Over the next several years, healthcare financial outcomes are expected to be less positive, as noted in a McKinsey and Company report.1 However, the report notes hospitals who develop new and innovative business models will continue to generate optimal patient and facility outcomes, and therefore stay ahead of shifting industry trends.
Two key factors expected to improve hospital outcomes in the coming years include:
- Implementing next-generation care models
The medically complex and critically ill patient population is seeing rapid growth in both size and comorbidities. Hospitals that prioritize the quality and efficiency of care delivery to better treat this population will remain ahead of competition.
The shift toward value-based care has encouraged hospitals to move from a quantitative care approach to a qualitative care approach. To align with this shift in care delivery, hospitals have found great benefit in partnering with an expert to help alleviate the burden by optimizing a current or generating a new service offering. Additionally, partnership opens the door to add new specialties such as behavioral health – a growing necessity for hospitals to better address all aspects of a patient’s health.
Implementing next-generation care models, such as value-based, enables hospitals to provide higher-quality care, a better patient experience, lower care costs and improve patient access.
- Integrating innovative solutions
As more patients continue to utilize virtual technologies for treatment and checkups, and providers integrate solutions for data, analytic tracking and more, it is crucial to stay up to date on tools that further leverage a hospital’s current service offerings.
For telehealth utilization, the McKinsey and Co. report states, “Consumer adoption of telehealth has skyrocketed, from 11 percent of US consumers using telehealth in 2019 to 46 percent now using telehealth. Pre-COVID-19, the total annual revenues of US telehealth players were an estimated $3 billion. With the acceleration of consumer and provider adoption… up to $250 billion of current US healthcare spend could be virtualized.”
Hospitals who can reimagine their business models and elevate their service offerings can more effectively innovate and improve the future of healthcare, and therefore achieve superior outcomes.
To learn how we can help your hospital meet the current and future opportunities within the healthcare space, reach out to us today.
References:
- Clark, E., Singhal, S., & Weber, K. (2021, July 1). The future of healthcare: Value creation through next-generation business models. McKinsey & Company. Retrieved March 9, 2022, from https://www.mckinsey.com/industries/healthcare-systems-and-services/our-insights/the-future-of-healthcare-value-creation-through-next-generation-business-models
