As consumers expect healthcare experiences to be more like their interactions with tech companies, health systems have an opportunity to grow their market share, become a patient's partner for life and influence the health of their communities.
During a June virtual presentation sponsored by League, the company's CEO, Mike Serbinis, discussed patient engagement and digital transformation with Mike Butler, the former president of Renton, Wash.-based Providence and healthcare operating partner at Welsh, Carson, Anderson & Stowe.
Four key takeaways were:
1.) Health systems must foster frequent patient engagement. Health systems will become more integral to patients' lives and will build market share by creating systems that engage patients. The idea is to interact with patients and consumers frequently, not just on rare occasions. Providers can identify patients based on demographics and create targeted content to engage them. Patient journeys and experiences can be better coordinated through a one-stop shop technology "that truly creates a customer for life, which should ultimately be everybody's vision," Mr. Butler said. "We need to see a movement from systems of record to systems of engagement," Mr. Serbinis said.
2.) Future healthcare delivery will be a combination of local care, regional and national centers of excellence and telehealth. Local providers, led by primary care providers, excel at delivering care when a physical interaction is required. Regional and national centers of excellence will deliver specialized high-quality, low-cost services at scale. In the future, these services will be combined with care delivered via telehealth. Providence found that in the future, 60 percent of types of care may be delivered at home. "We're going to see a continued evolution toward the most efficient, cost-effective and digitally enabled solutions," Mr. Butler said.
3.) In preparing for the future, health systems must consider indispensability and partnerships. Providers can't and shouldn't try to be all things to all people and can't possibly do everything themselves. Mr. Serbinis suggested providers first try to answer, "What are we good at?" and, "What are we not good at?" Mr. Butler advised health systems to avoid an incumbent attitude of trying to do everything. "Be great at what you are indispensable at . . . and then where you're not indispensable, look to partner," he said.
"Health systems can't afford the capital or time to become a pure tech company," Mr. Butler said. "You can't build point solutions one at a time and keep pace in the market." This is where health systems must look for technology partners to help accelerate their digital transformation and their ability to redefine patient engagement. An example is Humana's recent decision to partner with League on its digital transformation.
4.) A goal for providers is to shift from transactions to market share growth. Historically, health systems have focused on increasing their transactions. But future winners will use digital technologies to increase patient engagement, create patients for life and in doing so increase their market share. This strategic shift requires new technologies, new metrics and new partnerships.
To register for upcoming webinars, click here.