Healthcare insurers need to continue applying intelligent automation and overcome skills gaps to realize expected digital gains, according to our recent research.
The Work Ahead in Life Sciences: Cures at the Speed of DigitalCognizant
Life sciences businesses have accelerated their digital-first journey to operate in a world where time-to-everything matters more than any other strategic imperative, according to our study.
The Work Ahead in Insurance: Vying for Digital SupremacyCognizant
Insurers expect dramatic changes to their work by 2023 as a result of adopting digital technologies and mindsets, according to our study. Speeding processes, harnessing data and forming new collaborations will be key to winning the digital arms race ahead.
The Work Ahead: Asia Drives Digital’s FutureCognizant
In this installment of our Work Ahead series, we explore how C-level execs in the Asia Pacific and Middle East are incorporating digital technologies and techniques to ensure a successful future of work.
The Work Ahead: Europe’s Digital Ambition ScalesCognizant
Post-pandemic, European businesses seem more ready than ever to embrace digital tools and techniques and their role in the future of work, according to our recent Work Ahead study.
How P&C Insurers Can Unlock Value from Mergers & AcquisitionsCognizant
P&C insurers are likely entering a historic era of increased M&A activity aiming to drive growth at a double-digit pace, pivot into new business models and remain competitive. These insurers will be under pressure to realize the projected revenue growth and cost savings through integration synergies. Here's how P&C insurers should complete a post-merger integration - from strategy development and planning through execution.
A Digital Way Forward for Australian SME InsurersCognizant
The ongoing digitisation of the small- and medium-sized enterprise (SME) market has only accelerated post COVID-19, opening new opportunities and challenges to established carriers. Winning insurers will need to hyper-personalise their offerings and experiences to attract and retain new and
modern SME businesses, as well as tap the billowing insurtech ecosystem – whilst leaning into extended capabilities of their modernised core systems – to remain relevant in this fast-growing and dynamic market segment.
In this edition of our Work Ahead study, we explore the increasing primacy of digital within the context of the COVID-19 pandemic and assess what’s next for the future of work.
The Work Ahead in Life Sciences: Cures at the Speed of DigitalCognizant
Life sciences businesses have accelerated their digital-first journey to operate in a world where time-to-everything matters more than any other strategic imperative, according to our study.
The Work Ahead in Insurance: Vying for Digital SupremacyCognizant
Insurers expect dramatic changes to their work by 2023 as a result of adopting digital technologies and mindsets, according to our study. Speeding processes, harnessing data and forming new collaborations will be key to winning the digital arms race ahead.
The Work Ahead: Asia Drives Digital’s FutureCognizant
In this installment of our Work Ahead series, we explore how C-level execs in the Asia Pacific and Middle East are incorporating digital technologies and techniques to ensure a successful future of work.
The Work Ahead: Europe’s Digital Ambition ScalesCognizant
Post-pandemic, European businesses seem more ready than ever to embrace digital tools and techniques and their role in the future of work, according to our recent Work Ahead study.
How P&C Insurers Can Unlock Value from Mergers & AcquisitionsCognizant
P&C insurers are likely entering a historic era of increased M&A activity aiming to drive growth at a double-digit pace, pivot into new business models and remain competitive. These insurers will be under pressure to realize the projected revenue growth and cost savings through integration synergies. Here's how P&C insurers should complete a post-merger integration - from strategy development and planning through execution.
A Digital Way Forward for Australian SME InsurersCognizant
The ongoing digitisation of the small- and medium-sized enterprise (SME) market has only accelerated post COVID-19, opening new opportunities and challenges to established carriers. Winning insurers will need to hyper-personalise their offerings and experiences to attract and retain new and
modern SME businesses, as well as tap the billowing insurtech ecosystem – whilst leaning into extended capabilities of their modernised core systems – to remain relevant in this fast-growing and dynamic market segment.
In this edition of our Work Ahead study, we explore the increasing primacy of digital within the context of the COVID-19 pandemic and assess what’s next for the future of work.
Modernizing Insurance Data to Drive Intelligent DecisionsCognizant
To thrive during a period of unprecedented volatility, insurers will need to leverage artificial intelligence to make faster and better business decisions - and do so at scale. For many insurers, achieving what we call "intelligent decisioning" will require them to modernize their data foundation to draw actionable insights from a wide variety of both traditional and new sources, such as wearables, auto telematics, building sensors and the evolving third-party data landscape.
Taking the Digital Pulse: Why Healthcare Providers Need an Urgent Digital Che...Capgemini
Digital technologies are altering the very fabric of the traditional healthcare delivery model. Consumers are actively embracing digital tools to take charge of their health.
Consider this: no less than 86% of respondents in a survey reported that they wanted to take a more proactive role in their healthcare decisions, and 76% reported that they have the tools and information to do so. Social media and mobile platforms are becoming increasingly important channels for consumers. A survey found that 45% of respondents search for health information and close to 34% ask for health-related advice on social media. channels. The four million mobile health app downloads that occur every day also give consumers an easy way to track their health.
So how is the healthcare industry responding to these new opportunities? Are the industry and the current healthcare delivery model adapting to changing consumer needs rapidly enough? To obtain a clearer picture of current digital readiness, we conducted a survey of global healthcare players. We also compared the digital maturity of the healthcare industry with that of other industries, based on a previous study conducted jointly with the MIT Center for Digital Business. The results will probably not come as a surprise to many of us.
We found that healthcare is significantly less mature than many industries in the adoption of digital technologies. Our survey also revealed a wide disparity in the digital maturity of healthcare providers. Only 33% were found to be digitally mature or Digirati, while the majority were found to be lagging in the use of digital technologies.
The Work Ahead in Healthcare: Digital Delivers at the Frontlines of CareCognizant
The pandemic has clarified the role and value of digital technologies and approaches for healthcare providers, according to our recent study. Providers are using AI and intelligent machines to personalize care and change how care is delivered.
The Work Ahead in Utilities: Powering a Sustainable Future with DigitalCognizant
Utilities are starting to adopt digital technologies to eliminate slow processes, elevate customer experience and boost sustainability, according to our recent study.
