Our economy’s largest sector, the healthcare sector, spends more than $4 trillion annually.
Everyone is looking for something to significantly alter the healthcare landscape over the next ten years as we begin a new decade. An estimated 50,000 individuals traveled to San Francisco this week for the famous J.P. Morgan Healthcare Conference in search of a solution. They are all making significant bets on who will prevail and fail in the future of healthcare. Actually, there is a question, or to be more precise, ten questions that will help you figure this out faster. And the most important factor is whether the proper individuals are posing and responding to those questions.
Our economy’s largest sector, the healthcare sector, spends more than $4 trillion annually. Over $2 trillion of those expenditures are made up of healthcare delivery systems and healthcare providers, so that seems like a fairly decent place to start, right? The CEOs at such businesses should be carefully listened to for this reason alone since their choices will have the most impact on the quality, accessibility, and affordability of care of any group of healthcare stakeholders.
The pressure on healthcare executives is extraordinary. They must take advantage of every opportunity to produce financial savings and operational improvements for their businesses while managing shifting locations of care, ongoing manpower shortages, and escalating supply chain expenses.
Management of healthcare technology is one of those possibilities. HTM, which is frequently just seen as a quick-fix function, may really be used as a strategic lever to boost organizational performance.
Some would claim that the healthcare providers they encountered this year were more of the same. Any health system has the ability to bring about significant change, and there are several examples of this. Whether they are asking the correct questions is the biggest roadblock. Everything may be altered with one question.
Should our customers’ experiences with us truly be different from those they have with other businesses?
Why would individuals approach their contacts with their healthcare providers any differently from their other consumer-focused encounters? Could people manage those crucial healthcare contacts using the same practical means they used with shopping and getting an oil change? Would they agree to give it a shot? Without a doubt, they have. An earlier query that would have been considered “stupid” has paved the path for a better patient experience and results as we have seen consumerism affect the development of healthcare technology.
Does technology need to be redefined?
“Incumbents begin as pioneers, but as they expand and scale, they get used to the status quo, which eventually spells their doom. Each established participant in the healthcare sector should consider if their previous definition of technology needs to be revised in light of the current state of the market.
What precisely do you mean by higher-quality medical care?
“I asked my team this question after a health plan CMO requested us to explain to them how our population health management services increase quality. This sparked a lively conversation about what quality really meant, the details of which we eventually shared with the health plan. The prospect valued our explanation of this frequently misused term and ultimately chose to work with us.
What is our plan for organic growth as opposed to inorganic expansion?
The majority of health systems look to mergers and acquisitions (M&A) as a growth engine, but many are unable to explain how they can achieve sustainable expansion using their current services and footprint. Improvements in patient access and engagement as well as novel service line and contracting techniques would likely be needed for this.
What would you say your “value proposition” is?
“Our first inquiry when meeting potential customers is typical, ‘Does your product operate properly, and is it safe?'” The top leadership of the organization frequently responds in a complicated and reserved manner. Concerns about exaggerating effectiveness or safety benefits exist in particular situations. But frequently there hasn’t been any emphasis on defining a distinct product value story. Without a compelling value proposition, there may be significant difficulties in the areas of marketing, patient and clinician education, payer involvement, and communications.
Do we genuinely appreciate and regard our patients’ lives?
Are we succeeding in our goal of maintaining the “covered lives” under our care and responsibility? Are we maintaining strong relationships with the communities we serve while respecting people for who they are as individuals? Organizations must review their fundamental missions and values when their strategic priorities shift in order to make sure their strategy is in line with them.
Do we adequately inform patients and their families about change?
One illustration: Patients are frequently treated by healthcare personnel other than their doctors, such as clinical assistants. Are we explaining the reasoning behind this so that people can see the potential benefits of these changes to care and caregivers?
Which innovative medical technology will endure?
Technologies for mobile health and wearable devices are quite popular. Which of these—along with family and friends—will genuinely help people be proactive about their health and fitness for a very long time? Which of them are just fads?
Do we have the proper executive team and organizational structure?
The C-suite has changed due to mergers, acquisitions, and general industry upheaval. Is my team prepared to carry out our long-term strategic plan
Who can we collaborate with outside the box?
Conversations about creative partnerships and “competition” are prevalent nowadays. Who can my company collaborate with to broaden our market, foster efficiency, and save expenses? What private equity or technology corporations can assist us to succeed? Exists a health system that allows for the development of novel services and concepts?