Hartford (Conn.) HealthCare CEO Elliot Joseph said Tuesday the pace of change that has driven larger healthcare organizations to merge with institutions both within and outside the industry has been "profound," The Day reports.
Mr. Joseph was one of several speakers at the first joint financial meeting for two of the health system's East Region hospitals: Norwich, Conn.-based The William W. Backus Hospital and Willimantic, Conn.-based Windham Hospital.
During the meeting, Mr. Joseph spoke about recent merger and acquisitions activity between larger healthcare systems across the nation, including the proposed merger between San Francisco-based Dignity Health and Englewood, Colo.-based Catholic Health Initiatives. He also spoke about how tech giants like Google and Apple's forays into healthcare will disrupt the industry.
"These are all organizations that were already very large, who have decided that we all can't go it alone. … They're setting the pace," he said.
While Hartford HealthCare has made moves in recent years to diversify the services its hospitals provide, and has partnered with organizations like New York City-based Memorial Sloan Kettering Cancer Center, the institution may still be behind the times when compared to its peers, Mr. Joseph said.
"We are moving from being a hospital company to a healthcare company … [but] We may not be going fast enough," he said.
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