Ryan Daniels: Over the last few months, we've received a number of questions from investors about what the U.S. health care landscape may look like in a post COVID-19 environment. So today, I wanted to share with you the top five trends that we think have the potential to reshape the U.S. health care market for the better.
So what are these five key trends? Number one, we see a massive adoption of tele-health and virtual care delivery in the future. This is something that's already been out in the marketplace, used by individuals as a convenient way to obtain routine care. But during the pandemic height when offices were closed and patients still needed access to physicians, virtual care really emerged as a way to deliver that. And importantly, based on our proprietary survey work, consumers not only like this experience, but also anticipate replacing office visits and using it as much as possible going forward; again, as it is simply a lower cost, more convenient option to obtain care delivery.
Number two, we see massive growth potential in the market for home-based care technologies and remote patient monitoring. Patients started moving more towards the home for home-based care delivery and hospitals at home, and we think technology platforms like remote biometric monitoring and pill delivery services and reminders, will enable this type of population to safely age in place on a longer-term basis. So we see rapid adoption there.
Gone are the days are the old pen and paper where you walk into a crowded waiting room in a physician's office, you're handed a clipboard, and required to fill out your information time and time again: why you're there, what's your insurance, what drugs or medications are you on, any comorbidities, etc. Rather, in the future, we think this will emerge to a digital platform where patients can book visits online, they can then input required data, they can prepay for services or outstanding bills and, importantly, even drive to the health care facility and virtually check-in, and then when the room is ready they'll be directed to go in.
The fourth point we see, which is a little less intuitive, is a movement toward the value-base care and this is where providers are paid a fixed fee to take care of a patient population, and they are compensated based on the value of care delivered and outcomes versus the amount of care delivered, which is typical under a fee-for-service market.
The reason for this is that during COVID-19, physicians weren't seeing a lot of patients and their revenues were extremely pressured as volumes declined. So they're moving more into these value-based arrangements where they are incented to care for patients under fixed fees, and we think it will drive better health care outcomes in the future.
And then lastly we see massive adoption of health care data analytics in the future using big data, artificial intelligence, and other analytics to improve care efficiencies, to improve outcomes, the consumer experience, into reduced provider turnover, which is often referred to as a quadruple aim in health care.
So while it's difficult to say there's any silver lining associated with the global pandemic, we truly believe that these five advancements will come into the market mainstream on a rapid basis and do have the potential to make health care more effective and better for all U.S. health care consumers.