The industry outlook of home health care services both in the US and worldwide seems to have changed shaping the future of this industry as well as its future and trends. Apart from shaping up the future of care the health care industry leaders are also looking forward to establish a more sustainable and smart health care community.
They are focusing on ways in which they can collaborate with their stakeholders in a better and more fruitful way considering both within the health care ecosystem as well as those who are in the converging industries.
Looking at the health care trends from the US perspective it is noticed to be moving towards a better financial model. This is based on the value rather than the volume home health care services provided. To the home health care service providers the key objective is to keep people healthy and out of the hospital.
- In the traditional Fee For Service or FSS model, the home health care systems used to generate more money and revenue as and when the volume of patients increase.
- However, under this new value based model it is considered that any patient that shows up in the doctor’s office or in the emergency room is considered to be an expense rather than a source of revenue generation.
In this value based system, the health care systems do not see the patients a people but as their members more.
This shift in the outlook and attitude is expected to help the home health care systems to strengthen their relation with their customers and build loyalty, brand awareness and reputation apart from improving the health of the nation. All of these are supposed to help them sustain with more business and revenue as a result.
The trends to watch out for
As the home health care industry embraces the new value based model and continues to move towards it, there are a few trends that are noticed and are worth to watch out for in 2019.
- There is a clear and distinct collaboration seen between health plans and health systems
- There is a notable shift to wellness instead of illness
- How technology can be put to best of use so that the patients are at the center
- An increased adoption of virtual care options and
- A greater focus on the health of the population.
It is in fact shaping the health care industry for tomorrow and for a better tomorrow.
If you consider the global health care industry it seems that there is no sign of it slowing down in 2019. There is an ever increasing demand of it and there are several good reasons for it as well:
- There is a growing population of the aging
- There is also a growth in the ailing patients with greater prevalence of chronic diseases
- There is an exponential advance in innovative yet costly digital technologies.
All these reasons have resulted in the increase health care demand as well as its expenditures.
When you consider the health care stakeholders you will see that they are literally struggling to keep up with the challenges and manage the clinical, operational, as well as the financial aspects of providing better and proper home health care. The challenges envisioned in this industry now are:
- The rise of new business
- Developing of new care delivery models
- The rise and use of digital technologies
- Resolving the problems and building a more sustainable foundation
- To provide more affordable, accessible and high quality health care.
If all the stakeholders take part actively in shaping the future of health care and its delivery then such challenges can be overcome easily. All that is required to do is change the focus away from sick care to a new system that will focus more on health care. This will support the general well-being of the patients with prevention and early intervention.
In fact, from the reviews and analysis of the reviews the current state of the global health care industry it can be concluded that there needs to be a change in the outlook from all parts and corners including:
- The care providers
- The governments
- The payers
- The patients and
- The other stakeholders.
With such a collaborative approach and changed outlook it will be easy to deal with the issues impacting the health of the people especially when it is simply due to accessibility and affordability to proper health care.
The future of health
When you look at the trend in US as well as of the world, you will notice these following trends.
There is an increased focus on creating a more financial sustainability in this uncertain health economy. There are lots of factors that have affected the financial performance of the health care system such as:
- The emergence of tailored medicine
- Increased use of technologies exponentially
- The entry of non-traditional and disruptive health care providers competing
- The demand for extended care delivery sites
- The revamped payment
- The public funding models and lots more.
All these have resulted in the rise in spending which the health care providers are trying to address with rigorous financial management, innovative and dynamic solutions, efficient operational performance and outcome based care.
These changes in the health care system and procedure may result in enhanced care provision, cost reduction, countering declining margins, and proper alignment of cost structure. The care models along with the reimbursement trends and payment models will develop a public-private partnership resulting in prevention and overall well-being.
- The access and affordability of the older people is also addressed now with new care delivery models. There is a notable movement from volume to value which is likely to result in more sustainable growth of the health systems.
- Clinical innovations, government program payment policies and patient preferences are prompting the hospitals as well as the home health care providers to shift a few services to alternate points of care which are mostly virtual environments that provides benefit from the access and cost perspective.
All these changes have created a positive margin in this uncertain and changing economy.
