The COVID-19 pandemic has accelerated many business and technology approaches in healthcare, but providers have also faced financial burdens in an industry with already thin margins.
Patient expectations continue to evolve and the consumerization of healthcare will continue to shape organizations’ approaches to care delivery towards seamless integration and convenience.
So how can healthcare systems navigate this changing landscape with renewed confidence in their business and technology strategies? Experts from three ViVE sessions explained.
Click on the banner below to access exclusive HealthTech content and a personalized experience.
1. Deliberate partnership in a rapidly changing world
Partnerships come in different flavors, and healthcare organizations need to think about different approaches and models that will help them succeed, said Aimee Quirk, CEO of Ochsner Ventures at Louisiana-based Ochsner Health.
“The purchase may be a business acquisition in its own right, but sometimes I think of it as a relationship with a supplier, because it doesn’t really involve what I consider a partnership, ie where there is a shared risk in the outcome, the ups and downs. lows, full of risk. Often it involves co-development,” she said.
If healthcare organizations decide to buy an off-the-shelf solution or a partner, they should consider whether they’re ready to build trust and transparency in communication over time, Quirk added. And clarity on the ‘give and get’, what the organization and what the partner will receive, must be established from the outset.
Moderator Nick Dougherty (far right), Vice President of Digital Innovation at AllWays Health Partners, member of Mass General Brigham, addresses the audience during the session “Buy, Build or Partner?” This is the strategic question. Panelists, left to right, are Aimee Quirk, CEO of Ochsner Ventures, Ochsner Health; John Bass, founder and CEO of Hashed Health; Liz Rockett, Managing Director of Kaiser Permanente Ventures; and Michelle Snyder, partner at McKesson Ventures.
McKesson Ventures partner Michelle Snyder shared her experience in digital health in the late 1990s trying to get doctors to use PalmPilots. Digital health has been growing for decades, and now the industry is maturing amid improved technology and explosive demand. With this accelerated landscape, it doesn’t always make sense to build a solution in-house. Partnerships will help organizations keep pace; after all, health is a team sport.
“The world is going faster now, and we need to be able to go faster too,” Snyder said.
MORE LIVE: Find out how healthcare can sustain digital health success through 2022.
2. Identify the “little story” with the “big story”
Healthcare organizations looking to focus their impact and scale after working with hundreds of companies need to find partners with a “little story and a big story,” said Aaron Martin, executive vice president and director. digital from Providence.
“Your little story is how you’re going to generate an impressive return on investment for us in a very short time,” Martin said. “This is the problem that is really close to our hearts and that we must solve now. And then the big story is, how does it become more than a little story over time? »
Left to right: Moderator Chitra Nawbatt, Global Head of Health Insurance Partnerships at General Catalyst, addresses the crowd during the “Forget the money, show me the ROI!” Listening in, panelists Aaron Martin, executive vice president and chief digital officer at Providence; Snezana Mahon, COO of Transcarent; Dr. Neal Patel, IT director of Vanderbilt University Medical Center; and Tressa Springmann, senior vice president and chief information and digital officer of LifeBridge Health.
Martin spoke of an early investment in a small company that had a “little story” about enabling call centers with physician data that generated a major return on investment. Its big story was to share this precise data through different platforms and partners.
He added: “If you look at a theme of the nearly 30 companies we have invested in, all of them have this great story. They are all going somewhere.
TO EXPLORE: 5 questions to ask for effective IT change management in healthcare.
3. Towards supplier-payer alignment
Managing the revenue cycle is a complex process that can feel like it puts healthcare providers and payers in contradictory positions. Friction exists, said Tamara Ward, senior vice president of insurance business operations at New York-based payer Oscar Health, but it doesn’t have to be.
“I’ve been on both sides, both the provider side and the payer side,” Ward said, “I think it really comes down to a few things: leveraging the data and the technology that we need to working together, but more importantly, understanding that we are anchored around a common mission.
Left to right: Tamara Ward, Senior Vice President of Insurance Business Operations at Oscar Health, speaks during the session “The Revenue Cycle Management Matrix: Choose the Red Pill” as panelists Jacob Shiff , co-founder and CEO, Anomaly; Gina Kim, product manager at Cohere Health; Jeb Dunkelberger, CEO of Sutter Health Aetna; and Sari Kaganoff, Managing Director of Consulting at Rock Health, listen.
Providers want to provide important medical care, and payers — contrary to popular belief — don’t wake up every day just to deny claims, Ward said. Oscar Health created its own electronic health record, and she described listening to connected providers to streamline workflows and eventually eliminate waste.
“If we can all focus on this notion that we both want to be equally efficient, but we both need to work together and come to the table to figure out how we create that efficiency by leveraging our technology assets that two organizations own, we can, over time, eliminate that friction,” Ward said.
Bookmark this page for our continued virtual coverage of ViVE 2022, which takes place March 6-9, 2022, virtually and in-person in Miami Beach, Florida. Follow us on Twitter at @HealthTechMag and join the conversation on #LIVE2022.