Our annual review of 11 publicly held global technology consulting firms indicates a soft Q4 in 2018, with HLS business growth dropping below overall company growth. HCL continued to be an exception, growing at an impressive 18.56% on a YoY basis, Wipro’s struggles with the HPS acquisition may be bottoming out. The HLS business could be headed for a breakout year in 2019. Find out about their financial performance, mergers and acquisitions, customer wins, strategic partnerships, new product initiatives and leadership announcements in this edition of the WITCH report.
AI in Media & Entertainment: Starting the Journey to ValueCognizant
Up to now, the global media & entertainment industry (M&E) has been lagging most other sectors in its adoption of artificial intelligence (AI). But our research shows that M&E companies are set to close the gap over the coming three years, as they ramp up their investments in AI and reap rising returns. The first steps? Getting a firm grip on data – the foundation of any successful AI strategy – and balancing technology spend with investments in AI skills.
The Work Ahead in Banking & Financial Services: The Digital Road to Financial...Cognizant
Banking and financial services organizations are moving beyond the basics of digital banking and one-size-fits-all services, according to our recent study. Using AI, automation and analytics, they aim to speed processes, blend human-centric and tech-driven customer engagement and deliver personalized financial wellness.
Healthcare Digital Transformation - Outlook and recommendations for 2019Damo Consulting Inc.
In our inaugural review of healthcare’s digital transformation, we assess the current state of digital, analytics, and technology-led innovation in healthcare, and offer our recommendations to healthcare enterprises and technology solution providers.
This whitepaper from IBM shows how your organisation can implement a Big Data Analytics solution effectively and leverage insights that can transform your business.
Congratulations, if you're reading this you've almost made it through 2020! With a vaccine now being rolled out, let's look to a far more positive 2021, starting with Orbital's inaugural health tech trends document, which we enjoy pulling together every year.
I don't think there is anyone out there who'd disagree that COVID has created a monumental shift in how healthcare is delivered. We here at Orbital have explored the 10x key trends every healthcare marketer should appreciate, as well as detailed the opportunity to potentially capitalise on each.
Pour yourself a cup of tea, put your feet up, and let's get a little more excited about 2021!
Infosys commissioned an independent market research company, Vanson Bourne, to investigate the use of digital technologies and key trends in nine industries. We surveyed 1,000 senior decision makers from business and IT, from large organizations with 1,000 employees or more and annual revenue of at least US$500 million.
The report aims to discover:
a) the surging tide of digital technology adoption in organizations – what is used and where?
b) the promised land of digital technology use, and the hurdles organizations face to get there
c) the biggest disruptive digital trends within the next three years and why organizations see them as vital to future success
The summary here presents the survey results and highlights the digital outlook that will define the healthcare industry strategy over the next three years.
Webinar: Digital Health Strategy: Leveraging Emerging Technologies in HealthcareIntellectsoft
WEBINAR VIDEO - https://www.intellectsoft.net/l/31/webinar-digital-healthcare
JOIN OUR WEBINAR TO:
- Explore what changed for healthcare practices and operations during COVID-19 and predict what leaders can expect in terms of recovery;
- Discover today’s featured examples of our clients’ technology solutions that can help you provide better and more efficient services;
- Discuss how to evolve and adapt for the rest of 2020 and into 2021 using emerging technologies and more efficient solutions.
BEST FOR:
- Сhief Medical Officers
- Doctors Pharmaceuticals
- HR Department Outstaffing
- Telemedicine Workers
- Insurance Companies
- Pharmacies
- Laboratories
- Private Hospitals
- Academical Health Centres
- Private Healthcare Facilities
- Management Information Systems
https://www.intellectsoft.net/
The Work Ahead in Intelligent Automation: Coping with Complexity in a Post-Pa...Cognizant
Intelligent automation continues to be a top driver of the future of work, according to our recent study. To reap the full advantages, businesses need to move from isolated to widespread deployment.
The Work Ahead: Mastering the Digital EconomyCognizant
The Work Ahead is a research series providing insight and guidance on how business – and jobs – must evolve in an economy of algorithms, automation and AI.
Engineering the Next-Gen Digital Claims Organisation for Australian General I...Cognizant
In recent years, insurers have invested in technology platforms and process improvements to improve
claims outcomes. Leaders will build on this foundation across the claims landscape, spanning experience,
operations, customer service and the overall supply chain with market-differentiating capabilities to
achieve sustainable results.
Disruption: Data and Analytics Modernization in the COVID-19 EraCognizant
COVID-19 has changed the world – and many companies are gaining benefits by rethinking their analytics models and data management processes to keep pace with the new realities of business, our latest research reveals.
Telecommunications is at the heart of the digital economy, driving and enabling the changing consumer behaviors and demands that have transformed how people consume products and services across many sectors. However, digitization is as much a struggle for Telcos as it is for traditional organizations in many industries.
Our latest survey of over 5700 mobile consumers in the US and Europe has found, for example, that consumers are discontented with their operators.
Healthcare Rx: The Rise of the Empowered ConsumerCognizant
Market and digital forces have combined to enable the healthcare industry to treat much of what ails it — or be supplanted by newcomers who can more quickly seize the digital high ground.
The Work Ahead: Moving Healthcare Organizations into the Digital AgeCognizant
For healthcare payers and providers, the digital revolution offers a powerful prescription for transforming an industry value chain in need of drastic modernization. In this installment of our Work Ahead research series, we look at the way forward to the future of work for healthcare.
Rethinking Health Plan Business Models for the Emerging On-Demand Digital Eco...Cognizant
Even as on-demand healthcare platforms disrupt the industry, they create possibilities for new value propositions, partnerships and business models that will further reshape the cost and delivery of care.
Modernizing Insurance Data to Drive Intelligent DecisionsCognizant
To thrive during a period of unprecedented volatility, insurers will need to leverage artificial intelligence to make faster and better business decisions - and do so at scale. For many insurers, achieving what we call "intelligent decisioning" will require them to modernize their data foundation to draw actionable insights from a wide variety of both traditional and new sources, such as wearables, auto telematics, building sensors and the evolving third-party data landscape.
Taking the Digital Pulse: Why Healthcare Providers Need an Urgent Digital Che...Capgemini
Digital technologies are altering the very fabric of the traditional healthcare delivery model. Consumers are actively embracing digital tools to take charge of their health.
