Friday, June 3, 2016
I believe that we can all agree that technology has and will continue to change the landscape of home care. Most of technologies’ initial wave was focused on making business operations more efficient. Cost based decisions. We are now well into the second phase - patient-centric technologies – technologies utilized to enhance monitoring, care adherence plans and behaviors and reduce re-admissions more cost based decisions. The third wave has started – health care technology as a revenue generating profit center.
The unique impact of this third wave is that it will transform technology driven enhanced care and the attendant quality outcomes into profit centers. Like previous technology waves it will start primarily in private care. Technology will be a significant client and partner attraction. See the handwriting on the ‘government’s CMS wall’. More visibility to STAR Ratings. More pressure to give patients a voice in care. More decisions being driven by value based marketing, that is being able to prove that your outcomes’ in care giving performance is better than that of others and the restructuring of payment models to enhance the use and adoption of technology. Technology creates better health outcomes.
I know that we have many ‘payment’ hurdles to overcome. But I believe that home care will have little choice but to get on technologies’ third wave and manage it not just as a cost center but also as a revenue center. So why wait. Today, many of the technologies can start out as self- funding profit centers. Offering such services and not only differentiates your service but can be crafted to earn a profit.
The balance is shifting to where home care services will need a robust IT inventory of customer oriented technology services and a concurrent delivery and support capability to remain competitive and profitable. My forecast is that the solutions/revisions to existing ‘payment hurdles’ will outpace home care’s ability to adopt, deploy and manage future technologies.
What do you think?
Mike Radice serves as Chairman of the Technology Advisory Boards for ChartaCares.com and Generationcares.com