SOURCE: Healthcare Financial Management Association

Healthcare Financial Management Association

January 05, 2017 08:00 ET

Environmental Assessment Examines the Healthcare Innovation Imperative

WASHINGTON, DC--(Marketwired - January 05, 2017) - Health plans, health systems, and physician groups must evolve their business and clinical care models to leverage innovations that improve value for consumers and other care purchasers, or they will lose market share to those that do. To succeed, plans, systems, and practices will need to develop a culture and technical infrastructure that support innovation. Those are the conclusions of Health Care 2020: Transformative Innovation, a new report published by the Healthcare Financial Management Association.

"Consumers expect their healthcare experience to be on a par with other sectors such as banking and online shopping," says HFMA President and CEO Joseph J. Fifer, FHFMA, CPA. "It's time for industry stakeholders to realize that saying 'health care is different' won't cut it anymore."

This is the last in a series of four reports that comprise an environmental assessment designed to guide healthcare organizations in their strategic-planning efforts over the next several years.

To download Health Care 2020: Transformative Innovation, visit hfma.org/healthcare2020.

Key takeaways in the 15-page report include the following:

  • Value-based payment models will help speed the adoption of innovation, particularly technology that improves quality while lowering the total cost of care.
  • Healthcare organizations should leverage technology to enhance the consumer experience. Mobile and online technologies that engage consumers in new ways and build continuous relationships will be differentiators.
  • Innovation is helping to fuel the push to deliver more health care in the home rather than in the hospital and doctor's office.
  • Healthcare organizations need to determine the best structure to spur the development of new business offerings. Innovation centers, incubators, and partnerships are among the options.

In addition to providing background and context for these key messages, the report offers action steps to innovation for hospitals and health systems, physicians, and health plans. It also identifies several organizations to watch, including Henry Ford Hospital and the Henry Ford Innovation Institute, Detroit; Kaiser Permanente and the Sidney R. Garfield Health Care Innovation Center, San Leandro, Calif.; Tennessee Valley Healthcare System, Nashville, Tenn.; Intermountain Healthcare, Salt Lake City; and Healthbox, a Chicago-based firm focused on supporting healthcare organizations' innovation strategies.

Nine healthcare policy experts were interviewed in the development of this report, including Luis Bellmas, vice president, outpatient services, Baptist Health South Florida; Lisa Bower, director of innovation consulting, Healthbox; Michelle Conger, chief strategy officer, OSF Healthcare; Aaron Martin, executive vice president and chief digital officer, Providence St. Joseph Health, and managing general partner, Providence Ventures; Tom Miller, senior vice president and chief information officer, Anthem Inc.; Mary Mirabelli, FHFMA, 2016-17 national chair, HFMA, and vice president, Global Healthcare Practice, HP Enterprise Services; Mike Pacetti, CFO, DuPage Medical Group; Glenn D. Steele, Jr., M.D., PhD, chair, xG Health Solutions; and Robert M. Wachter, M.D., author, futurist, professor and chairman, Department of Medicine, University of California, San Francisco.

The other reports in the Health Care 2020 series focus on the transition to value, consumerism, and consolidation, and are also available at hfma.org/healthcare2020.

About HFMA
With more than 40,000 members, the Healthcare Financial Management Association (HFMA) is the nation's premier membership organization for healthcare finance leaders. HFMA builds and supports coalitions with other healthcare associations and industry groups to achieve consensus on solutions for the challenges the U.S. healthcare system faces today. Working with a broad cross-section of stakeholders, HFMA identifies gaps throughout the healthcare delivery system and bridges them through the establishment and sharing of knowledge and best practices. We help healthcare stakeholders achieve optimal results by creating and providing education, analysis, and practical tools and solutions. Our mission is to lead the financial management of health care. hfma.org

Contact Information

  • Press inquiries should be directed to:
    Karen Thomas
    Healthcare Financial Management Association
    (708) 492-3377
    kthomas@hfma.org