Consider this: no less than 86% of respondents in a survey reported that they wanted to take a more proactive role in their healthcare decisions, and 76% reported that they have the tools and information to do so. Social media and mobile platforms are becoming increasingly important channels for consumers. A survey found that 45% of respondents search for health information and close to 34% ask for health-related advice on social media. channels. The four million mobile health app downloads that occur every day also give consumers an easy way to track their health.
So how is the healthcare industry responding to these new opportunities? Are the industry and the current healthcare delivery model adapting to changing consumer needs rapidly enough? To obtain a clearer picture of current digital readiness, we conducted a survey of global healthcare players. We also compared the digital maturity of the healthcare industry with that of other industries, based on a previous study conducted jointly with the MIT Center for Digital Business. The results will probably not come as a surprise to many of us.
We found that healthcare is significantly less mature than many industries in the adoption of digital technologies. Our survey also revealed a wide disparity in the digital maturity of healthcare providers. Only 33% were found to be digitally mature or Digirati, while the majority were found to be lagging in the use of digital technologies.
The Work Ahead in Healthcare: Digital Delivers at the Frontlines of CareCognizant
The pandemic has clarified the role and value of digital technologies and approaches for healthcare providers, according to our recent study. Providers are using AI and intelligent machines to personalize care and change how care is delivered.
The Work Ahead in Utilities: Powering a Sustainable Future with DigitalCognizant
Utilities are starting to adopt digital technologies to eliminate slow processes, elevate customer experience and boost sustainability, according to our recent study.
Our annual review of 11 publicly held global technology consulting firms indicates a soft Q4 in 2018, with HLS business growth dropping below overall company growth. HCL continued to be an exception, growing at an impressive 18.56% on a YoY basis, Wipro’s struggles with the HPS acquisition may be bottoming out. The HLS business could be headed for a breakout year in 2019. Find out about their financial performance, mergers and acquisitions, customer wins, strategic partnerships, new product initiatives and leadership announcements in this edition of the WITCH report.
AI in Media & Entertainment: Starting the Journey to ValueCognizant
Up to now, the global media & entertainment industry (M&E) has been lagging most other sectors in its adoption of artificial intelligence (AI). But our research shows that M&E companies are set to close the gap over the coming three years, as they ramp up their investments in AI and reap rising returns. The first steps? Getting a firm grip on data – the foundation of any successful AI strategy – and balancing technology spend with investments in AI skills.
The Work Ahead in Banking & Financial Services: The Digital Road to Financial...Cognizant
Banking and financial services organizations are moving beyond the basics of digital banking and one-size-fits-all services, according to our recent study. Using AI, automation and analytics, they aim to speed processes, blend human-centric and tech-driven customer engagement and deliver personalized financial wellness.
Healthcare Digital Transformation - Outlook and recommendations for 2019Damo Consulting Inc.
In our inaugural review of healthcare’s digital transformation, we assess the current state of digital, analytics, and technology-led innovation in healthcare, and offer our recommendations to healthcare enterprises and technology solution providers.
This whitepaper from IBM shows how your organisation can implement a Big Data Analytics solution effectively and leverage insights that can transform your business.
Congratulations, if you're reading this you've almost made it through 2020! With a vaccine now being rolled out, let's look to a far more positive 2021, starting with Orbital's inaugural health tech trends document, which we enjoy pulling together every year.
I don't think there is anyone out there who'd disagree that COVID has created a monumental shift in how healthcare is delivered. We here at Orbital have explored the 10x key trends every healthcare marketer should appreciate, as well as detailed the opportunity to potentially capitalise on each.
Pour yourself a cup of tea, put your feet up, and let's get a little more excited about 2021!
Infosys commissioned an independent market research company, Vanson Bourne, to investigate the use of digital technologies and key trends in nine industries. We surveyed 1,000 senior decision makers from business and IT, from large organizations with 1,000 employees or more and annual revenue of at least US$500 million.
The report aims to discover:
a) the surging tide of digital technology adoption in organizations – what is used and where?
b) the promised land of digital technology use, and the hurdles organizations face to get there
c) the biggest disruptive digital trends within the next three years and why organizations see them as vital to future success
The summary here presents the survey results and highlights the digital outlook that will define the healthcare industry strategy over the next three years.
Webinar: Digital Health Strategy: Leveraging Emerging Technologies in HealthcareIntellectsoft
WEBINAR VIDEO - https://www.intellectsoft.net/l/31/webinar-digital-healthcare
JOIN OUR WEBINAR TO:
- Explore what changed for healthcare practices and operations during COVID-19 and predict what leaders can expect in terms of recovery;
- Discover today’s featured examples of our clients’ technology solutions that can help you provide better and more efficient services;
- Discuss how to evolve and adapt for the rest of 2020 and into 2021 using emerging technologies and more efficient solutions.
BEST FOR:
- Сhief Medical Officers
- Doctors Pharmaceuticals
- HR Department Outstaffing
- Telemedicine Workers
- Insurance Companies
- Pharmacies
- Laboratories
- Private Hospitals
- Academical Health Centres
- Private Healthcare Facilities
- Management Information Systems
https://www.intellectsoft.net/
The Work Ahead in Intelligent Automation: Coping with Complexity in a Post-Pa...Cognizant
Intelligent automation continues to be a top driver of the future of work, according to our recent study. To reap the full advantages, businesses need to move from isolated to widespread deployment.
The Work Ahead: Mastering the Digital EconomyCognizant
The Work Ahead is a research series providing insight and guidance on how business – and jobs – must evolve in an economy of algorithms, automation and AI.
Engineering the Next-Gen Digital Claims Organisation for Australian General I...Cognizant
In recent years, insurers have invested in technology platforms and process improvements to improve
claims outcomes. Leaders will build on this foundation across the claims landscape, spanning experience,
operations, customer service and the overall supply chain with market-differentiating capabilities to
achieve sustainable results.
Disruption: Data and Analytics Modernization in the COVID-19 EraCognizant
COVID-19 has changed the world – and many companies are gaining benefits by rethinking their analytics models and data management processes to keep pace with the new realities of business, our latest research reveals.
Telecommunications is at the heart of the digital economy, driving and enabling the changing consumer behaviors and demands that have transformed how people consume products and services across many sectors. However, digitization is as much a struggle for Telcos as it is for traditional organizations in many industries.
