Finally, after much anticipation, the name of Amazon’s, JP Morgan’s and Berkshire Hathaway’s new joint venture has been announced.
Haven’s stated mission is to develop, test and scale models of care that create better outcomes, increase patient satisfaction and lower costs. Lofty goals, no doubt. This mission is similar to the “triple aim” framework, identified by the Institute for Healthcare Improvement, and even by some Insurance Carriers.
Triple Aim is composed of three main goals; enhancing the experience of care, improving the population’s health and lowering the per capita cost. Achievement of this framework has been elusive, and the question now is can Haven accomplish it?
For its microcosm of employees, Haven just may be the entity that can.
What will most likely be required?
Industry experts agree patient engagement and understanding of how to manage their health is critical. Access to quality care along with education and knowledge is also essential. Lastly, a system of fee-for-service payment model based on the number of services provided needs to change to pay for quality and patient satisfaction.
What can we expect next?
Here’s a closer look at what we can expect from Haven and its effects on the industry:
The Way We Access Healthcare
With this new venture, Amazon, JP Morgan and Berkshire Hathaway are combining to revolutionize the way we access and manage healthcare. Technology will be a significant factor in that effort. Currently, wearable devices help us monitor our activities and provide some general biometrics. Further development could push the boundaries of technology to include health status monitoring, chronic condition management, and remote health care access. With Amazon's formidable technology and analytics platforms, the "digital health" future could be closer to reality.
Impact on the Market
The negotiating power from this venture could have a significant influence on health care costs for their employees and members. Direct contracting with providers and facilities, and stratifying high efficient suppliers with demonstrated results is expected to occur. Using data analytics to measure and monitor member outcomes will help build "networks." The result could be lower health care spend and higher quality.
Influences for Other Employers
If Haven does develop something revolutionary, it could significantly disrupt how most employers are accessing health care for their employees. Other employer markets may follow similar models, and our industry may experience unprecedented change. It will undoubtedly be worth it if the results are lower health care costs and improved population health and access.
These are just some ideas and speculations about what may be next from the new Haven venture.
What is definite, however, is, the status quo will not remain. Haven will influence change, and it may be disruptive. I, as well as many in our industry, will be keeping a close watch on what’s to come. Exciting times!
For an in-depth look at the implications of Haven, check out this piece from OneDigital Southern California’s Regional Managing Principal Chris Thurin: What Can We Learn from the Amazon, JPMorgan, Berkshire Venture?