Perspectives: Healthcare

Performance management has become unwieldy in the era of AI and big data. As performance data proliferates, and access to insights becomes more open, leaders must revisit their approach to performance measurement.

Healthcare systems in the US are facing substantial financial challenges. Since the Covid-19 pandemic, factors such as labor shortages, supply chain interruptions, and macro-economic pressures have all compounded the already mounting cost pressures. Over the same period, government reimbursement increases have not been adequate: while the economy-wide inflation in the US grew by 12.4% between 2021 and 2023, Medicare reimbursements for hospital inpatient care only grew by 5.2%.

70% of all planned transformation initiatives fail to deliver tangible business value and 84% of organizations fail at tech transformations in particular.

Digital deflation is the most effective way for businesses to manage through today’s environment of high inflation, currency fluctuations, potential recession, and labor shortages. Effective sourcing and third-party technology resource usage is key to realizing digital deflation.

Data production in healthcare occurs in different volumes, velocities, and formats by multiple sources – EHR, diagnostic, imaging, claims, billing, medical devices to name a few.

Cybersecurity incidents are also not only a threat to corporations’ internal operations and bottom line; customer personally identifiable information and financial data is also at serious risk of exposure and misuse, in turn impacting customer perception and long-term brand loyalty.

In the current environment, streamlining the bottom line is no longer enough for US insurers. To find the next wave of growth, insurers must rethink lead generation, agent interactions, and the way they service customers.

A common misconception is that revenue synergies are illusive or “icing on the cake”, primarily because they are more challenging to quantify.

Healthcare organizations must harness the momentum of platforms, embracing unified solutions that may still be evolving. Benefits extend beyond cost savings, paving the way for establishing long-term relationships with vendors. Simultaneously

End-to-end digital transformation is a prerequisite for long term success for financial institutions. To stay competitive, retain customer loyalty, and move the needle from customer experience to customer satisfaction, financial institutions need to digitize their back-offices as soon as possible.

Investing in vendor risk management today can secure a future brimming with cost-effective, secure, successful and trust-worthy partnerships.

The right telehealth platform is critical to meeting patient expectations and providing the best possible provider, patient and administrator experience. Today patients are demanding more control over their healthcare and want to access care from anywhere.

Organizations are now recognizing the limitations in their workforce programs, so are making a concerted effort to develop a contingent workforce strategy, consolidate their master vendors/staffing agencies, and extract maximum benefits from the program.

The near-to-medium term horizon is still riddled with uncertainty – of inflation, a potential recession, supply chain disruptions, new COVID variants, the future of crypto, and political conflicts.

As enterprises complete their cloud migration journey, an increasing amount of corporate money is being pushed into cloud, and the very nature of the cost-head is shifting from capital expenditure to operating expenditure. Lack of visibility into real-time usage, unnecessary wastage of cloud resources, coupled with pay-per-go scheme of public clouds, is creating a significant dent in IT budgets.

Strategic direction is evolving rapidly during COVID-19. Businesses are struggling with ways to respond to the pandemic and have numerous challenges facing them including potentially significant revenue shifts, interaction changes and resource limitations.
Fortunately, organizations can analyze readily available data by using both business and data intelligence to better serve their customers.

For some, Insurance might seem a monolithic industry, but for the ones keeping a close eye on it- Insurance is revamping itself faster than ever!
From days when underwriting a simple policy would take weeks and months, to now when it can be done in seconds with a simple ‘selfie’ - there seem to be no bounds in the future of this industry.