NEW YORK, March 26, 2019 /PRNewswire/ -- Chasm Partners, a leading executive search firm in the healthcare technology and services space, recently convened a roundtable discussion to examine the factors driving increased demand for in-home health services, how technology can enhance its delivery and why home-based care offers a unique opportunity to address social determinants of health.
The roundtable, which was hosted as part of the firm's quarterly newsletter, ChasmPOV, featured viewpoints from four recognized thought leaders in the field of home healthcare:
- John Driscoll, CEO of CareCentrix, which has developed purpose-built technology, analytics, and experience to guide care that keeps patients on the path to the ultimate site of care -- the home. Driscoll has over 25 years of health care experience, having previously served as president at Castlight Health. He also previously served as group president for new markets at Medco, a pharmacy benefits manager.
- Travis Messina, co-founder and CEO of Contessa, which operates a risk-based model, home recovery care, that combines all the essential elements of inpatient hospital care in the comfort and convenience of patients' homes. Prior to Contessa, Messina was the chief investment officer of Martin Ventures, a healthcare-focused venture fund. Before joining Martin Ventures, Messina served as vice president of development for Vanguard Health Systems, where he focused on leading the diligence efforts for acute care and ambulatory acquisitions.
- Rich Roth, chief strategic innovation officer of Dignity Health, a multi-state nonprofit network of 41 acute care hospitals and 400-plus care centers that is dedicated to providing compassionate, high-quality, patient-centered care. A leading voice in healthcare innovation, Roth leads Dignity Health's efforts to create and test novel services, programs, partnerships, and technologies – from within and outside of healthcare – that challenge the status quo and have the potential to reduce the cost of care, improve quality, and increase access to services.
- Dale Wollschleger, R.Ph., founder and CEO of ExactCare, which provides innovative medication management and chronic care solutions that drive better health for medically complex, chronic patients while enabling healthcare organizations, such as health plans and home health agencies, to achieve better clinical and economic outcomes. The company's core service—a high-touch, long-term care pharmacy-at-home model—has been proven to result in fewer hospitalizations and readmissions and significant total cost of care savings.
"Virtually all of the major trends in healthcare are converging to catalyze growth in the home healthcare space -- an aging population, healthcare consumerism, value-based care and innovative new technologies that enable caregivers to deliver more comprehensive, more efficient care," said Matt Dumas, Managing Partner at Chasm Partners. "However, the major reason that home healthcare is here to stay is much simpler: Patients prefer it. As payers and providers see more positive health outcomes and lower costs associated with home care, we expect the home to represent the most rapidly expanding setting for care delivery in the coming years."
Key takeaways and highlights from the roundtable discussion include:
- As healthcare consumerism and cost-consciousness continues to accelerate, patients will demand more convenient care at the time and setting of their choosing.
"There is compelling evidence to prove that well-monitored home treatment is less expensive, safer and more effective than care in facilities, especially for patients who are vulnerable to hospital acquired infections and other complications of inpatient care," Driscoll said. "Patients prefer care in their own home. Our recent study found 75 percent of post-operative rehabilitation patients stated they would rather heal in the home whenever possible."
- Home healthcare's impact can be found in the data – reduced readmissions, fewer complications and lower costs – but its true measure is patient satisfaction.
"I think patient satisfaction, reduction in readmissions, and complication rates are the biggest metrics that underscore the value-creation of our Home Recovery Care (HRC) model," Messina said. "HRC increases patient satisfaction by nearly 25 percent, reduces readmissions by over 40 percent, and it has a 0 percent complication rate. In terms of the economics, this is the most cost-effective way in which hospital-level care can be delivered. The typical reduction in the 30-day episodic cost of care is approximately 15 percent –20 percent for the Medicare Advantage population. Commercial payer savings is even greater than that. To put this in perspective, the Medicare BPCI program produces about a 3 percent reduction in episodic cost of care."
- By observing where and how patients live, in-home care provides a unique opportunity to obtain a holistic perspective into patients' own experiences, as well as an understanding of what specific social factors influence their health.
"We can have a holistic view of the patient by being in their home and getting a broader understanding of how their environment can support their well-being," Roth said. "Part of this includes understanding barriers that could be addressed through a better continuum with social services and community partners. Do they have food insecurity issues that need to be addressed? Do they have effective transportation and can we connect them with ride share options?"
- In-home healthcare technology must improve outcomes by enhancing physicians' ability to diagnose and treat patients, but its other essential function is to augment their ability to connect with patients on a human level.
"I think we all agree that the future of the industry may see the lines blur between technology and professional caregivers, but the best results will always be achieved by those treating technology as a tool to enhance this patient-caregiver relationship—not replace it," Wollschleger said. "The ideal approach will enhance the way our patients interact with us and provide additional avenues to increase engagement and ownership in their care—something that will truly drive better overall health outcomes for them."
To learn more and read the full ChasmPOV roundtable, please visit the Chasm Partners website.
About Chasm Partners
Chasm Partners is a retained search firm focused on placing top talent in high-growth venture backed companies. We specialize in helping organizations scale in highly disruptive sectors facing transformation including Healthcare Technology & Services, Big Data & Analytics and Enterprise Software. In addition to retained search, Chasm invests in many of its clients and provides additional services to help them scale and grow including recruitment process outsourcing (RPO) and organizational development. For more information, visit www.chasmpartners.com.
Media Contact: Jenn Cohen, Amendola Communications for Chasm Partners, 404-759-3933, firstname.lastname@example.org
SOURCE Chasm Partners