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Six factors impacting healthcare transformation

HLS.jpgOne of the top issues for this year’s U.S. presidential election is the rising cost of healthcare.  It’s an issue I think about often, not just how it affects me and my family now but for the future as I consider how I will pay for healthcare in retirement. The conclusion I’ve reached for myself is to do everything I can to stay as healthy as possible – eat right, exercise and manage stress.  In other words, do as much as I can to prevent needing medical care. 

 

Most Health and Life Sciences (HLS) institutions are struggling to deliver quality care at an affordable price. Yet, the primary focus of healthcare expenditures in the U.S. today center around “sick care” rather than on wellness. 

 

I recently read an article titled, “Six factors impacting industry transformation – from sick care to integrated health management,” by Harry Kim.  This article is part of HP’s Industry Edge ezine focused on Health and Life Sciences.  In it, Kim describes a “perfect storm” of 6 factors that are causing a transformation of the healthcare industry:

 

  1. Demographics – baby boomers are entering retirement and longevity is increasing.
  2. Rising costs – healthcare costs are rising and are 18% of GDP in the U.S. – higher than any other country.
  3. Health reform – all countries are striving to balance healthcare quality, access and affordability and in doing so are undertaking healthcare reform measures.
  4. Empowered consumers – patients are becoming consumers who require transparency, choice and empowerment to make decisions.  This is forcing providers to rethink how they engage with patients.
  5. Expanded communities of care via social media – Both consumers and providers are turning to digital and social communities to connect, learn and engage.
  6. Entering the genome era – the cost of sequencing a genome has plummeted, such that genetic sequencing and biomarker identification will become standard practice, and personalized medicine will be a reality.

 

So why write about all this here? Of course it’s because technology has a role to play in all of this.  Technology can help improve the quality of care, bend the cost curve, empower consumers, and speed innovation. In addition, technology can help manage the massive amounts of data that will result from new healthcare practices. Read the full article to learn more about how the 4 waves of technology (digitization, convergence, orchestration and wellness) will help to enable this industry transformation.

 

Additional resources:

 

Comments
Nadhan | ‎08-01-2012 09:01 PM

Nice synopsis, Alison.  Thanks for sharing this insightful article from the HP Industry Edge ezine - Health and Life Sciences edition.  Good to know that you are doing everything you can to stay as healthy as possible.  I should be doing the same !

 

Thanks also to Harry Kim for the wonderful article in the ezine.

 

Anyway -- whether we like it or not, we do land up at our local service provider's facility for some kind of medical treatment or the other even if it is the common cold or the occasional flu.  A visit to the doctor's office or the hospital is not a completely alient experience for us. 

 

Therefore, the type of care we experience as patients matters a lot to us. In this same ezine edition, there is another insightful article that I found very enlightening about how innovations have gone into the healthcare service provider's environment for us to have a better patient experience overall.  Checkout my post on Innovations improving patient care -- one day at a time.

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