Even when COVID-19 becomes endemic, as is likely to be the case, healthcare delivery in the United States will continue to transform rapidly. Stakeholders must prepare as policy direction, reimbursement, and investor appetite move care delivery in distinct directions. McKinsey’s 14th annual healthcare conference, held in September 2021 in Chicago, explored the next wave of industry evolution and how healthcare organizations must innovate to thrive. To help healthcare leaders as they work to spur innovation, we have collected insights and highlights from featured conference speakers, as well as our own research and experience. The results show that the future of care delivery is fundamentally evolving to become patient-centric, virtual, ambulatory, in the home, value based and risk bearing, driven by data and analytics, transparent and interoperable, enabled by new medical technologies, funded by private investors, and integrated yet fragmented.