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4 hospital business models of the future
For hospitals, the million-dollar question is, “How do we adapt to the changing needs of the healthcare industry and remain fiscally stable?” PwC’s Health Research Institute articulates four potential answers to that question in a report published Oct. 4.
Here are the four business models identified by PwC’s HRI as successful strategies for hospitals over the next decade:
1. The product leader. Under this model, hospitals are focused on delivering top-notch, advanced care. Best-in-class care is the core product. This model will focus on specific healthcare needs, particularly those that may be costly or complex. Whole patient care, low-cost options and a large footprint are not the focus. This model is focused on the product and the brand and will build scale using technology like telehealth. It relies on partnerships with other provider types for referrals and new patients.
2. The experience leader. This model is focused on building the best possible customer experience. It relies on patient retention and loyalty. This is built on offering consistency and convenience. A focus on wellness, patient preferences and cost transparency is key. Offering the lowest cost option isn’t a top priority, so long as consumers understand what goes into the pricing and get what they are looking for.
3. The integrator. This business model focuses on offering the best value option to consumers via scale and scope. This is the largest of the business models and will likely require a multiregional or national presence. The top focus isn’t the brand, however. Instead, it’s about offering low-cost options, which will require working with providers outside of the hospital and aligning economic incentives to keep prices down.
4. The health manager. The last model puts a premium on the health of populations. Its focus is on keeping complex populations out of high-cost settings by addressing social determinants of health. This model requires a broad understanding of populations, a balance of risk and health equity, and partnership with the public sector. It will require hospitals to take on the broadest definition of healthcare to succeed, including mental, social and logistical supports for patients.
Learn more about PwC’s analysis here.
https://www.pwc.com/us/en/health-industries/health-research-institute/provider-systems-future.html
CHS shares sink to new low
https://www.beckershospitalreview.com/finance/chs-shares-sink-to-new-low-100518.html
Shares of Franklin, Tenn.-based Community Health Systems closed Oct. 4 at $2.67, their lowest closing price ever and down 1.1 percent from the day prior.
The hospital chain’s stock price traded as low as $2.62 on Oct. 4 after closing Oct. 3 at $2.70 per share. Over the past year, CHS shares have traded between $2.62 and $7.62.
CHS saw its net loss shrink in the second quarter of 2018 as the company continued to refine its hospital portfolio. The company is using proceeds from the hospital divestitures to pay down its debt load.
US hospitals pay up to 6 times more for medical devices, study finds
U.S. hospitals spend more on prescription drugs than their peers in European countries, and the same is true for medical devices, a new study published in Health Affairs suggests. In some cases, hospitals in the U.S. paid six times more for a medical device than their European counterparts.
The study was conducted by two researchers from the London School of Economics and Political Science who looked at what hospitals in the U.S., U.K., France, Italy and Germany paid for various heart implants, such as stents and pacemakers. They used data from 2006 to 2014 from a large hospital panel survey consisting of 30,000 unique price points.
The researchers found that depending on the type of stent or pacemaker, U.S. hospitals paid anywhere from two to six times more than the country that paid the lowest prices. The country that often paid the lowest price was Germany.
One example provided was drug-eluting stent prices. The price of the device in the U.S. consistently exceeded the price in Germany by $1,000.
Prices between countries differed for various reasons, including the market power of medical device manufacturers and each country’s tech-based regulations.
The findings suggest “that manufacturers exploit varying levels of willingness to pay and bargaining power between buyers to charge different prices across hospitals and increase profits,” the researchers wrote.
15 health systems with strong finances
https://www.beckershospitalreview.com/finance/15-health-systems-with-strong-finances-100418.html
Here are 15 health systems with strong operational metrics and solid financial positions, according to recent reports from Moody’s Investors Service and Fitch Ratings.
Note: This is not an exhaustive list. Health system names were compiled from recent credit rating reports and are listed in alphabetical order.
1. St. Louis-based Ascension has an “Aa2” senior debt rating and stable outlook with Moody’s. The health system has a large diversified portfolio of sizable hospitals and strong liquidity. Moody’s expects Ascension’s margins to improve in fiscal year 2019.
2. Morristown, N.J.-based Atlantic Health System has an “Aa3” rating and stable outlook with Moody’s. The system has a strong market position, favorable balance sheet ratios and strong operating performance, according to Moody’s.
3. Atrium Health has an “Aa3” rating and stable outlook with Moody’s. The Charlotte, N.C.-based health system has historically stable operating performance and solid cash-flow metrics, according to Moody’s.
4. Prince Frederick, Md.-based Calvert Health System has an “AA-” rating and stable outlook with Fitch. The system has a leading market share, a favorable payer mix and stable cash flow, according to Fitch.
5. Children’s Healthcare of Atlanta has an “Aa2” rating and stable outlook with Moody’s. The health system has a dominant market position, strong margins and ample liquidity, according to Moody’s.
6. Cleveland Clinic has an “Aa2” rating and stable outlook with Moody’s. Cleveland Clinic has strong brand recognition, exceptional fundraising ability and healthy cash flow, according to Moody’s.
7. Inova Health System has an “Aa2” rating and stable outlook with Moody’s. The Falls Church, Va.-based health system has consistently strong cash-flow margins, a leading market position and a good investment position, according to Moody’s.
8. Philadelphia-based Main Line Health has an “Aa3” rating and stable outlook with Moody’s. The system has a strong market position, healthy balance sheet metrics and a light debt burden, according to Moody’s.
9. Rochester, Minn.-based Mayo Clinic has an “Aa2” rating and stable outlook with Moody’s. Mayo has a strong clinical reputation, favorable fundraising capabilities and a robust balance sheet, according to Moody’s.
10. Dallas-based Methodist Health System has an “Aa3” rating and stable outlook with Moody’s. The health system has a favorable liquidity position, consistent operating results and a growing market population, according to Moody’s.
11. Omaha-based Nebraska Medicine has an “AA-” rating and stable outlook with Fitch. The system has strong operating margins and a light debt burden, according to Fitch.
12. Fort Wayne, Ind.-based Parkview Health System has an “Aa3” rating and stable outlook with Moody’s. The system has healthy debt service coverage, manageable capital spending and improving liquidity metrics, according to Moody’s.
13. Sisters of Charity of Leavenworth (Kan.) Health System, which does business as SCL Health, has an “Aa3” rating and stable outlook with Moody’s. The system has a good market position in a favorable service area, strong operating margins and limited capital spending, according to Moody’s.
14. Hollywood, Fla.-based South Broward Hospital District has an “Aa3” rating and positive outlook with Moody’s. The health system has a dominant market position, robust debt coverage and improving operating margins, according to Moody’s.
15. Chapel Hill-based University of North Carolina Hospitals has an “Aa3” rating and stable outlook with Moody’s. The health system has an excellent market position, strong patient demand and healthy financial performance, according to Moody’s.
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HENRY KOTULA 