“All companies are now healthcare companies” EY experts have contended. According to EY, businesses that take an employee centric approach to healthcare are in the best position for dealing with the coronavirus pandemic and the attendant economic uncertainty.
Prior to the pandemic, healthcare was at a tipping point, “Even before the crisis, our healthcare costs were growing faster than the economy. As we face more intense economic pressures in the path forward, we should accelerate our ability to change this picture and lower the cost of care,” Mallory Caldwell, EY-Parthenon Americas Healthcare Strategy Leader said.
Surprisingly, the coronavirus pandemic has had one benefit. It affords companies the opportunity to restructure their health services for the long term. There is now an opportunity to implement technologies such as telehealth and artificial intelligence to improve healthcare. It is because of these changes that some experts argue that a healthcare revolution is underway.
Some such as Heather Meade, EY Washington Council Practice Lead Healthcare Principal believes there is a silver lining: “We have an opportunity to reset before a new normal sets in.”
So, what does it mean when experts say “all companies are now healthcare companies”?
Well, it means a few things. Principally, it means that when individuals return to the office place, it is the responsibility of the company to ensure safe protocols are implemented so as to ensure the comfort of their employees.
“Those companies that are leaning in, who are making smart health and wellness choices now, are going to be in the best place to earn customer trust and be in the best position for whatever comes next,” Meade says.
Another interesting component of healthcare to consider is the ramifications of healthcare tied to employment. The pandemic resulted in record breaking layoffs and surging unemployment rates. This left many Americans without access to health care, something troublesome as a public health crisis is occurring.
Therefore, it is worth it to consider alternatives to our current healthcare system. One in which people have access to healthcare regardless of their employment status.
Overall, the healthcare industry has undergone substantive changes in the wake of the coronavirus. It is one industry that has needed to adapt to the changes of an uncertain world. The innovation of healthcare is vital to the success of the industry and moreover crucial for the health and wellbeing of Americans.
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