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.
To learn more about the research programme, visit http://hospitalresilience.eiu.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%
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