Closing the gaps in care is one of the best ways to minimize skyrocketing healthcare costs, especially for health insurance companies. High-risk members with chronic or multiple comorbid conditions not only have poorer health outcomes, but they can also drive a substantial amount of healthcare spending within a network.

Although virtual care had been around for quite some time, it was only after the COVID-19 pandemic struck with such an impact that it gained widespread acceptance. However, care is not truly virtual until it can take place on the go with speed and efficiency.

The COVID-19 pandemic has forced healthcare organizations to enhance care delivery. The very nature of employee benefits is changing dramatically, and group plans are becoming more complex. There is a growing need for healthcare institutions to demonstrate better organizational health, greater productivity, and favorable financial outcomes.

In 2014, IDC estimated that if all digital data in healthcare were loaded onto the memory in a stack of tablets, it would reach 82,000 miles high, or one-third of the way to the moon by 2020.

Digitization in healthcare is gaining momentum through the use of data aggregation, advanced data analytics, and increased access to big data. Life sciences organizations are digitally transforming their processes by using these tools to accelerate the development of new drugs, devices, and digital medicine solutions.

As the Coronavirus Disease 2019 (COVID-19) public health crisis continues to re-shape health care delivery—largely through increased utilization of telehealth services—payers and providers are grappling with how best to navigate dramatic shifts in the system.

The three priorities of healthcare delivery — cost, quality, and access — need not be at odds with each other. Employers today are increasingly engaged in a range of innovative approaches to improve healthcare quality and control costs that directly address some of the underlying flaws in the system.

The Centers for Medicare and Medicaid Services (CMS), has stated that healthcare spending is projected to grow at an average annual rate of 5.4% between 2019 and 2028, reaching over $6 trillion in total spend by 2028.

Social determinants of health (SDoH) have a major impact on individual and population outcomes. Health plans are constantly striving to improve these outcomes and member experiences. By assessing social factors and addressing the challenges pertinent to those factors, payers can positively impact member-population health. A deeper understanding of factors that affect members' health can significantly reduce utilization and costs, thereby improving the overall plan performance.

The COVID-19 pandemic has accelerated the adoption of telemedicine for all consumers, forcing healthcare providers to move care beyond the clinical setting. This means that stakeholders across the continuum of care have to ensure improved access to critical services and reduce cost constraints.