Change can mean innovation and growth. But change can also mean disruption, high costs, and breakdowns in processes.
For healthcare organizations that are looking to not just survive but thrive in the new economy, we took a look at trends that are causing disruption and tactics that can help businesses stay agile and competitive.
To get the whole story, download our new white paper, “Trends and Tactics: How to Survive and Thrive in an Era of Healthcare Disruption.”
For a preview, read on.
Trends causing disruption
Value-based care and quality-based initiatives are maturing, and that will likely require businesses to restructure some processes to meet goals related to these models. There is also a strong movement to coordinate care and empower patients in order to reduce costs and improve outcomes. This focus on quality-based initiatives is likely to have a financial impact, potentially affecting reimbursement rates.
Another financial result could be value-based pricing agreements. According to authors of the American Health & Drug Benefits (AHDB), “Pharmaceutical manufacturers and health insurers have realized that paying for certain high-cost drugs based on the patient outcomes they deliver through value-based contracts is one way to control the drug costs.”
Drug price transparency continues to be a priority for federal and state authorities. According to America’s Health Insurance Plans (AHIP), drug transparency laws should improve “the bargaining ability that state health agencies, pharmacy benefit managers, and health insurance providers have when negotiating drug prices with drug makers and will consequently lead to lower prices.”
However, Thomas Lee, chief medical officer at Press Ganey, said economists don’t believe price transparency has a noteworthy impact on cost and efficiency. It remains unclear how these laws will ultimately impact businesses and consumers, care and costs.
And while businesses grapple with these issues, consumers expect more – convenience, personalization, and value – from their healthcare providers and plans. There is a growing expectation for health information and drug services to be readily available via digital technology.
Tactics to thrive
Successful businesses are honing their processes and leveraging coordinated resources. That starts with robust drug intelligence that is actionable and evidence-based to inform market strategy, product positioning, and trend tracking.
Intelligence is only helpful if it is timely. Agile companies need data that is continuously refreshed. For example, when a drug price changes even a fraction of a cent, your company needs to respond in near real-time. In addition, as new drugs, indications, and dosing guidelines are approved, formularies and clinical decision support content need to keep up in order to avoid medication errors and preventable adverse events.
For more details about these and other trends and tactics, download the full white paper.