ANDOVER, Mass.--(BUSINESS WIRE)--Royal Philips (NYSE:PHG, AEX:PHIA), a global leader in health technology, released the first chapter of its annual Future Health Index, which focuses on how healthcare systems can accelerate their journey to value-based healthcare. The U.S. performed well in data collection as compared with other countries examined in the report (42.96 vs 16-country average of 28.57). But with the lack of a universal health record, steps to proper care are hindered. Satisfaction with the healthcare system is below average: The U.S. falls short for both healthcare professional (44.45 vs 16-country average of 52.66) and general population (46.48 vs 16-country average of 53.05) satisfaction, overall.
There is also a clear lack of trust in the healthcare system in the U.S., with 62 percent of healthcare professionals, and only 40 percent of the general population trusting the system. Across the countries analyzed, the U.S. has a higher than average density of skilled healthcare professionals (117 vs 109 per 10,000 people), but it also has a lower than average number of hospital beds (29 vs 38 per 10,000 people). This gap demonstrates the U.S. healthcare’s focus on outpatient services and the need for access to sub specialties and care in more rural areas.
Why value-based healthcare might hold the answer
Value-based healthcare describes a system that aims to increase access to care and improve patient outcomes at optimum cost. With hospitals moving away from billing on volume, and instead focusing on patient status, it provides the missing connection between patients and providers/healthcare systems that is necessary for trust to thrive. Value-based care is a people-centric approach that spans the entire health continuum; providing the right care in the right place, at the right time and the right level of cost.
Healthcare professionals will have a greater opportunity to implement value-based care and provide a better patient experience with improved outcomes as integrated data becomes more ingrained. The use of universal healthcare records can boost data collection among healthcare professionals because it helps eliminate disparate sets of data and silos within the healthcare system.
“At Philips we are working on telehealth and artificial intelligence solutions that can help break down the barriers between hospital and home, giving patients an alternative way to connect with healthcare professionals, both improving access to care and their satisfaction,” said Vitor Rocha, CEO, Philips North America. “With value-based care, we can put the emphasis back on the patient, not profits and create the kind of solutions that improve diagnostic confidence and patient outcomes, while at the same time reducing costs. Only then can we engender trust in the U.S. healthcare system and bridge the gap between healthcare professionals and the general population.”
Through long-term, strategic partnerships, Philips is working with healthcare systems across the country to understand work flows and remove complexity to deliver a seamless approach to wellness when, where, and how people need it. This approach is critical for value-based care. As part of these relationships, Philips co-creates intelligent innovations with its partners, many of which benefit from “adaptive intelligence,” the Philips application of artificial intelligence that improves people’s lives in a meaningful way. Examples of Philips solutions that apply adaptive intelligence include Illumeo and IntelliVue Guardian EWS. This combination of artificial intelligence with deep knowledge of the clinical, operational, and personal context supports solutions that adapt to people’s needs and help healthcare providers achieve better outcomes at lower cost. This approach is validated by the findings in the FHI, which shows the U.S. investment in artificial intelligence (AI) is double the average spend in AI related to preliminary diagnosis ($0.06 per capita vs $0.03 on average) and therapy planning ($0.14 per capita vs $0.06 on average), which suggests a prioritization of healthcare AI technologies in the U.S. market.
About the Future Health Index
The first of three independent chapters scheduled for release over the year, the report defines a model for measuring value as it relates to value-based healthcare and assesses the value present in several international healthcare systems.
The Future Health Index 2018 analyzes primary research and third party data from across 16 countries, representing about half of the world’s population. The Index also provides an indicator of the value delivered by individual healthcare systems. The Value Measure provides a benchmark against which a system’s progress towards value-based care can be evaluated. In addition, the report includes input from global healthcare experts which provides actionable insights for countries to improve the value their health systems deliver.
To download the first chapter of the Future Health Index 2018 report in its entirety, please https://www.futurehealthindex.com/report/2018/. For additional Future Health Index related content, please visit https://www.futurehealthindex.com/.
About Royal Philips
Royal Philips (NYSE:PHG, AEX:PHIA) is a leading health technology company focused on improving people's health and enabling better outcomes across the health continuum from healthy living and prevention, to diagnosis, treatment and home care. Philips leverages advanced technology and deep clinical and consumer insights to deliver integrated solutions. Headquartered in the Netherlands, the company is a leader in diagnostic imaging, image-guided therapy, patient monitoring and health informatics, as well as in consumer health and home care. Philips' health technology portfolio generated 2017 sales of EUR 17.8 billion and employs approximately 74,000 employees with sales and services in more than 100 countries. News about Philips can be found at http://www.philips.com/newscenter.
