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Sources Written by
1. EIU in-depth interview with Steven Safyer, CEO, Montefiore Medical Center.
2. American Association of Medical Colleges.
0288371-00001-00 RSFL1680
Hospitals are focusing on three areas:
Business
model
innovation
Putting data
to work
Focus
on
talent
The most critical challenge is the
shift from fee-based to
value-based payments, say
71% of EIU survey respondents.
Perception Reality
61% say the shift has
exacerbated pressures on
the hospital value proposition.
Business model innovation
Putting data to work
[In healthcare] to change the business
model, everything has to change in unison.
Clayton Christensen, Kim B. Clark Professor of
Business Administration, Harvard Business School
By 2020, the hope is that a doctor can take your personal
attributes—age, co-morbidity, biomarkers—and combine
that with what we know about management at scale to
figure out exactly how to take care of you in a completely
customized, instantaneous fashion.
Amy Abernethy, Chief Medical Officer, Flatiron Health
Focus on talent
High pay alone is a short-lived strategy. You have to
get beyond that: what kind of culture do you have? How
do you value employees? How do you get employees
engaged in helping chart what they do?
Lloyd Dean, CEO, Dignity Health
RealityPerception
RealityPerception
U.S. hospitals are at a tipping point. Fallout from
the Affordable Care Act, a shift from fee-based to
value-based business models, talent shortages and the need
to put data to work to improve care are significant challenges.
TIPPING POINT:
HOSPITAL RESILIENCE
IN A PERFECT STORM
63% say the
value of data
which hospitals
hold remains
largely
untapped.
60% say say
Big Data is
transforming
patient-related
opportunities.
57% call it a
potential game
changer for
operational
performance.
63%
Only one in five of respondents
expect their business model
to remain the same in the
next three years.
Only one-half say they are well
prepared to address the
challenges facing hospitals.
It took 10-13 years to embed the
cultural changes needed for
Montefiore Hospital System’s
shift from fee-based to
value-based healthcare1
.
74% say their organization
needs to pay more attention
to retaining and attracting
the best talent.
ensuring that the organization
has market-leading total
compensation packages.
Leading strategies for
talent management:
linking performance/
quality-of-care metrics
with retention decisions
improved pay
51%
48%
46%
One in 3 practicing U.S.
physicians is over the age
of 65. By 2025, the shortfall
in medical, surgical
and other healthcare
specialists could
reach between
28,200 and 63,7002
.
Two-thirds (65%) see
an aging workforce
presenting a problem in
the long term, driven by
talent costs and the
need for newer
areas of expertise.
69%
69% say strategic
talent management
will be key to staying
competitive.
54% agree that cuts in
reimbursements/fees
have made it more
important than ever
to find efficiencies to
optimize every dollar.
Over the next three years, respondents will use analytics in:
finding and demonstrating
value added from processes
and procedures
long-term individual patient
disease prevention and care
monitoring performance of
individual medical personnel
46%
41%
41%
Prudential, the Prudential logo, the Rock symbol and Bring Your Challenges are service marks of Prudential
Financial, Inc. and its related entities, registered in many jurisdictions worldwide. Prudential Financial, Inc. of
the United States is not affiliated with Prudential plc, which is headquartered in the United Kingdom.
This article was written by The Economist Intelligence Unit and sponsored
by Prudential. For more information call Prudential Retirement at
1-800-353-2847 or visit www.Healthcare.PrudentialRetirement.com.

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Hospital resilience in a perfect storm

  • 1. Sources Written by 1. EIU in-depth interview with Steven Safyer, CEO, Montefiore Medical Center. 2. American Association of Medical Colleges. 0288371-00001-00 RSFL1680 Hospitals are focusing on three areas: Business model innovation Putting data to work Focus on talent The most critical challenge is the shift from fee-based to value-based payments, say 71% of EIU survey respondents. Perception Reality 61% say the shift has exacerbated pressures on the hospital value proposition. Business model innovation Putting data to work [In healthcare] to change the business model, everything has to change in unison. Clayton Christensen, Kim B. Clark Professor of Business Administration, Harvard Business School By 2020, the hope is that a doctor can take your personal attributes—age, co-morbidity, biomarkers—and combine that with what we know about management at scale to figure out exactly how to take care of you in a completely customized, instantaneous fashion. Amy Abernethy, Chief Medical Officer, Flatiron Health Focus on talent High pay alone is a short-lived strategy. You have to get beyond that: what kind of culture do you have? How do you value employees? How do you get employees engaged in helping chart what they do? Lloyd Dean, CEO, Dignity Health RealityPerception RealityPerception U.S. hospitals are at a tipping point. Fallout from the Affordable Care Act, a shift from fee-based to value-based business models, talent shortages and the need to put data to work to improve care are significant challenges. TIPPING POINT: HOSPITAL RESILIENCE IN A PERFECT STORM 63% say the value of data which hospitals hold remains largely untapped. 60% say say Big Data is transforming patient-related opportunities. 57% call it a potential game changer for operational performance. 63% Only one in five of respondents expect their business model to remain the same in the next three years. Only one-half say they are well prepared to address the challenges facing hospitals. It took 10-13 years to embed the cultural changes needed for Montefiore Hospital System’s shift from fee-based to value-based healthcare1 . 74% say their organization needs to pay more attention to retaining and attracting the best talent. ensuring that the organization has market-leading total compensation packages. Leading strategies for talent management: linking performance/ quality-of-care metrics with retention decisions improved pay 51% 48% 46% One in 3 practicing U.S. physicians is over the age of 65. By 2025, the shortfall in medical, surgical and other healthcare specialists could reach between 28,200 and 63,7002 . Two-thirds (65%) see an aging workforce presenting a problem in the long term, driven by talent costs and the need for newer areas of expertise. 69% 69% say strategic talent management will be key to staying competitive. 54% agree that cuts in reimbursements/fees have made it more important than ever to find efficiencies to optimize every dollar. Over the next three years, respondents will use analytics in: finding and demonstrating value added from processes and procedures long-term individual patient disease prevention and care monitoring performance of individual medical personnel 46% 41% 41% Prudential, the Prudential logo, the Rock symbol and Bring Your Challenges are service marks of Prudential Financial, Inc. and its related entities, registered in many jurisdictions worldwide. Prudential Financial, Inc. of the United States is not affiliated with Prudential plc, which is headquartered in the United Kingdom. This article was written by The Economist Intelligence Unit and sponsored by Prudential. For more information call Prudential Retirement at 1-800-353-2847 or visit www.Healthcare.PrudentialRetirement.com.