Majority of hospitals and providers moving towards transparency in price
2014 is poised to be a great year for the healthcare industry. Not only is the Affordable Care Act getting fleshed out but there are numerous upcoming trends facing the healthcare industry. In 2014, hospitals and care health institutes will witness a shift that is more retail-focused. Price transparency and cost savings will become the biggest focus areas, reveals the latest PwC Health Research Institute’s Top Health Industry Issues for 2014.
Kelly Barnes, PwC’s U.S. health industries leader commented on the release of the report, “While health insurance exchange implementation is driving headlines today–in reality the next 12 months will be marked by how well the industry addresses a range of core business challenges.” Barnes adds, “Businesses must address rapid innovation and competition from non-traditional players, but above all they must respond to empowered consumers as customer-centric transformation sweeps healthcare.” [twitter.com/HealthITplus]
The top business concern facing the healthcare industry is Price Transparency. “Patients are demanding more information about the actual prices and actual treatment costs and everybody is talking about price point and premium costs” said Ceci Connolly, managing director for the institute to the Wall Street Journal’s MarketWatch blog. “But what that’s really going to transition into is what value am I getting for my dollar?” she said.
The report also revealed that hospitals and healthcare systems must compete to cater to the increasing demands of patients. They must also face through challenges such as attracting new customers, retaining existing ones, coupled with the pressure to reduce costs. This will force organizations to strike new alliances and “diversify their brands” to gain an edge over the competition, according to the announcement.
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