This article was written by Lisa Miller.
As we begin a new year, we examine predictions for three disruptive healthcare trends for 2020 and how to incorporate the impact of these trends into an effective cost reduction strategy for your hospital.
Social Determinants of Health (SDOH)
SDOH is an issue we highlighted in May 2019 which is emerging as a priority for healthcare providers in 2020.
A recent article published by Forbes suggests that 80-90% of healthcare costs are the result of demographics, environment and socioeconomic factors. Furthermore, an estimated 40% of US health systems and payers will incorporate SDOH data in making risk assessments relating to patients.
SDOH data is expected to become increasingly critical to cost management and the quality of patient care in the coming decade.
At VIE Healthcare Consulting, we partner with healthcare providers to develop a customized five step plan to respond to the effects of SDOH in your organization:
- Collect data. Assess your community’s needs against SDOH.
- Convince stakeholders. Explain the benefits of investment in SDOH on your cost reduction strategies and patient care, including lower readmissions.
- Connect with local resources across your community. Telehealth can help to reduce the number of visits to the emergency department.
- Create an action plan.
- Commit to that action plan by creating tools to measure and evaluate its effectiveness.
One key element of SDOH that no healthcare provider can overlook is that of social isolation, particularly among elderly people. By 2035, it is predicted that 78 million Americans will be aged 65 and over. In a recent blog we explored the concern that social isolation could be America’s next “public health issue.”
Our previous blog provides more information on both SDOH and these strategies.
The “Retailization” of Healthcare
With the move towards value based healthcare and price transparency comes a more consumer-centric approach, described as the “retailization” of healthcare. This trend has seen a shift in consumer expectations towards a ‘purchasing experience’ in healthcare, similar to that of the retail sector. Patient satisfaction has also become increasingly important since the introduction of HCAHPS surveys.
At VIE Healthcare we utilize best practices such as ethnography as part of our unique Patient Journey Mapping™ process to review the patient experience in our clients’ hospitals.
Furthermore, as part of our commitment to ongoing innovation and empowering healthcare providers to deliver exceptional care, we have developed the unique iSUGEZT app.
iSUGEZT connects you with your patients and enables them to provide feedback to hospital leaders in real-time.
The ability to receive “point of care” information, prior to discharge and prior to the completion of HCAHPS surveys is potentially transformational for your hospital.
Healthcare technology disruption is here to stay according to industry leaders.
Telehealth will be a vital tool for hospitals to take a step towards embracing that disruption, reduce costs and enhance patient care.
Telehealth is expected to become standard in primary healthcare as the arrival of 5G wireless technology expands the possibilities in patient care in the next two to five years. As part of the “retailization” of healthcare, telehealth also offers hospitals the ability to meet growing consumer demands for greater flexibility and choice, empowering patients and their providers to connect more easily.
For rural locations, telehealth offers a sustainable approach to cost reduction strategies, resulting in better patient outcomes and improving the care of patients with chronic disease.
The value of the US telehealth market is predicted to reach over $13 billion by 2023.
To find out how your hospital can respond to these and other disruptive trends affecting healthcare in 2020, schedule a call with VIE Healthcare CEO and founder Lisa Miller.