The US Healthcare system has entered an unprecedented, fundamentally different era. Now, everyone—providers, payers, businesses and consumers have skin in the game.
Risk. It’s Everywhere.
Healthcare has been in a period of change in one way or another for the past half century. But this is different.
The difference is, now, for the first time, healthcare is being changed from the outside in. It is being buffeted by an unprecedented convergence of outside marketplace forces.
Marketplace competition on pricing for services, on quality and convenience is rapidly accelerating. The boundaries between stakeholders are increasingly blurred. The genie is out of the bottle.
In the Risk Economy everyone wants what they want. And they want it now:
• Empowered consumers want a more personalized experience. Convenience, access, quality, cost and transparency matter.
• Businesses of all sizes want more control and value. They desire to find new and better healthcare solutions for their employees, and their bottom lines.
• Corporations have long tried to reduce the cost and complexity of medical care. But now they recognize the moment may be at hand. Who knows what will happen as retail giants like Amazon, Apple and Walmart and others including Berkshire Hathaway and JP Morgan increase their attention in these areas?
• Physicians and health care professionals want to distance themselves from increasingly time consuming and burdensome demands and focus on delivering quality patient care.
• The federal and state levels continue to face the policy and political challenge of how to improve population health and manage for cost and taxpayer demands.
• Merger activity is changing the playing field as financial challenges and uncertainty push hospitals, systems and provider groups to join forces.
Anytime You Get A Chance to Name a Big, Relevant Change in the World:
You Should Take It.
Healthcare Now Lives in a Risk Economy is a phrase we came up with internally to name this shift and to identify the real world implications of this new era.
Putting a name to the Risk Economy was the result of exploring with our customers their common experiences and concerns. This has not been an idle, dispassionate question for us. What is underway gets to the heart of everything we do.
The shift to the Risk economy elevates the competitive nature of the industry to unprecedented levels. There will be winners and losers. Success, as always, will be in the details.
This is already playing itself out.
Our view of this rapid evolution is not a one-sided tale of challenge and disruption. Rather, the important takeaway is the chance to unlock, create and seize new opportunities.
It is the time to create new, more precise solutions. In many cases we—healthcare— already know what to do. This shift poses unique, unprecedented opportunities for all stakeholders to leverage the demands of the Risk Economy for sustainable, competitive gain.
What does this risk economy look like? What will the shift Look Like?
Well, it of course depends on your vantage point.
The reach of healthcare is extraordinary. It touches, it impacts everything.
And of course, at its most fundamental, all healthcare is personal.
No one should be a disinterested bystander.
What is clear, properly understood, the reality that Healthcare Now Lives In The New Risk Economy is an exciting new era.
Deeper dive goes to Medium or TBD.