This chapter discusses the relationship between transformation and value and reviews the failures of the past. It examines the implications of run, grow, and transform-on-demand rationalization and explores the future of digital transformation and innovation. Transformation requires leadership to rethink how their organizations create value today and tomorrow. Transformation starts with strategy, drives the creation of new business and care models, explores new relationships with customers, builds new competencies and capabilities, and delivers new efficiencies and more. Transformation requires planning, designing, deploying, demonstrating, and creating value. The transformation of a healthcare enterprise, market, or ecosystem requires a profound major change in strategies, leadership, organization structures, operating models, capabilities, and measures of success. Transformation of the healthcare industry is taking on new meaning. Transformation, however, was still focused on existing healthcare enterprises and processes. Transformations take time—moving from one state to another is a process.