What Does A Broken Healthcare Market Look Like?
October 25, 2024
What Does A Broken Healthcare Market Look Like?
Healthcare data should be about making more people healthier, enabling them to live longer, and at less cost. In reality, it has become the opposite:
Declining healthcare metrics for more people.1 Enormously expensive. Poor physician and patient satisfaction. Unverifiable, often misleading, claims.2
RegenMed has solutions – solutions already accepted by healthcare clients around the world. But, first, it is important to understand the magnitude of the problem.
There is significant evidence connecting physician burnout to the use of Electronic Health Records. Multiple studies have shown that the extensive documentation requirements, usability issues, and the time burden of EHRs are major contributors to physician fatigue and burnout. A review highlighted that physicians often spend more time on documentation than direct patient care. The frustration is amplified the perception of being reduced to data-entry clerks, diminishing professional satisfaction.3
The former President of the American Medical Association, James L Madara, M.D., has said:
Today we have really remarkable tools—robotic surgery, new forms of radiation treatment, targeted biologics; and we live in a time of rapid development in the digital world—telemedicine as an example . . . But appearing in disguise among these positive products are other digital so-called advancements that don't have an appropriate evidence base, or just don't work that well — or actually impede care, confuse patients and waste our time. . . . From ineffective electronic health records, to an explosion of direct-to-consumer digital health products, to apps of mixed quality – it's the digital snake oil of the early 21st century.4
Hospital bankruptcies linked to the installation of electronic health record (EHR) systems have been a growing concern. ... Southcoast Hospital and Lahey Health both experienced significant financial losses following their EHR installations. Southcoast had to reduce its workforce after the costs exceeded their budget, while Lahey Health lost $21 million and laid off 130 employees due to unplanned training expenses.
.... Brigham and Women’s Hospital faced a $53 million shortfall following their $47 million Epic EHR implementation. The financial burden led to the elimination of several positions and forced the hospital to cut operating expenses by $50 million. MD Anderson Cancer Center also had to reduce administrative staff by nearly 900 positions after encountering significant financial difficulties related to its EHR implementation.5
There is a growing recognition in the medical community that the promise of big data in healthcare has been hampered by significant challenges. These include poor data quality, lack of interoperability between datasets, insufficient expertise, and overhyped expectations. While big data holds potential for improving healthcare outcomes, many argue that it has yet to deliver on its transformative promises due to these structural and technological barriers.6
Yes, and RegenMed is implementing them every day. See the Latest page on our website for client use cases. And stay tuned for future updates here.
1 How Does the U.S. Healthcare System Compare to Other Countries?
2 False and Deceptive Health Claims: Buyers Beware
3 Association of physician burnout with perceived EHR work stress and potentially actionable factors
4 AMA CEO outlines digital challenges, opportunities facing medicine
5 Impact of High Capital Costs of Hospital EHRs on the Medical Staff
6 Challenges and Opportunities of Big Data in Health Care: A Systematic Review
What Does A Broken Healthcare Market Look Like?
October 25, 2024
Healthcare data should be about making more people healthier, enabling them to live longer, and at less cost. In reality, it has become the opposite:
Declining healthcare metrics for more people.1 Enormously expensive. Poor physician and patient satisfaction. Unverifiable, often misleading, claims.2
RegenMed has solutions – solutions already accepted by healthcare clients around the world. But, first, it is important to understand the magnitude of the problem.
There is significant evidence connecting physician burnout to the use of Electronic Health Records. Multiple studies have shown that the extensive documentation requirements, usability issues, and the time burden of EHRs are major contributors to physician fatigue and burnout. A review highlighted that physicians often spend more time on documentation than direct patient care. The frustration is amplified the perception of being reduced to data-entry clerks, diminishing professional satisfaction.3
The former President of the American Medical Association, James L Madara, M.D., has said:
Today we have really remarkable tools—robotic surgery, new forms of radiation treatment, targeted biologics; and we live in a time of rapid development in the digital world—telemedicine as an example . . . But appearing in disguise among these positive products are other digital so-called advancements that don't have an appropriate evidence base, or just don't work that well — or actually impede care, confuse patients and waste our time. . . . From ineffective electronic health records, to an explosion of direct-to-consumer digital health products, to apps of mixed quality – it's the digital snake oil of the early 21st century.4
Hospital bankruptcies linked to the installation of electronic health record (EHR) systems have been a growing concern. ... Southcoast Hospital and Lahey Health both experienced significant financial losses following their EHR installations. Southcoast had to reduce its workforce after the costs exceeded their budget, while Lahey Health lost $21 million and laid off 130 employees due to unplanned training expenses.
.... Brigham and Women’s Hospital faced a $53 million shortfall following their $47 million Epic EHR implementation. The financial burden led to the elimination of several positions and forced the hospital to cut operating expenses by $50 million. MD Anderson Cancer Center also had to reduce administrative staff by nearly 900 positions after encountering significant financial difficulties related to its EHR implementation.5
There is a growing recognition in the medical community that the promise of big data in healthcare has been hampered by significant challenges. These include poor data quality, lack of interoperability between datasets, insufficient expertise, and overhyped expectations. While big data holds potential for improving healthcare outcomes, many argue that it has yet to deliver on its transformative promises due to these structural and technological barriers.6
Yes, and RegenMed is implementing them every day. See the Latest page on our website for client use cases. And stay tuned for future updates here.
1 How Does the U.S. Healthcare System Compare to Other Countries?
2 False and Deceptive Health Claims: Buyers Beware
3 Association of physician burnout with perceived EHR work stress and potentially actionable factors
4 AMA CEO outlines digital challenges, opportunities facing medicine
5 Impact of High Capital Costs of Hospital EHRs on the Medical Staff
6 Challenges and Opportunities of Big Data in Health Care: A Systematic Review