Sep 10, 2014
Adam C. Powell, Ph.D., is the President of Payer+Provider Syndicate, a management advisory and operational consulting firm focused on the healthcare delivery and managed care industries. A healthcare economist and published author, Dr. Powell's specialty is using quantitative techniques to examine issues concerning technology, product design, operations, and firm decision making.
Dr. Powell holds a Doctorate and Master’s degree from the Wharton School of the University of Pennsylvania, where he studied Health Care Management and Economics. He also holds Bachelor's degrees in Management Science and Writing from the Massachusetts Institute of Technology. Dr. Powell is a member of the adjunct faculty of Northeastern University, where he teaches students in the Health Informatics Graduate Program. He additionally serves on the Visiting Faculty of the Indian School of Business, where he teaches a post-graduate course on Health IT.
Outside of his consulting and academic work, Dr. Powell provides thought leadership through both expert networks and the media. He has been featured in over one hundred and fifty articles from outlets including CNN, Forbes, Fox, Inc., JAMA, NBC News, Reuters, The Wall Street Journal, Yahoo! Finance, Becker’s Hospital Review, Fierce, Healthcare Finance News, and Seeking Alpha. A frequent public speaker, Dr. Powell has delivered many lectures on healthcare innovation to audiences in China, India, and the United States.
00:00 Adam talks about what exactly Quantitive Strategy Consulting
2:00 How the quantitative work that Adam does affects change.
3:30 The importance of knowing the value of change.
4:00 The evolution of the services offered over Adam’s tenure as president over his organization.
5:35 Adam’s career journey: From MIT to his current position.
8:00 Adam’s dissertation on Behavioral Economics in concern with hospital purchasing.
10:15 “A secure way to move into the unknown”
11:00 The Value of Innovation: ‘innovation’ as a buzzword, its meaning in Adam’s eyes.
13:00 Adam discusses the two (or more) opportunities for marketing a product.
14:30 The factor that could mean the difference between a successful start-up and an unsuccessful start-up.
15:40 The multiplicity of quantitative innovation.
16:00 Adam explains his six-step methodology for consulting healthcare companies.
17:45 A summary of the steps: 1) Determine how it generates value 2) List all key assumptions 3) Research baselines for the assumptions 4) Create potential ranges 5) Integrate the assumptions 6) Tweak the assumptions
18:20 An example of this methodology in action.
25:30 The multitude of assumptions that can be considered for each instance.
27:20 Considering the value of an employee’s time.
28:50 “It’s better to be roughly correct than precisely wrong.”
29:35 “Total Benefit Number”
30:10 How the key value proposition is really creating value.
33:30 How quantifying the benefit of innovation can help a healthcare company effectively evaluate the value they are producing.
36:40 How Adam’s methodology works for both services and products.
37:15 Steps to take right now to discover the value of your services or product.
38:40 After taking these steps, email Adam at: Powell@payerprovider.com