This Week's Challenge: Feeling the squeeze from softening service demands, growing competition, reimbursement cuts and increased regulatory oversight, the healthcare industry is ripe for financial relief. We wanted to see which areas will drive health industries' spend in 2011. Click here to view a printable version of the table.
What We Learned: Based on our customer survey results, there are seven areas that are going to drive health industries’ spend in 2011. Much of this is payor-focused, but this does include provider responses. The first one is healthcare reform. The second one is other compliance initiatives including ICD-10, which is driving a significant amount of our customer spend. The third is integrated health management, which is about investing in those capabilities to help organizations become more like true integrated delivery models. Whether they become virtually integrated by leveraging technology solutions or not, we’re seeing a lot of movement in that with both technology investments, as well as delivery model changes around patient-centered medical home (PCMH) and accountable care organizations (ACOs). The fourth is an enabler of all of the above investment in true information management strategies to enable more powerful health analytics and business intelligence (BI) to help improve medical loss ratio (MLR) and drive cost efficiencies.
Source: William Shea, a partner in health industry consulting for Cognizant Business Consulting.
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Excerpted from Healthcare Trends & Forecasts in 2011: Performance Expectations for the Healthcare Industry, the seventh annual healthcare industry forecast that proposes a healthcare reform strategy checklist, putting the smart money on models of consolidation and clinical integration that will not only increase throughput and market share for healthcare payors and providers but also reduce unnecessary utilization and cost.