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Survey: Who Will Shake Up Healthcare? C-Suite Leaders Weigh In

August 20, 2018
by Heather Landi, Associate Editor
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With new, disruptive entrants coming into the healthcare market, which company is poised to have the biggest impact on healthcare? The majority of C-suite leaders have their eyes on Amazon to shake up healthcare, according to a recent survey of healthcare C-level executive leaders.

Reaction Data, a market research firm focused on the healthcare and life sciences industries, surveyed about 100 healthcare organization leaders on which companies will have the biggest impact on healthcare, and why for its recently published report on healthcare disruption and the future of the healthcare market. The report also looks at emerging technologies and healthcare organizations’ future technology plans.

About 80 percent of the healthcare leaders surveyed are C-level executive leaders—27 percent CEOs, 17 percent CIOs, 17 percent chief nursing officer (CNOs), 17 percent CFOs and 7 percent revenue cycle management directors. Almost half of the respondents were from hospitals.

According to the survey, 59 percent of provider organization leaders think Amazon will be the most disruptive, with 75 percent of CEO respondents choosing Amazon as having the most potential for real disruption. Fourteen percent of respondents cited Apple, 8 percent selected Google, 7 percent chose Microsoft, 4 percent said IBM, 3 percent cited Walmart and less than 3 percent said Salesforce.

The report cites one CEO’s comment: “[Amazon has] visionary leadership and the ability to make the change happen.”

The report also breaks down the number of comments each vendor received per attribute, with 14 attributes such as “name recognition,” “ability to commodify,” “progressive/innovative,” “predictive analytics,” and “affordable.” Amazon received the most comments and, based on those comments, appears to have the most diverse attributes, according to the report, as respondents cited the company for all 14 attributes.

Amazon has made several moves into the healthcare space, including its acquisition of PillPack, an online pharmacy startup, back in June. Earlier this year, Amazon, Berkshire Hathaway, and JPMorgan Chase & Co. announced that they were launching an initiative to improve satisfaction and reduce costs for their companies’ employees. Details of that joint venture have been vague, but experts have pointed to reducing healthcare fraud and administrative costs as key areas that the companies will focus on.

The report also summarizes the work underway at Apple, Google and Microsoft, including Apple and Google’s ongoing efforts to develop their devices and apps and continued development of artificial intelligence (AI); Microsoft’s work with St. Jude Children’s Research on genomics and advancing cloud and AI and IBM’s work in cloud, encryption and data mining. Salesforce allows providers to utilize its cloud CRM tool to manage patients and store data.

Reaction Data also surveyed respondents on emerging technologies, and 29 percent cited telemedicine as a technology that will have the biggest impact, although telemedicine has been around for decades. Twenty percent of respondents cited AI. Only 2 percent cited blockchain, despite all the buzz that technology has been generating. Combined, virtual services/telehealth and AI accounted for almost half of the responses. What’s more, 15 percent cited interoperability, 13 percent selected data analytics, 11 percent cited mobile data and 7 percent said information security. Cloud was cited by 3 percent of respondents.

The number one use case for telemedicine is reaching patients who live in rural areas, according to a quarter of respondents, with the same percentage citing “follow up care” and “managing specific patient populations.”

With regard to AI and machine learning, the vast majorty, 65 percent, of respondents said the technology was “important” and 16 percent said it was not important; 19 percent were neutral. However, while providers clearly see the technology as important, more than half of respondents (53 percent) are at least a year away from adopting it, and many are three years away from adoption. Twenty-eight percent said they plan to adopt AI in one to two years, while 25 percent said they are 3-plus years away from adopting the technology. What’s more, 15 percent have no plans to utilize AI. Fourteen percent of respondents said their organization has been using AI for a while, 11 percent plan to adopt the technology in the next year and 7 percent have adopted some AI.

Breast imaging is by far the main use case for AI, according to the report, with three-quarters of respondents citing this area for AI adoption. The report also breaks down what providers are looking for in AI technology—convenience (33 percent); interoperability (27 percent); technology (18 percent); predictive analytics (11 percent); affordability (5 percent) and progressive/innovative (2 percent).

