BY Dr.Amitoj Singh – founder & Ceo kare healthcare
Streamlining healthcare services and driving operational efficiency
Over the last decade, multiple changes have occurred in the healthcare industry in India. First, there has been a shift in health priorities from communicable to non-communicable disease. Second, there has been growth in the healthcare industry, coupled with economic growth and fiscal capacity. Third, there has been an increase in the incidence of catastrophic expenditure due to the rising healthcare costs. Medical inflation is outpacing the general consumer price index.
Healthcare is going through unprecedented changes both from a delivery system operations and disruptive technology perspective. The most notable trend is the emergence of digital health startups that are disrupting the marketplace. Healthcare providers are sitting on a wealth of data that has been collected for patients, and which could be used to improve the patient’s experience and clinical outcomes. Organizations that leverage data effectively to optimize patient experience will have a distinct competitive advantage. Focusing on data and technology exclusively is not the answer. What is required is a non-linear approach that incorporates culture, technology, and people in a value-enabling model.
Indian health insurance industry is also currently experiencing multiple challenges. There is a huge trust deficit between the health insurance companies and the healthcare providers (hospitals). It has been observed that the customer’s (insured patient) awareness about the health insurance policy terms and conditions is very poor, leading to poor customer experience. A lack of trained workforce and poor infrastructure poses a threat to the promise of healthcare access and affordability
Opportunities for Improvement in Healthcare
Against this disturbing background, there have been some reassuring prospects which have provided opportunities for the healthcare sector to make reforms. Firstly, in the face of the myriad of challenges confronting the healthcare sector, in a much-publicized landmark report, the Institute of Medicine suggested an approach for improvement and “crossing the quality chasm” by outlining six aims for healthcare to be safe, effective, patient-centered, timely, efficient and equitable Among the principles that had been proposed, the one that garnered most attention was the aim for health care to be “patient-centered by providing care that is respectful of and responsive to individual patient preferences, needs and values and ensuring that patient values guide all clinical decisions”
Today, technological advancements have made digital tools widely accessible and handy to the masses Owing to this accessibility to the digital world, people have now become introduced to a boundless sphere of information, effortless communication, and endless opportunities by literally a click of the finger. Harnessing upon this massive penetration, technology has been deployed in healthcare which was advocated by the Institute of Medicine as a vital means to accomplish the aforementioned six aims to improve quality in healthcare More particularly, the use of technology in healthcare upholds the tenets of patient-centered care by channeling new approaches to promote patient engagement and improve the communication between the patient and the healthcare professionals and consequently enhanced care
e-Patients, e-Physicians and smart hospitals
In accordance with patient-centered care, a partnership has developed between the patient and provider and a patient is encouraged to proactively participate in disease management as well as being engaged in the decision-making process. Moreover, a patient now increasingly resorts to the internet to seek health information. As a result, a patient today is “empowered, engaged, equipped, and enabled” besides being digital health-savvy leading to the birth of an e-Patient
E-Physicians are increasingly leveraging from the opportunities conveyed through smartphones in clinical decision making and better care coordination through smarter scheduling and organization of their tasks
Hospital facilities too are progressing in parallel by utilizing technological innovations to enhance the care and safety of the patient during their stay at the hospital, for instance, by installing automation systems in the building to regulate temperature, ventilation, and fixing smart locks. Interconnected clinical information systems such as Laboratory Information Systems ensure smart patient care processes. Moreover, identification systems enable authentication and tracking of patients, staff, and hospital equipment
Teleconsultation and remote patient monitoring
A more robust form of teleconsultation is remote patient monitoring (RPM) which deploys the latest IT tools to provide diagnostic and treatment services to the patients located in remote and rural areas Additionally, teleconsultations with the health provider have been found to enrich patient satisfaction due to improved outcomes, ease of use, low cost, better communication and reduced travel time
As excessive waiting time at the hospital continues to be a pressing problem faced by patients the efficiency of e-consultations to provide convenient access to healthcare professionals may be considered.
