With the healthcare industry always transforming, especially this past year, healthcare organizations are having to constantly assess how their approach is benefiting the industry and serving those who are in need of support. Our team at Signature Performance is making important moves and staying on top of industry needs so we can make the biggest impact in healthcare possible in 2021. Here are a few aspirations that our industry leaders hope to see this year in the healthcare industry.
Allen Fredrickson – CEO and President
Healthcare administrative costs are becoming a bigger challenge that is requiring a bigger solution. As healthcare costs in the United States reach $4.2 trillion and administrative costs are making up roughly 30% of that figure, our healthcare industry is in need of an efficient solution. The burden of administrative costs are being felt and the impact they are making is being noticed more than ever before. As we move forward this year, I am optimistic that the implementation of technology, talent and industry expertise can transform essential processes within our healthcare system in such a way that the weight of the administrative burden being lifted can be felt by providers, payers and patients. In 2021, our team is excited about adding a management services model to our payer and provider clients that will combine technology and services into one powerful solution. Reduced costs and enhanced performance will be the outcome of automation and process redesign. At Signature Performance, we continue to work toward lowering administrative costs in healthcare. We have set our sights on what is possible when that is achieved. When administrative costs are reduced, healthcare costs and premiums not only decrease, but the access to healthcare and funds needed for medical research become more attainable. Our industry leaders are looking forward to this year as we are equipped to make a difference and are ready to tackle the challenge head on.
Dawn Wierzbicki – Senior Vice President of Partner Engagement
An area of transformation that I hope to see this year is improved alignment between payers and providers. The COVID-19 pandemic caused additional static in an already stressed system and had a significant impact on the financial well-being of both entities across the country. By the end of 2020, the American Hospital Association projected the financial toll of COVID-19 on healthcare systems will have reached $323 billion. In order to regain financial success and stability post COVID-19, communication efforts will need to be improved so strategic planning can be put into place as payers and providers navigate implementing a value-based care approach. When payers and providers feel more aligned, navigating the ever-evolving demands of the industry, especially during a pandemic, and keeping healthcare administrative costs down is more attainable and makes it possible to achieve financial goals for payers, providers and those seeking care.
Craig Mason – Chief Innovation Officer
One of the biggest transformations that I hope to see in 2021 is that innovation within healthcare continues to evolve into a great consumer experience. The patient-centered experience and the focus on streamlining the administrative efforts surrounding care is needed now more than ever. With the continued advancements in technology, consumers have become more educated and informed about themselves and the care that is available to them. The COVID-19 pandemic has really forced us to go the extra mile and has us focused on what is possible. Consumers are feeling the possibilities. Many have seen the catalyst from COVID-19 accelerating Telehealth with virtual visits, patient-provider messaging to reduce the need to drive to a hospital or clinic to get care or answer the questions they have. Seeing communities and healthcare stakeholders all come together for this cause needs to just be the beginning. Prioritizing the investment and pushing the boundaries of what could be in 2021 and beyond will only continue to allow consumers to be more involved, invested and central to healthcare’s advancement while reducing the sheer effort and administrative support health systems require in order to do what they do best, administer high-quality care to those who are in need of it most.
Karen Hudgins – Chief Operating Officer
One of the biggest transformations that I hope to see in 2021 is the implementation of increased automation for essential healthcare administrative tasks, such as medical claims processing. Automation can revolutionize the way medical claims are adjudicated by reducing overall costs and increasing efficiencies and accuracy at every point in the process. Automation reduces cost, enhances scalability, and allows staff to focus on higher-value activities which will ultimately result in more money available for patient care. The combination of speed, accuracy and reliability associated with automated claims processing benefits payers, providers and patients.
Mark Mathia – Chief Experience Officer
In 2021, the transformation that I hope to see is the reimagining of professional development and looking at it for what it is, an asset rather than an expense. In healthcare, much rests on our Associates development and their ability to create, innovate and inspire the healthcare leadership of tomorrow. Much like the buildings we conduct business in are considered an asset, professional growth of our Associates should also be recognized and valued for the impact advancing knowledge has on performance, innovation and ultimately patient care. When individuals are invested in and are lifted up in the workplace to solve bigger problems, their undeniable engagement is directly linked to their performance. At Signature Performance, we prioritize our company culture. This past year, we saw a two percent increase within our active engagement score and an eight percent in our overall productivity metrics. This is a prime example of when culture is strong and Associates are happy and inspired, a strong work performance is the result. By genuinely understanding Associates’ greatest needs, they are given the opportunity to be the best version of themselves. Engaged Associates who have a positive work experience are more emotionally connected to the work they are doing and want to continue to use their talents to work toward a common mission.
Chris Vairo – Chief of Staff
The healthcare industry has faced many obstacles over the last year due to the onset of the COVID-19 pandemic. Like many, my hope for 2021 is that a return to normalcy and a renewed stability for our healthcare system is on the horizon. Despite COVID-19 forcing healthcare leaders to navigate the industry in ways they never had to before, it provided a platform for innovative thought leadership and medical care. Telehealth medicine has grown exponentially as a response to the pandemic that took weeks/months for hospitals to implement to the extent that they are today. How long would that have taken without a pandemic lighting the fire under Telehealth? Now it seems like it is here to stay, even after the pandemic. Even though Telehealth offers a number of convenient benefits, healthcare leaders will need to find innovative ways to ensure that the provider/patient experience and relationship does not suffer. There is value in patients having in-person, long-term relationships with their care provider. Digital adoption for check-in services, claims automation and analysis are also areas I hope to see increase this year. By automating essential healthcare tasks and implementing new technology, providers can not only be paid faster, but they can spend their time focusing on and treating patients, whether that be in person or virtually.
Rick Pane – Chief Finance Officer
On the transformation front, I hope we continue to see Telehealth grow as an extension of traditional care. This provides a great opportunity to expand access for patients with transportation challenges, as well as for communities that may lack certain service offerings. On the return to normal, I hope people take the initiative to get caught up on the critical and proactive healthcare screenings that were delayed due to COVID-19. Finally, I hope all the caregivers get some much needed time off and time to breathe. Last year was incredibly difficult for our country, but it would have been impossible without their care, dedication and stamina, and I am incredibly grateful for all they’ve done.
Signature is Committed to Making an Impact in Healthcare
At Signature Performance, our commitment to improving the health of our clients’ business and making the lives of the people we work with better is a mission our team is passionate about every day. We are dedicated to making a lasting impact in the nexus of healthcare by inhabiting the payer, provider, federal and community sectors. Our experience on both the payer and provider side of the business is what 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 some of the biggest challenges facing healthcare today. 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.