5 Technology Innovation Trends Health Care Payers Can’t Ignore | Benefitfocus
Disruption to the health care industry is no longer a distant threat, it’s a reality.
Health care payer CEOs and CIOs are under pressure to move ahead with digital transformation and avoid being left behind.
Opportunities are available for early movers, but it’s difficult to know exactly where they lie. Making the wrong technology or vendor decisions could easily cause an organization to fall behind the digital curve.
In a new report, Gartner analysts have detailed the forces responsible for disrupting the industry and explained what health care payer CIOs need to know about technology innovation.
For a limited time, the report, ‘Healthcare Payer CIO Guide to the Industry’s Technology Innovation Trends,’ is available on the Benefitfocus website. For instant access, visit the download page.
What’s Disrupting the Health Care Industry?
While there are many forces at work, Gartner has identified five major trends that are too big to ignore:
- Intervention by digital giants. In recent years, global technology companies like Apple and Amazon have taken an interest in health care. They are using their huge value ecosystems to deliver health care products and services — both their own and those of their partners.
- Disruptive start-ups. A number of well-funded start-ups have joined the market, intent on delivering new and different consumer experiences. Free from legacy debt and dated systems, these companies are aiming to grab market share from existing players.
- New customer demands. Both consumers and employers are demanding increased value from health coverage. To deliver this, real-time interaction is required between payers and providers.
- Non-medical health determinants. Factors like food insecurity are playing an increasing role in care management. Overall, this has the effect of curbing cost escalation as at-risk institutions and government program managers begin to cooperate.
- Increased regulation. Regulation is nothing new for the health care industry. However, the recent push for price transparency and the need for consumers to control the exchange of their own data is forcing industry players to make radical changes.
Payers Must Make Digital Advances to Adapt
Gartner highlights the importance of accelerating digitalization initiatives in response to health care industry disruption.
Most health care payer CIOs report that their organizations have already changed (or, at a minimum, are in the process of changing) their business models from volume to value. The newly popular value-based care model relies on active, real-time collaboration between payers and providers — something that is only possible through a radical overhaul of the technology currently supporting the health care industry.
As a result, payers — and other organizations throughout the health care industry — are rapidly accelerating their digital transformation initiatives. Game-changing technologies including advanced analytics, artificial intelligence and automation are becoming increasingly popular areas for investment.
The 8 Health Care Technology Megatrends
According to Gartner analysts, eight technology ‘megatrends’ will play a starring role in the digital transformation of the health care industry. These trends will help health care organizations achieve their cost, quality, and member experience objectives.
The eight trends are:
- Advancing medical science
- Advanced analytics
- “Bending” of the health care cost curve
- Improving consumers’ engagement with their health
- Greater ecosystem efficiency
- Reinventing hospital operations
- Managing health care ecosystems
- Transforming care delivery
The report explains each of these trends in-depth and explains the role they will play in the future of health care.
Get the Full Gartner Report
With technology rapidly changing the face of the health care industry, it can be difficult to know which trends, vendors or solutions to pay attention to.
The new report, ‘Healthcare Payer CIO Guide to the Industry’s Technology Innovation Trends,’ covers everything CIOs need to know about technology innovation in the health care industry.
In Gartner’s own words: ‘CIOs should use this research to prioritize investment in these technology innovations, enabling growth and avoiding obsolescence.’
Download the full report today to learn:
- Why digital advances will be critical for health care payers to adapt to industry disruption.
- How to plan for the future and select technologies that support your digital ambitions.
- How technology can help health care payers control administrative and medical costs.
- How to dispense with the hype surrounding certain solutions and avoid poor investments.
- How to spot solutions that scale quickly to add value for members and help win business.
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