Welcome to The Compass, a weekly exploration of data-driven trends shaping the health economy with
Trilliant's SVP, Market Strategy and Chief Research Officer, Sanjula Jain, Ph.D. 

     

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    REPORT // 2021 Trends Defining the Post-Pandemic Health Economy 
    Sanjula Jain, Ph.D., June 16, 2021

    The health economy creates more data than any other part of the economy. As an industry we are prone to gather and analyze data in silos, make decisions using data that is more “directionally correct” than statistically valid, and extrapolate trends that may be true of only 10% of the population to 100% of the population.

    Anchored in trends that are grounded in facts about the past and sophisticated machine learning models about the future, the inaugural 2021 Trends Shaping the Health Economy Report intends to offer all of us in the industry a foundational framework for decision making.

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    Sneak Peek: 2021 Trends Defining the Post-Pandemic Health Economy 
    Sanjula Jain, Ph.D., June 13, 2021

    Data without context is just noise, but data as a story is insight that enables action. It seems every few weeks there is a new headline trend - whether it be MedPAC’s latest payment rate update, the AAMC’s physician shortage estimates, Rock Health’s report on digital health investments, or McKinsey’s survey of consumer preferences for virtual care, to name a few. While I always enjoy digging into the richness of those data, the challenge is discerning what each discrete finding means in the context of where trends are headed at the health economy level.

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    FIGURE 1 - Number of Brands Affiliated with Consumers by Industry_v2

    Patients are Consumers, and Consumers are not Loyal: An Overview of Loyalty in Healthcare vs. Other Industries
    Sanjula Jain, Ph.D., June 6, 2021

    Underlying many executive leadership and board discussions over the last few years has been the core question of “how can we be more consumer focused as an organization?” Every stakeholder from health systems to pharma companies is enacting strategies to shift our historically physician-centric healthcare system to one that is built around the individual.

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    FIGURE 2_Telehealth Users by Gender and Age_FINAL

    Post-Pandemic Telehealth Supply Exceeds Consumer Demand  
    Sanjula Jain, Ph.D., May 23, 2021

    It is no secret that telehealth utilization increased exponentially in the past year. Several researchers have attempted to quantify and characterize the magnitude of the telehealth spike, each leveraging a different calculation methodology. In our analysis of all-payer claims, we observe a 1015% increase in telehealth visits at the peak of the pandemic. As a result of the unprecedented increase in demand, we’ve seen health systems, payers, employers, and Wall Street financiers aggressively pursue telehealth expansion strategies based on (1) a belief that crisis accelerates existing trends, and (2) surveys indicating that both physicians and individuals who used telehealth during the pandemic are more likely to continue to use it.

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    Percent Deviation from the Average-2

    Demographics ≠ Consumer Loyalty  
    Sanjula Jain, Ph.D., May 16, 2021

    As consumer choice increases with the increase in provider supply, consumers will increasingly "split" their healthcare consumption across a number of brands. Healthcare providers that understand the psychology underlying the consumer’s decision-making process will be better positioned to earn the loyalty of healthcare consumers with abundant choices.

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    Health Economy-1

    As Supply Increases, Consumer Loyalty is at Risk
    Sanjula Jain, Ph.D., May 9, 2021

    In this week's debut issue, we introduce the health economy framework and examine the impact of growing provider supply on consumer loyalty. The finding: Even though loyalty varies by CBSA, by in large, earning the consumer's share of care is going to become a lot more challenging.

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