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The healthcare industry is constantly evolving. Stakeholders are regularly met with—and must adapt to—new ideologies, perspectives, and practices. Along with varying patient expectations and market competition, government regulations regularly impact the way organizations envision and implement their ongoing business strategies.

It’s hard to describe the past year and a half. It has been unlike anything most of us have experienced in our lifetime. One can hardly recall another event that has impacted almost every single person and every single industry at this scale. COVID-19 tested both our limits—and our prowess. And the signs today point toward a future of immunity and freedom. Everyone has played their part in getting us the path forward to tomorrow, and one industry, in particular, has helped deliver hope for the future: the pharmaceutical industry.

Five mistakes payers make in risk-sharing arrangements

How to turn new regulations into opportunities

Consumerism is steadily gaining momentum in the healthcare space. Payers are under constant pressure to improve member experiences and health outcomes by implementing patient-centric business models. However, there is no one way to cater to the entire member population. Member needs can be quite diverse. On one hand, the U.S. population is aging, and it’s estimated that by 2040 there will be 80 million people above the age of 65. Payers need to keep conventional channels of communication open. On the other hand, Deloitte’s 2020 Survey of U.S. Health Care Consumers revealed that 42% of Medicare Advantage (MA) plan enrollees used technology for health improvements, and those who enroll over the next 10 years will be even more likely to do so. This indicates that health plans will need to build on their digital capabilities. In particular, payers must undergo a digital transformation to accommodate the differing needs of the population and offer personalized services.

As part of the healthcare industry’s growing shift toward holistic patient care, the role of social determinants of health (SDoH)—the conditions in which people are born, grow, live, work, and age—has also increased.