The report also looks at business trends in healthcare, noting that there have been dozens of mergers and acquisitions recently. These include provider/provider, vendor/vendor, and payer/payer relationships. Now the lines are being blurred as entities are crisscrossing into new spaces. “Examples include CVS acquiring Aetna, Optum purchasing Advisory Board, PinnacleHealth getting picked up by UPMC, Walgreens partnering with NewYork-Presbyterian, Apollo buying LifePoint Health and merging it with RCCH HealthCare Partners, and many others,” the report states.

The survey also gauged healthcare provider organizations’ acquisition plans. While 61 percent said they plan to remain independent, the survey found that 39 percent of provider organizations are currently planning to either acquire other organization, execute a merger, or sell to a larger organization, which points to a dynamic market becoming even more in flux.

“The impacts to the vendors who sell to these organizations, to the payers who negotiate with them, to the care providers who work for them, and to the patients who are treated by them, could be significant. It isn’t an overstatement to say that it is critical to keep a very close watch on this market dynamic,” the report states.

With a significant percentage of organizations planning to change their ownership structure and make-up in the next few years, along with organizations adopting new technologies, and with new entrants moving in, it appears that there will numerous forces at work to shake up healthcare soon.

 

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Survey: Healthcare Orgs Ramping up Investment in AI, Confident about ROI

November 16, 2018
by Heather Landi, Associate Editor
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The majority of health care executives (91 percent) are confident they will see a return on investment (ROI) on artificial intelligence investments, although not immediately, and foresee the greatest impact of AI will be on improving health care, according to an OptumIQ survey.

Most (94 percent) health care leaders responded that their organizations continue to invest in and make progress in implementing AI, with 75 percent of healthcare organizations say they are implementing AI or have plans to execute an AI strategy, based on OptumIQ’s survey of 500 senior U.S. healthcare industry executives, primarily from hospitals clinics and health systems, life sciences organizations, health plans and employers. OptumIQ is the intelligence arm of data and analytics of Optum, an information and technology-enabled health services business that is part of UnitedHealth Group.

While many healthcare organizations have plans, progress is mixed across sectors. Of the 75 percent who are implementing AI or have plans to execute an AI strategy, 42 percent of those organizations have a strategy but have not yet implemented it. Employers are furthest along, with 22 percent reporting their AI implementations are at a late stage, with nearly full deployment.

The average AI implementation is estimated to cost $32.4 million over five years. The majority of respondents (65 percent) do not expect to see a ROI before four years with the average expected period being five years. However, employers (38 percent) and health plans (20 percent) expect ROI sooner, in three years or less, according to the survey.

The survey found that health care leaders universally agree the greatest impact of AI investment will be on improving health care. Thirty-six percent expect AI will improve the patient experience; 33 percent anticipate AI will decrease per-capita cost of care; and 31 percent believe AI will improve health outcomes.

Most health care leaders believe AI can make care more affordable and accessible. Ninety-four percent of respondents agree that AI technology is the most reliable path toward equitable, accessible and affordable health care.

AI will make care more precise and faster, according to respondents. The top two benefits respondents expect to see from incorporating AI into their organizations are more accurate diagnosis and increased efficiency.

The survey found that respondents are looking to AI to solve immediate data challenges – from routine tasks to truly understanding consumers’ health needs. Of those health organizations that are already investing in and implementing AI: 

  • 43 percent are automating business processes, such as administrative operations or customer service;
  • 36 percent are using AI to detect patterns in health care fraud, waste and abuse; and
  • 31 percent are using AI to monitor users with Internet of Things (IoT) devices, such as a wearable technology

With more organizations seeing the benefit of adopting an AI strategy, 92 percent agree that hiring candidates who have experience working with AI technology is a priority for their organization. To meet this need, nearly half (45 percent) of health care leaders estimate that more than 30 percent of new hires will be in positions requiring engagement with or implementation of AI in the next 12 months. However, health organizations seeking to hire experienced staff will likely face talent shortages.

“Artificial intelligence has the potential to transform health care by helping predict disease and putting the right insights into the hands of clinicians as they treat patients, which can reduce the total cost of care,” Eric Murphy, CEO of OptumInsight, said.

