The 7 Most Expensive Words in Healthcare

“If you keep on doing what you’ve always done, you’ll keep on getting what you’ve always got.”
~W.L. Bateman

It is no secret that healthcare has changed. It has been 5 years since the Affordable Care Act, or ACA, went into effect, moving care to a model for providing quality healthcare within 3 dimensions known as the Triple Aim. According to the Institute for Healthcare Improvement who developed the improvement framework, the pillars of the Triple Aim are as follows:

• Improving the patient experience of care (including quality and satisfaction);
• Improving the health of populations; and
• Reducing the per capita cost of health care.

Following these new initiatives, providers are wise to improve population health and patient experience while reducing costs, but it is not enough to continue to deliver the same care within the new framework– health systems must change the way they provide care.

“Insanity: doing the same thing over and over again and expecting different results.” ~Albert Einstein

Al Vega, CEO of SPH Analytics, states, “One of the most common things we keep hearing from healthcare executives throughout the country is that the dramatic changes occurring in our industry require new approaches as traditional methods just won’t work.” Mr. Vega goes on to say, “One of my colleagues put it best when he said, ‘Do you know the seven most expensive words in healthcare? We have always done it that way.’ And he’s right.”

Providers who continue to deliver care the same way, using the same tools and methods, are destined to produce the same results. While these results may continue to produce revenue, without attention to improving patient experience and improving the health of patient populations, revenue growth under the ACA is likely to become stagnant at best. As the ACA has ushered in high-deductible insurance plans for many patients, resulting in increased out-of-pocket spending, these patients have become true consumers in the healthcare marketplace.

Like other marketplaces, patients-as-consumers are going online to educate themselves and compare their options when it comes to their care. A recent PNC Healthcare article succinctly states that “[t]he rules of evolution dictate that those insurers and health care providers that survive or thrive will be those that adapt sooner than later to the preferences of this fast-paced, technology-driven generation”. The survey of over 5,000 healthcare consumers reported that millennials, adults aged 21 to 32, are likely to rely on word-of-mouth marketing and request upfront estimates when making care decisions. People who are now paying higher out-of-pocket costs to meet high-deductibles are going online find out how they can maximize their spending without sacrificing quality.

Clearly cost and quality of care are at the forefront of your patient’s mind, aligning them with Triple Aim goals. “We have always done it this way” is no longer a valid reason for continuing to provide the same fee-for-service care. SPH is delving into subjects that emphasize disruptive healthcare, that is, changing the way service is provided. Follow our Twitter feed and LinkedIn profile and join us for our informational webinars which will show you how our action analytics can help you change what you have always done to transform healthcare for success.

Register for a population health and patient/member experience webinar to learn strategies to help you provide better care that saves your bottom line and protects your reputation.