Why Fee for Service in Healthcare is Dead

/in /by

StrategyDriven Editorial Perspective Article |fee for service|Why Fee for Service in Healthcare is DeadThe healthcare industry is changing and changing fast. It’s become clear that the industry is no longer sustainable.

Healthcare costs have skyrocketed over the last several years. Businesses and employees alike struggle with rising premiums and emergency procedures. The stress is taking its toll on the nation.

The industry is in for several major shifts. One of those shifts will be in fee for service healthcare.
Read on to learn why this model for delivering healthcare will no longer work and what’s going to replace it.

What is Fee for Service Care?

Let’s start by defining what fee for service healthcare is. It’s the payment for services rendered. So, when a doctor or healthcare professional performs a service, they get paid for it.

Take a look at the most recent invoice from your doctor. You’ll probably see a number of line items for a 15-minute visit.

One line item might be for a test performed, another for taking your blood pressure, another for two aspirin that you were given at your visit.

The more procedures they do, the more they get paid. That’s the case no matter what the outcome is. Your health could improve, or it could deteriorate. The healthcare providers will still get paid because they performed the work.

That incentivizes healthcare professionals to perform more work whether the work is necessary or not. It doesn’t give them an incentive to improve your health, even though that’s what they’re there for.

An Alternative to Fee for Service Healthcare

Fee for service has long been the way that the healthcare industry worked. One of the unintended consequences of this model is waste.

Procedures cost more and they aren’t even necessary. This model has contributed to the high costs of healthcare. Of course, there are other factors as well, but this is definitely one of those factors.

What’s the alternative to the fee for service model? Healthcare policy experts are getting behind a value-based healthcare model.

The value based care definition says that providers should be paid based on the result. It’s like a pay for performance model.

In this model, the attention shifts to the patient’s needs, instead of creating dozens of line items for every minute thing.

The good news is that major insurers are starting to get behind the value-based care model. For example, Medicare and the Affordable Care Act legislation have championed this approach to paying for healthcare.

The Healthcare Industry is Changing

It’s become clear that the high costs of healthcare are taking its toll on everyday Americans. Policymakers and healthcare professionals are trying to find solutions to provide quality care and lower costs at the same time.

One big change that’s becoming more common is how healthcare providers are paid. There’s been a shift from a fee for service model to a value-based model. The fee for service model provides a payment incentive for the outcome of the patient’s health, not just the quantity of services provided.

Are you ready for more strategic insights? Check out this site often for more great content.

Amazing AI Facts That Could Change The World

/in /by

StrategyDriven Editorial Perspective |AI|Amazing AI Facts That Could Change The WorldAI, or Artificial Intelligence is something we often associate with science fiction movies. The concept of AI is to create machines that learn and are able to work autonomously, to make our lives easier. It is a wonderful and unique technology that can transform our lives as well as business ideas.

Whether its using a gpu server for ai deployment, creating self-cleaning machines, or clever robots who are able to think for themselves… AI is amazing. And here are some amazing facts you should know that could change our world.

1. Electricity transformed our world. But Google CEO Sundar Pichai thinks that AI will have a bigger impact on the development of human life.

2. The demand for data scientists will be over 50% more than the supply, making it a VERY smart career path to follow.

3. PWC believes global GDP will rise by 14% by 2030 due to AI.

4. Big Data and Analytics will be a huge source for spending by 202o reaching a global soend of $203 billion.

5. Men are currently dominating the AI industry and 71% of new applicants in this field are male…. Come on ladies!

6. AI continues to be a growing source of startups and as technology evolves it will continue to grow.

7. 84% of enterprises believe in the competitive power of AI resources for their empire

8. By 2025, revenue from AI projects will be $31.2 billion!

9. AI will soon be used as a marketing tool and will be developed for a more personalised email marketing campaign, changing the landscape of marketing.

10. Since 2000 the investment in AI projects has increased by 6 times!

11. Venture capital for AI between 2013-2017 increased by 4.5%

12. China has earmarked artificial intelligence as a key factor in their success going forward… and as a result of this they will look to be one of the dominating countries in AI in 2020 onwards.

