Every year, there are major changes that happen within the healthcare industry, and 2020 will undoubtedly be no different. In the ever-evolving world of healthcare, there are a number of arenas that can see growth that not only benefit providers and payers, but also the patients who are in need of care. Here are four key takeaways that our industry leaders at Signature Performance feel will make the most impact in 2020.
Allen Fredrickson – CEO/President
Positivity | Strategic | Achiever | Competition | Ideation
What are two, surprising healthcare challenges that the U.S. is facing in 2020?
The first challenge we are facing is administrative costs are rising at an unprecedented rate. When I started in this industry almost 40 years ago, administrative costs accounted for less than 10% of medical expenses, now they are as high as 30%. Administration burden is also negatively impacting the providers. Providers are frustrated. Most enter the healthcare industry because their calling and interest is to work with patients and provide patient care. Now, an excessive amount of their time is completing administrative duties which in turn is causing providers to leave the industry at a high rate and even affecting the number of providers that are entering the vocation to begin with. This trend is ultimately impacting patient care. The complexity of healthcare administration is negatively affecting healthcare in this country. And I’m pleased to say Signature is taking this challenge head-on.
Dawn Wierzbicki – Senior Vice President of Partner Engagement
Relator | Self-Assurance | Analytical | Achiever | Command
With 16 strategic initiatives passed in 2019, what are some of the biggest changes the CMS market will see in 2020?
This year, there are going to be four areas of readiness focus that will take on a renewed importance for both urban and rural healthcare systems due to the emerging push toward implementing value-based care. These four areas include Alternative Payment Models (APM), data quality, customized intervention strategies and improved patient outcomes. By implementing APM, improving data collection, and having the patient’s outcome tied directly to a provider’s reimbursement, patients will receive a higher quality of care and see long-term health benefits. Providers will see not only a decrease in medical errors due to a shift in safety interventions, but their bottom line will be improved due to the incentives for administering cost-efficient care. When patients receive customized care based on their needs, healthcare costs are lower because hospital readmissions, repetitive treatments and all of the expensive administrative tasks during the billing process can be avoided.
Chris Vairo – Chief Revenue Officer
Activator | Achiever | Competition | Focus | Futuristic
Forty-seven hospitals closed in 2019 and 29 of them were urban facilities. That is almost double the amount of hospital closures that happened in 2018. What are three areas hospitals can focus on in 2020 to help reduce the impact of these challenges?
The first focus should be core competencies; hospitals should focus on providing outstanding care to patients. Consider having a vendor/partner managing the administrative burden of the revenue cycle and HIM areas. Second would be using data analytics to improve clinical outcomes and optimize financial resources. The third focus should be to increase process automation to help reduce costs. This includes claim submission, claim status, eligibility, and coordination of benefits to name a few areas.Hospitals today continue to be challenged in several areas to stay viable and provide valuable services to the patient population. The challenges they face continue to include reduced reimbursement rates, increasing healthcare costs (both administratively and clinically), increased regulation and costs associated with keeping up with regulations, technology and shifting payment models. Even though we see these challenges impacting both urban and rural hospitals, our rural communities are taking a bigger hit due to lesser economies of scale.
Mark Mathia – Chief Experience Officer
Strategic | Maximizer | Relator | Activator | Positivity
The high cost of healthcare has driven patient expectations up. How will the healthcare experience shift in 2020?
In 2020, successful healthcare outcomes will be the result of positive patient experiences leading to high satisfaction levels. This rising level of patient expectations will force the industry to cultivate experiences of care that match expectations from all industry sectors. For example, patients will begin to compare their hospital experiences to the last time they stayed at a Marriott. As providers continue their quest to provide quintessential patient experiences, they will become increasingly aware that it all starts with the employee. In other words, the industry knows that the patient experience hinges on high employee engagement and career satisfaction. For this reason, we will continue to see the rise of experienced leaders and teams dedicated to cultivating a workplace culture that is inclusive, diverse, and filled with meaning and purpose. The healthcare industry is evolving all the time, and industry leaders are finding that to support an impactful patient experience requires a talented workforce who is actively engaged.
Signature Performance is Dedicated to Bending the Curve of Healthcare Costs
At Signature Performance, we are dedicated to making a lasting impact in the nexus of healthcare by inhabiting the payer, provider, federal and community sectors. Our unmatched experience on both the payer and provider side of the business allows our team the opportunity to evaluate healthcare industry issues from a variety of perspectives and create custom solutions that get to the core of the problem.
We believe the healthcare industry in the United States deserves only the best, and that sentiment is what motivates our dedicated team to do our very best each and every day. It’s our calling to bend the cost of healthcare administration by improving overall quality and minimizing resources.
Stephanie Hyland is the Brand Experience Strategist at Signature Performance Inc., in Omaha, NE. Signature Performance is an industry leader in reducing healthcare administration costs for private and public healthcare sectors. Our unmatched experience in serving both the payer and provider side of healthcare financial management allows us to implement innovative solutions for every administrative demand.