Because of the artificially high turnover rates that exist in the current workforce environment created by our long-standing weak economy, self-insured Payers are not always interested or open to long-term ROI programs like Wellness and Disease Management. These have always been more difficult to sell based on ROI. The same is true for Medical Healthcare Plans, who are typically seeing a 20% to 25% turnover in their membership each year. The long-term efficiencies of these types of programs just are not what Payers are currently focused on.
SHORT-TERM SAVINGS ARE KING.
Technology products and services providing measurable, short-term savings in the next twelve to eighteen months are at the top of most Payers’ lists. Things like telemedicine, mobile apps for everything from diagnostics to benefit services, real-time web portal services for online administrative functions, and the process automation of administrative services all translate into short-term savings on both the provider services and administrative services side of the healthcare process.
BOTH SIDES OF THE AISLE ARE IMPORTANT
On the Provider side, reducing time in the hospital through improved surgical outcomes, expediting diagnosis, and effectively managing certain chronic illness at home through remote patient monitoring all contribute to reducing the cost of healthcare. Connecting health technologies to improve patient compliance and reduce office visits all combine to provide an attractive ROI in the short-term.
On the Payer or administrative side, comprehensive software systems, which streamline the eligibility and claim payment process flow through flexibility and automation, will eliminate redundancy and the expense of needing multiple, more singularly-focused functionality platforms. This contributes significantly to the reduction of variable overhead costs and the risk of errors related to duplication of effort and unnecessary data integration.
RESISTANCE TO CHANGE
Unfortunately, the reluctance to change and to embrace new technology results in the desire to maintain the status quo, which by today’s standards, is unacceptable. As with all technological advances like the internet, there will continue to be an acceleration, which you need to be a part of if you want to remain relevant.