Our latest survey of over 5700 mobile consumers in the US and Europe has found, for example, that consumers are discontented with their operators.
Healthcare Rx: The Rise of the Empowered ConsumerCognizant
Market and digital forces have combined to enable the healthcare industry to treat much of what ails it — or be supplanted by newcomers who can more quickly seize the digital high ground.
The Work Ahead: Moving Healthcare Organizations into the Digital AgeCognizant
For healthcare payers and providers, the digital revolution offers a powerful prescription for transforming an industry value chain in need of drastic modernization. In this installment of our Work Ahead research series, we look at the way forward to the future of work for healthcare.
Rethinking Health Plan Business Models for the Emerging On-Demand Digital Eco...Cognizant
Even as on-demand healthcare platforms disrupt the industry, they create possibilities for new value propositions, partnerships and business models that will further reshape the cost and delivery of care.
iHT2 Health IT Summit Boston 2013 – Scott Lundstrom, Group Vice President Presentation, IDC Health Insights "IT Strategies for an Uncertain Future - Embracing Change and Innovation"
Presentation "IT Strategies for an Uncertain Future - Embracing Change and Innovation"
The widespread changes demanded by reform continue to create angst and opportunities for healthcare providers. Quality, cost and compliance initiatives, changing business models, and new care delivery technologies are all demanding our attention. Uncertainty is high, but the call to action is strong, and there is tremendous pressure to show broadly based progress across the technology portfolio. How can IT and the business move forward on a common plan in these uncertain times? Leading organizations are already building a platform for the future. By focusing on reducing costs, improving quality, and supporting business innovation technology, significant progress can be made to support a broad range of possible post reform business models. By focusing on a core group of enabling technologies health organizations can become better prepared to survive in the post reform market. What are the core key enabling technologies required by any health organization in the future? Where should resource constrained organizations focus their attention?
Digital transformation was already in progress prior to the pandemic, but it's undeniable that significant strides have been taken in the past year. We have compiled a list of the five most influential technology trends in 2022, impacting various sectors significantly.
The quest for digital skills is an Economist Intelligence Unit report, sponsored by Cognizant, on the supply and demand of digital skills across four industries: financial services, healthcare, retail and manufacturing.
Most business, whether they realize it or not, are already connected to the IoT. Some though are more prepared than others. New survey defines how to get ahead in this evolution of technology. Find out more here: http://bit.ly/1RwVtfR
It’s 2020 and healthcare is at a crossroads. Will this be the tipping point in the transformation of care or are we in for yet-another decade of radical change and resistance? Here's six key trends that I think are likely to tip the scales and shape the healthcare business model of the new era.
Digital customer experience report 2020Duy, Vo Hoang
Digital customer experience report 2020.
Bernard Slowey, worldwide lead for digital customer
support at Microsoft, maintains one of the biggest
mistakes in digital CX is not having a dedicated team.
“A lot of companies have teams of people focused on
call centers, as well as improving minutes-per-incident
and handle times for voice calls with customers, but
then digital is merely treated as a bolt-on to support
organizations,” says Slowey.
More than a third of our research group (36 per cent) is
seemingly making this mistake. For these brands
digital experiences are supported by multiple
functions, potentially between marketing, CX and
customer service departments. This dispersed setup
can result in customers receiving conflicting and
disjointed digital experiences.
However, the majority of the respondents (64 per cent)
recognize the value of dedicated digital experience
teams, which is an 18 per cent year-on-year increase.
Within 18 months of building its dedicated digital
customer support department, Microsoft’s digital team
achieved a 3× ROI (return on investment). This result was
obtained by solving customer issues digitally and so
reducing the volumes shouldered by more expensive
support channels such as voice.
89% of consumers switch to a competitor after a poor CX Abhishek Sood
89% of consumers switch to a competitor following a poor customer experience, according to an Oracle study. But how can you use digital technology to improve your customers' experience?
Uncover how several prominent businesses embraced digital technologies to retain customers and increase profits. For example, Domino's Pizza had a 23% growth in profit after it allowed customers to track their deliveries online.
Discover the 4 factors that can make a digital transformation project profitable and worthwhile.
Healthcare evolves daily, demanding constant adaptation. Providers must embrace trends like AI and digital transformation to stay competitive and offer exceptional care. This presentation explores key 2024 trends and predictions for healthcare providers to watch. Learn more inside!
DIGITAL TRANSFORMATION IN THE NEXT NORMAL: How consumerism, technology and th...Damo Consulting Inc.
What was assumed to be a transformation journey stretching over several years has now shrunk to a matter of months, and the pace of change is accelerating. Paddy Padmanabhan and Ed Marx, the authors of the first book published on healthcare digital transformation since the pandemic hit us, discuss 5 major themes in healthcare’s digital transformation, and what the next normal looks like.
They will present findings from recent research on how mid-tier systems must approach transformation.
1. How COVID-19 accelerated the timelines for transformation
2. Why health systems must go beyond just telehealth
3. Why digital leaders must develop enterprise roadmaps
4. How CIO’s can transform IT to support digital health
5. How technology decisions must deliver enterprise-level impact
How the Internet of Things Is Transforming Medical DevicesCognizant
The Internet of Things (IoT) should be a central focus for medical device companies, as IoT dramatically expands and enhances the field for the entire stakeholder ecosystem. We offer a roadmap for medical devices companies seeking a wise and effective path forward with IoT.
In this presentation, I tried to succinctly discuss the future technology trends and explain how they can impact the healthcare industry. Also Business Transformation, as a key to tackle, has been discussed.
Technology and Innovation in Insurance– Present and Future Technology in Indi...Dr. Amarjeet Singh
Insurance companies are unique — most of their interactions with customers happen through an agent. In effect, a chunk of technology investment goes into improving agent experience. Insurers have developed systems to advise agents on products tailored for specific customers, depending on their history with the insurer and income band. Bajaj Allianz Life Insurance has a mobile app to hire agents. This helps in training, exams and licensing. It has brought on board 15,700 consultants digitally in the past year, cutting down processing time by half.
Insurers have launched mobile phone apps, making it easier for customers to transact with them. They are, slowly and surely, moving towards paperless claims as well. These are, however, only the first steps in digital transformation. Changing core systems is expensive and complicated. So, most transformation initiatives focus on improving systems of engagement with customers.
