Event Background and Pre-Tweets
- ContextMedia, Pritzker Group Venture Capital, and MATTER present “Tales from the Trenches” featuring founder and chief medical officer of Oak Street Health Griffin Myers. ContextMedia co-founder and CEO Rishi Shah will interview Dr. Myers and discuss his unique path from medicine to entrepreneurship: after completing his residency in emergency medicine at Harvard University, Griffin saw an opportunity to provide better care, improve health outcomes, and decrease cost of care for low-income seniors, so he founded Oak Street Health.
Since opening its first clinic in September 2013, Oak Street has grown to 15 clinics, where 600 employees treat 11,000 patients, reducing their hospital admission rate by a staggering 45%. Hear Rishi interview Dr. Myers about his path through medicine, business, and entrepreneurship, and where he plans to take Oak Street Health from here.
Dr. Griffin Myers is the founder and chief medical officer of Oak Street Health, which operates 15 clinics in Greater Chicago, Illinois, and Indiana. Myers founded Oak Street Health with co-founders Mike Pykosz and Geoff Price in 2012, after completing his residency in emergency medicine at Harvard University. Dr. Myers has an MD and MBA from the University of Chicago, and previously worked as a project leader for Boston Consulting Group, where he forecasted and quantified impacts of U.S. health care reform on various industry stakeholders.
View official invite here.
REFLECTIONS & LINKS follow live tweets.
Live Tweets and Photos + Notes by @csrollyson
- Thanks to Oak Street Health's Logan Ferrie for corrections & additional details!
- Angels (funding) it's emotional, they believed in us. Had to pay for MDs’ malpractice. Make it a story. 400 vCard for logo. Business cards. Not only three guys w an idea.
Make it authentic. Don't have it all solved. More capital intensive than expected.
Oak Street Health. Overview. Chronically ill old adults. 70 MDs and nurse practitioners. 13k patients 73 yr old, one half Medicaid. Urban.
Top three parts of our economic model:
- Part1. Focus on 65+ on Medicare. 68 year old life expectancy. Old poor. Not helped [underserved in current system]. Promised quality of care. Work with sickest people. The more sick you are - the more well we can make you.
"Value based care" key meeting with Cigna. [at the] Clark-Devon clinic, in Edgewater. Mike Pykosz. Cap rates they [Cigna] saw we knew their business, and we could both make money. Prevent one ER visit [saves] $12,000, so huge upside to preventive medicine.
Average 3 times [ER visits] per year. 9-19 times per year. [We can provide better care] cheaper. [Our] Docs love it. Low income seniors focus. No one does it well. We could do Prenatal. Switch cost. [But we are] Focused.
We get feedback in old adults within weeks. Rapid feedback. Van service and in-home visits. Invest in People. [ER] Admission reduction. Relationships matter. Three max. Actionable data To bedside. Scribes typed, so MD patient focus, and that worked extremely well. Respond to market. iterate.