The Transformation of Healthcare from Reactive to Proactive Care
Healthcare is undergoing transformation due to changing consumer preferences and technological advancements. Precision health is becoming increasingly essential as value-based care and population health management require tailored and precise care delivery that caters to patients' expectation for personalized care and convenience.
Failure to adopt precision-based approaches can lead to lack of differentiation, increased costs, and inadequate patient outcomes. Payors and Providers who are unable to evolve will struggle to compete, thereby providing less effective care. Adopting Precision Health strategies can lead to earlier diagnosis, targeted treatment plans, and potentially reduce healthcare costs. Precision Health also faces challenges such as lack of advanced reimbursement models that promote optimal risk sharing and enhanced patient outcomes. This makes it difficult for companies to invest and establish sustainable business models. Precision Health relies on expensive diagnostic tests and treatments that may not fit into existing reimbursement models, which raises concerns about financial sustainability. Additionally, Precision Health may improve patient outcomes beyond the time horizon of traditional reimbursement models.
Are you prepared to transform this with Precision Health?
“Cancer will cost $25.2T to the global economy from 2020-2050. Five cancers, including lung and breast, will account for $12T.”
*As per a study published in JAMA Oncology
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The convergence of wearables, apps, biotechnology, and diagnostic technologies is paving the way for precision health, which integrates prevention and wellness with disease care to provide proactive, precise, and prevention-based life care. The ecosystem requires an approach involving healthcare providers, payers, pharmaceutical companies, tech firms, governments, and other entities to create holistic solutions. Precision health is not only an opportunity but an imperative to improve human lives, reduce healthcare costs, and improve productivity. A fully developed precision health system will encompass genetic predisposition, preventative measures, and regular health monitoring, expanding caregiving beyond traditional healthcare roles to include specialists from other fields.
Mayo Clinic Revolutionizes Precision Health
Mayo Clinic's trailblazing approach to healthcare has transformed the way patients receive treatment. By adopting precision medicine practices over a decade ago, it created the Center for Individualized Medicine. With cutting-edge services like genomic sequencing, genetic counselling, and pharmacogenomics, it offers personalized, precise, and proactive care. With over 8,000 patients treated and improved patient outcomes, Mayo Clinic's success is a testament to the power of Precision Medicine that will inspire healthcare providers to adopt similar practices, ushering in a new era of patient-centric healthcare.
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