With the constant advancements and better use of digital tools in the last few years; most of these challenges seem to be addressed efficiently. While technologies such as Robotic Process Automation (RPA), Artificial Intelligence (AI), Block chain, and Advanced Analytics are working as promoters to enhance the importance of insurance, the insurers are working hard to create a more streamlined and integrated insurance system.
Advanced analytics playing a vital role for health insurersBodhtree
Insurance companies are realizing the benefits of using advanced analytics for designing products, segmenting and developing metrics for risk management.Analytics can enable the compilation of information about trends, patterns, deviations, anomalies and relationships and reveal insight.
Using Accenture Research methodologies - Economic Value Modelling (EVM) and survey – this thought leadership paper quantifies the digital opportunity for South Africa’s short-term insurance industry to 2020. By leveraging digital technology, Accenture estimates that short-term insurance providers in South Africa can increase their gross written premiums (GWP) by R115.2 billion by 2020.
Similar to The Work Ahead for Healthcare Payers: Gaining a Foothold in the Digital Health Future (20)
Using Adaptive Scrum to Tame Process Reverse Engineering in Data Analytics Pr...Cognizant
Organizations rely on analytics to make intelligent decisions and improve business performance, which sometimes requires reproducing business processes from a legacy application to a digital-native state to reduce the functional, technical and operational debts. Adaptive Scrum can reduce the complexity of the reproduction process iteratively as well as provide transparency in data analytics porojects.
It Takes an Ecosystem: How Technology Companies Deliver Exceptional ExperiencesCognizant
Experience is evolving into a strategy that reaches across technology companies. We offer guidance on the rise of experience and its role in business modernization, with details on how orgnizations can build the ecosystem to support it.
The Work Ahead: Transportation and Logistics Delivering on the Digital-Physic...Cognizant
The T&L industry appears poised to accelerate its long-overdue modernization drive, as the pandemic spurs an increased need for agility and resilience, according to our study.
Enhancing Desirability: Five Considerations for Winning Digital InitiativesCognizant
To be a modern digital business in the post-COVID era, organizations must be fanatical about the experiences they deliver to an increasingly savvy and expectant user community. Getting there requires a mastery of human-design thinking, compelling user interface and interaction design, and a focus on functional and nonfunctional capabilities that drive business differentiation and results.
The Work Ahead in Manufacturing: Fulfilling the Agility MandateCognizant
According to our research, manufacturers are well ahead of other industries in their IoT deployments but need to marshal the investment required to meet today’s intensified demands for business resilience.
The Work Ahead in Higher Education: Repaving the Road for the Employees of To...Cognizant
Higher-ed institutions expect pandemic-driven disruption to continue, especially as hyperconnectivity, analytics and AI drive personalized education models over the lifetime of the learner, according to our recent research.
Profitability in the Direct-to-Consumer Marketplace: A Playbook for Media and...Cognizant
Amid constant change, industry leaders need an upgraded IT infrastructure capable of adapting to audience expectations while proactively anticipating ever-evolving business requirements.
Green Rush: The Economic Imperative for SustainabilityCognizant
Green business is good business, according to our recent research, whether for companies monetizing tech tools used for sustainability or for those that see the impact of these initiatives on business goals.
Policy Administration Modernization: Four Paths for InsurersCognizant
The pivot to digital is fraught with numerous obstacles but with proper planning and execution, legacy carriers can update their core systems and keep pace with the competition, while proactively addressing customer needs.
Operations Workforce Management: A Data-Informed, Digital-First ApproachCognizant
As #WorkFromAnywhere becomes the rule rather than the exception, organizations face an important question: How can they increase their digital quotient to engage and enable a remote operations workforce to work collaboratively to deliver onclient requirements and contractual commitments?
Five Priorities for Quality Engineering When Taking Banking to the CloudCognizant
As banks move to cloud-based banking platforms for lower costs and greater agility, they must seamlessly integrate technologies and workflows while ensuring security, performance and an enhanced user experience. Here are five ways cloud-focused quality assurance helps banks maximize the benefits.
Getting Ahead With AI: How APAC Companies Replicate Success by Remaining FocusedCognizant
Changing market dynamics are propelling Asia-Pacific businesses to take a highly disciplined and focused approach to ensuring that their AI initiatives rapidly scale and quickly generate heightened business impact.
Realising Digital’s Full Potential in the Value ChainCognizant
When we spoke with executives across Europe who lead digitising efforts, they described a diverse range of deployments, but digital can, and must, deliver far more than it has so far. In this ebook, we explore how businesses can explore digital's full potential across their value chain.
The Work Ahead in M&E: Scaling a Three-Dimensional ChessboardCognizant
Post-pandemic, the rules of the game for media and entertainment businesses have intensified, and competing will require even bolder moves and investments in digital, according to our research.
Close the AI Action Gap in Financial ServicesCognizant
Banks and financial institutions are making strides with artificial intelligence -- but they've been slow to scale it. Here are four steps to realize AI's full potential throughout the enterprise.
The Work Ahead for Healthcare Payers: Gaining a Foothold in the Digital Health Future
1. Healthcare insurers need to continue applying intelligent automation and
overcome skills gaps to realize expected digital gains, according to our recent
research.
The Work Ahead
for Healthcare Payers:
Gaining a Foothold
in the Digital
Health Future
2. The Work Ahead
Executive Summary
Healthcare payers must be nimble and inventive to stave
off new threats while capitalizing on market dynamics,
and digital technology investment will play a key role in
shaping the outcome.
2
The Work Ahead for Healthcare Payers: Gaining a Foothold in the Digital Health Future
3. The Work Ahead
Healthcare payers largely evaded the worst effects of COVID-19. Yet, the digital health changes
wrought by the crisis have amplified the call for improving the member experience through the
use of digital tools and techniques. As expanding market opportunities continue to attract new
and nontraditional competitors, payers must be nimble and inventive to stave off new threats
while capitalizing on market dynamics, and digital technology investment will play a key role in
shaping the outcome.
In our 2016 Work Ahead study, healthcare insurance
executives were bullish on the technology potential but
were unclear about its role and its implications. Today,
crisis has led to opportunity, and digital technology is
poised to play a non-trivial role as payers look to new
business models to capitalize on it.
