Morgan Stanley deems 18% of US hospitals at risk. The Amazon experience in healthcare can help

by admin 0 Comments

A Morgan Stanley analysis of more than 6,000 hospitals in the US reveals that almost 20% of those facilities are at risk of closure or performing weakly, according to a recent article in HealthCareDive.[1] These numbers are up substantially from past years. For example, “Morgan Stanley determined 8% (about 450 hospitals) as at risk of potential shuttering, versus the 2.5% that closed their doors over the past five years, and said an additional 10% (600 hospitals) are ‘weak.’”[2] Reporter Rebecca Pifer notes that “the report could be read as a fresh nail in the coffin of larger and more traditionally-minded systems.”[3]

The report lists several factors putting sustained pressure on hospitals. Two of them stood out to us because we can help with these disruptions:

“Most notable is new competition from alternative sites of care as well as patients’ cost-saving rationale to go there, with the mounting popularity of high-deductible health plans in a market of skyrocketing prices.”[4]

Our advice for hospital executives breathing a sigh of relief because their hospitals aren’t among these 20%: don’t exhale too quickly. It’s not just the 20% dying or hanging on the cliff. Where there’s smoke, there’s fire, and within the next 12-36 months, there could be another slew of hospitals being in that position. It doesn’t take long to go from semi-healthy to unhealthy, especially if you maintain the status quo.

The triple aim of the Affordable Care Act: Care, Health and Cost are just not coming to fruition. We have talked with very large employers, notably one that is a Fortune 50 company, and they are very frustrated with service providers because their employees cannot schedule procedures and see what their out-of-pocket costs will be. They are scared to seek healthcare services because they don’t know how much they will have to pay, and when they absolutely must have services, they can’t determine that they are definitely in-network. Add to that the convenience factor. People want access to telemedicine, including tele-behavioral health, yet those services are not readily accessible for many. People don’t want to sift through reams of paperwork that they receive in the mail about how to log on to a teledoc or slog through patient portals to figure out their bills.

The average person won’t put up with jumping through hoops. They want to hop onto an application, search and quickly find quality providers – as quickly as they can buy products from Amazon on their smartphones.

How are you as a provider going to stay healthy? By listening to your customers, which are employers, employees and patients. When you don’t listen to your customers, they go elsewhere and you go out of business.

The solution is to embrace consumerism. You can literally change your entire financial fortunes by giving patients the Amazon experience.  Give consumers access to the real costs of healthcare. Give them a way to shop, schedule and pay for services from their phones. Our platform can be used for large employers, payers, and even state governments to manage their Medicaid programs. In addition, we help you collect upfront, which will solve your bad debt issues.

HealthQRS’ ecommerce medical marketplace is set to help people who need lower cost options. Our solution allows consumers to connect to lower-cost services such as telehealth services and clinics.  Not only do we have an online marketplace that provides a full retail experience including accurate pricing (not just estimates), but we are enabling technology that provides telehealth connectivity as well. Our technology enables people to connect to more cost-effective, consumer-oriented healthcare options and we keep them in-network.

Our platform provides the Amazon experience in healthcare. Our solution is the perfect vertical application for integrated delivery networks. We provide regulation compliance and serve as a marketing tool for your facilities. In addition, HealthQRS allows you to be compliant with the new CMS transparency rules beginning Jan. 1, 2019.

HealthQRS can also enhance your existing portals and other patient engagement solutions. Our user-friendly app points them to your portals which will improve your meaningful use numbers and increase meaningful use funds.

We are a software-as-a-service (SaaS), so you have no capital investment, just a low monthly fee. We also have a smartphone application that consumers can use to shop, see actual costs, schedule and pay for services with a few finger taps.

HealthQRS has over 15 years of experience developing healthcare retail experiences for people and our founders have over 50 combined years of e-commerce experience. We invite you to watch our user-friendly app video that you can use to win consumers. We also have a point-of-service solution video that may interest you. You can also check out our E-Commerce Medical Marketplace Flyer for more information. Why not contact us right now to schedule a personalized demo? We’re ready to help you gain market share and secure your financial outlook.

###

[1] Rebecca Pifer, “Nearly 20% of US hospitals weak or at risk of closing, analysis finds,” HealthCareDive, Aug. 22, 2018, https://www.healthcaredive.com/news/nearly-20-of-us-hospitals-weak-or-at-risk-of-closing-analysis-finds/530710/

[2] Pifer, “Nearly 20% of US hospitals,” HealthCareDive, https://www.healthcaredive.com/news/nearly-20-of-us-hospitals-weak-or-at-risk-of-closing-analysis-finds/530710/

[3] Pifer, https://www.healthcaredive.com/news/nearly-20-of-us-hospitals-weak-or-at-risk-of-closing-analysis-finds/530710/

[4] Pifer, https://www.healthcaredive.com/news/nearly-20-of-us-hospitals-weak-or-at-risk-of-closing-analysis-finds/530710/

Leave a reply

Your email address will not be published.

You may use these HTML tags and attributes:

<a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>