Top Concerns in Healthcare
Now that we’re halfway through the year, it’s a good time to reflect on the healthcare industry's most pressing concerns. This newsletter will delve deeper into these challenges and explore innovative solutions to mitigate their impact.
With healthcare costs on the rise, it is no secret that the industry faces significant financial challenges. Inflation, compounded by the lingering effects of the pandemic, has led to an alarming increase in healthcare expenditures. According to a recent McKinsey study , the annual U.S. national health expenditure is projected to be $370 billion higher by 2027, primarily due to inflation. This surge in costs has put immense pressure on healthcare organizations, causing top executives to anticipate a significant narrowing of their operating margins. Both payers and providers have expressed concerns over anticipated margin losses ranging from 25% to 75%.
Mitigating Rising Costs: Leveraging Innovative Solutions
In the face of these daunting cost challenges, it is imperative to explore strategies that can alleviate the burden on the healthcare system. NantHealth offers a powerful solution called Eviti Connect , which helps lower costs by guiding payers and providers toward high-quality, evidence-based solutions for oncological care and autoimmune diseases. In an era of escalating healthcare costs, it is crucial to ensure that patients receive high-value care at the best cost. The Eviti Connect solution helps determine the best possible treatment options, empowering patients to access optimal care that is both effective and cost-efficient. Check out the white paper Health Plans Navigate Unsustainable Cancer Costs for best practices on how payers can manage the costs of cancer while driving positive outcomes for their members.
To further assist payers in mitigating rising costs, Eviti Connect's formulary redirection capability redirects providers to more affordable treatment options, such as biosimilars and generics of the same quality. This redirection enables providers to deliver the same level of care at a lower cost, optimizing the care journey for all stakeholders involved—payers, providers, and patients. We can collectively work towards a more sustainable and affordable healthcare system by embracing these innovative solutions.
Closely intertwined with rising costs, staffing shortages pose a significant challenge to the healthcare industry. The ongoing and increasing lack of clinical workers has been a key factor driving up the cost of medical care. McKinsey predicts that clinical labor cost growth will range from 6% to 10% over the next two years, exacerbating the strain on healthcare organizations.
Addressing Staffing Shortages: Streamlining Workflow and Collaboration
To mitigate the impact of staffing shortages, NantHealth offers a suite of solutions under NaviNet Open , specifically designed to address workflow challenges. NaviNet Open facilitates communication and streamlines collaboration between payers and providers, expediting approval processes, optimizing patient outcomes, and preventing congestion and backlog in exchanging patient data. By averting delays in care and enhancing workflow efficiency, NaviNet Open eases the pressures and challenges stemming from staffing shortages, ensuring seamless care delivery.
As we navigate the healthcare landscape in the post-pandemic world, leveraging proven technology solutions is more critical than ever. Rising costs and staffing shortages demand innovative approaches to ensure the sustainability and effectiveness of our healthcare system. By embracing solutions like Eviti Connect and NaviNet Open, we can overcome these challenges and pave the way for a brighter future.
As healthcare professionals, let us collaborate and harness the power of technology to drive positive change in the industry. Together, we can build a resilient healthcare system that delivers exceptional care while addressing the concerns that define 2023.