As we enter a new era in US politics, the future of almost everything in healthcare is uncertain. However, the one constant is that payers and providers will continue to search for ways to reduce costs and drive out administrative inefficiencies to remain viable. Per PwC, focus on value-based care, the growth of consumerism and health system consolidation are all prevalent 2017 healthcare trends designed to reduce costs and support a more efficient healthcare system. Technology integration is the key to making these three dominant trends successful. Because of this, I believe companies in the data integration and interoperability sector will be the most sought after and valuable segment in 2017.
Per McKinsey, health systems have invested between $20 and $25 billion in implementing electronic health records (EHRs) through 2016. Most health organizations have not realized the full return on this investment promised through simple efficiency gains and “meaningful use” incentives. These organizations instead need to look to clinical and operational sources to achieve optimal value. To further support this, conversations at the 2017 JP Morgan Healthcare Conference cited that 2017 is the first year that the use of an EHR is a given. Now the focus is on optimizing the data capabilities that the EHR allows.
Micro Case Study – Forcura: A Health Integrator to Watch
One company that I have witnessed first-hand deliver the power and value of interoperability is Forcura. This enterprise content management company helps home health and hospice organizations streamline back-office operations and clinical communication, and is a prime example of the type of technology company that I see playing an integral role in making healthcare more connected and efficient.
The Forcura platform is a cloud-based solution developed specifically for healthcare that acts as the integrator between offline processes between remote care teams and multiple EHRs. It expedites and automates intake and referrals, manages clinical documentation in one central location creating a virtual patient chart, and powers secure clinical communication between members of a team. The solution seamlessly integrates with any EHR. The company started with an idea and has grown rapidly by focusing on need-driven innovation. Forcura’s CEO Craig Mandeville is committed to listening to the market and current customers to develop innovative solutions that solve real business challenges.
The Forcura platform is what often makes the ROI that EHRs promised to bring to health systems possible. On average Forcura reduces document upload time by 1200%, improves revenue cycle management by 40% and creates a simple solution for compliance and audit management not possible with an EHR alone.
Health tech companies like Forcura are in a prime position for growth. I expect to see companies like this continue to be in high demand as the healthcare industry seeks to use innovative technology to streamline processes and reduce administrative costs.
Interoperability at HIMSS
I’ll be at HIMSS 2017 in Orlando in two weeks where I look forward to meeting other innovators bringing interoperability to healthcare. This year the Health Information Exchange, Interoperability and Data Access track is filled with interesting educational sessions that should provide further validation of the need for interoperability and trends for what the future holds. I’m also particularly interested in checking out the Interoperability Showcase at the conference.
Let’s Talk Health Tech
I welcome the opportunity to connect with you to learn more about what you think is on the horizon for health tech. Connect with me on LinkedIn.
DISCLAIMER This presentation is intended for information and discussion purposes only and does not constitute legal or professional investment advice. Statements of fact and opinions expressed are those of the participants individually and, unless expressly stated to the contrary, are not the opinion or position of Harbor View Advisors, LLC (“HVA”). The information in this presentation was compiled from sources believed to be reliable for informational purposes only. HVA does not endorse or approve, and assumes no responsibility for, the content, accuracy or completeness of the information presented.