To understand the changing nature of work in a world
dominated by digital and disrupted by COVID-19,
Cognizant’s Center for the Future of Work surveyed
4,000 senior executives at leading companies around
the world, including 285 healthcare organizations,
of which 50 were healthcare payers in the U.S. (see
methodology, page 14). What we found is that payer
executives are ready to apply advanced technologies
such as chatbots and intelligent agents, artificial
intelligence (AI) and the Internet of Things (IoT) to
change how work gets done. While the pandemic has
driven market churn, innovation will ultimately deal
out the gains for the hard work ahead. (For our report
on healthcare providers, see “Digital Delivers at the
Frontlines of Care.”) This report is largely based on the
study findings on the 50 payer executives.
A number of key themes emerged from our research
and analysis:
1 COVID-19 may fade, but its mark will endure.
All 50 payer respondents said they expect the
current pace of industry disruption to accelerate.
New digital platforms, guided by AI and machine-
learning agents, are compelling a rethink of
strategy and business models. Among our payer
respondents, the percent expecting to generate
10% to 20% of their revenue from digital channels
is almost double that of the cross-industry average,
and is expected to remain so through 2023.
2 Payers are still at the early stages of augmenting
business processes with technology to become
more flexible, responsive and data-driven to meet
the demands of customers and employees. While
the momentum is clear, especially in the area
of chatbots (where payers far exceed the cross-
industry average in adoption), little more than one-
quarter have moved beyond pilots with AI.
3 Machines will take on a greater amount of the
lift, from collating data to automating rules-
based routines. Machine adoption is expected to
steadily increase by 2023 across a broad range of
tasks, and potentially move into decision-making.
4 While there is scant evidence that machines are
replacing healthcare jobs, it’s clear that payers
must be prepared to upgrade skills to leverage a
digitally augmented work environment.
5 Payers are targeting specific areas for
operational benefits. The priorities are stability
and market growth, with a focus on finance, sales
and marketing.
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The Work Ahead for Healthcare Payers: Gaining a Foothold in the Digital Health Future
4. The Work Ahead
Crisis = digital opportunity
The pandemic affirmed payers’ previous investments
in digital technology as they pivot toward new market
opportunities. A majority said they will increase their use
of digital channels to deliver services to customers.
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The Work Ahead for Healthcare Payers: Gaining a Foothold in the Digital Health Future
5. The Work Ahead
Health payers generally fared better than most industries impacted by COVID-19. While 46% of all
respondents in our global cross-industry study cited a negative impact from the pandemic, only 8% of
payers said the same.
The economic downturn did create customer churn, driven
by the loss of commercial members and an increase in
Medicaid rolls. Still, payers generally benefited from fewer
reimbursements as providers all but eliminated high-margin
elective procedures due to social distancing requirements.
If anything, the pandemic affirmed payers’ previous investments
in digital technology as they pivot toward new market
opportunities. Targeting cost control, a majority (60%) of
payers said they are looking to digital technologies to achieve
operational efficiencies through automation. By 2023, those
who said they will see large to very large gains in these areas will
double, to 18%.
In pursuit of new revenue, a majority of payer executives said
they expect to increase their use of digital channels to deliver
services to customers. Almost one-third of payers said they are
now generating 10% to 20% of their revenues through digital
channels – double the percent of the cross-industry average
who said the same. As even more payers shift into this revenue
range in 2023, that ratio between payers and the cross-industry
average is expected to be maintained (see Figure 1).
Now 2023 Now 2023
All Industries Payers
10% or less 10% – 20% 20% – 30%
38%
17%
32%
29%
9%
4%
48%
56%
24%
32%
4% 10%
Response base: 50 U.S. healthcare payers; 4,000 total respondents
Source: Cognizant Center for the Future of Work
Figure 1
Payers make a play for digital revenue channels
Respondents were asked to identify the percent of company revenues they receive from digital channels, now and in 2023.
(Percent of respondents)
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The Work Ahead for Healthcare Payers: Gaining a Foothold in the Digital Health Future
6. The Work Ahead
Yet, current IT budget projections call into question whether
all payers will realize their digital goals. While payers’ current IT
spending is in step with other industries, it falls behind heading
into 2023 – particularly among those increasing IT expenditures
by more than 10% (see Figure 2). While in some cases the
cost savings derived from automation will help fund these new
initiatives, it’s also likely that a subset of the industry will move
forward with digital platforms, while the remainder struggle.
Response base: 50 U.S. healthcare payers; 4,000 total respondents
Source: Cognizant Center for the Future of Work
Figure 2
Payers’ IT budget growth outpaced by other industries
Respondents were asked about the percent of revenues invested in technology, now and in 2023.
(Percent of respondents)
Now 2023 Now 2023
All Industries Payers
10% or less 10% – 20% 20% – 30%
78%
16%
58%
29%
6%
3%
80%
18%
70%
20%
0% 12%
While payers’ current IT spending is in step with other
industries, it falls behind heading into 2023.
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The Work Ahead for Healthcare Payers: Gaining a Foothold in the Digital Health Future
7. The Work Ahead
Implementation picks up steam
Almost half of payers said they have deployed chatbots,
which is more than double the average of all industries in
this study.
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The Work Ahead for Healthcare Payers: Gaining a Foothold in the Digital Health Future
8. The Work Ahead
A key differentiator between our current study and 2016 is that payers are now better positioned to derive
value from the volumes of medical data generated by health information technology (HIT). Leveraged
though AI and analytics, this data will be an essential building block to provide more accurate, real-time
insights to guide policy development, population trend analysis and customer marketing.
Across the six technology categories highlighted in our study,
30% of payers said they had implemented these technologies
either widely or to some degree, which is similar to the cross-
industry average of 29%. Of the specific technologies, payers
are ahead of the cross-industry average in their implementation
of chatbots and IoT (see Figure 3).
The strongest area of adoption is in chatbots, which draw from
a wide span of data sources to automate the sales effort or
manage enrollee benefits – both priority objectives and high
ROI opportunities. Almost half of payers (46%) said they have
implemented chatbots, which is more than double the average
of all industries (19%) in this study. A majority (74%) of payers
confirmed they are now using digital technology to augment
their sales process, while 90% said they expect their use of
digital to improve the sales effort by 2023.
