LOUISVILLE, Colo. – November 23, 2020 – Global Healthcare Exchange (GHX) unveiled its top five predictions for the healthcare supply chain during 2021. While COVID-19 highlighted fissures in the global healthcare supply chain, it also underscored the importance of the supply chain in driving healthcare’s digital transformation. As healthcare forges a path to financial recovery and improved patient care delivered at lower cost, expect to see a focus on building more resilient supply chains through greater levels of collaboration among stakeholders and the adoption of cloud-based technologies.
GHX 2021 Predictions:
1. The move to value-based care will accelerate, breaking down silos in the organization and the technology infrastructure.
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There will be a shift to cross-functional teams that align with a patient’s entire care episode, resulting in a better understanding of product utilization and the total cost of care. To gain the necessary insights, these cohesive teams will require more modern technologies and better systems integration. For example, the move to cloud ERP will make it easier to identify, locate, procure and bill items that align with specific patient needs. Success, however, will rely on core supply chain data that is clean, current, accurate and easily managed. In addition, providers and suppliers will find ways to better share data to create greater visibility around inventory and demand.
2. The era of post-modern ERP will dawn in healthcare, marked by widespread adoption of cloud solutions and enterprise modernization.
In 2021, the big winners will be the organizations that move to a cloud-based ERP and invest in enterprise modernization to ensure the integrity of their data. Health networks need the ability to adapt to trends, including telehealth, managing remote clinicians and extending the supply chain to the patient’s home. Organizations that make the move to cloud ERP and modernization will improve processes and make better-informed decisions based on accurate and current data-driven insights.
3. Hospitals with stronger balance sheets will drive more market consolidation.
Look for more M&A activity in the areas of non-acute care and home health. According to data from HealthCareMandA.com and Deal Search Online, deal volume in the home health and hospice sector accelerated in the third quarter of 2020, with M&A activity increasing 10% compared with the same quarter in 2019. Consolidation will be driven by larger IDNs and health systems that are in stronger financial positions and have focused on transitioning to value-based care.
