An Industry Look At Healthcare In The Time Of COVID-19

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Gaining a deeper understanding of the long-term impacts of COVID-19 on the healthcare industry reveals a focus on innovation and consumerism.

The best scientists and physicians in the medical community are working on this unprecedented virus and how it manifests. However, it continues to surprise us. We do not know why a 90-year-old recovers and a 44-year-old may succumb to the virus. Additionally, many are asymptomatic, making this virus unique and its already-high contagion worse. Children, thought immune from virus symptoms, are now experiencing pediatric inflammatory syndrome.

The talented scientific community is moving fast, but there is a lot more to learn about this virus. Mitigating its spread makes it difficult for the medical community to care for patients with non-COVID related health needs After the virus outbreak, healthcare systems and providers were faced with the double whammy of caring for very sick, high-intensity patients and having to shut down a large portion of their traditional business.

The shift to value-based care driven by the government, employers, and insurers was a large focus of provider organizations. The goal is lower cost, quality care that would lead to positive health outcomes. Digital health and telemedicine have become important tools to accomplish that goal. The trend away from expensive, intensive medicine toward remote medicine and digital health solutions is likely to accelerate and continue – as well as the venture capital investment. Cost-conscious consumers have learned not all clinic visits and procedures are necessary – and in an era where all things are COVID-19 has prompted healthcare providers to adopt these value-based technologies at a faster pace - changing care delivery approaches permanently.

 

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