7 Key Healthcare Value Drivers in 2018
By David Coit, DBA, CVA, CVGA, CMAA
Volume 5 Issue 3, January 30, 2018
Today’s turbulent healthcare industry offers many challenges for healthcare executives. Despite this, providers can create significant value that will help them to build their healthcare businesses, finance growth, and ultimately sell their companies for the best price. Seven key value drivers for healthcare owners in 2018 include the following:
1. Focus on Improving Quality of Care and Clinical Outcomes – Healthcare providers using outcome-based approaches, where delivery of superior outcomes is a key differentiator, are maximizing the value of their company. For example, behavioral health clinicians can drive improvement of care by designing customized and increasingly precise interventions for each client, yielding better outcomes and lower provider and payer costs.
2. Use of Cloud Computing IT Solutions – Cloud services spending by healthcare companies is expected to reach $9.5 billion by 2020. Such services offer confidentiality of client information, scalability, and collaboration among providers. Moreover, cloud-based solutions are increasingly being used for big-data analysis and storage of recorded video of telemedicine interventions, leading to increased operational efficiency.
3. Better Designed Workflows that Improves Care Delivery – Healthcare providers are increasingly using ad-hoc quality improvement teams to change workflows in an effort to reduce redundancies, streamline processes, reduce errors (especially scheduling, referring, and patient follow-up), and most importantly they improve patient outcomes for an array of specialist and non-specialist medical practices.
4. Upgraded Infrastructures – Healthcare providers can create value by making physical changes to their facilities that reduce energy cost, enhance wireless network coverage, and improve client experiences. Improved client experiences include infection control, reduced nurse/staff call response time, enhanced client entertainment and comfort.
5. Increased Use of Healthcare Provider Collaboration – Healthcare providers that capture and share information among caregivers improve productivity, reduce paperwork, improve collaboration, boost creativity, and increase customer value. For example, an urgent care center that utilizes computer tablets to convey real-time patient information to doctors, nurses, techs, and specialists, can facilitate a seamless collaboration among caregivers and reduce operating expense.
6. Focus on Creating Customer Value – Healthcare providers are increasingly seeing patients as customers rather than cases or symptoms. Healthcare providers enhance their value by showing appreciation for customer patronage, providing service enhancements based on the patient’s unique demographics, exhibiting genuine friendliness, recognizing patients by name, and providing extra attentiveness. For example, a dermatology practice where staff are provided the names and photos of all patients being seen that day, allows them to recognize and greet patients by name for a more personalized experience and leads to practice growth and possible expansion.
7. Use of Technology to Enhance the Hospital in the Home Model –Healthcare providers are increasingly using technologies to remotely monitor patients. Active and passive technologies, such as cameras, sensors, smartphone applications, tracking devices, and other related devices/apps, allow caregivers to monitor patients at home. Such devices can capture vital data, allowing caregivers prompt responsiveness of patient needs. For example, cardiac event recorders and transmitters store and transmit real-time ECG/EKG data such as an irregular heartbeat, which can be a warning sign of arrhythmia.
When you adopt one or more of these key value drivers to your practice, you’ll often quickly see positive bottom-line results. You and your staff may also enjoy a more rewarding daily work experience that will translate into greater long-term bottom-line value for your company or practice.
If you would like to personally discuss this article, the value of your healthcare company/practice, or how to get the best price when you sell it, you can reach David directly at firstname.lastname@example.org or 480.256.0978.