Change Healthcare-HCEG Research: COVID-19 Reshuffles Healthcare Executives’ Priorities
21 September 2020 - 1:00PM
Business Wire
Executives are accelerating digital and payment
transformation, increasing focus on consumer-centric and
value-based care, and boosting healthcare IT investments as a
reaction to the coronavirus pandemic, according to a new study from
Change Healthcare and the HealthCare Executive Group
Most healthcare leaders are rethinking critical issues and
reordering eight of their top ten priorities in the
process—including changing their #1 priority—as a result of the
coronavirus pandemic, according to new research conducted by
InsightDynamo and commissioned by Change Healthcare (Nasdaq: CHNG)
and the HealthCare Executive Group (HCEG).
The Industry Pulse COVID-19 Flash
Report, published today, reveals how healthcare leaders
are accelerating digital and payment transformation, with an
emphasis on the consumer experience, telehealth, and
interoperability. As a result, stakeholders are increasing
investment in healthcare IT and fast-tracking initiatives to help
prepare for the pandemic’s aftermath and future pandemics. One
priority which did not change: privacy/security, which remains
front and center for C-suite survey respondents, especially as the
industry migrates towards a digital future.
Researchers presented 288 healthcare leaders with the 2020 HCEG
Top Ten, a list of priorities compiled by the HealthCare Executive
Group annually for the past decade. InsightDynamo then asked
respondents if the 2020 HCEG Top Ten still reflected their
priorities in the wake of COVID-19. The majority of respondents
(66%) indicated they would re-order, add to, or delete certain
priorities.
“Healthcare executives are re-thinking everything––from how and
where care is being delivered to how it is being reimbursed,” said
David Gallegos, senior vice president of Consulting Services, at
Change Healthcare. “There’s long been a recognition and desire to
advance healthcare’s digital transformation, but the pandemic has
brought the industry to a tipping point. Looking back at what the
Industry Pulse research revealed just eight months ago, and
comparing that to this new study, we can see how far and how fast
the industry has moved in just a few months. The impact could be a
real game-changer for payers, providers, and consumers.”
Among the key findings from the Industry Pulse COVID-19 Flash
Report are:
- Consumer-centricity is now front and center. Consumer
Experience is now the #1 priority, with Accessible Points of Care
(telehealth, mHealth, wearables, retail clinics, etc.), Healthcare
Policy, and Social Determinants of Health all moving up the list.
Both payer (64%) and provider (53%) majorities indicate a stronger
interest in and accelerated adoption of consumer-centric
healthcare.
- COVID-19 is driving increased interest in payment
transformation. Nearly half of respondents (49%) said the
pandemic has increased interest in adopting value-based care. While
payers show slightly more interest (52%) than providers (47%), they
are very closely aligned overall. This is amplified in the C-suite
with 47% of payer and a striking 67% of provider C-suite executives
indicating COVID-19 has increased their interest in value-based
models.
- Respondents are bullish on increasing IT budgets to support
re-prioritization. The majority of payers (67%), providers
(57%), and consultants/vendors (78%) said the pandemic has caused
them to increase their outlook for investment in healthcare IT.
Only 6% of payers, 14% of providers, and 14% of consultants/vendors
reported likely IT budget reductions due to the coronavirus
pandemic.
- Payers and providers believe new CMS and ONC rules will have
a positive impact on preparedness for a future pandemic. The
majority of payers (58%) and providers (53%) believe the CMS
Interoperability and Patient Access final rule and the ONC
Information Blocking rule for providers, both planned for 2021,
will make it easier for the industry to respond effectively to a
future pandemic.
Comparing the Industry Pulse COVID-19 Flash Report’s results to
the 2020 HCEG Top Ten list, one item of concern stands out:
Privacy/Security remained unchanged in its ranking, holding its
lower Top 10 position in both the original 2020 HCEG Top Ten and
the new Flash report.
“We have seen more change in 10 weeks than we have in the last
10 years, but privacy and security didn’t budge on the list, which
indicates it is still not being taken as seriously as it should
be,” said Ferris Taylor, executive director of the HealthCare
Executive Group, a non-profit association of healthcare leaders.
“Privacy and security should be top-of-mind when you consider a
main take-away from the Flash Report is the acceleration of digital
transformation. Given the rise of cyberattacks since the pandemic
began, privacy and security should be of paramount importance.”
To compile the report, InsightDynamo researchers surveyed 288
stakeholders from healthcare providers, health plans, technology
vendors, consultants, and other organizations between June and July
2020. More than half of respondents came from provider or payer
organizations, with 17% from technology providers or vendors; 14%
from healthcare consultancies; and the remainder from academia,
labs, or government. Nearly 40% were within the C-suite and 25% in
manager, director, or consultant roles.
The full Change Healthcare-HCEG Industry Pulse COVID-19 Flash
Report can be accessed at
https://inspire.changehealthcare.com/Industry-Pulse-Results-2020.
For more information on Change Healthcare, please visit our
website, hear from our experts at Insights; Follow us on Twitter;
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us on Libsyn, Apple Podcasts, Google Podcasts, and YouTube.
About InsightDynamo
Acting as an extension of the companies it services,
InsightDynamo delivers insight-powered intelligence to drive
innovation. Founded in 2014, InsightDynamo provides market research
and analysis expertise to companies building new products,
developing new markets, or refining their current product and
service offerings. Learn more at https://www.insightdynamo.com.
About the HealthCare Executive Group
The HealthCare Executive Group is a national network of
executives who help navigate the strategic and tactical issues
facing their organizations. HCEG provides a forum where the open
exchange of ideas, opportunities for action, collaboration and
transformational dialogue can freely ensue and supports a platform
for its members and partners to promote healthcare innovation,
technology, and the development of lifelong professional
relationships. For more information on the HCEG, please visit
www.hceg.org. Read our blog at hceg.org/blog, follow us on Twitter
at @HCExecGroup, connect with us on LinkedIn, and subscribe to our
newsletter at hceg.org/newsletter-signup.
About Change Healthcare
Change Healthcare (Nasdaq: CHNG) is a leading independent
healthcare technology company, focused on insights, innovation, and
accelerating the transformation of the U.S. healthcare system
through the power of the Change Healthcare Platform. We provide
data and analytics-driven solutions to improve clinical, financial,
administrative, and patient engagement outcomes in the U.S.
healthcare system. Learn more at changehealthcare.com.
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Amy Valli Media Relations 215-962-5531
amy.valli@changehealthcare.com
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