Australia's health system is doing rather well on a global scale when it comes to cost and innovative healthcare but we are lagging in management and policy innovation.

At the recent Innovation in Healthcare roundtable co-hosted by The Australian Financial Review and Philips, participants agreed our health system needs to be re-engineered to better meet the needs of the future and an innovative rethink does not necessarily mean more cutting-edge technology or as Monty Python might have pointed out "machines that go 'bing'."