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At PwC, we describe this as the big squeeze. As providers large and small attempt to navigate today’s complex environment, there’s a need to innovate and even undergo business model reinvention. At the heart of a successful initiative is an ability to integrate digital technologies. Putting data, information and knowledge to work effectively unlocks value, growth and profitability.
Trend 1 Navigating a fast-changing healthcare landscape
The need for business model reinvention within health services is critical. The US spends more money per capita on healthcare than peer countries yet achieves less favorable outcomes. Amid the backdrop of rising costs and performance pressures, it’s vital to acknowledge the challenges but also recognize that huge opportunities for improvement exist.
A few megatrends stand out. Larger organizations are flexing their organizational might. New industry alliances are taking shape — in some cases merging digital and retail. And advances in medical technology present new ways to interact with patients and treat conditions.
Consequently, healthcare service providers should shift their focus and reshuffle various pieces — including business relationships and the fundamental way they disperse care.
Three areas are at the center of this transformation and are the focus for PwC and AWS, which are working together to transform and reinvent the healthcare industry. Together, we’re accelerating innovation across the front office and back office, while elevating patient and customer experience. Our mission is to help healthcare organizations master these complexities, collaborate on strategy, drive data-driven decisions, enable precision medicine and reduce the cost of care.
A modern cloud framework
Cloud computing isn’t new to healthcare, but its role is expanding and changing. As organizations look to act on data, connect digital technologies and build out a more connected and effective business model, the need for agile and highly flexible cloud frameworks increases. Cloud also makes it easier to form new business relationships, dispense alternative forms of healthcare, use electronic health records (EHR) more effectively and power up new initiatives faster. This includes things like chatbots, AI-generated content and industry leading features in smartphone apps.
Success requires more than simply lifting and shifting assets into cloud. PwC has worked with AWS to develop a high-performance framework that supports business reinvention at scale. This includes automation and factory AI frameworks that boost organizational intelligence and speed by seamlessly migrating on-premises workloads to cloud. This can aid in areas as diverse as managing patient information and cybersecurity. These AI studios can provide a foundation for fast development and rapid deployment and iteration.
For instance, for one regional healthcare provider, PwC and AWS developed more than 50 analytical solutions focused on areas such as primary care, staffing and medical group operations, among others. The system introduced efficiencies at scale and made it easy for patients to find providers and book appointments. The result was better and lower cost care.
Getting started
- Recognize that consumer-centric healthcare is emerging, consumer and medical devices are converging and the need for fast, flexible and highly scalable computing is crucial.
- The cloud is an essential component in building a modern computing architecture that can help address inherent challenges and opportunities in the US healthcare system.
- A cloud infrastructure can help accelerate the transition from brick-and-mortar to digital. This makes it easier to integrate technologies, redesign services and delivery models and to produce value, cost savings and growth.
- Cloud also makes it possible to pivot quickly and take advantage of new business opportunities. This includes attracting talent, a real consideration with 82% of health industry leaders reporting that attracting and retaining talent is the top risk to their business, according to PwC’s Pulse Survey: Focused on reinvention.
Trend 2 The ability to take advantage of digital technology
Cloud can help accelerate gains through technology by connecting and enabling systems, but it can also introduce ways to boost outcomes while reducing costs. Moreover, it doesn’t simply replace people — or cover up labor shortages — it delivers strategic enhancements. It’s possible to expand and change the underlying healthcare model from one based on disease treatment to one focused on earlier detection and health management.
Success requires an understanding that the cloud is more than a way to simplify and automate tasks. It can help elevate processes, workflows and interactions through digital solutions and AI. It can also introduce next-gen capabilities such as AI factories that automate intelligence and unlock value — and growth.
PwC and AWS have collaborated to deliver a broad suite of technologies that can fuel fast development with transformational capabilities. For example, an organization may want to perform more like an innovative digital retailer or app-based service. Excluded by traditional constraints, it’s possible to ask: What new and innovative products and services can we create? With built-in guardrails and security, a health services providers can evolve from a transactional model to a more holistic framework that delivers benefits and value for everyone.
Getting started
- It’s critical to mesh strategy and technology to tap into the overall power of AI.
- Generative AI can help spot patterns and trends, find relevant data, interact with employees and customers in highly effective ways, and facilitate usage policies, data governance and more.
- An AI factory approach can help accelerate an organization’s ability to deploy GenAI quickly and effectively. It also simplifies regulatory compliance.
- GenAI and cloud benefit the overall organization, including human resources, finance, operations and medical practitioners as well as patients.
- Data modernization is essential for unlocking the benefits of next-gen health services delivery.
Trend 3 Strong and lasting trust with customers and providers
Trust is at the center of healthcare. Consumers and stakeholders today have high expectations that their data will remain safe and be used in ethical ways. What’s more, an overwhelming 93% of business leaders agree with the concept that trust connects to the bottom line, according to PwC’s 2024 Trust Survey.
This points to a need to build guardrails into your systems, including cloud. Cloud can simplify cybersecurity and privacy by establishing a common framework for things like identity management, policy management and security solutions.
Take PwC fusion center, powered by Amazon Security Lake, for instance. It’s a collection of solutions and services that operate under a GenAI framework. Among other things, this environment supports continuous compliance while delivering foundational support for a broad array of digital solutions and technologies. Suddenly, innovation risks decline while the opportunities to generate value expand.
Getting started
- With the appropriate balance of people, processes and technology, patients, practitioners and others can feel more engaged and connected.
- Organizations simplify and improve regulatory compliance, ESG reporting, tax strategies and other business critical tasks.
- Strong security and ethics encourage patients and providers to share their data. This, in turn, unlocks new opportunities for products and services while improving the quality of care.
AWS infrastructure designed specifically for health services providers
As health services organizations identify a strategy to elevate digital technology and leverage cloud, it’s important to consider whether a platform has the core functionality and flexibility to support business model reinvention and digital transformation. PwC has worked with AWS to help deliver a highly elastic and scalable infrastructure that's designed specifically for health services providers.
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