The Economic Impact of Health Transformation
Trine Tsouderos and Benjamin Isgur, Directors, Health Research Institute, PricewaterhouseCooper
The emergence of digital tools and services – along with a swelling ocean of data – has the potential to disrupt healthcare dramatically, in the U.S. and abroad. Progress is being made in the realm of digital healthcare, driven by the ambitions and resources of powerful new entrants such as tech firms, retailers and telecommunications companies. Consumers also will drive this shift by rewarding health organizations that can deliver care as conveniently, transparently and affordably as banks provide financial services and retailers offer shopping. The speakers will discuss the character and magnitude of these changes, and what they mean for stakeholders both new and traditional.
25% of clinicians would be comfortable prescribing based on data provided from consumer smartphone devices.
In Canada 79% of patients are likely to use email services with their doctor.
By 2020 50% of care will be delivered virtually in Canada.
Global Drivers:
– Pressure on costs
– More Chronic Disease
– Aging population
– Consumerism (High Deductibles)
– Value-based models
– New Innovators
– Transformative Technologies.
Health Research Institute predicts dropping spending growth rate. Dropped from double digit increases in 2007. Closer to 6.5% in 2016.
Reframing of retail health is contributing to this.
70% of US population with Chronic disease and other issues.
Dual eligibles are more likely to use technology to communicate with care providers.
82% of US consumers are open to non-traditional ways of getting medical attention.
55% trust the internet more than their doctor.
74% open to virtual doctor visits
Half of Fortune 50 are new healthcare entrants
14 Trad Health care companies
5 Tech
2 Automotive
7 Retailers
3 Telcos
4 Finance
Healthcare is transforming
Ecosystem being created
Patient at the center.
More choices for the Consumer.
Data scattered across more places.
ALL of Healthcare will have digital impacts.
Global Wearable shipments growing at 36%
North America – 33% of wearables
Asia Pacific 32%
Home monitoring – Security companies moving in to Health Monitoring.
Three Key area:
- Consumer habits and attitudes
- Digital is more than technology. Innovative Business models
- New Access Points (Can be physical)
Consumers are ready to abandon traditional Care models for more digital do-it-yourself options.
At-home strep 58% yes.
Skin evaluation – 54% yes.
Not just tech-savvy millennials who want new options
18-34 yr = 45%
35-54 == 50%
55+ = 38%
Mobile Health Apps use double in 2 years.
16% grows to 32%
Number 1 app in iOS store is health apps.
60% of consumers willing to use wearable if it is free.
Alii Healthcare recruiting ER docs to provide $100 cash for Telehealth visit.
Their user is typically: Busy, healthy and always on their smartphones.
inpatient shrink as outpatient grows.
Virtual Care is expanding prompted by Government and employer actions.
Outside the US virtual care expands rapidly.
Canada British columbia 850% growth in telehealth in one year.
What’s Next
- Implantable devices
- 3D Printing for bones and organs
How to thrive
- Consumer focus (they are empowered)
- Innovation (New partnerships)
- Smart Analytics (Data in to signals with new technologies)
- Operational Agility (value and quality / commercialize core competencies)
[category News, Health]
[tag health, cloud, ONC, opendata, hdpalooza, blue button, CM4H16]
Mark Scrimshire
Health & Cloud Technology Consultant
Mark is available for challenging assignments at the intersection of Health and Technology using Big Data, Mobile and Cloud Technologies. If you need help to move, or create, your health applications in the cloud let’s talk.
Blog: http://2.healthca.mp/1b61Q7M
email: mark@ekivemark.com
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Disclosure:
I am currently HHS Entrepreneur-in-Residence and CMS BlueButton Innovator working on an assignment to update BlueButton for Medicare Beneficiaries.
The views expressed on this blog are my own.
I am also a Patient Engagement Advisor, CTO and Co-Founder to Medyear.com. Medyear is a powerful free tool that helps you collect, organize and securely share health information, however you want. Manage your own health records today.
Medyear: Less Hassle, Better Care.
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