Category

Collaboration

New Partnership Could Lead to Disruptive Innovation

By | Affordable Healthcare Act, Collaboration, Data Analytics, Global Healthcare Trends, Healthcare Costs, Healthcare Innovation, Patient Engagement, Patients | No Comments

This morning, Amazon, Berkshire Hathaway, and JP Morgan Chase announced an ambitious partnership to cut health cuts and improve satisfaction for their U.S. employees. They announced plans to create a company “free from profit-making incentives,” with the goal of implementing technology solutions to simplify the healthcare system. The chief executives of all three firms noted the challenges that they are likely to face, but all the while expressed confidence that the vast resources of these corporations will help them achieve this goal. The project will be led by a team of three senior executives, one from each company, with more of the logistical news expected in the coming weeks and months.

This partnership could represent a dramatic change in the healthcare landscape. The track records of these corporations speak for themselves, and they certainly have the financial backing and corporate talent to make a huge impact in the healthcare industry. Traditional players in this industry including CVS, Cigna, Aetna, and United Health all suffered hits in the stock market potentially related to the news, pointing to the disruptive potential for this collaboration. However, much of the details have yet to be released, and any effects that this might have on the healthcare marketplace at impossible to predict at this point. It is also unclear what approach the group will use. Amazon has been rumored to venture into the healthcare space for some time now, and their strengths in logistical and data management, as well as the cutting edge technological innovations we have seen in recent years, suggest that they are primed to tackle the rising costs of healthcare delivery. However, we do not know what any solutions might look like, so we will have to wait and see what they can propose. One thing that we do know is that the complexity and regulatory challenges present in the healthcare industry in unlike any marketplace these companies have seen before, and this will certainly take some getting used to.

Also of note in this partnership is the focus on patient-centered care. Many groups, including our Center for Healthcare Innovation, have recognized that the key to containing the costs in healthcare is to give more autonomy to patients and physicians in making healthcare decisions. Technology can certainly assist patients in making more informed and cost-effective choices, as well as assist hospital systems in reducing spending but utilizing artificial intelligence and information management platforms. These are things that Amazon, Berkshire, and JP Morgan will likely focus upon.

The healthcare industry has been primed for change for some time. Amazon, Berkshire Hathaway, and JP Morgan have announced a partnership to cut health care costs and improve services for their employees, who number over 1 million. However, what they think up could have ramifications that affect all Americans. The name recognition of these players and the highly qualified executives heading the project have boosted optimism that a positive disruption to the healthcare marketplace is on the horizon.

References:
CNBC; “Amazon, Berkshire Hathaway, and JPMorgan Chase to partner on US employee health care.”

How Does Patient Engagement Drive Value?

By | Collaboration, Global Healthcare Trends, Healthcare Innovation, Healthcare Value, Patient Engagement, Patient-Driven Healthcare, Patients, Volume-to-Value | No Comments

The 21st-century healthcare landscape is characterized by a consumer-driven, patient-centric model of care delivery, with patients, their caregivers, and advocacy groups playing a vital role in today’s healthcare ecosystem. Patients and their families are taking an active role in their healthcare and proactively interacting with providers and other healthcare stakeholders to improve health and wellness. Today’s patients are better informed and more financially invested than ever before, and they play a key role in decision-making processes that can positively impact health outcomes.

 

This paradigm shift has dramatic implications not only for patients – but also for providers, biopharma, and payers. As healthcare costs pressures continue to increase, incentives are shifting from a fee-for-service environment to a value-based healthcare system. More than ever, it is critical to understand how patient engagement drives value for patients, providers, biopharma, and payers, and ensure your organization is aligned to operate in the new healthcare economy.

 

The How Does Patient Engagement Drive Value? Healthcare Executive Roundtable on Thursday, 10/13/16 in Manhattan, NY, is an expert, cross-sectoral collaborative discussion designed to help healthcare stakeholders optimize engagement, communication, and collaboration. The exclusive, limited-attendance roundtable is designed to provide the top thought-leaders, visionaries, and executives from the patient advocate, provider, biopharma, and payer spaces with the latest insights and ideas on how patient engagement drives healthcare value for all stakeholders. The roundtable focuses on pragmatic and actionable ideas designed to empower you and your organization to understand the intersection of patient engagement and healthcare value. Additionally, the Healthcare Executive Roundtable helps healthcare stakeholders build open and collaborative relationships to positively impact healthcare delivery and outcomes.

 

We have a very limited number of registrations remaining. Please visit chisite.org/education/healthcare-executive-roundtable for more information. We invite you to join us for a day of thought-provoking discussion regarding patient engagement and healthcare value.

The Evolving Role of Healthcare Providers

By | Affordable Healthcare Act, Collaboration, Global Healthcare Trends, Health Insurance, Healthcare Innovation, Healthcare Providers, Patient Engagement, Patient-Driven Healthcare | No Comments

The Evolving Role of Healthcare Providers

We are in an age of healthcare consumerism where patients’ interests are more vested than ever. It’s important for providers to accommodate the power shift. This means increasing transparency, finding new ways to facilitate communication, responding directly to patient concerns and questions when raised, and being proactive in staying ahead with new innovations in health and medicine.

Patients are also now more informed than ever, which has helped to create a competitive atmosphere in the world of healthcare. Patients can compare services and prices, so healthcare providers must be able to meet expectations and show how they will work with patients to achieve the best outcomes. Healthcare providers can no longer afford to stay on the sidelines and wait for patients to interact; they must actively engage patients regularly.

Attracting New Patients

In the past, healthcare providers could depend on word of mouth and a small ad in the local phone book to bring in patients. A passive approach like this will not work anymore. It is imperative for healthcare providers to carefully create and refine their online presence, not only providing basic information, but also working to appeal to patients. Social media interactions and patient testimonials may help to make an office or provider seem more accessible and attractive.

Working with Health Insurance Agencies

Most patients now have health insurance, thanks in part to the Affordable Care Act. It is wise for healthcare providers to work closely with health insurance agencies to create a seamless experience for patients. Being “in-network” will help patients with particular plans learn about healthcare providers. Being knowledgeable about what services will cost patients out of pocket and taking steps to make the claims process simple for patients may help to distinguish one in-network provider from the rest.

Facilitating Meaningful Engagement

There are now many different options for engaging with patients, so sticking to only contacting patients via telephone sends a message that a provider is behind the times or not willing to make an effort to engage patients. Providers should find out patients’ favored method of communication when gathering basic personal and health information and use those methods to communicate regularly between visits. Patients want evidence that their healthcare providers truly care about their health.

Anticipating Future Changes

The healthcare landscape is becoming ever more connected and comprehensive. Taking action to keep up with current industry trends-such as making information easily accessible by other providers during transitions of care and allowing patients to access information online – will help healthcare providers to stay relevant and in business. Since healthcare is rapidly changing, it is also important to stay one step ahead and anticipate future changes so that it is easy to continue to adapt as shifts occur.