John Dineen, President and CEO of GE Healthcare understands how vital technology is to health care, and wants his company to be at the forefront of creating and supplying superior medical products. GE Healthcare specializes in 3 key divisions; information technology and services for medical centers, from digitizing to connecting medical records, and connecting data of patients between hospitals all over the country. The second area is providing therapeutic and diagnostic hardware including CT units, MRIs, and anaesthesia machines. GE Healthcare’s third area of expertise revolves around molecular medicine focussing on developing advanced therapies and understanding the essence of cancer by following cell behaviors.. Dineen describes how health care is shifting from physiology surgery to understanding the evolution of diseases, which attributes to GE Healthcare’s shift in now focussing on developing technologies to assist in cancer research and care.
Around the world, companies are trying to accomplish three major areas affected by health care. These include, reducing the cost of health care, improving the access of care, and improving clinical quality. When asked which of the three issues GE Healthcare is addressing, Dineen says there are two ways of tackling these issues. One solution is to make tradeoffs; by lowering cost, health care access or the quality of care decreases. The other option, is to “redraw the lines” by lowering cost and increasing quality. Currently the cost of health care in the United States is 17.6% of their GDP, equalling $2.7 billion. Dinnen wants to attack this number and take technology to the next level, changing the outcomes of health care in a more economical way. Dineen, who leads a company that generates over $18 billion in revenue a year addresses the issue of balancing the initiative of lowering costs with wanting to generate more revenue for your business. “CEOs are struggling, it’s a balance”, says Dineen, “but we’ve realized there’s a lot more we can do to control the expenditures we make in health care”.
GE Healthcare continues to break the boundaries of medical technology and strives to maintain its leadership in development and innovation. Watch the full episode withJohn Dineen on The CEO TV Show now.