Real-World Data In Times Of Change

By Melva T. Covington, MPH, MBA, Ph.D., Ciox

The eye-opening projected cost of healthcare due to the novel coronavirus in the United States is historic, with totals somewhere between $56B and $556B by the end of 2021, according to a Wakely study by American’s Health Insurance Plans.

Our nation’s hospitals are hemorrhaging dollars. The American Hospital Association suggested that together, hospitals will have lost more than $200B by mid-year 2020, losing on average $51B per month over a four-month time period. There have also been widespread disruptions to routine surgical care, with more than 28 million surgeries postponed or cancelled since the start of the COVID-19 crisis as per the British Journal of Surgery Society.

Moreover, the cost of care has shifted to online services wherever possible. This is noted by the exponential growth in remote monitoring, telehealth services and delivery health products. One national pharmacy chain reported a YoY 600 percent growth in demand for telehealth, virtual visits, and home delivery services during the first quarter of 2020.

The healthcare model has shifted essentially overnight, and what is clear is that nearly all of our systems and institutions must act now to understand the impact of these changing dynamics and address costly challenges in real-time. One critical question: Can digital technologies inform us of what is working, and what isn’t?