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READ INSTRUCTIONS: · AVOID TABLE OF CONTENTS (this time) · ADD PROPER COVER PAGE · ADD PROPER SECTIONS / HEADINGS · APA Style with REFERENCES · Similarity report should be less than 5%. Attach Similarity report · FONT: Times New Roman, Size 12 pt. · 4-5 Page Case Study See the Purdue Owl link to proper use of APA https://owl.purdue.edu/owl/research_and_citation/apa_style/apa_style_introduction.html Read “Top health industry issues of 2020: Will digital start to show an ROI?” Expand on how one of the following issues from the article impacts healthcare management: DIY (Do it yourself) healthcare, budgetary constraints while providing quality care, technology/pharma/biotech intersection with the patient population, or diversity imperative. Show evidence of knowledge obtained from the textbook, discussions, and supportive materials this semester. The final paper is to a 4 -5-page, double spaced paper, 12 pt font, and in APA format. Utilize and cite a minimum of 5 articles written within the last 5 years from well-respected business or peer reviewed healthcare sources in addition to the textbook and supporting materials from the course. Top health industry issues of 2020: Will digital start to show an ROI? - December 2019 PwC Health Research Institute In its 14th year, PwC Health Research Institute’s report highlights the forces that will most powerfully affect the industry in 2020. Will digital start to show an ROI? Top health industry issues of 2020: Table of contents A looming tsunami of high prices 5 Consumers inch closer to DIY healthcare 16 Regulation trumps policy 11 US health organizations are seeking opportunities overseas and through innovation—beware of the tax risks 20 A whole new you: Deals as makeovers 25 Equity and inclusion, not just diversity, as a business imperative 32 Sidebar: Fast-forwarding from data to decisions 39 Final thoughts 41 Heart of the matter 2 Acknowledgments 42 Home Home 2 | Top health industry issues of 2020: Will digital start to show an ROI? In 2020, US healthcare, and especially how it is delivered and how much we pay for it, will be top of mind. Politicians will float many bold plans for transforming the industry. Health system leaders will tout their investments in technology and transformation, as the US health industry works to catch up to the rest of the digital economy. The question for 2020 will be whether this digital transformation will benefit consumers—marking a new dawn for the US health industry and for the people whose lives depend on it. There are a lot of questions to be answered in 2020. How much will consumer experience change as receptionists no longer hand them clipboards of forms to fill out? Will physicians, now aided by data-driven insights, make better diagnoses and write better prescriptions? Will the stream of new drugs coming to market swell thanks to faster, more efficient clinical trials and regulatory reviews? Will insurers provide consumers with choices that are better for their wallets and good for their health? The health industry is betting that digital transformation will make the difference in delivery and cost. The health industry’s appetite for data has grown beyond medical histories. It is collecting genetic information, consumer purchasing habits and financial histories. It is digesting claims. It is consuming tweets and message board posts. It is counting calories, steps, fertility cycles and how often we toss and turn at night. The US health industry is binging on data. Digital health apps are multiplying, but what to do with the data they are generating? “You can get consumers to use the apps, but how do you get the combination of doctor and the health system or practice setting to change how they are doing things?” asked Christopher Khoury, the American Medical Association’s vice president of environmental intelligence and strategic analytics. “This is the last problem to crack.”1 Many health organizations have yet to truly benefit from their digital investments. Thirty-eight percent of payer and provider executives surveyed by PwC in 2018 said their organizations have not incorporated digital into their corporate strategies. Many told PwC that they still do not see digital efforts paying off in a meaningful way.2 Just Heart of the matter Home 3 | Top health industry issues of 2020: Will digital start to show an ROI? Home 21 percent of healthcare companies employ a chief digital officer, compared with 32 percent of banking firms and 41 percent of insurance companies, according to a study by PwC.3 Despite the exuberance over data, challenges abound. Asked to name barriers to monetizing their organization’s data, executives across industries surveyed by PwC cited poor data reliability, issues with data protection and privacy regulations, the inability to adequately protect and secure information, and a lack of analytical talent.4 Healthcare executives told HRI that they are focused on finding more effective ways to use the data they are collecting. Asked about workforce strategies for 2020, executives repeatedly pointed to digital upskilling and emerging technologies (see Figure 1). Figure 1: Healthcare organizations cite digital upskilling and using emerging technologies among the top workforce priorities for 2020 Source: PwC