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In the transition to value-based care from a fee-for-service payments system, providers explored ways to enter into risk-sharing agreements. The session, “Collaboration or Competition: Who Owns the Healthcare Dollar,” brought together experts who focused on their experiences with new models of collaboration. Panelists agreed that risk-sharing is a “team sport” that takes genuine cooperation.
Based on the popular TV show, “Project Healthcare: Designing Integrative Care Models That Work” featured three innovators, a panel of judges, and a real runway. The fun format, and substantive ideas, drew a standing room only crowd to delve into successful models of care integration in seniors housing. And here, the NIC networking arena was in full force during day two of the three day event.
As healthcare players increasingly look to improve outcomes while lowering costs, panelsts and attendees at the NIC event agree that operators must consider their options for delivering value and leveraging their unique assets while helping residents live happier, healthier lives.
According to panelists on day one of the NIC event, the growth of the cost of healthcare is unsustainable. In a session titled “Five Healthcare Trends You Need to Know,” for example, a panel of experts weighed in on how five healthcare trends are impacting the senior living industry. The panel noted that owners and operators will confront a future of disruption where scale will matter along with a change in the way healthcare is accessed and delivered.
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The NIC Conference focused on trust, and experience in the industry, when choosing to partner.
Value is created when care silos break down, said speakers at NIC.
Data is key to healthcare’s future said attendees and panelists at the NIC Spring Conference. Disruption was also a talking point at the event. Disruption is triggered by many factors: changing competitive forces, technological advances, or evolving consumer preferences. Regardless of its origin, Disruption happens but anticipating and preparing for disruptive change can mean the difference between a company’s growth—or its downfall, said Andy Waldeck, senior partner at the growth strategy consulting firm Innosight.
Seniors housing operators can assist residents to overcome any technology hurdles, and should seriously consider partnering with telehealth market innovators to keep their population safer and healthier.
“Keep your quality high. You have to have it there and sustain it. If you understand that quality and bring the data, it speaks volumes,” said Kaiser’s Skelly Wingard (right).
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SAN DIEGO—The 2020 NIC Spring Conference this year focused on the importance and impact of the conference theme: Investing in Seniors Housing and Healthcare Collaboration. Panelists along the way talked harvesting data, partnership, telehealth, quality of health, planning for care needs, value-based strategies and more.
In a general session, titled “Join the Disruption: Convergence of Healthcare and Seniors Housing,” focused on real-world examples of healthcare and seniors housing disrupting current models in an increasingly value-based world. A panel discussion focused on the opportunities that now exist to break down old silos, adapt, and partner to improve outcomes.
In another session, panelists in “Identifying Value Amidst Turbulent Market Conditions” offered varying perspectives on a range of issues affecting valuations today, from margin compression across all property types, to the rising costs of labor and insurance. The panel also discussed current cap rate drivers (trending downward for seniors housing) and the implications of healthcare collaboration.
And in another panel titled, “Planning for the Care Needs of the Forgotten Middle,” speakers explored how the seniors housing industry can provide appropriate care and housing for middle- income seniors, a growing cohort that will present a challenge to the nation going forward.
During the luncheon keynote presentation, “Positioning for the Long Term: The Opportunity for Integrating Senior Care” healthcare strategist Andy Waldeck related his interactions with the healthcare system when his son broke his thumb. It served as an example of how the costly system is ripe for disruption and how the seniors housing and care industry can start to frame their place in the continuum in a new way. “We are in the early innings of the industry transitioning to a new vision,” said Waldeck.
In “What’s the Physician’s Role in the Value Equation?” attendees heard how this mismatch of incentives creates real problems for SNFs or other providers trying to offer better care at lower prices.
“Executing a Payroll Play” explored how investors contemplating an opportunity should carefully investigate the financial impact of higher-than average staff turnover, forecast minimum wage increases, demographic issues like workforce housing options close by, and physical plant quirks like a basement laundry room that would make it difficult for care staff to work efficiently.
In “Valued-Based Strategy: Partner, Acquire, or Build?” a trio of industry thought leaders walked through how they approached their respective vertical integration strategies to keep afloat, remain competitive – and better serve their residents and their families.
NIC Chief Economist Beth Mace also presented, “The NIC Bluebook: Current Market Conditions and the Senior Care Industry” where Mace confessed that she had never seen a crazier week for global financial markets than this COVID-19-driven one. She pointed out that while it is easy to worry about plummeting stock markets and worst-case scenario predictions of a 3% drop in the global economy, historically low interest rates make it easier for people to buy houses and cheaper for companies to finance construction, so there may be a silver lining for seniors housing. She also noted that the US continues to be viewed globally as a safe haven for investors.
Other key takeaways from the event are as follows:
- Focus on value and partnerships: The role of managing and coordinating care should focus on the outcome of the individual.
- Risk-Operators should take risks and ultimately need to understand that somebody is going to be at risk for the total healthcare spend of the residents in your building.
- Shift-Expect to see a massive shift in health care delivery and payment model. Siloed, fee-based (volume) will move to a value-based system.
- Greater Accountability-We can expect greater accountability for what happens after (and before) the hospital.
Check out the related articles below that you might have missed and scroll through the slideshow photos above for more from the panels.
Who Owns the Healthcare Dollar?
How Senior Housing Fits in the Healthcare Expenditure Equation
Panelists: Telehealth Will Produce Meaningful Savings for Senior Care
NIC 2020 Talks Future of Healthcare Disruption, Scale Will Matter
The Uncertain Demand for Senior Housing
New Investors Flock To Senior Living