Missed our previous post? We suggest you start here,

“You either win or you learn.” That was Philadelphia Eagles’ quarterback Jalen Hurts’ observation after the team’s 38-35 loss to the Kansas City Chiefs in Super Bowl LVII.

Missed our previous post? We suggest you start here, with “Introducing Healthcare Valuenomics”

Health systems, ACOs, and CINs looking to alleviate their labor shortages and sustainably reduce clinician burnout should consider the right technology to automate tasks and processes, minimizing data entry and creating space for cognitive work. This can improve productivity, increase retention and have a positive impact on care quality, patient capacity, and revenue.

To err is human. Under pressure or when faced with disorganized or hard-to-find information, we humans are even more likely to make errors. In other scenarios, missing a piece of information might have minor consequences, but in healthcare, it can significantly impact patient safety, operations, revenue, and even regulatory compliance. For payers and providers who support Medicare Advantage (MA) and Commercial Exchange plans, risk adjustment coding is highly susceptible to mistakes, not to mention a crucial operational task.

The healthcare system is witnessing a paradigm shift toward consumerism from decades of sluggish tech adoption. It is following the path of transformation that has taken place in several other industries like finance, travel, and hospitality. Patients in this age of consumerism are looking for the same level of connected and seamless experiences that they have been accustomed to with other industries, both inside and outside of the care settings.

Today’s provider organizations face challenges across clinical care, staffing, and shrinking operating margins. Traditional care organizations are also facing a growing surge of consumerism through online empowerment of the individual, increased pressure on care affordability and pricing, and greater competition from retail healthcare entrants such as CVS, Amazon, and a growling list of others.

When the pandemic hit at the beginning of 2020, the entire world went into an era of remote everything. Tech giants like Microsoft achieved two years' worth of digitization in just two months. The biggest reason: maintaining business continuity. C-suite leaders, in every industry, turned to allocate significant budgets for acquiring relevant technology to drive innovation. In the midst of all of this, healthcare was struggling with outdated systems embedded in legacy IT infrastructures.

Healthcare organizations face many challenges as they strive to transform their organizations and remain competitive while managing patient health, complying with evolving regulations, achieving interoperability, and delivering holistic and patient-centric care.

Healthcare costs have been rising consistently and the pandemic has further worsened this trend, especially for healthcare systems. The US spent $4.3 trillion on healthcare in 2021 and this is expected to grow at 5.1% a year, reaching $6.8 trillion by 2030. Spending on healthcare will consume 19.7% of the nation’s GDP on healthcare, much higher than any developed nation. Health systems have faced the consequences, driving many into the red in 2022 and the rest with razor-thin margins between 1-2%.