the health score, heart beat rate, calories count, miles walked etc. It can also read the blood and sugar readings which fascinates the people so into the exercises and all.
Think of it this way. A car’s sensors produce hundreds of gigabytes of data each day. But manufacturers don’t send all those data points to auto mechanics on a continual basis. Instead, manufacturers embed automobiles with algorithms that evaluate the car’s status and tell drivers (a) when everything is fine and (b) when it’s time to head to the shop. Google now desires to be the number one in the field of artificial intelligence. The step of moving towards the healthcare industry is very calculative step and they are making significant steps and created a software already which can diagnose the radiological images.
Skin lesion can also be detected by that software with more efficiency than a human can do. If there was a software which can tell patients that they are now okay or not and there is need to go to the doctor. Then it would have saved the time of patient and doctor as well. Doctors would have to see the patient less often and they will know patient is under control now. In healthcare, companies have shied away from embedding such algorithms and warnings into their wearable devices for fear of a legal suit should the product malfunction. But the potential here is massive.
As a former health system CEO, Dr. Feinberg has connections with medical experts across the country who could generate these algorithms, help loosen the regulatory issues and create such a product. And if these devices helped patients obtain timelier treatment with fewer visits, insurance companies might be willing to pay for the technology, something they rarely do now with the wearables currently in the market.
Implementing AI in the hospitals is not a big issue for Google as it is having lots of partnership which will work to expand the use of AI. AI is tough to be introduced in the hospitals as there are fewer persons which are having their medical information stored in the EHR system. The complications are threefold, the second complication is that the EHR system is for the management and billing purpose and how can patient’s data will be stored in that. Third important aspect is that if the data is there then the hospitals will not be sharing the critical personal information with Google.
Medical information is one such thing which is so delicate and difficult to share.
But Google has an even bigger problem than IBM. That is, consumers view their medical information quite differently than their browsing or shopping history. Most people don’t mind seeing an ad for armchairs in the margins of a webpage after Googling “armchairs.” They see it as a reasonable tradeoff for an excellent search experience. In the past, Google’s motto was “don’t be evil.” C
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