13. Gartner believes that AI is crucial for business, and they believe that AI should be one of the most important investment opportunities. Those who invest in AI soon will be incredibly happy in the next few years as the markets continue to grow.

14. Nautilus is a self learning super computer. It was one of the first of its kind and has been used for a number of amazing tasks. The most crucial task this computer performed was to locate Osama Bin Laden. Computer such as these could literally change the world for the better.

15. These are the most highly valued companies from the US and China:

  • ICBC
  • China Construction Bank
  • JPMorgan Chase
  • Berkshire Hathaway
  • Agricultural Bank of China
  • Bank of America
  • Wells Fargo
  • Apple
  • Bank of China
  • Ping An Insurance Group

16. VC investors are increasingly investing in machine learning and AI capabilities, making it a great career to choose.

17. Huawei are looking to develop AI chips that will reduce the need for China to rely on other countries for their technology needs.

Which Business Sectors Are Attracting Investment?

/in /by

StrategyDriven Editorial Perspective Article |Investing|Which Business Sectors Are Attracting Investment?When business owners are successful, it’s only natural to start considering how they can make the most of their profits and savings. Many of these people decide to invest in other companies to get a return as they generate wealth, but it’s important to understand which industries represent the most stable investments. Becoming an investor requires just a single dollar, but it could be the start of a profitable portfolio that you, your business and family will benefit from for many years. There are plenty of sectors which offer attractive returns, but here are some of the most secure which are attracting investment.

Which are the best sectors to invest in?

When deciding which industries to invest in, there are some key factors to consider. To get the highest level of returns, you need to be willing to take risks. You can reduce some of this risk by diversifying your investments and keeping investments in place for a minimum of 5 years. It’s also important to review your portfolio on a regular basis and not to buy or sell shares based on panic or impulse.

Electricity, oil, and gas

While the world is seeking renewable energy alternatives to reduce our reliance on fossil fuels, the world is still heavily reliant on oil, natural gas, and electricity generated using these fuels. Globally, the energy sector is valued in excess of $7 trillion and by 2035 it is anticipated that the global demand for energy will increase by as much as 30%. World governments have to source fuel to keep their economy and society working which makes this sector a secure investment. Head over to read a blog by engineering and mining expert, Roberto Casula, for some key statistics on the US oil and petroleum industry.

Health care sector

The health care sector offers a wealth of possibilities for investors as it is known as a ‘defensive sector’ (it is largely immune to economic fluctuations) and has steadily increased over the last 10 years and looks set to continue on an upward trajectory. Health care is a particularly fast-growing sector for several reasons, but particularly because we are living longer than ever before.

This increased the need for care items for the elderly and there are plenty of gaps in the market for the healthcare sector. There have also been great leaps forward in biotechnology and even people without investment experience in the industry can find a niche sector to become involved in. Whether the economy is thriving or not, people still need to buy their medication.

Technology

Technology is innovation and looks likely to form the foundation for much of our society for the foreseeable future. From computer hardware and software to technology service providers, app developers and data processing, the potential for growth is seemingly limitless. The biggest technology companies include Apple, Microsoft, Google, and Facebook.

Financial sector

The financial services such as credit cards, banks, insurance companies, and brokers are similar to the health sector in that the aging ‘baby boomers’ are expected to pass on a lot of accumulated wealth to their children and grandchildren. This money will need managing and the financial services sector will be there to facilitate this.

How Has Ai Revolutionised Our Daily Lives For The Better?

/in /by

StrategyDriven Editorial Perspective Article|AI|How Has Ai Revolutionised Our Daily Lives For The Better?Ai and its capabilities have rapidly increased in recent years with at-home devices and mobile devices using their own Ai to increase performance. But how else has it revolutionised the way that we go about our daily routines? Whether this is in business for the use of artificial intelligence in sales, or at home to turn on and off the heating and other electrical appliances, there are a number of ways that Ai has become incredibly useful. In this article, we will be looking at the implementation of Ai and how this has revolutionised the way we conduct daily activities.

