If you ask a consumer today what they think of healthcare, as we take a turn around 2015, exactly half way through this decade, some key words that would come up are – expensive, complex, and overwhelming.
But if you ask the same question to healthcare champions and innovators, some highlights would include digitized care, big data and tele-health.
Q1- So the question becomes: why the gap in perception between patients and providers?
For decades now, the healthcare delivery model has been focused around managed care. Employers paid insurers, who paid providers. The costs and the services were both outside the line of sight of the patient. The spectrum of care was a function of the power of the insurance policy limited to the geo local options. The shift has begun towards an economy where the Patient is a consumer first.
While this transition has begun, it has a long way to go before it reaches a point of equilibrium across the payor-provider-patient care continuum.
As the model evolves and patients transition into experienced and empowered consumers, they will have the freedom of choice of not only the type of insurance, but more importantly the spectrum of products and services that will span the gamut of the healthcare industry. Emerging entrants in the market of providers will be likes of gyms, health coaches, makers of wearable’s and health apps.
In one survey by PwC’s Health Research Institute (HRI), consumers indicated they are willing to spend collectively up to $13.6 billion a year of their own money on medical products such as health-related video games and ratings services. At the same time, HRI estimates the ancillary health market of products and services such as personal trainers, mobile apps and vitamins generates an additional $267 billion. These consumers will demand a continuum of well-being, rewarding the trusted advisers that can help achieve that.*1
Q2- The next question then becomes what services and products are emerging in response to the demand worth $280 Billion?
Provider Perspective: Technology and Outcome
A key driver of healthcare transformation is information technology. The various EMRS, health exchanges, Accountable Care organizations or ACOs, Patient Centered Medical Homes or PCMH, Mobile Health, Wearables, enhanced diagnostics; Apps on smart devices are some of the first generation amalgam of the payor-provider-patient digital intersection. Building on the foundation of the pioneer data, predictive strategies will emerge to modify patient behavior and enhance care delivery and health outcomes. This informatics maturity will directionally reduce hospital visits and readmissions.
Consumer Perspective: Affordability and Convenience
Consumers are seeking health solutions at grocery stores, gyms, drug stores, online, in phone apps in addition to their physicians. They want flexibility in when and where these products and services are accessed. Tele Health is one such emerging option with hybrid concierge options. Both are set up in a retail model, where consumers with higher deductible plans are making smart decisions around how to best spend the out of pocket components of their plans. In response to this need, new entrants from telecommunications, automobile, finance and retail companies are entering the health care space. OF Fortune 50 in healthcare, 24 are entrants from a consumer industry.
Predictive Perspective: Looking ahead
Aligning the consumer’s evolution and the innovators revolution will be the focus on the path to 2020. According to a predictive report published by Deloitte Center for Health Solutions here are the top 10 drivers in two categories: *2
External environment shaping predictions
1.Health consumers in 2020: Informed and demanding patients are now partners in their own healthcare
2.Healthcare delivery systems in 2020: The era of digitized medicine – new business models drive new ideas
3.Wearable’s and mHealth applications in 2020: Measuring quality of life not just clinical indicators
4.Big Data in 2020: Health data is pervasive – requiring new tools and provider models
5.Regulatory compliance and patient safety in 2020: Regulations reflect the convergence of technology and science
Internal industry performance shaping predictions
6.Research and development in 2020: The networked laboratory – partnerships and big data amidst new scrutiny
7.The pharmaceutical commercial model in 2020: Local is important but with a shift from volume to value
8.The pharmaceutical enterprise configuration – the back office in 2020: Single, global organization responsible for insight enablement
9.New business models in emerging markets in 2020: Still emerging, but full of creativity for the world
10. Impact of behaviors on corporate reputation in 2020: A new dawn of trust
Q3- The final question then becomes, in this extremely complex health space what should individual consumers and disruptive innovators be doing to optimize outcomes?
Ayuvia’s Perspective: Integrative Health and Wellness
A consumer will increasingly have to make choices every day on how to buy, what to buy and most importantly make sure they achieve best possible health outcomes. Most of the time, the solution will not be an isolated option but a combination of multiple modalities. And in many cases there will be multiple ways to diagnose, track, measure and monitor progress.
Do your research. It is easy to get overwhelmed with the range of information a simple GOOGLE search yields. With innovation, options to choose from will grow exponentially in the years to come. What is the best way to evaluate all available options and Select the best one?
§ Talk to friends and family: Select products or services recommended by someone with similar problems who experienced good results
§ Take into consideration reviews and feedback: Research trends of ratings and rankings available through apps and social media
§ Talk to the providers of the product or service: Ask questions, in details. What you should expect from a time and cost aspect to achieve the best results
§ Tally Pros and Cons: Keep a running list of benefits associated with each option
§ Try the top of the list, but if it doesn’t feel right explore other options
As a product or a service provider in this market, both traditional players and new entrants will compete for the attention of the consumer. Every siloed touch will add to the burden of choice for the consumer. The better aligned a product or service is to the overall care delivery network the better it will do with gaining customers and moving the needle on outcomes
Most product or services transition from an innovative phase to consumption through marketing. But most of the time this marketing is targeted directly at the consumer. Individuals already overwhelmed with options get bombarded with complicated messaging. How do you educate the market overall so that a consumer can select your option easily?
§ Connect: Reach out to providers in the space
§ Collaborate: Partner with them to enrich your value proposition
§ Coordinate: Align marketing, point of sales and services with partners
§ Calibrate: Measure effectiveness for each collaboration strategy
This is where the consumer and the provider intersect. The shared goal at all times is to produce the best health outcome possible within a reasonable range of cost and time.
§ Manage Expectations: Both provider and patient or client needs to set expectations realistically
§ Ensure Transparency: With every touch point be clear and transparent, both about the problems and the solutions
§ Monitor progress: Set goals and measure progress against it at regular intervals
§ Modify options if results are not as expected: When things work out as expected share, when it doesn’t, modify course till you get the expected result.
Ayuvia is a leading provider of community focused Integrative Wellness, located in Brinton Lake, PA at the Crozer Keystone Medical Plaza. In a fragmented and compartmentalized Health Care space Ayuvia is first in-market unifier of all Complementary and Alternative Medicine.
The Wellness Team at Ayuvia is developing and maintaining a robust bridge to conventional care. They are working very closely with Health Networks and Medical Providers to deliver an integrative solution to the community.
The vision it to empower members of the community with the necessary education to make the right decisions about their health at all times. The mission is to move each individual on a continuum, away from illness towards wellness at any given point of time.
All of Ayuvia’s services have been evaluated, enhanced, and endorsed by some of the most respected in the Wellness, Health Care and Pharmaceutical industry to meet this very need in an affordable and reliable way.
We see around us an explosive growth in the awareness and personal accountability of health and wellness. With rising healthcare costs, out of pocket expenses, and overall complexity of claims management, we are all incrementally taking ownership of adopting healthy habits in nutrition and lifestyle. In this shift there is a compelling need for a holistic partner. Our commitment to embracing wellness in everyday life with ease makes us an excellent choice for those who make Wellness a priority!