I was recently honored to conduct an in-depth, one-on-one interview with Joel Allison, President and CEO of Baylor Health Care System based in Dallas, Texas. I asked Allison to describe some of the major healthcare industry trends he sees within the communities and areas served by Baylor.
Allison shared eleven trends he believes are currently occurring or will be seen in the near future. Last week we featured the first six of those trends; here we share the remaining five:
- A trend of more employed physicians, “Because as they come out of their residencies they’re looking for more predictable time frames for their quality of life. It’s hard for them to get started in private practices, so they’re trending toward joining bigger groups, like physician groups or health systems. And I think this will help increase physician alignment.”
- More focus on the management of chronic illness, because of the high cost. “Chronic illness makes up about 5% of the population, but accounts for about 60% of the healthcare dollar. So the question is, ‘how do you manage chronic disease?’ And you have to focus on that. That’s where you use big data to do your data analytics. And you’re going to have to be clinically integrated and digitally connected.”
- More employers choosing to contract directly with narrow networks for cost savings.
- Increased transparency and accountability for quality outcomes and patient satisfaction. “For Baylor that is huge, to really look at finally being recognized and being paid for quality. Value versus quantity. We will see more transparency and that’s important.
- Increased use of social media. “More and more of the marketing will be directly from business to consumer. And we’ve seen it already where there is more marketing to the consumer about what you ought to get. ‘Well, you ought to get this hip. Get this titanium one – you know that’s what Jack Nicklaus used, so you want that one.’ Pharmaceuticals are also putting on pressure by direct marketing… But the other piece on social media is people are talking to each other, asking, ‘Who do you go to? Which hospital, which doctor?’ I think social media is a major trend that we should pay attention to and utilize, because that’s where people are living now.”
Great insights from one of America’s most successful and influential healthcare leaders! To learn more about Joel Allison and Baylor Health Care System, please click here.