Healthcare Waste

Check this out. What you will see is a description of three areas in which hospital innovation has been accelerated by COVID-19. These include “Alignment of Incentives.” With the pandemic putting significant strains on the finances of many hospitals, the movement toward value-based medicine has been significantly accelerated. Concepts like “Command Center Management” have evolved to accelerate decision making and increase efficiency. Whether this will help the hospitals’ bottom lines remains unclear.

“Market Competition” is another area where hospital innovation has been accelerated.  Telehealth, for example, is a capacity that every hospital now must offer. In fact, excellence in telehealth is rapidly moving from being a differentiating factor to becoming “table stakes.”  

“Consumerism” is the final area where Covid-19 has accelerated innovation. Patient demands on healthcare have radically changed with the pandemic. For example, patients are increasingly evaluating institutions based on the accessibility and features of their “digital front door.”  

Bottom Line. The common theme here? Innovations that hospitals were moving toward pre-COVID have been greatly accelerated by the pandemic. Over the course of the rest of 2020, it will be important for us to keep our eyes on what else is going to change in the hospital environment.  

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