During this year’s 11th Annual FrameworkLTC User Conference we were fortunate enough to host an awe-inspiring line up of keynote speakers. One standout presenter, Paul Baldwin, a veteran healthcare policy and government relations executive, shared some key insights on the trends long-term care pharmacies should be thinking about now to ensure their businesses are prepared for the future.
Here is a recap of the top five trends in LTC Healthcare from Paul’s talk:
1. The Knowledge Gap is Shrinking
With the rising use of electronic information resources in everyday life and for educational purposes, it’s no surprise that consumers today are more informed than in years past.
The advent of the internet and the rapidly evolving technology landscape has empowered the passive patient with a wealth of online health information resources emerge like: MedlinePlus.gov, Johns Hopkins Medicine Health Library, Medscape, WebMD, Mayo Clinic, CDC, and more.
2. The Consumer Profile is Changing
As the medical, technological, and regulatory landscape changes, so does the profile of the modern consumer.
Consumers are now willing to seek care in “non-traditional settings” like home health care, a sector that’s projecting to outpace all other types of care with annual spend nearly $173B by 2026, as estimated by the Centers for Medicare & Medicaid Services (CMS) Office of the Actuary.
3. Institutional Care is on the Decline
With ninety percent of Americans ages 65 and older stating they want to stay at home as long as possible, as reported by the Home Care Association of America and the Global Coalition on Aging, Home-based Care Services will continue to see an influx of patients.
In fact, the United States Census Bureau predicts that by 2020, 56 million Americans will be 65 and older, and by 2050 - that number will reach 84 million.
That means that by the year 2040, our aging population will not only triple, but will demand more home-based services.
4. Dispensing is Now a Commodity
The new generation of pill dispensers are not only automated, but well connected. From Blister packaging robots like RxPense, to Strip/Pouch packaging medication dispensers like Spencer - the technology is innovating quickly and becoming available for general use.
What’s not yet commoditized? Cognitive Services.
With more than 2 million serious adverse drug reactions per year, more than 100,000 hospitalizations, and the 4th leading cause of death; non-adherence is costly, with averages stacking up to $100-$300B/year.
5. Data is King
As more technology comes to the market, more data is collected from its users and adopters. While health care data management is extremely sensitive and highly regulated, it’s important for pharmacies to think through not only what data they are collecting, but how they are using the data to uncover operational inefficiencies to improve efficacy and gross margins.
For example, customers using FrameworkBI can easily tap into inventory amounts, identify bottlenecks in current scheduling, identify failures to pay in full parties, and understand on a granular level where your profitability is coming from.
Paul Baldwin is the Founder of Baldwin Health Policy Group LLC, a public affairs and government policy affairs consulting firm since 2013. He has more than 30 years experience in public policy advocacy and government relations in the health care industry.
For more information on how you can grow, compete, and scale with pharmacy technology trends, visit SoftWriters.com and take a guided tour of our powerful Pharmacy Management Platform.
