The healthcare industry faces many challenges, from care fragmentation and clinical inefficiencies to rising patient consumerism and competition, soaring costs, and increasing provider burnout. Healthcare organizations grapple with these issues in an environment marked by mounting financial pressures and workforce shortages.
At the core of these challenges lies the quintuple aim of healthcare transformation: improving population health, enhancing the care experience, reducing costs, addressing clinician burnout, and advancing health equity. Unfortunately, the industry is not going to get there by relying on disjointed EMRs and point solutions.
Decreased Efficiency, Capacity, and Revenue
Now more than ever, the healthcare industry needs solutions that streamline efficiency and boost clinical capacity. With a projected shortfall of over 3.2 million healthcare workers by 2026 and a 13% decline in healthcare productivity, the industry is facing a severe workforce crisis. Burnout is a significant driver, with 83% of providers citing work as the leading cause of their burnout and/or depression.
Health systems are also dealing with worsening patient experiences and financial pressures. Adverse events due to overwork and burnout have increased by 19%, showing how critical it is to improve provider efficiency and overall experience. Financially, the industry is struggling, with profit margins dropping 11% since 2020 and a staggering 31% between 2019 and 2022.
The COVID-19 pandemic hit hard, causing a drastic drop in demand and significantly impacting revenue across all areas of care. Primary care saw a 32% decline in revenue, emergency room visits fell by 49%, and specialty care visits plummeted by 58%. This revenue decline led to layoffs and furloughs. Those who kept their jobs faced increased workloads, which only worsened as demand bounced back faster than hiring.
According to Kaufman Hall's June 2024 report, emergency department volumes have finally returned to pre-pandemic levels, adding pressure to an already strained system. While hospital margins have shown improvement over the past year, growth has slowed recently, suggesting hospitals may be settling into a new normal for profitability. There's a growing divide between higher-performing and lower-performing hospitals, leading to greater disparities in the industry.
As patient demand returns to normal, staffing levels, best practices, and business processes lag behind. This compounding effect continues to drive staff burnout, turnover, and rising labor costs.
The healthcare sector has largely avoided operational innovation and automation, and as a result, the cost of care keeps rising while access to care declines. With nearly 20% of the U.S. GDP dedicated to healthcare, it's clear that the current path isn't sustainable for providers or their patients.
The Impact on Patient Accessibility and Loyalty
With financial pressures and clinician shortages, patients face longer wait times and treatment delays, leading to frustration, deferred care, and worsening health outcomes. These experiences erode patient loyalty, driving many to seek lower-cost, more convenient care alternatives. However, many consumer care options lack comprehensive support for long-term health, resulting in fragmented care and poorer health outcomes.
To counter this trend, healthcare providers must offer consumer-grade experiences while maintaining the relationships and continuity that drive better health outcomes. Patients expect convenience, but they also need quality care delivered in a timely manner — something that healthcare systems have struggled to provide consistently.
The Role of End-to-End Care Enablement
A single technology or solution won't solve these problems. Instead, healthcare systems need a comprehensive, integrated approach that supports patients and providers throughout the entire care journey. The solution must be designed to deliver care that is efficient, accessible, and affordable without sacrificing quality.
Fabric’s end-to-end care enablement system, strengthened by strategic acquisitions, is uniquely equipped to meet these challenges directly. As Rock Health noted in their recent quarterly report, Fabric is 'weaving a tapestry' by integrating diverse solutions to create a more comprehensive and robust offering that addresses a wider array of needs.
Over the past 18 months, Fabric has experienced tremendous growth, fueled by strategic acquisitions and innovation in healthcare technology. With four major acquisitions, Fabric has created a comprehensive end-to-end care enablement system and expanded clinical services for partners. These acquisitions include Zipnosis, the leader in asynchronous virtual care; GYANT, a top conversational AI and patient engagement solution; MeMD, Walmart's virtual care service; and TeamHealth's virtual care service line. Together, these acquisitions have created a robust care enablement platform that expands clinical capacity and enhances care delivery for healthcare providers and patients alike.
How End-To-End Care Enablement Achieves the Quintuple Aim of Healthcare Transformation
An effective care enablement system integrates key solutions to address healthcare's most pressing challenges, creating a comprehensive approach that drives lasting improvements. This is the path to achieving the quintuple aim of healthcare transformation. Here's how Fabric supports each pillar of the quintuple aim:
- Alleviate clinician burnout
- Reduce healthcare costs
- Create health equity
- Improve patient experience and outcomes
- Improve population health
Solve healthcare’s greatest challenges with end-to-end care enablement
At Fabric, we’ve woven together an integrative system to address healthcare’s greatest challenges. Our name represents more than just a brand—it reflects the intricate, interconnected nature of our care enablement platform that interweaves diverse healthcare services to create a cohesive and comprehensive care experience for patients and providers.
As we evolve, we remain committed to our mission of powering boundless care through seamless, intuitive experiences. End-to-end care enablement is the key to solving healthcare’s most complex challenges while supporting patients and providers at every stage of the care journey.
For more on how an end-to-end care enablement strategy can solve healthcare’s greatest challenges, download our Guide to Digital Transformation and Care Enablement.
