Sigal Atzmon, CEO at Medix Global, discusses how healthcare companies are finding ways to create shared value.
Recent research1 in the US surveyed over 2,000 doctors about how much medical care they thought was unnecessary in their medical speciality. The response from doctors showed that 20.6 per cent of overall medical care was unnecessary. Considering the various medical complications that can come from any form of treatment, these are alarming figures.
Current medical approaches are deeply flawed as there is a constant conflict between healthcare providers, payers and patients. With medical costs sky-rocketing and patient satisfaction at an all-time low2, a different approach is clearly required. The imperative to improve quality and decrease cost in medical care is prompting stakeholders to focus on shared value-based care through a patient-centric approach.
This is part of a wider shared value movement that began from an article in the Harvard Business Review3; one that looks at the crucial connection between the economic competitiveness of businesses, communities and the eco-systems they operate in. Rather than being another form of corporate responsibility, the focus is on creating value. This value is then ‘shared’, creating a mutually beneficial arrangement for everyone in the system that meets both societal needs and those of businesses to remain profitable. This philosophy has become a driving force for businesses across a number of industries.