Health Research Institute executive survey, September 2019 Source: PwC Health Research Institute executive survey, September 2019 Which workforce strategy is your top priority for 2020? Payer executives Provider executives Pharmaceutical /life sciences executives Digital upskilling by hiring of new employees 11% 7% 11% Hiring employees with skills to support new capabilities, products or services 27% 14% 24% Offering more telecommuting opportunities 5% 1% 0% Promoting diversity in leadership 5% 4% 1% Promoting diversity in the workforce 5% 9% 2% Digital upskilling existing workforce 26% 33% 26% Using technology for tasks previously performed by employees 12% 23% 28% 9% 10% 8%Offering more flexible work arrangements 4 | Top health industry issues of 2020: Will digital start to show an ROI? Home In this year’s “Top Health Industry Issues” report, PwC’s Health Research Institute (HRI) examines the relationship between digital investments, care delivery and cost; how health organizations are preparing for a looming tsunami of high prices; the astonishing percentage of large payers, providers and life sciences companies seeking their fortunes overseas and in innovation, and the tax risks of those moves; the ways health organizations are using transformative deals to make themselves over; the benefits to consumers of the industry’s digitalization push; and the growing awareness that diversity and inclusion are business imperatives for health organizations. For this report, HRI surveyed 3,500 American consumers, 300 provider executives, 100 payer executives and 100 executives from pharmaceutical and life sciences companies. HRI also interviewed numerous thought leaders working at top organizations in the industry. Time and time again, digital opportunities and concerns emerged as critical aspects of the issues identified as most pressing for 2020. Healthcare executives told HRI they are asking tough questions about generating returns on their organizations' significant investments in digital technology and data. Progress is being made, they said, but will it be enough to justify these investments in time and money? How will the upcoming year's economic, political and regulatory uncertainty impact their organizations' efforts? Healthcare, once again, is a pressing concern for likely voters in the 2020 elections. While versions of “Medicare for All” proposals make headlines, the most likely outcome of the election—a divided government—may not produce seismic legislative change. Instead, the election will determine the fate of issues such as drug prices, surprise billing and CMS’ long push toward paying for value and not volume. This shift toward value- based payments is enabled by the now- ubiquitous electronic health records (EHR) systems and the industry’s growing ability to analyze the data within them, along with the ballooning amount of information collected outside the examination room. In 2020, the US health system will continue its long journey toward digitalization amid calls for bold changes from the presidential campaign trail and warnings of a recession, both in the US and abroad. Economic downturns historically hit the US health industry later than other parts of the economy, according to an analysis by HRI, giving healthcare organizations time to prepare. The industry’s work on weaving data into its operations, business models and approaches to consumers will help it ride out the year’s economic, and political, uncertainty. But the understanding of how these investments will lower costs and improve care delivery is still unclear. You can get consumers to use the apps, but how do you get the combination of doctor and the health system or practice setting to change how they are doing things? This is the last problem to crack.” Christopher Khoury, vice president of environmental intelligence and strategic analytics, American Medical Association “ Home Home 5 | Top health industry issues of 2020: Will digital start to show an ROI? Facing a tsunami of high-priced gene and cell therapies and ever-rising provider prices in 2020, employers, public and commercial payers, and American consumers will seek— and sometimes find—creative ways to finance care, spread risk and ensure that their money is paying for value. Top of mind for payers and employers is the ballooning pipeline of emerging treatments, such as gene therapy, with million-dollar price tags and the potential to save or vastly improve lives. The impact of these therapies is not being felt acutely yet. As of September 2019, the FDA had approved just four gene therapies, with a total potential patient population of about 50,000 Americans per year, according to an analysis by HRI.5 As of July 2019, providers in just five ZIP codes were offering all four FDA-approved gene therapy products.6 Some states had no providers offering any of the therapies. And other snags involving clinical trials have slowed development, too.7 But by 2030, some experts estimate that 500,000 Americans will have been treated with gene and cell therapies.8 And the pipeline is robust: The FDA expects to receive A looming tsunami of high prices 200 investigational new drug applications for gene and cell therapies in 2020, with 10 and 20 approvals per year by 2025.9 It’s no wonder that when the National Business Group on Health polled