” We wanted to create at least a kind of stake-in-the-ground situational understanding of how COVID-19 is going to impact the market. And after that how that impact is going to roll through and catalyze different parts of the industry and where its going to produce digital opportunities, based on its influence on the service designs, supply chains, and so on,” Mr. Martin told Beckers Hospital Review.
Mr. Martin worked alongside Sara Vaezy, the Renton, Wash.-based health systems chief digital strategy and company development officer, and Providences digital strategy team to introduce the COVID-19 Digital Insight Report Series. The report collection is based upon research and insights collected from more than 100 interviews with health system, innovation and innovation leaders from Providence, public payers and other health systems..
Providence made the report series public to share their insights with other health systems but likewise to draw outside feedback. While Mr. Martins digital team focuses on understanding where the digital opportunities are in todays market, he said he hopes that with the insight report series they will start a dialogue with outdoors stakeholders to help expose insights Providence may have missed out on..
In April, Providence Executive Vice President and Chief Digital and Innovation Officer Aaron Martin led his group to develop a brand-new digital insight report series to help medical facilities and health systems throughout the U.S. navigate COVID-19 recovery.
Jackie Drees –
Monday, September 21st, 2020
Here, Mr. Martin shares the top three digital patterns medical facility leaders need to understand in response to the COVID-19 pandemic.
1. Market will divide into an extremely consumer-driven market and an extremely risk-contracting market.
” The top pattern I would say is that all the patterns we were having pre-COVID-19 are accelerating quickly. And whats truly essential to comprehend is what is going to cause that. From a provider/integrated shipment network lens, the most significant trend we believe will be this bifurcation of the marketplace where health systems and IDNs are going to need to accelerate getting into risk because COVID-19 showed us in plain relief that the fee-for-service design is broken.”.
2. Consumer side will see velocity of three kinds of technologies: demand aggregation, engagement and transaction/navigation.
The other thing thats occurring, just on the customer side, is that comparable to publish 2008, we believe with high deductible plans and because of joblessness, the cash market for care is going to broaden considerably since people will fall out of insurance or theyll go into a high deductible plan because their company may be requiring them into one or whatnot. Youre going to see an acceleration of all the tech that weve been investing in over the past 6 years, which is the capability to aggregate those clients, find those people who are seeking care through extremely advanced search engine optimization and SEM, developing a great brand name, and then bringing those patients into a terrific transactional experience that is self-service and simple.
” Health idns and systems are going to have to become really customer friendly in their digital footprint. If you talked to me about a year and a half earlier, I was going door to door to these health systems and saying we do not have an entire lot of time to get our act together from a digital customer standpoint since big tech companies and excellent, smaller tech companies are coming in and theyre going to be using actually compelling digital experiences for your commercial client population, which is what funds your whole organization. COVID-19 put a massive quantity of IDNs client populations online, and now these disruptors, who are plainly supplying much better digital experiences, are going to take benefit of that.
3. Payer/provider danger side will break down into big national payers driving IDNs into local relationships..
” The danger side of things will break down into 2 further different situations. The first is the big national gamers such as Optum, UnitedHealthcare, CVS and Aetna will continue and even accelerate the buying of suppliers like doctor practices. The probability that gradually theyre going to share risk with a local IDN is low. This is bad for the regional IDN due to the fact that they need to enter into these risk contracts, so their next best option is if they have a provider-sponsored health insurance. Nevertheless, if they do not, they need to get into a relationship with a regional health strategy and produce a vertical market in their regional market so that includes them taking on threat. This has the following tech ramifications: much more payer-provider integration. Thats the next thing were doing; we have our own provider-sponsored health insurance. If youre a patient, why is it that you need to go to a different payers site to discover your plan details, your employer site to find out your advantages info and your health system website to discover your medical info? That makes no sense. You should have the ability to see it in one place. This is one of several payer-provider integration situations you can imagine.
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” Health idns and systems are going to have to become really consumer friendly in their digital footprint. If you talked to me about a year and a half ago, I was going door to door to these health systems and saying we dont have a whole lot of time to get our act together from a digital consumer perspective since huge tech business and excellent, smaller sized tech business are coming in and theyre going to be offering really engaging digital experiences for your industrial client population, which is what funds your whole company. The other thing thats happening, simply on the consumer side, is that similar to publish 2008, we think with high deductible strategies and due to the fact that of joblessness, the money market for care is going to broaden significantly because individuals will fall out of insurance coverage or theyll go into a high deductible plan since their company might be forcing them into one or whatnot. If youre a client, why is it that you have to go to a different payers site to find out your plan details, your employer website to discover out your advantages details and your health system site to discover out your medical information?
Click on this link to see Providences digital insight report series.
On the provider-plan side, there will be technologies that all the elements on the customer side use to, however then you also add the payer-provider integration circumstances. You include things that start to make sense under threat, such as completely distributed care to where youre not continuously driving clients into a medical facility. Youre serving them more in the house. Telehealth begins to make a heck of a lot more sense, so in that circumstance, instead of asking a supplier to preserve earnings, we did a study that showed that just to maintain their current fee-for-service earnings, they d need to go from type of typically 3 check outs an hour to 5. Thats unsustainable under telehealth, due to the fact that telehealth reimbursement rates will begin to drop.”.
From a provider/integrated delivery network lens, the greatest pattern we think will be this bifurcation of the market where health systems and IDNs are going to have to accelerate getting into danger because COVID-19 revealed us in plain relief that the fee-for-service design is broken.”.