We are nearing the close of Q1 and our provider ecosystem partners have been actively sharing information with us on their key pain points and strategic priorities for this year. Here are the issues they reported as “top of mind” in our latest strategic discussions:
Increasing Cost Pressures
Concerns about the recent changes to the Medicare Physician Fee Schedule were echoed throughout our conversations with administrators across the healthcare continuum this quarter, from specialty networks to health systems. The 4% rate reduction is not the only financial factor impacting the already frail margins in healthcare. Provider organizations told us they are also wary of inflation and supply chain issues driving the rising cost of supplies and pharmaceuticals as well as costs of labor and the ability to maintain staff. Many were seeking out alternative revenue streams to help offset these additional costs.
Focusing on Improving Health Equity and Incorporating Voice of Patient
The disparities in care exposed during the COVID-19 crisis remain top of mind with some organizations using digital health and quality improvement initiatives to try to identify and address gaps in care for certain populations. Centers for Medicare and Medicaid Services (CMS) recently doubled the weight of patient experience in the Consumer Assessment of Healthcare Providers and Systems (CAHPS) survey, and our provider ecosystem partners have taken notice. That combined with the patient reported outcomes (PROs) component of CMS’ Merit-Based Incentive Payment System (MIPs) program has elevated the impact of patient experience in care delivery more than ever. CMS and the National Quality Forum (NQF) have a major initiative underway to promote the benefits and actively encourage the completion of PROs to support value-based care and alternative payment models. Our provider partners are motivated and see the value of collecting additional measures on or from patients that would give them greater insight into disease severity and quality of life, driving better patient outcomes.
Staying Current with New Treatment Options
The ever-expanding assortment of new treatment options available across many prevalent and rare diseases is exciting and challenging for providers and patients. Accelerated Approval, Breakthrough Therapy, Fast Track, and Priority Review programs from the US Food and Drug Administration (FDA) have introduced more treatment options, and healthcare providers (HCPs) are feeling the pressure to stay current on available treatments, monitor changes to treatment guidelines, and keep up with the abundance of prior authorization procedures required for these new therapies across payer organizations. Most of our provider partners are exploring how to best educate themselves on these new products and communicate more broadly within their organizations on best practices, while simultaneously balancing the need to meet their patients’ unique and individual treatment needs.
Participating in Research Activities
Provider interest in participating in clinical trials and other research initiatives is on the rise. Many of the organizations in our provider ecosystem have been involved in research activities, but many are asserting that they want to grow their footprint, expand the types of research activities, and be a more active participant in innovation. Research and innovation are now being seen by regional community health care providers as a differentiator that attracts new patients, retains patients and providers, and drives new revenue dollars into the organization. This sentiment is consistent with the latest guidance from the FDA to begin requiring sponsors to incorporate diversity planning for late-stage clinical trials. In a news release from last year, the FDA cited the need to “facilitate the development of better treatments and better ways to fight diseases that often disproportionately impact diverse communities.”
To learn more about how OMNY Health is helping provider organizations proactively address these top-of-mind issues, stop by to see us at ViVe on March 26-29 in Nashville, TN, Becker’s on April 3-6 in Chicago, IL, or ARVO on April 23-27 in New Orleans, LA. We also invite you to continue the conversation by reaching out to join@omnyhealth.com to schedule some time to discuss these topics further. We look forward to assisting our data ecosystem partners as we work to navigate these issues with you in 2023.
About the Authors:
Matia Cary is Chief of Staff at OMNY Health. As Chief of Staff she leads the Delivery and Customer Success teams responsible for supporting all of OMNY’s provider ecosystem partners and strategic initiatives. Internally, she helps lead people operations, strategy, cross-functional collaboration across teams, and investor relations. Matia holds a Bachelor’s degree in Biochemistry, Cellular, & Molecular Biology from Drake University and an MBA for Leaders in Healthcare from the University of Kentucky.
Jessica Walling is Director of Product Management at OMNY Health. She is currently working on a new suite of SaaS products to help healthcare providers and life sciences customers glean insights from OMNY Health’s real world data. She is responsible for product strategy and product marketing and enjoys working closely with customers on product launches and continuous product improvement. Jessica holds a Bachelor’s degree in Industrial Engineering from Georgia Institute of Technology and an MBA from Georgia Institute of Technology.