Healthcare Innovation: Three Trends Shaping the Landscape
Finally, the COVID-19 pandemic is subsiding, but innovation in the healthcare industry certainly is not. If anything, it's accelerating. In fact, almost 93% of industry CEOs claim that innovation increased last year, primarily to meet higher consumer demand for medical care. Health system providers quickly developed new and better ways to effectively connect and communicate with their patients, especially during the epidemic. Some of those innovations include virtual care services, at-home care programs, chatbots, telehealth, texting campaigns, and online portals. Due to high satisfaction rates with the new technologies, it seems that the majority of the innovations will remain in place but be enhanced further. At Luna, our health system partners, therapists, and patients all agree that the need for at-home physical therapy services will continue to grow. What's fueling the innovations in the healthcare industry today? We've pinpointed three trends that are shaping the landscape.
Liberation of healthcare data
In early 2020, the U.S. Department of Health and Human Services (HHS) finalized a new regulation on healthcare data exchange (stemming from the 21st Century Cures Act). The regulation gives patients the ability to digitally access their records from any healthcare provider, organize it in smartphone apps, and share it with other providers — all thanks to an application programming interface (API). In 2022, an app will run anywhere in the healthcare system and access all aspects of a patient's electronic data. The premise is that standard APIs for health programs will simplify the data exchange process, making it easier for patients and providers to access and organize. What's more, approved users at any health system will have the ability to gather electronic health records (EHRs) to measure costs, examine disease patterns, monitor health trends, and more. That kind of progressive, flexible infrastructure will facilitate innovations in wellness, healthcare, and overall public health.
Incorporation of value-based health programs
Beyond utilizing modern data systems, programs, and tools, another innovative opportunity is through new risk-sharing and value-based care arrangements. Options exist with Medicare Advantage plans, programs at the Center for Medicare & Medicaid Innovation, and partnerships with commercial insurers. It also can't hurt to keep an eye on the big players outside the healthcare industry, especially tech giants like Apple, Google, and Amazon. They all possess the AI, data, and technology required to deliver innovative, top-notch health services to customers. But keep in mind that massive disruption doesn't have to be the catalyst for innovative change. Retooling traditional healthcare processes and services can be effective too. Any company that offers more convenient, accessible, quality care certainly possesses a competitive edge. As a revolutionary provider of at-home physical therapy, we at Luna know this to be true.
Enhanced culture of innovative change
While they detected the pace of innovation was speeding up last year, 71.4% of CEOs also felt that company culture was the primary challenge to innovation. It's particularly difficult when investments in innovation fail to result in immediate cost savings or improved health outcomes. But forward-looking businesses are tackling barriers to innovation by assembling, funding, and encouraging employees to step up. The resulting teams have free license to brainstorm, present ideas, develop new projects, and solve problems in new and creative ways.
There's no doubt that innovative healthcare providers will build on the progress they made this past year. At Luna, we saw a massive increase in the number of patients served during the pandemic. We've invested in intelligent, enterprising partnerships. We've incorporated the latest technologies to create better outcomes for all of our stakeholders -- patients, physical therapists, healthcare providers, and our employees. And we know that being data-driven is the foundation for developing trust among healthcare teams and our community. Our innovative drive is fueled by embracing change and following the trends like the ones mentioned above. It's taken time, agility, and effort, but today, we're the leading on-demand physical therapy provider in the U.S.
To learn more about how Luna can help you or your business, get in touch today.