The JP Morgan Conference ended at 12 local time in San Francisco. A total of approximately 4,000 people attended the conference, and another 20,000 people participated in various contemporaneous meetings. When more than 450 private and listed companies in the biotechnology, pharmaceutical, and medical equipment sectors came together, and many medical providers, payers, private equity firms, venture capital firms, and investment banks were also present, the grandeur of JP Morgan’s conference even It seems a bit illusory. Simply put, it is the beginning of a year of operation in the pharmaceutical industry.
According to statistics, about 1 trillion US dollars of medical consumption is achieved each year through hospitals and health care service systems, accounting for one-third of the total US medical consumer market. So to understand what is happening in the industry and what is going to happen, it is necessary to start with understanding non-profit medical providers.
(Source: deep6analytics.com)
At the conference, CEOs and CFOs from more than 20 of these organizations from across the country were present to share their strategic plans. All of these institutions represent $100 billion in spending, which is 10% of the $1 trillion in medical spending mentioned above. The average annual operating income of the attending institutions was around US$6 billion, with a total of 15 hospitals, close to 30,000 employees and thousands of doctors. Some of the loud brands include:
Advocate Medical Group, Denison, Ill.
CHRISTUS Health Group, Cleveland Clinic, Irvine, Texas
Detroit's Henry Ford Health System
Mountain Medical Group in Salt Lake City
Indiana University Hospital Group, Indianapolis
Caesars Medical Group in Auckland
Mercy Medical Center, New York Presbyterian Hospital, Cincinnati
Northwestern University Hospital, Chicago
Northwell Health, Long Island, New York, NY
Robert Wood Johnson Medical, West Orange, New Jersey
Philadelphia Children's Hospital
Marshfield Medical Group
Geisinger Healthcare System
The following are the 10 aspects of the medical industry's financial flows and future developments from these high-level medical providers.
1. Affordable Care Act
The uncertainty of the abolition of the Affordable Care Act is a huge problem facing the medical industry. However, these suppliers are quite calm under this uncertainty.
From a financial point of view, the medical profession cannot afford the withdrawal of any of the above-mentioned participants, and even if the Affordable Care Act is abolished, it will not have much impact on the status of these large medical institutions. As Caesar's executive team said: "We will not quit, we will find new solutions."
The general consensus is that the Affordable Care Act is flawed, but it is also a “great step to promote health care coverage.†The new health care bill should be based on it rather than destroy it. The medical CEOs and CFOs who attended the meeting strongly supported this view: the abolition and replacement of the Affordable Care Act should be carried out simultaneously.
Several medical institutions believe that the changes caused by the changes in the Affordable Care Act should be unscrupulous. What is meant by the “replacement†of the parity bill is still a major uncertainty. The current mainstream interpretation is still that the new president’s new medical reform will not cause a huge change in the core of medical policy. Each organization spoke at the JP Morgan Health Conference: continuing to provide value-centered healthcare—high-quality, affordable healthcare and healthcare for the general public.
An interesting side note is added here: Jamie Dimon, chairman and CEO of JPMorgan Chase, shares that his company is self-insurance and spends $1.6 billion a year to address the health care of 30,000 employees.
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