Seismic shifts lie ahead for the hospital sector. How will changes in business models and policy, technology advances and innovation affect the sector? Rita Numerof, Co-founder and President of Numerof & Associates, and Kenneth Raske, President and CEO of the Greater New York Hospital Association, discuss the impact of technology, innovation, business model changes and policy shifts on the hospital sector.
Where do you see the greatest opportunities for innovation in the hospital sector right now?
KR: Technology has been a tremendous factor in changing the healthcare delivery system. Hospitals were late to come to the dance compared with other sectors like finance and banking. But in the past decade we have really rolled up our sleeves and the investments in information flow have been extraordinary, as has technology in terms of the science and the art of medicine. Robotics is an example, as well as devices and implants and different types of surgery, let alone the development of more powerful ways of looking into the body.
RN: The biggest opportunity is for hospitals to think about fundamentally redefining their business models, their go-to-market strategies and the kinds of capabilities they have internally. There are new opportunities in technology that allow care to be delivered outside the traditional walls of hospitals. It’s not about abandoning fee-for-service prematurely because that will drive organizations financially into a ditch, but beginning to think about the investments they need to make to manage total cost of care across the continuum as opposed to just looking at episodes of care.