Remedium eXchange (Rx): A Healthcare Economics Think Tank

As a result of our March 21st Healthcare Economics Summit, we have formed a think tank that we are calling Remedium eXchange (abbreviated Rx). Remedium is Latin for “cure” or “remedy,” and the think tank is all about exchanging ideas on how to better exercise the business of healthcare, so we can “cure” our broken healthcare system in the U.S. We spend almost 20% of GDP on healthcare (more than any other developed country), and yet costs continue to rise without corresponding increases in quality. It is safe to say that the business model for delivering healthcare in the US is broken. The March 21st Healthcare Economics Summit gathered the smartest minds in healthcare - 150 attendees, with speakers including hospital leaders (e.g. alumnus Jeremey Normington-Slay), healthcare entrepreneurs and policy makers (e.g. Governor Walker). It is from the lively discussion with these thought leaders, and in partnership with Concordia University (a leader in the business of healthcare), that the think tank was born. A focus, in the theme of our new Robert W. Plaster Free Enterprise Center, is to help consumerize care by empowering healthcare consumers with transparent pricing and more free and competitive markets.

The Vision of the think tank is to increase Quality, Access, and Affordability of healthcare for all, in a patient-centered and consumer-driven healthcare delivery model.

Our Mission is to provide information, resources and support to policy makers, healthcare innovators, patients and providers, to help them consumerize healthcare; and, to accomplish this by incentivizing, educating and empowering patients and providers so they can make their own healthcare decisions – so market forces can drive down cost and increase quality.

To this end, we are helping healthcare entrepreneurs with classes, mentoring sessions, networking events, and the Healthcare Innovation Pitch event, which provides access to seed capital. We also aim to do research and publish whitepapers and articles on the business of healthcare, focusing on how to enable the consumerization of care. And, we will host an annual Healthcare Economics Summit in spring, to share and discuss progress towards this goal, with leaders and policy makers from across Wisconsin. If you want to be part of this exciting initiative, please let me know!

Daniel Sem, Dean of the Batterman School of Business

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