The world has seen major innovations in health services over the past several years. These advances are enabling reimagined business models that deliver better services and care. The resulting transformation spans across not only healthcare, but also research, law, public services, and insurance sectors. This begs the question: Who benefits from the innovation and who cares?
The common goal driving healthcare innovation is the delivery of the best care for the most affordable price. To this end, researchers and doctors have devised new techniques based on genomics that deliver precision care. For instance, gene tests can now help breast cancer patients avoid chemotherapy.
Another example is how pharmaceuticals companies are now coming up with personalized drugs for patients. According to data published by the Personalized Medicine Coalition, 42% of all compounds and 73% of oncology compounds in the pipeline have the potential to be personalized medicines.
Meanwhile, policymakers are working with key stakeholders across industry sectors to protect the interests of consumers and especially the underserved. Throughout the industry, everyone involved shares the purpose of improving health at affordable costs for all – and many are reaping the benefits.
Re-imagining business models
Consumers are now much better informed on the choices available to them, including ones on healthcare. In the United States, the Affordable Care Act offers consumers the opportunity to review health insurance from a wide variety of providers and make the best choice for their needs and budget.
To educate consumers on ways to improve their health, insurers are adopting new business models that include a major focus on healthy lifestyle choices. Employers are recognizing that healthy and engaged employees are good for business and they are working closely with the insurers to offer a broad, holistic portfolio of health services to employees.
The Centers for Disease Control and Prevention (CDC) offer employers a Worksite Health Scorecard. This helps companies assess if they have science-based health promotion and protection interventions at their worksites to prevent heart disease, stroke, and other related conditions.
Healthcare providers are re-imaging their business models too so they can cater to the informed consumer. For example, advanced practice registered nurses (APRNs) are often acting as the first point of care for patients as they address routine needs that may not require the attention of a doctor. These kinds of services expand the availability of health services while keeping costs down as highlighted in this summary on the effective utilization of APRNs.
Everyone recognizes that healthy choices lead to improved health and that prevention is better than cure.
Actionable insights for better care
Innovations in healthcare continue to unfold everyday at an accelerated pace. For instance, leading research institutions are leveraging Big Data to glean insights from patient data and associated outcomes to deliver precision care.
The American Society of Clinical Oncology can identify patterns in care based on cancer patient profiles. Their researchers can rapidly analyze millions of patient profiles using sophisticated software so doctors can offer precision care to cancer patients with matching profiles. The National Center for Tumor Diseases (NCT) leverages data from enormous amounts of patient profiles to better identify and treat tumors.
Recently, the healthcare industry introduced a new set of diagnostic codes in the United States. The update is based on the latest version of the International Classification of Diseases (ICD-10) tool. There are now 70,000 diagnostic codes for physicians (up from 14,000) and 72,000 diagnostic codes for hospitals (up from 4,000). This new coding system will provide much more granularity for tracking the care delivered to patients and deliver more meaningful insights based on actual patient outcomes. This will further empower consumers, doctors, and care providers to make informed decisions and improve health.
These are major strides in improved health services that benefit the entire community. I am optimistic about the journey ahead – yet there is more work ahead.
The vision and purpose of SAP is to help the world run better and improve people’s lives. SAP is already playing a key role in healthcare innovation and will continue to do so. SAP enables healthcare providers to transform their business models with technology that is at the epicenter of progress and innovation. To learn more about how our vision and purpose enables better health around the world, visit here.