On March 26, we opened up our doors to more than 50 startup, healthcare, and digital enthusiasts to host a panel on the digital future of the healthcare industry. We were fortunate to have Kyle Rolfing (Savvysherpa), KC (Optum), J.D. Blank (TreeHouse Health), and Dr. John Hitt (HCMC) on our panel to provide unique perspectives on healthcare’s present and more importantly, its potential future. Here are five key takeaways from #DigitalWayFinder:

1. Data, Data Everywhere

“We have a lot of data, but not a lot of information” #DigitalWayFinder healthcare @spyder_trap

— Kim Hecomovich (@khecomovich) March 26, 2015

One of the first questions the panel addressed was “What does the healthcare industry need to get better at?” The answer was simple: converting data into useable information. Dr. John Hitt noted that the industry has tons of data. What is doesn’t have is information. He explained that the difference is context and actionability. Data means nothing without being able to turn it into solutions. The industry must get better at turning its mounds of data into something useful.

2. Financial Glass Half-full or Half-empty?

70% of healthcare costs are personnel, 50% of their time is paperwork. Lots of room for efficiency #digitalwayfinder @spyder_trap — Celarity (@Celarity) March 26, 2015

When predicting the future of healthcare, there’s plenty of room for disagreement. While our panel often shared some of the same opinions, one area they differed was on the state of healthcare innovation financing. Kyle Rolfing took on the role of panel pessimist in that area, presenting a case from his own experience on how hard it is to fund good ideas. The industry itself has a lot of money, and has no problem spending it. Unfortunately it’s not always spent on the right things. Administrative costs eat up a lot of budget, not to mention time. Rolfing is hopeful for a future where those funds find the right audience or technology to increase the industry’s efficiency and effectiveness.

3. Is Minneapolis the New Silicon Valley?

Growth requires seeders and feeders. #DigitalWayFinder #startup

— Andy Meyer (@aloumeyer) March 26, 2015

While the Twin Cities has a wealth of talent and a bright future, the panel agreed that there is a lot of work to be done. One major roadblock to success in Minneapolis: the winter. No matter how creative and innovative the metro area is, the harsh winter months will drive away some top talent. J.D. Blank, and others on the panel, believe the way to turn that around is by having some big wins. He noted, “success builds on success.” While the Twin Cities is home to huge healthcare organizations like UnitedHealth Group, Rolfing added that it would take a technology-focused success on par with Google in the Silicon Valley to bring the area to new heights.

4. The Goal Will Be Healthy Patients

Future of healthcare is wellness not illness – #digitalwayfinder @spyder_trap — Celarity (@Celarity) March 26, 2015

Technology and innovation is transforming healthcare in many ways, but the panelists agree it need to shakes things up in the area of patient treatment if healthcare is going to be more effective. Several panelists conceded that a healthy patient isn’t always the goal of present day business decisions. In their ideal future, every decision will be made through the lens of the patient, and not shareholder value — or rather that firms would realize shareholder value can come from healthy patients. Another patient-centric theme that popped up in the discussion is that the future is in wellness, not illness. The panelists see technology and innovation leading to a more proactive approach to health.

5. Innovative Technologies Need Innovative Implementation

“It’s amazingly challenging to institute change in healthcare” ~ Dr. John Hitt (@HennepinMedical) #DigitalWayFinder

— spyder_trap (@spyder_trap) March 26, 2015

There were very few certainties expressed last Thursday about healthcare’s future, but KC stated something he felt very confident about: technology will end up disrupting the top two to three organizations in all industries, including healthcare. He cited evidence in other industries such as Uber in transportation, and Airbnb in hospitality. The patient-centric future will help drive these changes, but implementation in healthcare is never easy. Great technology alone won’t be enough to affect change; the industry will have to come up with effective ways to drive wide-acceptance.