Outlook: Mostly sunny, some cloud cover
HIDA’s “Care Anywhere” provider panel offered key telehealth trends and
insights from Jodi Prohofsky, PhD, Walmart Health & Wellness; Henry
DePhillips, MD, TelaDoc; and Peter Rasmussen, MD, The Cleveland Clinic.
Healthcare remains a positive part of the U.S. economy, and telemedicine appears to be taking off. However, many of the new dollars being spent on healthcare can be attributed to pharmaceutical expenses. Meanwhile, pricing accuracy remains a burr in the saddle of supply chain players.
These are among the take-aways from HIDA’s 2016 Executive Conference in March, attended by more than 450 distributor, manufacturer and provider executives.
Telemedicine coverage increasing
Nearly 80 percent of U.S.-based companies will offer a telemedicine health benefit by the end of 2016, according to Henry DePhillips, chief medical officer, Teladoc. DePhillips was one of three provider panelists to identify key service trends in the telehealth market, an industry that conducted more than 800,000 virtual patient care visits in 2015. The panel agreed that patient convenience, access, consumerism, and patient safety are all contributing to the rapid growth and long-term sustainability of telemedicine.
Healthcare demand
Health insurance expansion and higher utilization rates both have contributed to increased U.S. health spending, according to The Advisory Board Company Managing Director Fred Bayon. However, these dollars are largely attributed to pharmaceutical expenses, and times are actually challenging for hospitals. Approximately 11,000 people will become eligible for Medicare every day until 2025. Hospitals are largely seen as Medicare “price-takers,” since pay-for-performance programs are not widely viewed as reward programs, but rather as cost-cutting initiatives.
On the bright side
Still, healthcare is one of the most positive sectors of the economy, according to economist Brian Beaulieu, CEO, Institute for Trend Research. Beaulieu presented the annual “Economic Outlook” session, identifying more than a dozen business sectors for future profitability potential. Among the sectors most relevant to Executive Conference attendees: healthcare, 3D printing and robotics. Beaulieu pointed out that while there is more profitability to be found in outpatient rather than inpatient services overall, for-profit hospitals present the best opportunity for inpatient profits due to their smaller, yet more universal approach to serving patients.
Pricing accuracy…or lack thereof
Customer eligibility issues, incorrect price tiers, and price expirations were identified as the top three reasons for healthcare contracting chargeback disputes, according to a recent HIDA member survey. The results were discussed during a “Strategies for Improving Pricing Accuracy” session, which focused on factors contributing to price mismatches and costly rework. The session served as a preview to HIDA’s upcoming Contract Administration Conference for contracting professionals, which will focus on ways to improve business processes, reduce costs, and achieve pricing accuracy.
HIDA’s next Executive Conference takes place in Bonita Springs, Fla., March 28 – 31, 2017.