The HealthCare Executive Group (HCEG) announces the 2020 HCEG Top 10 Infographic with summary data and insights garnered from the 10th Annual Industry Pulse Research Survey. The Industry Pulse Survey, commissioned by the HealthCare Executive Group in partnership with Change Healthcare and based on the 2020 HCEG Top 10, aims to take the pulse of healthcare executives nationwide on the challenges, issues, and opportunities they're currently facing.
The 2020 Industry Pulse Report released last month, provides an in-depth analysis into the sentiments of 445 individuals representing payer, provider, and other organizations serving the healthcare industry; and how these organizations perceive the trends in the marketplace, and what they see as the solutions needed to solve the challenges and opportunities their organizations are facing. The 2020 HCEG Top 10 Infographic expounds upon the findings from the survey in relation to the HCEG Top 10 priorities.
“With each year of the HCEG Top 10 and the Industry Pulse, we learn something new. When compared to prior years, this year’s report findings are surprising, particularly with the widely varying sentiments between Payer and Provider organizations around value-based care, consumerism, interoperability, cybersecurity and more” states Ferris Taylor, Executive Director of HCEG. “This year, we’ve learned that Payers have more consumer-centric strategies in place than Providers and are further along in the transition to value-based care. We’re witnessing the industry struggling to move from being an employer-centric, fee-for-service industry to a consumer-centric (full member) value-based healthcare system".
Key data points presented in the 2020 HCEG Top 10 Infographic include:
From a Cost & Transparency perspective (Top 10 #1), healthcare spending accounts for ~18% of US GDP, with last year’s annual family premiums for employer-sponsored health insurance rising 5% to $20,576, while deductibles rose 162% over the previous decade.
From a Consumer Experience perspective (Top 10 #2), only 18% of providers and 24% of payers say they have a “full consumer-centric strategy in place, while 100% of payers report having a strategy or one in development. Four percent of providers say they have “no consumer-centric strategy.”
From a Data & Analytics perspective (Top 10 #4), payers and providers are aligned on the benefits of AI and machine learning investments but differ in their perspectives on smart technologies.
Developed annually by participants of HCEG's Annual Forum, the 2020 HCEG Top 10 list was originally created to mimic the iconic David Letterman Top 10 list and is currently in its 13th year. Starting with 30-40 potential challenges, issues and opportunities, participants at the HCEG Annual Forum vote and rank the list during the 2.5 day event. The resulting HCEG Top 10 list then serves as the foundation for HCEG’s educational programming and content focus in the subsequent year, in addition to serving as the foundation for the Industry Pulse Research Survey.
The 2021 HCEG Top 10 will be voted on and ranked during this year’s HCEG Annual Forum held on September 21-23rd in Boston, MA. Visit the HCEG website for registration details.