Miniaturized, sensor-enabled wearable devices have made it plausible for patients with chronic diseases such as cardiovascular disease [and diabetes to monitor their vital signs such as blood pressure and blood glucose level and thus indulge in self-care. Moreover, the data obtained from the wearable sensors alert the patient and the healthcare team regarding adverse events and prompts timely remedial action & many more groundbreaking changes in healthcare industry to name of Like :
· Personalized and precision medicine
· 3D Printing
· Artificial intelligence in healthcare
· The human genome projects
· Health portals
· Electronic Medical Records (EMR)
· Health apps
Undoubtedly, the road to achieving quality, equitable, accessible and affordable healthcare for all sections of the populations is laid with numerous hurdles, even so, not all is lost. The paradigm shift in healthcare delivery towards patient-centered care has restructured the dynamics of the relationship between the patient and the provider and is allowing patients to play a vigorous role in safeguarding their own health. Although this area of health care is in its nascent stages given that embracing it has been snail-paced and has a long way to go in its implementation, building up its evidence base and developing a regulatory framework, an enthusiasm is brewing in view of its unprecedented potential in disease treatment, disease prevention and promotion of health and may thus prove to be a silver lining in the healthcare system. By bringing patient-centered health care to the forefront, the patient is no longer a passive recipient of healthcare services and the concepts of patient engagement and empowerment have gained ground since they embolden the role of patients to proactively participate in self-care practices especially in this age of chronic disease upsurge
Wealth Managers and the Future of Trust: Insights from CFA Institute’s 2022 Investor Trust Study
Author: Rhodri Preece, CFA, Senior Head of Research, CFA Institute
Corporate responsibility is more important than ever. Today, many investors expect more than just profit from their financial decisions; they want easy access to financial products and to be able to express personal values through their investments. Crucial to meeting these new investor expectations is trust in the financial services providers that enable investors to build wealth and realise personal goals. Trust is the bedrock of client relationships and investor confidence.
The 2022 CFA Institute Investor Trust Study – the fifth in a biennial series – found that trust levels in financial services among retail and institutional investors have reached an all-time high. Reflecting the views of 3,588 retail investors and 976 institutional investors across 15 markets globally, the report is a barometer of sentiment and an encouraging indicator of the trust gains in financial services.
Wealth managers may want to know how this trust can be cultivated, and how they can enhance it within their own organisations. I outline three key trends that will shape the future of client trust.
THE RISE OF ESG
ESG metrics have risen to prominence in recent years, as investors increasingly look at environmental, social and governance factors when assessing risks and opportunities. These metrics have an impact on investor confidence and their propensity to invest; we find that among retail investors, 31% expect ESG investing to result in higher risk-adjusted returns, while 44% are primarily motivated to invest in ESG strategies because they want to express personal values or invest in companies that have a positive impact on society or the environment.
The Trust Study shows us that ESG is stimulating confidence more broadly. Of those surveyed, 78% of institutional investors said the growth of ESG strategies had improved their trust in financial services. 100% of this group expressed an interest in ESG investing strategies, as did 77% of retail investors.
There are also different priorities within ESG strategies, and our study found a clear divide between which issues were top of mind for retail investors compared to institutional investors. Retail investors were more focused on investments that tackled climate change and clean energy use, while institutional investors placed a greater focus on data protection and privacy, and sustainable supply chain management.
What is clear is that the rise of ESG investing is building trust and creating opportunities for new products.
TECHNOLOGY MULTIPLIES TRUST
Technology has the power to democratise finance. In financial services, technological developments have lowered costs and increased access to markets, thereby levelling the playing field. Allowing easy monitoring of investments, digital platforms and apps are empowering more people than ever to engage in investing. For wealth managers, these digital advancements mean an opportunity for improved connection and communication with investors, a strategy that also enhances trust.
The study shows us that the benefits of technology are being felt, with 50% of retail investors and 87% of institutional investors expressing that increased use of technology increases trust in their financial advisers and asset managers, respectively. Technology is also leading to enhanced transparency, with the majority of retail and institutional investors believing that their adviser or investment firms are very transparent.
It’s worth acknowledging here that a taste for technology-based investing varies across age groups. More than 70% of millennials expressed a preference for technology tools to help navigate their investment strategy over a human advisor. Of the over-65s surveyed, however, just 30% expressed the same choice.
THE PULL OF PERSONALISATION
How does an investor’s personal connection to their investments manifest? There are two primary ways. The first is to have an adviser who understands you personally, the second is to have investments that achieve your personal objectives and resonate with what you value.
Among retail investors surveyed for the study, 78% expressed a desire for personalised products or services to help them meet their investing needs. Of these, 68% said they’d pay higher fees for this service.
So, what does personalisation actually look like? The study identifies the top three products of interest among retail investors. They are: direct indexing (investment indexes that are tailored to specific needs); impact funds (those that allow investors to pursue strategies designed to achieve specific real-world outcomes); and personalised research (customised for each investor).
