Conversations around healthcare’s switch to value-based models often center on reimbursement. Are payments being redesigned to incentivize new care models? Are they replicable? When can we leave fee for service behind?

The other critical part of that equation is: are these experiments delivering value for patients, clinicians, and the healthcare system overall? To be sure, cost, payment, and care are inextricably linked. But understanding how technology, consumerism, clinician well-being, aging, and a host of other factors are being addressed is essential to moving the industry forward.

Oliver Wyman’s Health Innovation Journal Volume 5 analyzes a number of the biggest trends impacting the industry’s transformation, from creating digital doctors and understand the impact of price transparency to evolving consumer behaviors in a digital age and addressing systemic racism. Through a mix of articles, videos, and podcasts, this year’s Journal, which is fully digital for the first time, offers insights from Oliver Wyman partners who are the front-lines helping organizations develop new business strategies, as well as from some of the industry’s most innovative leaders.

Highlights from this year’s Health Innovation Journal

Five Ways to Reshape Healthcare: Oliver Wyman’s Ashley Smith details areas where the value proposition is being redefined in healthcare: care in the home, behavioral health, the electronic medical record, pharmaceuticals, and population health. In a video presentation, Smith shares ideas for how the industry can bring science and business together in unique ways. As she points out, we are past the time when big players and current incumbents are the default winners and incremental change is the norm.

"We are past the time when big players and current incumbents are the default winners and incremental change is the norm."

Digital Doctors: There’s an enormous upside to getting clinicians to embrace technology more fully, but we can’t lose sight of the fourth element of the Quadruple Aim — bringing joy back to practicing medicine. In this article, we look at how organizations can adopt technology in a meaningful way to benefit patients and clinicians.

Value or Vaporware: Mergers, acquisitions, partnerships, and investments are creating a host of unique combinations. That M&A and partnership activity is being backed by an explosion in capital flowing into the industry. Increasingly, those investments are being directed toward value-based models. We take a closer look at areas for investors to consider as they think about backing different models of care and payment, or a new technology.

Aging Sustainably: By 2050, more than 20% of the world’s population will be 60 years of age or older. Programs are in place across the globe to not only improve health, but the quality of life for this demographic. We identified six areas where stakeholders can come together to reimagine how services are delivered and healthy aging becomes a strategic priority.

Understanding the Engaged Consumer: The COVID-19 pandemic reshaped how consumers access healthcare services. Findings from our latest Consumer Healthcare Survey offer insights into how healthcare companies need to realign their strategies to meet evolving consumer expectations.

Dig deeper into this year's Oliver Wyman Health Innovation Journal here.