Insights into the Future of Healthcare
During Strata Decision’s Summit in Chicago on November 3-5, 2015, several key issues surfaced which may provide some insights into the world of Healthcare for payers. Over 170 health systems and 1,000 hospitals gathered to learn how to create their game plans for the future.
What can self-insured and insurance organizations expect in dealing with the future healthcare industry?
1. Increased competition due to integrated technology
An important consideration for all providers is the fact that consumers have the power of purchasing in their hands. With more emphasis on cost sharing among patients, self-insured organizations, and insurers, it is important for healthcare providers and systems to understand that traditional static “silos” of information are relics from the past. The new world will demand transparency and the lowest possible costs for all payers.
2. The patient is at the center of all decisions
Just like Google, Apple, Amazon, and the social media companies have changed so many other industries by being client focused, the Healthcare industry will need to focus their activities and support on patients and their familes. Patients will demand a kind, thoughtful “wellness” environment to support their healthcare needs.
3. An early intervention mindset
The consumer doesn’t want just a system of care when they are ill, but rather a holistic system of wellness. Ultimately patients want to return to wellness with a minimum of interaction with the “system”. Since they are sharing the costs to a much greater extent, they will be strong differentiators of quality for every dollar spent on healthcare.
4. Physicians and financial people need to coordinate their respective work
By displaying revenues, costs, and value at each step in the delivery process, everyone will be better served. If patients are aware of the costs, and physicians are able to explain the value of one course of action or another, then outcomes are very likely to improve. Additionally, with “fee-for-value” models becoming more prevalent, it will be necessary for the providers to achieve expected outcomes with costs in mind.
5. Use data to inform decisions
Not only should system data be utilized to deliver all normal products and services, but capturing data from adverse situations is imperative to improve quality and financial results. It is increasingly clear that the entire Healthcare industry must become better prepared for the “Millennials” way of thinking. They want answers, not only for their own care but for their aging parents and grandparents. So too, as individuals and organizations try to figure out their budgets for healthcare, more demands will be placed on the industry for transparency and options.
Please feel free to call us for more information about your specific questions and needs.