When it comes to this last product, it’s worth noting that choosing advisors with shared values is also becoming more significant. Three-quarters of respondents to the survey said having an adviser that shares one’s values is at least somewhat important to them. Another way a personal connection with clients can be established is through a strong brand, and the proportion of retail investors favouring a brand they can trust over individuals they can count on continues to grow; it reached 55% in the 2022 survey, up from 51% in 2020 and 33% in 2016.
TRUST IN THE FUTURE
As the pressure on corporations to demonstrate their trustworthiness increases, investors will also look to financial services to bolster trust. Wealth managers that embrace ESG issues and preferences, enhanced technology tools, and personalisation, can demonstrate their value and build durable client relationships over market cycles.
The customer expectations driving insurance change
Carl Strempel, CFO and co-founder, Imburse
Customer expectations are continuously evolving, with simplicity and speed a significant priority in the current market. These expectations have been driven primarily by well-executed technology advancements in eCommerce. For example, many eCommerce platforms allow for instant payment and transparent tracking and delivery. Customers also have the option of availing of a chatbot, allowing for problems and issues to be solved quicker than relying on telephone customer support.
The best examples of these customer engagement solutions are integrated across multiple channels so that customers can switch from the chat-bot to a phone call to an email seamlessly, with the context and conversation retained. Companies and providers understand that there is nothing more frustrating for customers than having to explain the issue multiple times to multiple service representatives.
Customer expectations are continuously changing as mobile technology continues to make advancements. The growing prevalence of super apps that can do it all, from booking food deliveries to ordering taxis, is massively impacting customer expectations. These enhanced offerings mean that individuals are now also expecting this level of detail and personalisation from banks and insurers. Whether buying personal insurance for yourself or your family, or a CFO or risk manager purchasing commercial insurance for a business, customer expectations are rising. There is no longer an excuse for insurers to deliver a poor customer experience.
Insurers, especially in the retail and SME business, have scrambled to overhaul their customer experiences to meet modern consumers’ demands. For example, if an insurance company cannot turn around a quote for a comparison website within a few seconds, they won’t win any business. In fact, if they are not in the top three quotes with a competitive price, they are most likely irrelevant.
As a result, insurers need to think about their technology stack and how they can deliver the best possible experiences for their customers, to generate sales and improve retention. In this case, real-time API integrations into comparison websites.
Other areas of innovation are the ongoing migration to the cloud, which allows for the building of scalability and resilience in insurance carriers, as well as enabling technologies such as document ingestion, workflow automation, A.I., and payments technology delivering a better customer experience with a reduced Total Cost of Ownership for the enterprise.
First and foremost, insurance companies need to understand their customers and how they expect insurance interactions to be delivered. Following this, a technology strategy must be formed to enable them to deliver in an agile way. Being agile is significant because customers’ expectations evolve over time, and technology also changes. As a result, insurers need to understand their customers and be able to deploy relevant technologies in an appropriate time frame to meet demands.
Many insurance providers partner with innovative technology companies to deliver solutions that will support the needs of the end customer. By offering relevant payment checkout experiences, similar to those by large eCommerce platforms, insurers can increase their top line and keep more customers satisfied. Insurers can further reduce payment site costs by using external partners to manage integrations with the global payment ecosystem. This makes the configuration of payments more cost-effective and quicker than what existing IT integrations allow for. This technology can deliver a 90 percent saving on payment integration and configuration.
The advantages of technology in the insurance industry are clear. Technology enables insurers to improve coverage for customers, enhance customer experience, reduce costs and improve product-market fit. There are several new insurance business models being deployed, including embedded insurance, parametric insurance, and soon “open insurance,” which are all designed to make the customer experience more seamless and provide the right cover at the right time. When deployed in the right way, technology is a critical enabler for insurers to deliver to their customers and avoid becoming irrelevant capacity providers.
There are numerous opportunities for insurers to embrace innovation in the industry. The challenges with enterprise payments, however, are primarily transforming traditional IT systems, and maintaining multiple IT integrations with different payment technologies and providers. The impact is not only on top-line income and bottom-line costs, but inadequate payment capability also inhibits insurance innovation. Payments need to meet the needs of the modern consumer and the insurance product. These are the barriers preventing insurers from pursuing their digital transformation journeys. It is for these reasons that third-party innovative solutions prove valuable, enabling insurers to completely optimise their payment systems, for a fraction of the cost, resources, and time.
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