During the recent Cognizant Executive Vision Summit, I had the privilege to lead an interactive session on the future of healthcare with highly respected thought leader, Mike Leavitt.
C-suite executives from health plans and provider organizations across the country were treated to a valuable perspective delivered by someone who can see the big picture of healthcare while understanding the challenges and opportunities faced by each constituent – payer, provider, member and government. According to one of the CEOs in attendance, Leavitt provided “great insight into the legislative perspective on healthcare as well as the shift to value.”
As the former governor of Utah, the former secretary of Health and Human Services and the founder and general partner of Leavitt Partners, Leavitt has a rare depth of industry knowledge and insight. It is no coincidence that his experience mirrors our Summit theme of industry, technology and policy convergence.
The integration of payer and provider data, agnostic workflows and shared evidence is a necessity to truly achieve the promise of value-based care in a digital-based, consumer-centric marketplace. While no easy task, we have reached a financial tipping point where there is no turning back from this journey. It is predicted that there will be 5x more lives participating in some form of value-based payment programs over the next five years. Moving to scaled programs will be a requirement to make these programs work effectively.
Here are some of the session’s key takeaways:
- To the converging forces of industry, technology and policy, Leavitt would add global economics.
There is no place on the leaderboard for a country that spends 25% of GDP on one sector – healthcare. This is eating up our capacity to innovate infrastructure, education, research and development and more.
- We are dealing with a collision between two profoundly important values – to be compassionate as a country and to deliver economic leadership.
This collision is driving a new payment structure based on value. We have to change the way we do business or we are going to lose either our capacity for compassion or our economic strength.
- We are 25 years into a 40-year transformation.
We cannot just look at the last 2-4 years, we have to realize that all of the changes that have taken place in the past two decades have been driving us toward value. Had we abandoned fee-for-service too soon, before the right pieces and mindsets were in place, we would have been in economic peril.
My discussion with Governor Leavitt also touched upon the difficulties of implementing value-based care strategies due to the vastly differing perspectives of payers and providers. While we are all being pushed by economics, consumerism, policy and innovation, you can’t just jump from fee-for-service to value-based care in a single leap. We’re developing new competencies as we pioneer these emerging strategies. While payers want faster change, it’s the providers who have to actually make it work. We have to take the time to periodically stop, consolidate what we know, get comfortable, then move on.
In future posts, we will share the insights and experiences of other industry thought leaders and o look at how we can work together to ensure that all healthcare constituents have the tools and resources necessary to successfully move forward with new value-based care strategies.
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