CVS/Aetna May Only Be The Beginning
Last year’s announcement from CVS and Aetna of their plans to merge dominated the news cycle. Followed up in January with the revelation that Amazon, Berkshire Hathaway, and JP Morgan were joining forces to create a new healthcare company, it has become clear that regardless of what becomes of these individual moves, significant changes are on the way in the healthcare industry. While few may have seen these announcements coming, there was ample evidence that the market was ripe for disruption. A survey conducted last October of over 2,200 adults by Morning Consult found that 56% of Americans do not believe the nation’s current health care system works for them. 73% said reform is needed, and 41% said things have become worse instead of better. For thousands of clinicians and healthcare providers around the country, the question becomes, what does this mean for me?
The cavalry is coming. Unless it isn’t.
While big announcements such as the combination of the nation’s largest pharmacy with one of the largest managed healthcare companies are significant, they are by no means a guarantee of success or even real change. Time will tell if CVS/Aetna is the dawn of a new vertical age in healthcare, or if Amazon’s success in revolutionizing retail will translate to a completely new industry. While these are developments we should all be watching, for every big merger out there, there are likely hundreds of startups under the radar who are working on equally groundbreaking developments. Their ability to disrupt the market in multiple, yet currently unforeseen ways may shape our future healthcare system just as significantly.
Patient experience matters.
For years, many have viewed the process of seeking healthcare as largely unimportant. As long as you had confidence in your provider to meet your medical needs, the experience to attain those services did not need to be any better than a trip to the DMV. In a world in which insurance providers carried the vast majority of the financial burden, the tradeoff in services versus experience was acceptable. However, with patient responsibility on the rise, so are their expectations. As healthcare providers, it’s important to understand what aspects of their experiences with you can be improved, which often times can mean greater efficiencies for you and your staff. Find the time to understand these challenges, and make the necessary investments to address them.
Stay the course, and continue to grow.
While staying on top of major healthcare trends and changes is not only prudent but necessary, it’s important to recognize that staying the course amidst the changes underway is critical. Waiting on the sidelines to see what may happen could mean missing out on the beginning of a healthcare revolution in the U.S. Continue refining those expansion plans, and focus on providing the best possible care for your patients. If your practice or clinic is in need of working capital or funding sources to continue that growth, Aquina Health offers a variety of solutions to meet your needs. Contact us today to see how we can help.