Posts

StrategyDriven Article

Healthcare Management: The Top Strategies You’ll See In 2018

StrategyDriven Article
 
While there have been numerous developments over the years in different industries, the healthcare sector has not been left behind. Both technological and policy advancements have brought significant changes to this horizon. Most of these changes have helped better the services and competence of the healthcare industry.

In 2018, more business strategies have been put in place intended to complement the benefits of the industry. Here are four healthcare business strategy trends from healthcare experts expected in 2018 to make health centers more convenient for you and your loved ones.

Doctors Will Emphasis on Patient Education

Other than diagnosing and treating patients, doctors have the responsibility of providing patient education. This education helps patients understand the conditions that they have and accept the diagnosis that doctors give. Over the years, however, doctors have not been competent enough in giving such patient education.

As a result, patients tend to deny some of the conditions that they are diagnosed with such as diabetics and cancer. In 2018, doctors are expected to focus more on providing patient education. This will help patients to become pro-active thus increasing efficiency all around.

Healthcare Organizations Will Address the Poor Employee Engagements

For healthcare centers to be most effective, the employees in the centers, especially doctors and nurses, need to be aggressive in their work. Unfortunately, there have been cases showing that employee commitment and aggressiveness in their jobs is low. The common reason given for the poor performance is low wages and salaries.

In fact, the healthcare organizations that have managed to offer better pay for their workers have realized a change. For this reason, it is expected that by the end of 2018, healthcare managers will address the concrete reasons behind the poor performance of medical experts to ensure better management of the centers.

Tech Companies Will Be More Involved in the Health Sector

StrategyDriven Article
 
Over the years, technological innovations have brought about positive changes offering health insurance (and explaining the differences between types) in the Healthmarkets. You can be fulfill a certain criteria and get better health insurance just because of the information flow. Another good thing the internet has made it easy – both doctors and patients to have more information about various symptoms and diseases. Additionally, it is possible for patients to consultation even from far away, thus making the follow-up process easier and more effective.

It is expected that the tech companies will be more involved in the healthcare centers this year to have positive impacts on the industry. For instance, it is expected that there will be advantages such as ultra-health scans and digital therapy for patients who need home care and cannot afford to travel to the center. Such technological innovations will make it easier for you to access medical services at your convenience.

Easy Access to Accurate Medical Information

Having accurate medical information which is readily available is the key to the thriving of the healthcare industry. The demand for this information is rapidly increasing since there are new symptoms and diseases almost every day. As a result, there has been a need to move all medical details and knowledge to the cloud. This will make it easy for you to access the information at your convenience. Additionally, the cloud memory will have other advantages such as simple record management, reduced practice costs, and reduced price. It is also safer to store patient information in the cloud memory. Generally, moving medical information to the cloud will boost the workflow and thus optimizing the overall healthcare industry.

In the past years, there have been emerging trends and changes in the healthcare technology. Luckily these and more changes are expected to continue in the year 2018 through the healthcare business strategies laid in place. Above are some of the strategies in the healthcare that will help make the health sector better.

Using Healthcare Performance Management as a Business Strategy

Explore how Healthcare Performance Management (HPM), combined with self-insurance, can empower organizations not only to better manage their governance, risk and compliance exposures, but also to deliver bottom-line business value to a company.

By applying the right people, processes and technology to those three focus areas, HPM can empower companies to execute a powerful business strategy that can reduce healthcare costs while also improving employees’ health outcomes.

The first step rests with how companies choose to deliver health benefits to their employees. While every organization’s healthcare plans differ, for example UCLA benefits offers custom packages for each employee, there are two ways coverage can be provided: through fully insured plans, in which they purchase coverage from an insurance company, or through self-insured plans, in which they directly cover employees’ healthcare expenses.

Self-insurance recently has become the option of choice for a majority of the workforce. In 2008, the nonprofit Employee Benefit Research Institute (EBRI) found that 55 percent of workers with health insurance were covered by a self-insured plan. The decision to self-insure has been embraced enthusiastically by large corporations – 89 percent of workers employed in firms with 5,000 or more employees were in self-insured plans in 2008.

By self-insuring, employers can control the costs of providing health benefits to their employees because it allows them to:

  • Obtain more specific information about their actual healthcare expenditures.
  • Control costs, because instead of paying health insurance premiums that typically rise 9 to 10 percent per year, they can pay for routine expenses such as doctor visits, procedures and prescription drugs through a self-insured plan, obtaining lower-cost catastrophic or “stop-loss” policies to cover major medical events.
  • Enable better “human capital management” by recognizing in advance what types of health events are emerging in their covered population in time to help employees avoid a catastrophic event.

An HPM strategy has profound implications for senior management in the three critical areas of governance, risk and compliance. This manifests itself in the following ways:

  • Governance requires the active engagement of business units beyond human resources – strategic planners, financial and operations executives, and the IT group.
  • Self-insured firms must manage their own risk, so access to real-time data that is tied to the plan is imperative.
  • Although corporations have dedicated resources to compliance activities, an HPM system is automated and therefore can deliver those required reports as an ancillary function. This way, organizations can generate the necessary documentation for auditors, regulators and others without devoting valuable resources to that single function.

Governance, Risk, and Compliance Management Strategies for Self-Insured Health Plans: How Senior Executives Can Use Healthcare Performance Management as a Business Strategy explores how HPM, combined with self-insurance, empowers organizations to better manage their governance, risk and compliance exposures, and delivers bottom-line value to the company.

Click here to download a complimentary copy of this Healthcare Performance Management Institute report.

Want to learn more?

Listen to our recent StrategyDriven Editorial Perspective podcast interview with George Pantos, Executive Director of the Healthcare Performance Management Institute during which we discuss how companies can keep their current health plans in light of the recently passed healthcare legislation and under what circumstances they may wish to do so.