Welcome to MedTech Frontiers
A Monthly Event Hosted by Triple Ring Technologies
MedTech Frontiers is a continuing series of free events for medical device and life science investors, entrepreneurs, and technologists. Please join us for evenings of food, conversation, and presentations by Silicon Valley luminaries held on the first Thursday of each month.
Lessons from a Health System CEO
Date: Thursday, March 5, 2015
Time: 6:00 pm - 9:00 pm
Triple Ring Technologies,
39655 Eureka Dr. Newark CA
Speaker: Charles A. Sted
Cost: The seminar is free of charge, but advance registration is required
On-Site registration: A limited number of on-site registrations may be available
About the Seminar:The United States spends an unsustainable 17% of GDP on healthcare while twenty two other developed nations achieve the same or better heathcare outcomes at half the cost or less. Tectonic shifts in heathcare present many and varied opportunities for change in the US. Healtcare providers, and to a growing extent consumers, control the decisions about consumption of health care resources, while government, employers and union trust funds pay for the resources consumed. Legislative, regulatory, and economic policy, as well as and business and labor leadership, are forcing a risk shift from payers to providers and consumers. Payment methods are shifting from fee for service to payment for value. As revenue becomes "fixed," providers are forced to focus on cost to remain economically viable. Cost is reduced by a vast range of opportunities including improving population health, improving decision making, utilizing best practices, decreasing cycle times, eliminating re-work, increasing scale, eliminating errors, and more. As health care provider systems transform, they are motivated to support innovation in the quest to improve population health and reduce the cost of healthcare resource utilization. At the same time, healthcare systems are under immense and numerous pressures which make it difficult to embrace innovation. Entrepreneurs often fall into avoidable traps when they try to apply classic approaches to innovation to the healthcare space. On March 5, we will discuss the above with practical advice on how entrepreneurs can find success in this difficult environment.
About the Presenter:From 2004 to his retirement in 2013, Chuck Sted was president and CEO of Hawai'i Pacific Health, a $1 billion annual net revenue, clinically integrated system of four hospitals, 49 clinics, 350 employed and 700 active independent medical staff. He was CFO from 1998 and negotiated the merger of three health systems to form HPH. HPH is nationally recognized for its leading use of the EPIC electronic medical record system in support of its transformation to an accountable care organization. Chuck served on the board of HPH and each of its 14 non-profit and for profit subsidiaries.
From 1992 to 1998 Chuck served as CFO of Bank of America Hawai'i. He was with Ernst & Young from 1974 to 1992 and became a partner in 1985.
Chuck serves on the boards of Sotera Wireless, Inc. (VISI non-invasive continuous vital signs monitoring technology) in San Diego, Advanced Plan for Health, LLC in Dallas and Click With Me Now, Inc. in St. Louis. He is chairman of the audit committee of Sotera and APH. He serves on the compensation committee of all three companies, chairing the committee for CWMN. He served as Chairman of the Board of United Holdings, United Laundry Services and United Kona, one of the largest commercial laundries in the United States. Chuck played a key community leadership role in the successful re-accreditation and five year funding of the University of Hawai'i Cancer Center by the National Cancer Institute. He serves as a director of the Hawai'i Cancer Consortium. He has served as Chairman of the Board of Trustees of Hawai'i Pacific University, Chairman of the Hawai'i Business Roundtable and in numerous other chair and leadership roles of organizations in Hawai'i. He chairs and has chaired many compensation, audit, risk and governance/nominating committees. He is a member of Life Sciences Angels.
Chuck's leadership experience and skills include strategy formulation and execution, corporate governance, enterprise risk management, risk based capital allocation, mergers and acquisitions, financial investment oversight, compliance and philanthropic fundraising.
Chuck received his BS in Biology and MBA from the University of Illinois at Urbana. He completed Director Training and Certification at the UCLA Anderson School in 2006.
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