To succeed in a shifting landscape, health organizations must build sustainable business strategies to increase focus on smart growth, technology and consumerism, performance optimization, regulatory excellence and mitigating risk.
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A sector in disruption
Health care around the globe is embarking on a once-in-a-lifetime transformation — the move to “Health 2.0,” the consumer-centric, outcomes-driven, prevention-focused future of health care.
There are two catalysts for this shift. First, with aging populations and emerging market growth, chronic disease is becoming a global epidemic and driving health care cost inflation to unsustainable levels. To tame costs, payers and governments are realigning incentives around value and outcomes.
At the same time, health is finally entering the digital age — unlocking information, empowering patients, enabling real-time analytics and bringing much-needed focus on prevention. Yet, just as technology creates opportunities for health care organizations, it also presents threats as new entrants disrupt the competitive landscape.
These changes require patients, payers, providers, governments and life sciences companies — everyone within the health ecosystem — to think differently about health care as we know it. Collaborative approaches will be needed to create sustainable health care systems that deliver high quality care while being efficient and cost-effective.
How EY can help you
At EY, we’re playing our part. We work collaboratively with a wide range of organizations, from governmental departments of health and public sector service providers and payers, to health insurers and private sector providers.
Our Global Health practice works with organizations to manage costs and improve efficiency. We help deliver digital health solutions and use big data and analytics to improve health services management and, as a result, health outcomes. We collaborate to transform health care delivery, and we help develop new business models so that our clients can better compete in a rapidly changing world.
Our Health Reimagined initiative brings together our professionals from multiple sectors — health, life sciences, technology, telecommunications, consumer products and more — to develop cross-sector perspectives and solutions for Health 2.0.
Our diverse teams include former chief executives of departments of health, clinicians, provider executives, health strategy and policy advisers, and service and program managers. Across our network, we offer clients access to international panels of recognized experts in health, which facilitates innovation, decision-making and speed of execution.
We offer services to clients from across the health spectrum. From audit and assurance, to tax and regulatory compliance, to risk and internal audit, to IT advisory and cybersecurity, to strategy, we help organizations navigate an increasingly complex health landscape. In addition to these core services, we bring some of our best thinkers from across our service areas to help clients solve some of today’s most pressing issues.
- Going digital
We help organizations make sense of petabytes of data through powerful analytics, data capture/integration, IT systems and architecture transformations, and cloud computing. We also help devise strategies and new business models for a digital world.
Our services include:
- Envision. We align numerous platforms, from Teradata to SAS to Microsoft, to design, deliver and maintain business intelligence solutions and advanced analytics capabilities for health sector clients. We help organizations across the health ecosystem leverage technology and digital innovations to: improve the quality of care; reduce fraud, waste and abuse; protect their data against cyber threats; drive down costs; deliver care in new ways and enhance the patient experience.
- Digital health. Working with technology and telecommunications providers, we develop m-health applications which empower patients to manage their chronic conditions in their everyday lives. These technologies also expand access in isolated communities where traditional health care providers are limited.
- Cybersecurity. More and more information — electronic health records, data on drug and device R&D, pharmacy claims, etc. — is being held virtually and in cloud-based environments. We have a simple, effective approach to identifying security failures and mitigate breaches.
- Promoting wellness
- Chronic diseases account for approximately 75% of health care costs
The need to put health care costs on a sustainable trajectory is bringing unprecedented focus to chronic diseases and behavioral change. Chronic diseases account for about 75% of health care costs — a number that is expected to increase sharply with aging populations, changing lifestyles and increasing prosperity in emerging markets.
Chronic indications such as diabetes, hypertension and heart disease are strongly affected by behaviors such as diet and exercise. Managing these diseases in cost-effective ways will inevitably require increased focus on long-term behavioral change.
We help clients with these challenges. Our services include:
- Health insurer of the future. We help health insurers reorient the customer relationship as a long-term collaboration rather than a short-term transaction. This involves nudging customer behaviors, deploying m-health technologies and data analytics, and building consortia to combine different skills.
- Wellness and prevention. Our work in m-health is empowering providers and patients to focus on prevention and manage diseases in real time.
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New Horizons: September 2016 edition
In this edition, we focus on the drivers reshaping how the world approaches health care, including spending, technology and mindset.