Forty percent of payers said they are now using IoT, which
is above the cross-industry average, at 26%. This uptake is
fueled in part by the increase in wearable devices used for
remote care monitoring. The weakest areas of adoption are in
physical robots, virtual reality and software robots. While there
are scant blockchain implementations, 40% are now piloting
this technology, suggesting it will have a purposeful role in the
not-so-distant future. AI adoption is also at a relatively nascent
stage, with less than one-third reporting some degree of
implementation.
Defining a role for machines
With 90% of payers saying they expect to automate many
elements of work, it is clear where the future lies. Healthcare
insurers will steadily adopt intelligent machines to replace
mundane, repetitive processes. Using the mean measure of
adoption across all the tasks in our study, on average 18%
of work is performed by machines today (the cross-industry
average is 17%), and that percentage is expected to grow to
24% by 2023 (see Figure 4, next page).
Chatbots IoT Big data AI
6%
40% 6%
34%
4%
34% 2%
26%
Some implementation
Wide implementation
Response base: 50 U.S. healthcare payers
Source: Cognizant Center for the Future of Work
Figure 3
Chatbots, IoT, big data lead digital technology implementations
Respondents were asked about the progress they’ve made in implementing a variety of technologies to augment processes.
(Percent of respondents)
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The Work Ahead for Healthcare Payers: Gaining a Foothold in the Digital Health Future
9. The Work Ahead
What stands out, though, is the prospect of machines taking
on more complex tasks. Already, 42% of respondents said they
expect digital technology will help them make better decisions.
This is reflected in the biggest areas of machine use by payers,
which includes executing complex decisions, (based on real-
time information and multiple inputs) and making routine,
rules-based decisions.
What is unclear, so far, is whether the increased use of machine
learning will eliminate (some) jobs or simply change them.
Among all industries in our study, payers expressed the most
concern (70%) about automated technology resulting in job
displacement. Yet, at the same time, the vast majority of payers
(94%) said they expect to collaborate with smart machines that
augment job effectiveness.
“Technology will not replace the workforce,” said the chief
operating officer for a very large U.S.-based payer organization
in our study. Over the next five years, the organization will use AI
to increase process augmentation to support direct customer
interaction.“Once this is possible, our employees will be able
to focus more on case management and human aspects of the
customer experience. Both man and machine would support
each other. The assumptions and logic required in the machine
are based on the experience of humans, so that’s what we would
leverage more in coming years.”
While most payers said they have the internal technical and
business expertise to manage automation efforts, expertise
gaps exist across key areas, from process optimization to
automation technology. In fact, 98% of respondents said they
will face global talent shortages in the coming years (54% “to a
significant degree”). The most in-demand skills going forward
include sales, increasing from 17% of respondents naming that
skill as highly important today to 50% by 2023, and innovation
skills, which will increase from 26% of payers to 44%.
Response base: 50 U.S. healthcare payers
Source: Cognizant Center for the Future of Work
Figure 4
Machine adoption steadily advances
Respondents were asked to what extent the following activities are carried out by machines vs. employees, today and in 2023.
(Mean percent of work executed by machines)
Sift large datasets
to identify errors or
actionable items
Execute complex
decisions
Execute routine,
rules-based
decisions
Data mining
Process
improvement
Make recommendations
for decisions
Physical actions Data collection
Now 2023
19%
25%
19%
25% 25%
19% 18%
24%
18%
24%
18%
24%
17%
23%
18%
23%
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The Work Ahead for Healthcare Payers: Gaining a Foothold in the Digital Health Future
10. The Work Ahead
Strategic priorities set the pace
With their sights set on financial stability and market
capture, almost three-quarters of respondents are
currently augmenting sales and marketing processes,
and 92% expect to do so by 2023.
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The Work Ahead for Healthcare Payers: Gaining a Foothold in the Digital Health Future
11. The Work Ahead
The strategic advantage in digital healthcare is determined by the functions and processes that organizations
prioritize for automation. Currently, one-third of payers said they are now augmenting specific business
process areas. And in a separate study we conducted in 2019, we found that the top benefits payers are
deriving from automation are operational efficiency (38%) and improved performance (25%).1
The challenge that this heightened focus on automation poses
to industry executives is not merely a technical one; this goes to
the heart of operational culture. Employees will not only need
to undergo upskilling to collaborate with machines; they’ll also
need to gain trust in the role and performance of machines
as they, themselves, become “bot masters.” It will be these
employees who will provide the mental model for machine
algorithms and manage their refinement.
With their sights set on financial stability and market capture,
almost three-quarters of respondents are augmenting sales
and marketing processes, and 92% expect to do so by 2023
(see Figure 5). In our 2019 study, two out of five respondents
(40%) said digital technology would enable them to serve
customers better by 2023, which could support efforts like
claims processing and provider management.
At one large U.S. payer organization in our current study,
for example, an AI-based platform is used to monitor and
flag suspicious claims and customer interactions, according
to the payer COO. The platform’s algorithms perform a
risk management assessment for each claim by analyzing
numerous variables to determine the probability of fraud.
“This is one of the key business functions of our operations –
pick the major work area to refine, and that’s where most risk
management exists,” the COO said.
While these digital efforts are in their early stages, payers are
clearly pushing forward. Currently, most of the implementations
targeting process areas have achieved “some augmentation”
at payer sites. Respondents expect that half of their process
areas will be augmented to some degree by 2023. It will be seen
whether that is an ambitious goal, as currently very few payers
have what they would describe as “good” or “widespread”
implementation.
IT Strategic planning HR Sales, marketing Finance
Now 2023
42%
60%
44%
70%
54%
94%
52%
70%
92%
74%
Response base: 50 U.S. healthcare payers
Source: Cognizant Center for the Future of Work
Figure 5
Process augmentation priorities
Respondents were asked to describe their progress today and by 2023 in implementing emerging technologies to augment workforce
performance in the following business processes. (Percent of respondents who said they had achieved some level of augmentation:
implemented projects/some augmentation, implemented projects/good augmentation or widespread augmentation)
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The Work Ahead for Healthcare Payers: Gaining a Foothold in the Digital Health Future
12. The Work Ahead
Setting a course for the future
Digital healthcare momentum is growing, fueled by shifts
in consumer behavior, the easing of regulations and the
adoption of powerful new technologies.
