Industry Update: State of the Healthcare Market
As we examine the current state of the healthcare market, there are many new players and technologies working to drive innovation and meaningful change. Amidst all of the change, it is important to remember that true digital health transformation puts the patient at the center of care. And to keep the patient at the center, a strong foundation is needed. So which technologies are currently laying the groundwork for innovation and how can those be leveraged to advance care? In an upcoming webinar, we look at the state of the market through the lenses of:
- Supply Chain, and
- New Market Dynamics.
When it comes to healthcare infrastructure, there is plenty of room from improvement. From IT security, to mobile device usage and interoperability, the infrastructure of health systems around the world is heavily scrutinized as new technologies – and breaches of those technologies – enter the market. For example, IT security (or lack thereof) is all over the news. Data breaches are painful and costly; and healthcare is the most breached industry with 27% of all security breaches in 2018, according to Breachlevelindex.com. Blockchain is growing in popularity but many organizations are struggling to figure out the proper use. HIMSS Analytics launched the INFRAM Maturity Model last fall to address these concerns. The INFRAM measures the technical infrastructure used within a health system. By identifying specific benchmarks for organizations to reach before they go live with Electronic Medical Records (EMR) systems, the INFRAM ensures that a health system’s infrastructure is stable, manageable and extensible.
Similar to infrastructure, supply chain is another foundational aspect of healthcare that can be vastly improved. H-SIMM is a new Maturity Model that was created in collaboration with SCAN Health to help healthcare organizations track their level of sophistication around clinically integrated supply chains. A clinically integrated supply chain ensures there is proper tracking and traceability of products, care processes and provider teams, all linked to individual patient outcomes. When using this model, providers can predict best outcomes for patient segments at the lowest cost and better understand product performance predictors for procurement. In early pilot tests, one healthcare organization saw a 29.5% decline in labor costs and 33% decline in supply costs, thanks to the H-SIMM. Most impressively, this organization uncovered $1 billion in savings as a result of a clinically integrated supply chain.
New Market Dynamics
Finally, numerous changing market dynamics are disrupting the current healthcare landscape. Take CommonSpirit Health, as an example. The $29 billion system operates more than 700 care sites and 142 hospitals across the United States. CommonSpirit Health will be particularly focused on addressing the social causes of poor health, which studies have shown have a much greater impact than acute medical needs. On the other hand, some of the biggest tech giants like Google, Amazon and Apple are moving into healthcare with direct plays at the consumer, experimenting with mail-order prescriptions and wearable technologies. This is clearly a fascinating time for the healthcare industry.
Join our Webinar
HIMSS Analytics hosted a live webinar on Friday, April 19, 2019 at 12 pm ET to explore the current state of the market. Watch the recording to hear James Gaston, Senior Director, Healthcare Advisory Services Group, HIMSS Analytics explain more about today’s digital health transformation.