In 2019, we saw enormous change in the healthcare industry, creating both opportunities for growth and challenges to overcome. From large IDNs to small rural facilities, from payors to patients, this year every facet was impacted, bringing difficult decisions and establishing a new landscape for healthcare leaders, providers and patients.
As the end of the year is always a time for reflection, here’s a look at five critical areas that drove healthcare industry transformation in 2019:
1. Growing financial concerns and calls for transparency.
As costs continued to rise across the industry, the conversation around alternative solutions took center stage. In 2019, patients pushed for greater transparency in medical billing and raised the level of discussion on the cost of care, as well as pharmaceutical costs. Savvy healthcare organizations dedicated resources to improving billing practices, offering patients greater access to information and improving communication processes to streamline billing and create diversified payment options for patients.
2. Evolution of the patient experience.
Patients have a stronger voice than ever, and they are making their concerns known. From the growth of social media to the increasing transparency in care coordination, healthcare organizations now must focus on their role in the market and how to best serve their patient population. In organizations of all sizes and in all types of communities, the needs of patients drive the development of new services, and patient feedback has become an integral part of healthcare marketing.
3. Advances in technology innovation.
Scaling technology to meet the changing industry regulations and the shifting needs of patients was a true challenge in 2019. Additionally, non-hospital services saw a rise in utilization, making the coordination of care and billing even more critical. Healthcare organizations were forced to operationalize EMRs, billing technology and communication portals to keep up with the transitions and, ideally, stay ahead of the curve.
4. Increased use of data and analytics.
According to estimates by IBM, in 2020 we will have access to 300 times more data and information than was available in 2005. This enormous increase has healthcare organizations racing to catch up and find the best way to utilize that data. In 2019, the focus fell on utilization of data to improve healthcare outcomes, reduce administrative red tape, support patient needs, increase payer effectiveness and further the shift from volume to value.
5. Driving the discussion on volume vs. value.
In 2019, more providers entered into shared-risk or global payment models, such as bundled payments, accountable care or shared savings. These payment models challenge providers to address patient and population needs over a long period of time, not just encounter by encounter, effectively driving the significance of value over volume as a cultural change in the industry.
Looking forward, 2020 will bring additional shifts and changes across healthcare. Future-focused leaders must anticipate what their greatest challenges will be and put processes in place to help move their team forward. Part of staying up-to-date on changes and challenges is to ensure you have a strong network, are accessing the right information and are maintaining open communication with your front-line team members.
To grow your network and share expertise with the industry-leaders at Cejka Search, contact us today.