The pandemic has highlighted some of the brightest spots — and greatest areas of need — in America’s healthcare system. One, America’s innovation engine has been alive and well, thanks to notable contributions from U.S.-based companies and scientists for vaccines, treatments, and other innovations.
On the other hand, the pandemic has highlighted both the distribution challenges and cost inefficiencies of the healthcare system, which now accounts for nearly a fifth of our GDP — far more than any other country — yet lags many other developed nations in clinical outcomes.
These problems are often caused by a disconnect between incentive and payment models. While hospitals account for a third of all healthcare expenses, at-home care models are more cost effective and feasible. Furthermore, most providers rely on fee for service instead of preventive care arrangements.
All these factors make healthcare in the country inefficient, reactive and transactional. Moving care from the hospital to its original location — home — can help improve outcomes as well as costs.
In-home healthcare currently accounts for 3% of all the market. It is expected to grow to 10 percent or more over the next decade.
It is not a new concept to provide in-home healthcare. In the 1930s, over 40% of physician-patient encounters took place in the home, but by the 1980s, that figure dropped to under 1%, driven by changes in health economics and technologies that led to today’s hospital-dominant model of care.
The 50-year transition consolidated the costs and centralized access for specialized diagnostics. It also created centers of excellence. This shift also led to a change from reactive to proactive care and eliminated the long-term relationship between provider and patient. Today’s healthcare system is so fragmented that patients often get their diagnosis from and are treated by individual doctors. This is often done after the patient requires emergency medical care. It can lead to worse outcomes and higher costs.
In-home care is a great option. Right now in-home care accounts for only 3% of the healthcare market. It is expected to grow by 10% within the next decade. It will enhance the patient experience and improve clinical outcomes, as well as reduce healthcare cost.
In-home care strategies must use next-generation technology to make these improvements. The window for opportunity to make positive changes is now,
There are five factors that can drive the potential for positive change
Five significant innovations in care delivery have been made over the past few years.
- Technologies like remote patient monitoring (RPM) and telemedicine have matured to a point that can be deployed at scale. This technology allows providers to manage their patients remotely in a proactive and long-term manner from the privacy of their own homes, at a lower cost.
Publiated at Mon, 23 August 2021 23.06:04 +0000