The alternative revenue streams will alter the strategies of healthcare provision in accordance with the new findings described by Kacik (2019) in the article “Urgent need for new revenue streams will shape providers’ strategies”. The article focuses on the summary of key findings of the new study done by Partners HealthCare International. It is clear that there is an identified need to prioritize innovative ways of revenue sources in the healthcare industry as they may influence the future of this sphere.
The existing issue with the ways of revenue in the healthcare sector has been recognized and outspoken by 90 percent of executives in the system of health (Kacik, 2019). The theory behind the study suggests that there should be new care models prevailing the revenue without the focus on the classical medical procedures that simply compensate the costs. After the deep analysis of the existing methods and adding innovative decisions, there are three main strategies: the introduction of an interconnected healthcare ecosystem that can be memorized; changing cost centers into profit centers; raising royalty from the sale of drugs, medical tools, and devices (Kacik, 2019). The article also talks about the business element of the healthcare industry that balances between profit and ethics. It is highlighted that the basic principles of ethics should be the foundation for the implementation of the new revenue methods into the system.
It can be concluded that the sphere of healthcare is developing, and the new revenue strategies also derive from innovation and research. The proposed solution described by Kacik includes three main sources of revenue: the new care model that implies a whole ecosystem of services; the transformation of cost centers into profit centers; royalty from drugs, devices and diagnostic methods. Hence, the revenue strategies can be altered following the new ways of healthcare monetization based on the classical principles of medical ethics.
Reference
Kacik, A. (2019). Urgent need for new revenue streams will shape providers’ strategies. Modern Healthcare. Web.