Lisa Woods
Senior director, U.S. strategy and benefits design
Walmart Woods knows that Walmart has the power to greatly influence how care is delivered and paid for across the nation. The company has instituted such innovations as $ 4 telehealth visits, no-cost second opinions, and an app that helps employees find high-quality doctors. “We’re the country’s largest employer, so our actions can influence change in our country. I take that responsibility very seriously. But I also see it for what it is: a great opportunity to drive innovation,” she said. Another innovation is the Centers of Excellence program, which offers employees specialized treatment for cancer, knee and hip replacements; organ transplants; spine surgery and more at some of the nation’s most well-known health systems, including the Cleveland Clinic, Mayo Clinic and Virginia Mason Medical Center. For most of the procedures, 100% of the cost of travel and treatment is covered. Weight-loss surgery, for instance, is covered at 75% after an employee meets the deductible; travel is not included. The program is paying off. About 20% of patients evaluated for joint replacement at a center of excellence actually avoided surgery, according to a 2019 article Woods and her colleagues published in the Harvard Business Review. Even in instances where the cost of a procedure is higher at a center of excellence site— 8% in the case of spine surgery—the overall cost is lower because patients are discharged earlier, have lower readmission rates and return to work sooner.
ADV I C E : N A I L I N G THE P I TCH
One of the most important things I’ve learned over the years is that it’s
OK to make mistakes as long as you learn. My advice is to put yourself out there and don’t get discouraged if it doesn’t go your way right away. Because if you’re learning, you’re succeeding. It also helps being part of the right company. At Walmart, I’ve been supported every step of the way.”