Healthcare leaders maintain positive sentiments for 2020, according to a new report.
The annual North Highland Beacon Industry Trend report, a survey of healthcare executives in organizations with $1 billion plus in revenue, found that 41% of health leaders reported being excited, 36% energized, and 36% inspired.
Report highlights include:
- Of the 86% of senior business leaders who expect year-over-year growth, 21% predict growth of 10% or more, significantly higher than last year.
- Up from last year, 89% say creating a better customer experience for members and patients is the most essential strategic priority, they believe it’s attainable, and 95% say it will have an extremely high impact on overall competitive advantage.
- Operational efficiency catapulted into the number two position eking out data and analytics (82%) for the first time in several years. While 85% cite it is a major priority, only 7% of healthcare leaders feel very prepared to address this area. And many are concerned about their ability to achieve this.
- Unlike in other industries, leaders cite the greatest threat to addressing top priorities is the workforce. While talent acquisition and development are viewed as top five priorities, they are considered costly and difficult.
Healthcare organizations are moving beyond planning and impact analyses and are taking action to execute on value-based care models through risk contracting and collaborations with providers and delivery systems, according to Amy Andersen, healthcare industry lead for North Highland Worldwide Consulting, a change and transformation consultancy headquartered in Atlanta.
“These efforts go beyond the initial ACA-driven initiatives and reflect the increased priorities of patient and consumer experience, operational efficiency, and the importance of prevention, social determinants of health and outcomes-based payment trends,” Andersen says.
Consumerism seen in other industries is increasingly seen as a top priority for healthcare, according to Andersen.
“Healthcare consumers are demanding better access options, service, transparency, and efficiency,” she says. “And, state and federal regulations for price transparency and surprise billing are putting more pressure on healthcare organizations to prioritize consumers and make significant changes to business and clinical systems, processes, and access to data and information.”
Data and analytics in healthcare is not a new priority, however there is low confidence in preparedness for 2020, according to the report.
“There is a lack of clarity on priorities and how to utilize data and analytics solutions,” Andersen says. “Healthcare organizations continue to experience challenges in system integration and fully utilizing existing data and analytics capabilities to derive data-driven insights. In addition, the continued proliferation of digital health startups adds to the confusion of how to apply advanced analytics and technologies to drive value in clinical and business operations.”