The Rise In Digital Assistances

One of the biggest ways that Artificial Intelligence has affect our daily routine is through the use of Assistances. Whether this is Amazons Alexa, Google or Siri, each of these use an Ai software to revolutionise our daily lives and make jobs easier to complete. Whether this is searching on the internet, placing directions in maps or looking for videos on Google, this ai algorithm helps to streamline the daily process and learn your daily preferences for a fully personalised experience.

Product Recommendations

Another way that Ai has helped to better people’s lives is through the use of product recommendations. Whether this is shopping on Amazon or even taking advantage of Google shopping capabilities, Ai will recommend products to you based off of your search history as well as other items that you have been looking at. This is the same with Google ads as it implements cookies that track your spending and search behaviour. This not only makes repurchasing items much easier for those of us that regularly shop online, but it also helps businesses to see more of a return of investment from their remarketing campaigns.

Tv And Music Recommendations

In addition to product recommendations, Ai is also used on some of our favourite platforms such as Netflix, Amazon Prime and Youtube streaming services. Ai is used to not only recommend programs or channels for you to watch, but they also send you notifications for up to date content that may interest you. This has revolutionised our daily lives as many of us now opt for media of this form rather than watching traditional television as there is much more variety for anyone looking to watch new content from some of their favourite actors.

Googles Algorithm

The final way that Ai has revolutionised our daily routine is through the websites that we choose. Not only does Google’s algorithm provide us with reliable information quickly, but it also encourages us to find reliable sources with new and refreshed content every day. Whether it is a website search for a specific key term or a recommended video on YouTube, this all makes our lives much easier when using the digital space. Though it does take time for the Google algorithm to get it right, this will help you to organise your life as well as enjoy media in a brand-new way.

Though this is still in the early stages, the implementation of Ai in our everyday lives is only set to make our lives easier than ever before whether this is online or in the home. Only time will tell where this will go.

Interesting Power Generation Facts You Should Know

/in /by

StrategyDriven Editorial Perspective Article |Power Generation|Interesting Power Generation Facts You Should KnowPower generation is one of the most important industries in the world. Our world needs power, and it is crucial for us to generate enough to power our homes and cities efficiently. There are many different types of power such as oil, gas, wind, solar, and nuclear; and all of these are generated in different ways and have their own purposes.

Today we are going to explore the latest power generation technologies and share some interesting facts about power.

1. Coal power plants emit something called Fly Ash, and this substance is 100 times more radioactive than a nuclear power plant of the same size.

2. William Kamkwamba powered a whole village with a homemade windmill. After reading about windmills at his local library, he built a windmill out of scraps and powered his entire village in Malawi.

3. Denmark is one of the most efficient wind power users in the world, and in 2013 on the 28th October, wind power was generating enough energy to power 122% of the county’s needs.

4. The UK is known for its love of a good brew. There is a power station inside a mountain called Dinorwig station whose sole purpose is to cope with the spike in power usage during the ad breaks on TV when people switch on their kettles.

5. Sweden asks for trash for Norway to use their Waste-To-Power plants, because they are so good at recycling that they never have enough to use.

6. Nuclear power is always associated with disasters such as Chernobyl, but they actually save lives every single year. Lower air pollution caused by less coal usage has saved over 1.8 million lives between 1971 and 2009.

7. In 1963, all private power companies were bought by the Quebec government. This has since led to the ability for them to focus on renewable energy sources, and right now hydroelectricity accounts for 96% of power in Quebec. As well as this, energy rates are some of the lowest in North America.

8. Hydroelectricity powers 99% of all Norway, this is the highest rate in the world.

9. The Titanic was a tragedy, and it should be known that engineers stayed on the ship to keep the power running to allow others to escape. No engineers made it off the ship.

10. If you are ever locked up in Brazil, you can reduce your sentence by riding on an electric bike to power a nearby village.

11. Termites might be America’s best hope for renewable energy in the future. It has been found by The U.S. Department of Energy that termites produce 2 litres of hydrogen every time they consume a sheet of paper. They are efficient and they could be a great way to power the country.

12. France produces a lot of nuclear energy, and because it is in surplus of the needs of the country, they export it to others and make a generous profit.