Healthcare institutions have always operated in a highly-regulated and risk-averse environment—innovation and disruption are not their natural tendencies. However, in today’s world, innovation and disruption are the keys to creating better care and market value, and these institutions need a spark to move forward. Catalyst by Wellstar, a unique innovation and venture firm created by one of the largest health systems in Georgia, aims to be that spark.
At a recent SXSW panel, Catalyst by Wellstar leaders shared their unique innovation approach and insights from the 30+ startups in their portfolio, including MetaCX. MetaCX represents the intersection between data and value created between organizations, particularly in complex areas such as sustainability and strategic execution. The panel discussed how startups like MetaCX help Wellstar track value in spaces like wellness and sustainability/ESG.
Brent Mathewson, Chief Data Officer at Wellstar discussed how Wellstar’s data organization is evolving to keep up with the rapidly evolving world of data, advanced analytics and AI. Wellstar’s Data and Insights Institute has rebuilt its leadership ranks and staff to empower the organization to move from descriptive analytics to predictive analytics, unlocking better healthcare outcomes.
One of the highlights of the panel was the discussion on how Catalyst is capturing data and insights from patients and consumers and infusing this into the team’s innovation process. Patric Rayburn, Director of Digital Enterprise Communications at Wellstar and Head of Engagement at Catalyst, discussed Catalyst Voice.
This ongoing two-way dialogue with patients and consumers allows the team to find solutions, pilot ideas, and scale them to help the people we serve. In some cases, those solutions may not exist yet or exist within the healthcare industry, which is why Catalyst has a venture arm to invest in early-stage companies.
Dr. Hank Capps, EVP and Chief Information and Digital Officer at Wellstar and President of Catalyst, discussed how Catalyst Ventures fits into the mix, and what’s catching their eye from an investment perspective. He discussed recent investments in the data and analytics space and the opportunities for MetaCX.
The panelists highlighted that Engage partnerships are beneficial to the community and metro Atlanta areas through investment and job creation.
The final question before the panel opened up to audience questions was, “What do you think health systems will be measuring in 10 years?” While the panelists agreed that wellbeing and value-based would be measured, Jill Chiara, Chief Revenue Officer at MetaCX, shared that if Wellstar achieves its patient care goals, we will be measuring centenarians by zip- code because there will be more healthy people living longer.