Abundant Healthcare was honored to attend HFMA Metro NY’s 63rd Joseph A. Levi Annual Institute. This event featured presentations and panels with industry leaders to provide current practical information about policies and trends affecting major segments of the healthcare industry. We would like to highlight three of our key takeaways.
Innovation Is Not a Choice, It’s a Must
One of the key takeaways from the event was the importance of pushing for innovation in the healthcare industry. As healthcare professionals, we have the power to shape healthcare and contribute to making it better for everyone. However, if we maintain the status quo, we are holding back not only the success of our organizations, but the health of our communities. It’s crucial that we focus on the patient experience, rather than simply conforming to the industry’s current structure. Every action we take has the potential to make a difference, and by working together and thinking creatively, we can shape the future of healthcare in a positive way.
New Competition Pushes Healthcare To Be More Consumer-Centric
Another important takeaway was the impact of new entrants in the healthcare industry, including disruptive technology companies and investor-backed ventures. These competitors are driving healthcare to become more consumer-centric, and health systems must stay nimble and agile to meet the demand for easily accessible healthcare, especially among the younger generation. To keep up with the competition, it is crucial for healthcare systems to embrace rapid change management and integrate with new technology developments like artificial intelligence, internet of things (IoT) devices, and telemedicine. This will enable them to offer more consumer-centric innovations and maintain their position in the market.
Managing Shifts Toward “Value-Based Care”
Several leaders emphasized the importance of aligning insurance reimbursement practices with healthcare outcomes. Presently, providers are incentivized to treat patients when they’re sick, rather than maintaining their wellness, as they’re paid based on the volume of services provided. In order to transition towards a value-based care approach, providers must be compensated for delivering cost-effective and high-quality care, while also bearing significant responsibility for keeping patients healthy. A preventive care model that effectively manages high-risk populations is crucial in a value-based care system, as it reduces costs and enables providers to retain a greater portion of their capitation from insurance payors. Nevertheless, implementing this change necessitates a major cultural shift and consistent reimbursement policies across insurance payors. Providers will require assistance in navigating the competing cultures of traditional fee-for-service reimbursement and value-based care.
At Abundant Healthcare, we are committed to transformative change through innovation and creativity. Our team is made up of passionate individuals with diverse skill sets and an insatiable curiosity to stay at the forefront of industry trends and technologies. We challenge the status quo and help our clients think beyond conventional boundaries. Contact us today to learn how we can help your organization advance healthcare for all.
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