ER: Innovation requires discipline and partnership; payers know that they can accomplish very little without working with other key groups. Therefore, payers are focused on three primary areas of innovation:
Consumerism: Consumers have always been an important constituent in healthcare, but payers are looking to engage them in new ways as they become more knowledgeable about healthcare and better advocates for their own health.
Technology and data: One of the major transformations benefiting the industry right now is the advancement in data collection, storage and sharing, opening up myriad opportunities to tighten collaboration. If you identify the true leaders in the payer sector, they are the companies that are investing heavily in integrated, streamlined technology infrastructures and using the critical insights that result to bring new value to their clients: for example, new or better performing products or more comprehensive and informed ways to identify gaps in care.
Business models: Payers are continuing to move away from fee-for-service payment and to experiment with a variety of value-based models. Success here, as in other areas, demands close collaboration with providers, including support for their provider partners as they take on increasing risk for clinical outcomes.