Monday, August 17, 2020
The $ 3 trillion healthcare economy is set to become even bigger as businesses of all sizes reorganize themselves to deal with the long-term impact of the pandemic. We have already started seeing the investments in workplace safety involving office space redesign, protective equipment for employees, and modified schedules to ensure minimum contact and minimum risk.
Employer-based health insurance has been the driving force for the growth of the healthcare economy. The costs per employee have risen steadily to nearly $ 15,000 a year, eating steadily into profits. Companies such as Livongo and Teladoc have targeted this growing crisis with lower cost and technology-enabled remote healthcare solutions have grown rapidly in the last few years. Their recent merger will aim to capitalize on the enormous opportunity ahead to bend the healthcare cost curve.
As employers get deeper into managing healthcare for their employees, an emerging trend now is the appointment of Chief Medical Officers to oversee all workplace safety procedures to protect against COVID-19 where large numbers of people gather in one place, such as the cruise-ship industry. It’s an interesting development that could alter the nature of the healthcare economy as we know it.
This week, we feature a guest post from Harry Fox, member of Damo Consulting’s Board of Advisors, on how to create a business case for enterprise IT transformation.
My latest podcast guest is Dr. Michael Bouton, Chief Medical Information Officer of New York City Health and Hospitals. Take a listen.
P.S.: For those who have placed an order and are awaiting a copy of my new book Healthcare Digital Transformation, due to heavy demand the book sold out in the first few days and is currently out of stock. We expect new copies very soon and will be shipping them out as soon as we receive them. You can place your orders through the link below.
Stay safe. Wear a mask.
Podcast of the week
In this episode, Dr. Michael Bouton describes the significant changes that NYC H + H had to implement in their organization to deploy and integrate new technologies in response to the pandemic. He also discusses challenges and opportunities of video visits that are transforming care quality and interaction with patients and providers.
This Week in Digital Health Markets
We are selectively featuring guest posts in our newsletter from senior leaders in healthcare and technology. Reach out to us if you would like to contribute a blog to one of our upcoming newsletters.
Covid-19 Is Elevating New Type of Executive: Chief Medical Officer
Every business was in the health insurance business. Now every business is in the care management business. The Wall Street Journal
Health systems need to be flexible to recoup lost finances, experts say
Telehealth will play an important role in meeting demand and making upfor lost revenues when healthcare volumes return to normal. Healthcare Finance
Expanding access to telehealth is a ‘hundreds-of-billion-dollar question’
Expert panelists from the federal government, the American Telemedicine Association and other stakeholder groups weighed in at the ONC Tech Forum about the future of telehealth. Healthcare IT News
ONC to offer new funding for state and local HIE innovation
The Office of the National Coordinator for Health IT to offer $2.5 million from the CARES Act to five new cooperative agreements to bolster existing state and local HIE infrastructure. Healthcare IT News
Creating a Case for Transformation
The key to truly transforming a large, complex IT environment is the synthesis of multiple complex threads combined with a few critical ingredients for success. Guest post: Harry Fox, Senior Advisor to Damo Consulting
Survey shows seniors are embracing technology and telehealth during pandemic
According to a survey from health insurance,overall use of telemedicine services among seniors increased 300% during the COVID-19 pandemic. MobiHealth News
Chart of the Week
Source: Nature Research
Damo Consulting Thought Leadership and Research
This research paper, based on focus group discussions with CHIME members, discusses the challenges with digital transformation for mid-tier health systems and what CIOs must do to accelerate digital transformation in their organizations.
This paper provides best practices for a successful healthcare digital transformation in a post-COVID-19 era.
This ebook is a snapshot of the more detailed whitepaper ‘Interoperability and Patient Access: what it is, who gets impacted, and how to plan for the future.’
In this podcast with host Mark Weisman, Paddy Padmanabhan shares insights about what a CMIO needs to know about the digital front door.
A review of the financial and market performance of global technology consulting firms in healthcare. Our monthly update on major global IT consulting and services firms in healthcare, The WITCH Monthly Monitor, provides latest financial and market performance updates on WITCH companies along with other global IT consulting firms. It is now available as free 1-year subscription with every purchase of The WITCH Report– Annual Review
