improving health/creating wealth : Preview

January 17, 2008
Millennium Broadway Hotel New York
145 West 44th Street
New York, NY 10036-4012
(212) 768-4400
http://www.millenniumhotels.com/millenniumnewyork

Standard Room Rate: $229.00

Preview

Health care capabilities and expenses are exploding at the same time the wealthiest generation in history is getting old. The Baby Boomers will spend their wealth in new ways, creating sizeable new market opportunities for firms operating in the health care, financial services, and insurance sectors. At this meeting, we will share new data on how consumers' needs are changing in this complex environment, and will explore the capabilities necessary for firms to compete in this rapidly changing market.

Our recent research demonstrates that consumers' attitudes and behaviors today regarding both their health and their wealth will have a material impact on how much they will cost the health care system, and how much of the cost they will be able to bear themselves. Different segments of the market need different combinations of encouragement, information, incentives, and penalties to make the choices in the short term that will help them in the long term. For providers to help people prepare and manage their risk appropriately, they need to understand these differences, for offering the wrong services to the wrong people can be very costly to all concerned.

Companies that operate in the retirement and health care domain will see much greater potential opportunity if they look at consumer needs holistically-not just from the point of view of their individual products, services, and industry. We will present Diamond's research from December's 2007 Harvard Business Review that looks at how consumers deal with health and wealth together. This fusion of perspectives helps us identify where companies should play, where opportunity is greatest, and where new innovations can be created to drive breakthrough value. We will focus in particular on those capabilities we believe are vital for success in the emerging environment-product, service, and business model design, analytic capabilities to understand customer needs deeply, and a flexible infrastructure platform that permits rapid response to marketplace changes.