Healthcare consumerism is changing how hospitals operate, resulting in new hospital business models that will help providers meet consumer demands and remain competitive.
“Providers should show the cost savings associated with receiving care in a lower cost setting, such as a retail clinic, alongside the comparative benefits of receiving care in a more expensive setting,” HRI remarks. “Providers pursuing this route will do so horizontally with other providers, including retail clinics, and vertically with different companies throughout the supply chain.”
When a member of Gurpreet Singh’s family broke his wrist, they didn’t go to a hospital emergency room or an academic medical. Instead, the family headed to an urgent care center to triage the situation and develop a care plan. That choice between going to the hospital or an urgent care center is exactly why hospital business models need to change in the current healthcare economy, Singh, PwC’s Health Services Leader recently explained to RevCycleIntelligence.com. “The major driver of that change is the patient as the consumer,” Singh stated. “Many vertical and horizontal integrations are all happening because there’s opportunity to serve the patient more like a consumer and the consumer is demanding better access, better choice, and hopefully better costs. All of the players that surround the consumer are making major adjustments and changes to deliver services to that consumer.”