July 18, 2018

Dave Madden and the Coming Healthcare Technology

Two news items set the healthcare community on fire recently. The first was that the internet giant Amazon has applied for healthcare equipment pharmacy licenses in several states. The widely held belief is that this is the first step toward Amazon using its efficiencies and economies of scale to become a nationwide distributor of both healthcare equipment and prescription drugs. The belief that Amazon is going to revolutionize the pharmacy industry has caused a massive sell-off of big pharma stocks.

The second news item is that CVS intends to buy health insurance giant Aetna as a proactive move in anticipation of going head-to-head with Amazon in the healthcare market.

As the day nears that Amazon grows into a full-service pharmacy giant, competitors like CVS are preparing themselves, intent on becoming the one-stop-shop for healthcare. Amazon, with a giant footprint in the retail trades, believes that adding an online pharmacy to its business model makes perfect sense. CVS is seeking to unite its retail stores, already providing basic healthcare like flu shots, with its online pharmacy, Caremark, and insurance services currently provided by Aetna.

Healthcare insiders consider bringing multiple facets of the $3 trillion healthcare industry under one roof to be the next giant step forward. Healthcare, by its nature, lends itself to technical innovation.

A small minority of Americans have Advanced Care Plans, expressing their end-of-life desires. Having an ACP reduces end-of-life medical costs by more than half. By making ACPs accessible online, they become easier to share with family members and healthcare professionals.

Among those bringing forth technological innovation is healthcare IT entrepreneur Drew Madden. In 2010, Madden joined Nordic Consulting Partners, serving as President of the firm from 2011 until 2016. During his time at its helm, Nordic grew $1 million in yearly revenues to $130 million.

Drew Madden says that he has spent “over a decade collaborating with the best and brightest in the industry to implement, optimize, troubleshoot, and take on the complex challenges that accompany an Electronic Medical Records project.”