The COVID-19 Pandemic: Where Are We One Year Later? (Healthcare)
One year ago, COVID-19 was declared a global health emergency, impacting all sectors virtually overnight. With the pandemic hitting this benchmark, Forrester analysts are available for interviews to discuss how specific sectors have been impacted these past months worldwide, as well as what 2021 will look like as we keep adjusting to this “new normal.”
The below insights from Senior Analyst Arielle Trzcinski explore the state of healthcare:
- “The rise of the virtual-first model has come for providers and health insurers alike. Last year, Forrester estimated that the virtual care market would reach $43 billion in 2021. All signs point to sustained engagement from consumers and continued investment from healthcare organizations. Many large health systems continue to report that approximately 25-30% of their ambulatory volumes have shifted to virtual delivery. Large health insurers such as Humana and Kaiser Permanente recognized this shift and have invested in launching virtual-first models. As more insurers look to design these products — keep in mind, our research shows that the most successful programs enable consumers to build a relationship with their provider. Cost and convenience are key, but not the only keys to success.
- “Remote patient monitoring adoption and reimbursement continues to accelerate across the healthcare industry. As some consumers shifted to virtual-first models, others have delayed care. Our data shows that millennials have been most impacted by care delays: 41% of millennials report missing more appointments than average due to COVID-19. The shift to a continuous care model has already begun and will enable consumers to better manage their health more proactively, leading to revenue for providers, improved outcomes for consumers, and lower medical spend for health insurers. The cost of delayed care is coming for consumers and healthcare firms alike — get in front of it now by expanding reimbursement for devices, time to analyze time, and invest in the tools necessary to turn data into insight.
- “But not everyone has access to these emerging models of care. Disparities abound and the need to redesign healthcare experiences for equity must be a priority in 2021. Across age, gender, race, socioeconomic background, and internet access — we need to do better at reaching individuals with experiences that resonate and support them. From health insurers to providers to technology vendors, the industry must develop a broader set of personas to build experiences that meet consumers where they are and drive growth through customer acquisition and retention.
- “To execute this well, healthcare firms must double down on interoperability to make sure they have the data they need including clinical data, remote patient monitoring data, and social determinants of health. Healthcare firms also need to prioritize investment in AI and advanced analytics to transform the data into insights that are actionable — for all end users including but not limited to consumers and clinicians. Many cloud vendors including AWS, Google, and Microsoft offer analytic capabilities out-of-the-box, accelerating the efforts of healthcare organizations as they continue to migrate to cloud deployment.”
To connect further with Arielle, please reach out to email@example.com.