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The Work Ahead for Healthcare Payers: Gaining a Foothold in the Digital Health Future
13. The Work Ahead
To meet the challenges of the post-pandemic world, we recommend that payers address the following
imperatives, adapting these to their business vision, local market conditions and financial strengths.
❙ Take out costs. Payers can achieve greater operational
efficiencies by consolidating and standardizing on
clinical and non-clinical applications (such as revenue
cycle management) and migrating these to cloud-based
platforms. With the average cost of a manual transaction
at almost $7, according to the CAQH Index, the industry
could save $16.3 billion annually by converting common
administrative transactions to digital.2
❙ Accelerate the pace of digital initiatives. Digital
healthcare momentum is growing, fueled by shifts in
consumer behavior, the easing of regulations and adoption
of powerful new technologies. Almost half (54%) of payers
said they expect the pandemic to accelerate the destruction
of many non-digital businesses that don’t keep pace.
❙ Update skills to reflect the digital future. The automation
of processes and the introduction of new roles (such as
“bot masters”) require an updated skill set. Payers must
think hard about how their staff will intersect with and use
robots in their organization. New evaluation metrics such as
“robotics quotient,” which scores employees’ ability to work
effectively with robots, should be explored to help ease the
change management challenges introduced by automation
and AI.3
❙ Improve payer and provider collaboration. Payers and
providers should invest in new models to drive system
value to reduce costs and improve care. Opportunities exist
to jointly use AI, analytics and social determinants data to
identify patients and at-risk populations in need of specific
care management services.
Toward a digital-health future
Coming out of the pandemic, healthcare payers have
demonstrated the ability and desire to embrace new technology
to stabilize their business and prepare to launch into new,
digitally-generated revenue opportunities. As they increase
implementation of AI and machines, they are betting that they
can garner cost-efficiencies that help fuel the development of
new operating platforms.
By pulling their customers into their operational process, the
next level for payers will be to predict and identify risks and
rewards before they happen. The work ahead calls for more
than technology and talent – it will require tying it all together
into a new, digitally-powered, healthcare ecosystem.
By pulling their customers into their operational process,the next
level for payers will be to predict and identify risks and rewards
before they happen.The work ahead calls for more than
technology and talent– it will require tying it all together into a
new, digitally-powered, healthcare ecosystem.
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The Work Ahead for Healthcare Payers: Gaining a Foothold in the Digital Health Future
14. The Work Ahead
Cognizant commissioned Oxford Economics to design and
conduct a study of 4,000 C-suite and senior executives,
including 285 healthcare organizations, of which 50 were U.S.
healthcare payers. The survey was conducted between June
2020 and August 2020 via computer-assisted telephone
interviewing (CATI). Approximately one-third of the questions
were identical to those included in the 2016 Work Ahead study,
allowing us to compare responses and track shifting attitudes
toward technology and the future of work.
Respondents were from the U.S., Canada, UK, Ireland,
France, Germany, Switzerland, Benelux (Belgium, Luxemburg,
Netherlands), Nordics (Denmark, Finland, Norway, Sweden),
Singapore, Australia, Malaysia,Japan, China, Hong Kong, India,
Saudi Arabia and UAE. They represent 14 industries, evenly
distributed across banking, consumer goods, education,
healthcare (including both payers and providers), information
services, insurance, life sciences, manufacturing, media and
entertainment, oil and gas, retail, transportation and logistics,
travel and hospitality, and utilities. All respondents come from
organizations with over $250 million in revenue; one-third are
from organizations with between $250 million and $499 million
in revenue, one-third from organizations with between $500
million and $999 million in revenue, and one-third with $1 billion
or more in revenue.
In addition to the quantitative survey, Oxford Economics
conducted 30 in-depth interviews with executives across the
countries and industries surveyed. Interviewees who responded
to the survey have a track record of using emerging technology
to augment business processes. The conversations covered
the major themes in this report, providing real-life case studies
on the challenges faced by businesses and the actions they
are taking, at a time when the coronavirus pandemic was
spreading around the world and companies were formulating
their strategic responses. The resulting insights offer a variety of
perspectives on the changing future of work.
The following figures represent the demographics of the 4,000
respondents from the full global study.
Methodology
Respondents by geography Respondents by role
13% Vice President
13% Chief Operating Officer
13% Director reporting to
senior executive
13% Senior Vice President
12% President
12% Chief Executive Officer
12% Chief Financial Officer
12% Other C-suite Officer
(Percentages may not equal 100% due to rounding)
33% U.S.
Germany 6%
Switzerland 1% 1% Ireland
France 6%
UK 5%
Japan 4%
India 4%
China 4%
Australia 3%
Singapore 3%
Hong Kong 3%
Saudi Arabia 3%
8% Benelux
(Belgium, Luxemburg, Netherlands)
Canada 3%
7% Nordics
(Denmark, Finland, Norway, Sweden)
UAE 3%
Malaysia 3%
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The Work Ahead for Healthcare Payers: Gaining a Foothold in the Digital Health Future
15. The Work Ahead
William Shea
Vice President, Cognizant Consulting’s Healthcare Practice
Cognizant
William “Bill” Shea is a Vice-President within Cognizant Consulting’s Healthcare Practice. He has over
20 years of experience in management consulting, practice development and project management in
the health industry across the payer, purchaser and provider markets. Bill has significant experience
in health plan strategy and operations in the areas of digital transformation, integrated health
management and product development.
Bill can be reached at William.Shea@cognizant.com.
About the author
1 “Applying Automation to What Ails Healthcare,” Cognizant, 2019, www.cognizant.com/whitepapers/applying-
automation-to-what-ails-healthcare-codex4633.pdf.
2 “Closing the Gap: The Industry Continues to Improve, But Opportunities for Automation Remain,” CAQH Index, 2020,
www.caqh.org/sites/default/files/explorations/index/2020-caqh-index.pdf.
3 J.P. Gownder,“RQ 2.0: Assess Your Readiness For Artificial Intelligence, Automation, And Robotics,” Forrester Research,
2019, www.forrester.com/report/RQ+20+Assess+Your+Readiness+For+Artificial+Intelligence+Automation+And
+Robotics/-/E-RES142612#.
Endnotes
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The Work Ahead for Healthcare Payers: Gaining a Foothold in the Digital Health Future