Health care industry predictions for continued digital transformation
An ongoing drive toward digitization has put the health care industry on the verge of a paradigm shift.
As health care business leaders continually strategize for a post-pandemic world, one thing is apparent: digital transformation will continue to evolve the industry.
According to the Accenture Digital Health Technology Vision 2021 report, “81% of health care executives say the pace of digital transformation for their organization is accelerating, and 93% report that they are innovating with a sense of urgency and call to action this year.”
Related: Health care investment trends: Funding of new businesses reaching record highs
Over the past few years, an ongoing drive toward digitization has put the health care industry on the verge of a paradigm shift. Society’s growing reliance on digital technologies is not only reshaping expectations but also redefining boundaries across industries. So, what’s next?
As we draw to the close of 2021, here are several predictions for the continued digital transformation of the industry.
The health care ecosystem becomes even more “virtual”
One emerging solution that the health care industry is rapidly expanding is the versatile, virtual offerings for patients within the health care ecosystem. These opportunities to schedule, meet and receive results online have already changed the industry dramatically and will continue to do so in 2022.
At HPS, our Chief Information Officer Bob Chin has seen these digitized trends take shape over the past 18 months and predicts increased uptake. “Virtual office visits will continue to grow their share of caregiver/patient engagement, and both patients and caregivers will embrace this trend even when the pandemic is firmly under control. In addition, remote monitoring devices like Dexcom G6, Freestyle Libre and KardiaMobile will also continue to grow, expand into other specialties and become a standard part of quality clinical care.”
With this in mind, these new tech standards for health care mean that leaders need to be aware of how to stay on top of the offerings as they continually grow and how to adapt to the changing consumer needs.
Transparency emerges as a top priority
Another timely topic is growing consumer concerns surrounding surprise medical billing. With the uncertainties in a variety of areas of life—from worrying about steady income to tracking the latest recommendations for remaining safe and healthy—patients need greater transparency in their medical billing more than ever.
“Consumer concerns around surprise billing will continue to get airplay and legislative attention at the state level as both parties can rally around this topic,” according to HPS Chief Strategy Officer Mark Xistris. “State hospital associations/medical societies will try to control their destiny by pushing for state legislation that governs surprise billing dispute resolution versus letting the federal government set the rules. As a result, consumers will be increasingly protected. Advanced EOBs will not be part of the solution in 2022.”
These shifts will help create trust while encouraging a more personalized relationship between consumers and insurers.
Insurers gain a business development edge with emerging tech
Finally, innovation will emerge within the insurance space itself. New technology has provided limitless opportunities to engage where traditional methods were constrained by time. At HPS, our Director of Business Development Paul Mueller has noticed that technology today has created many new opportunities for insurers to gain a business development edge.
“Insurance is an old school type of business, and insurance brokers must succeed in that world. Relationships, referrals and results rule the day no matter how or what technology gets you there. So, where does emerging tech come into play when selling in the insurance world? First, it is behind the scenes. It is making the complicated fast, simple and easily consumed by brokers and customers alike. Informed decisions based on accurate, complete data are the most powerful tool in the insurance industry, and whoever can slice and serve it quickly is ahead in the game. Brokers who can get to the root of the problem efficiently and at a lower cost than others, and then use that technology to convert the data into actionable items, will be ahead of the competition,” according to Mueller.
It’s no secret that the pandemic has forever changed many industries. However, as leaders in the health care industry, we have a responsibility to continue to evaluate ways to improve and evolve. Why not start with adapting to emerging technologies and digital solutions?
Terry Rowinski is president of Health Payment Systems (HPS).
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