Three Trends That Are Transforming the Healthcare Industry

Healthcare providers are increasingly relying on complex data analytics which is made easier with the support of a data entry company

Managed Outsource Solutions 8596 E. 101st Street, Suite H Tulsa, OK 74133

Medical data entry requirements are growing tremendously and medical practices and clinics face challenges in scanning the voluminous patient data. With increased patient data, fewer staffs, changing technology, growing consumerism etc the healthcare industry is changing and healthcare providers are in search of new approaches to control risks, store patient data safely and provide quality care to the patients at lower cost.

According to a Siemens Healthineers article published in Forbes.com, there are three noticeable emerging trends in the healthcare industry -- consolidation, standardization and managing health, with the objective of providing better service and quality care to the patients.

•

Consolidation: This involves the creation of larger affiliated entities such as IDN (Integrated Delivery Networks) that enable sustainability and offer many advantages. The consolidation trend is expected to grow in the coming years with mergers, acquisitions, joint ventures, strategic partnerships and cooperation arrangements.

The

two

main

reasons

for

consolidation

are

changes

of

reimbursement models and the consequent financial challenges; along with the rapidly growing healthcare market with huge potential for investors. Only a few healthcare providers have the financial resources and organizational prerequisites to face the new challenges on their own. This has led to the development of huge healthcare networks, hospitals and laboratory chains with international standards.

These developments are expected to reshape and modify the hospital sector in industrialized countries leading to new huge organizations with several billion dollars in annual revenue.

•

Standardization: Standardization in the healthcare industry helps in reducing unintended variability and ensures consistency in results. It also helps in optimization and overcoming operational inefficiencies that are crucial for being successful and competitive in the market. Automation helps in reducing the manual workload of setting up or evaluating clinical protocol. Thus doctors and nurses need to spend only less time on administrative tasks and can focus more on providing quality care. Automation also enables more flexible use of the staff which is a key aspect of business management. Automation helps to closely monitor medical equipment and detect workflow problems, facilitate maintenance and investment, and reduce inefficiency.

•

Managing health: Population health management is growing and the trend towards comprehensive health management is motivated by the need to lower costs. It involves stratification of patients into well-defined risk groups and creation of differential care strategies based on the group’s needs. The aim of healthcare providers is to heal the patients’ health problems easily and stabilize

www.managedoutsource.com

(800) 670 2809

patients with chronic conditions by providing quality treatment. Earlier, the pure provision of medical exam, diagnosis and treatment justified reimbursement.

Now, reimbursement is tied to the achieved outcome (fee-for-value) while earlier it was fee-for-service. Today cost bearers define quality and measure them while healthcare providers receive bonus for good work and penalty for poor performance.

To ensure a smooth transition to a value-based healthcare system, fundamental changes to the business model and IT infrastructure along with close collaboration among providers, payers and patients are vital. Healthcare providers now increasingly rely on complex data analytics, which is made easier with the support of a data entry company.

They also depend on transparent and complete information to ensure consistently superior quality and high value care, while at the same time reducing the need for highcost medical services. Technology manufacturers as well as outsourcing solutions play a key

role

in

supporting

providers

trying

to

stay

abreast

with

the

fast-paced

transformation.

www.managedoutsource.com

(800) 670 2809