In Healthcare Disrupted, Jeff Elton and Anne O’Riordan survey the socioeconomic forces and technological enablers that are shifting the entire healthcare system. While largely reactive today and intent on acute interventions and physical care centers, healthcare in 10 to 15 years will instead provide proactive management of health using targeted therapeutics and advanced informatics. Current business models will evolve into one of four types, all measured against their ability to produce positive patient outcomes and value for the healthcare system as a whole. Using these four models as a guide, the authors lay out the steps to assembling the assets, partnerships, and talent that will help companies thrive in the new healthcare ecosystem.
The authors believe that:
- The healthcare industry is facing increased socioeconomic pressures. Costs are skyrocketing, populations are aging, and chronic comorbidity is becoming the norm. The system is moving from a fee-for-service to an outcomes-based marketplace, and digital technology is facilitating this change.
- Leaders need to clarify their organizations’ roles in providing the market with superior patient outcomes and value to the healthcare system as a whole. They also must differentiate their capabilities and find the talent and collaborations to deliver on those capabilities. Companies that succeed in this new ecosystem will use one of four business models:
- Lean innovators are evolving from traditional generics companies. They bring large-scale manufacturing efficiencies, a global reach, lean management, and expertise in mergers and acquisitions (M&A) to this new model. They have been adding niche products to their portfolios, both patent and off-patent medicines.
- Around-the-patient innovators remain fundamentally product oriented but add ancillary services, such as analytics, data, and digital engagement, to create new value for customers and patients that goes beyond the pill or a medical device.
- Value innovators create efficiencies in the health system overall with outcome improvements measured at the patient population level. They enter shared-risk partnerships with healthcare mangers and payers. Product and service are now subsumed under a value creation formulation.
- New health digitals are entering the healthcare market from other sectors, including consumer and business-to-business digital technology and service companies. Their global scale and cloud services create new segments in the healthcare industry, as do legacy digital healthcare companies and startups.
- Healthcare companies must embrace fundamentally collaborative technologies to create strategic partnerships. The rapidly changing marketplace demands radically new kinds of collaborations.
- Leaders need to combine patient-centered, analytics, and digital talent to their teams. They need to align their hiring and evaluation practices to maintain company focus on patient outcomes.
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