“Analytics isn't the end, it's the beginning – it's what you do with the insights to drive care improvement and reduce administrative waste,” Steve Griffiths, senior vice president and chief operating officer of Optum Enterprise Analytics, said. “For AI to successfully solve health care’s biggest challenges, organizations need to employ a unique combination of curated data, analytics and health care expertise... We are already seeing a race for AI talent in the industry that will grow as adoption continues to increase.”

 

 

 

 

 

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Breaking: The 2019 Healthcare Informatics Innovator Awards Program is Open

November 15, 2018
by the Editors of Healthcare Informatics
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Providers and vendors can now submit their entries to the Healthcare Informatics Innovator Awards Program

The 2019 Healthcare Informatics Innovator Awards Program is now open for submissions. As always, it’s a great privilege and pleasure for us to sponsor this program.

And as many readers know, the concept of team-base recognition, which began with the 2009 edition of the program, has encompassed numerous sets of multiple winning teams that our publication has recognized for their achievements across a very broad range of areas.

As it always does, the Healthcare Informatics Innovator Awards Program recognizes leadership teams from patient care organizations—hospitals, physician groups, clinics, integrated health systems, payers, HIEs, ACOs, and other healthcare organizations—that have effectively deployed information technology in order to improve clinical, administrative, financial, or organizational performance.

The Innovators Program, as it has in the last few years, also recognizes vendor solution providers who are asked to describe their core products or services in five categories. We are asking vendors to submit their innovation in one of five critical health IT areas: Data Security; Value-Based Care; Revenue Cycle Management; Data Analytics; and Patient Engagement.

Indeed, again this year, the Innovator Awards program will again include two tracks for innovation recognition—one for healthcare provider organizations and one for technology solution providers.

The submission form link for both tracks is right here. The deadline for submissions is January 4, 2019.

What’s more, the winning teams will be featured in an upcoming issue of Healthcare Informatics, and winning vendor teams will be awarded free digital distribution of whitepapers to all HIT Summit Series attendees.

At Healthcare Informatics, we are honored to be able to showcase these kinds of case studies from both providers and vendors, which we believe embodies the spirit of innovation around adaptive change that will light the way for their colleagues from across the industry.

At a time of extraordinary change in healthcare, now is as great a time as ever to showcase your innovations. Please consider submitting an entry to our program, and good luck in your entry!

--The Editors of Healthcare Informatics

 


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New Blockchain Project Sets to Tackle Provider Credentialing

November 12, 2018
by Rajiv Leventhal, Managing Editor
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A group of five healthcare enterprises—National Government Services, Spectrum Health, WellCare Health Plans, Inc., Accenture, and The Hardenbergh Group—are linking up to participate in a distributed ledger program aimed at resolving administrative inefficiencies related to professional credentialing.

The project, Professional Credentials Exchange, is being developed by ProCredEx and Hashed Health, a blockchain innovation consortium. The exchange leverages “advanced data science, artificial intelligence, and blockchain technologies to greatly simplify the acquisition and verification of information related to professional credentialing and identity,” according to officials.

In an announcement, officials noted that credentialing healthcare professionals “is a universally problematic process for any industry member that delivers or pays for patient care.  The process often requires four to six months to complete and directly impedes the ability for a healthcare professional to deliver care and be reimbursed for their work.”

They added, “Hospitals alone forfeit an average of $7,500 in daily net revenues waiting for credentialing and payer enrollment processes to complete.  Further, nearly every organization required to perform this work does so independently—creating a significant administrative burden for practitioners.”

As such, the groups, via the exchange, will aim to address the time, cost, and complexity associated with these processes by facilitating the secure, trusted exchange of verified credentials information between exchange members.

Included in the collaboration are WellCare Health Plans, which serves about 5.5 million members, and Spectrum Health, a 12-hospital health system in western Michigan. National Government Services is a Medicare contractor for the Centers for Medicare & Medicaid Services (CMS), and processes more than 230 million Medicare claims annually.

"A fundamental component of developing the exchange lays in building a network of members that bring significant verified credential datasets to the marketplace," Anthony Begando, ProCredEx's co-founder and CEO, said in a statement.  "These are the leading participants in a growing group of collaborators who bring data and implementation capabilities to accelerate the deployment and scaling of the exchange."

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