Healthcare

Healthcare Service Providers feel the impact of government regulations on many fronts. Margins are down, and the need to control costs is acute. Compliance requirements are snowballing, as is the potential for risk. But those risks can be converted as opportunities and Larkspurtech team plays a vital role. Our innovative methods of best practices and meeting compliance standards supports organizations working on critical challenges in today's complex healthcare environment.

Implementation of the Affordable methods and practices continues to be top-of-mind for healthcare industry executives as we plan the year ahead. Also, cost management strategies and innovations such as data analytics and new physician incentive models demand high priority.

What is the biggest challenge facing the provider sector in the coming year?

Implementation of the Affordable Care Act (ACA) and all of its legislative and market-driven implications.

No one knows how big a health system needs to be to survive in this new marketplace.

One of biggest ACA implications is managing costs. Providers will be under tremendous pressure due to lowered reimbursement rates and increased patient volume from health insurance exchanges and expanding Medicaid rolls. The Larkspurtech team addresses the challenge by trying to reduce costs by 20-30 percent overall. However, this is not a short-term project; it is a journey of several years. A cultural shift in how they do business. How can providers use new transparency requirements so that consumers and health plans really understand their costs, quality outcomes and the value they are producing?

We also aid for more vertical integration. This integration is being driven, in part, by providers' needs to prepare for new payment systems such as accountable care organizations (ACOs).

If providers can lower costs and manage the risks from the new populations entering the ranks of the insured, they may more effectively deal with these changes and gain a competitive advantage. As ACA implementation unfolds, we expect to see increased M&A and greater horizontal and vertical integration among providers, to help lower unit costs and spread risk.


What are the steps companies can take to foster innovation and/or growth with our help?

Innovation in health care can take many forms. From the perspective of scientific and medical innovation, the industry is constantly reinventing itself. Some exciting medical advancements are taking place at the intersection of information technology and medical technology, such as using 3D printing to help in preparing tissues for transplants. Change will be rapid and, in some areas, disruptive to established care models.

The use of IT and big data to gain insights we didn't have before is an active industry trend. Providers can leverage information gathered from a variety of sources to determine the clinical value of specific treatments and how to make them better.

In the adoption of new physician incentive models to support the health care industry's transformation from a focus on volume to value. But we need to get better at using new incentives, business models and analytics to help make the transition.

Checklists for evaluating and implementing the compliance standards to maintain the Privacy and Security of the Policyholders data.

Evaluating and implementing best practices to manage risks efficiently to lower costs.

Getting prepared to face challenges, trends, and strategies to gain a competitive advantage