T he concept of routine can be stricken-off from the healthcare dictionaries. The healthcare ecosystem is set for a whole new transformation post the COVID-19 scenario from – the people they work with, the communities they serve, and the operations in terms of demand and supply. Healthcare leaders need to answer these two critical questions:

• How relevant are the existing healthcare strategies?
• How to assess the core asset portfolio and my strategy given these uncertainties?

Healthcare strategists can respond effectively to uncertainties by shifting to an agile mindset and adopting dynamic processes. This can help leaders to respond to emerging challenges quickly and continuously track and monitor business performance respective to market needs and opportunities. Healthcare organizations that reopen services should place a significant focus on responsive planning.

How can healthcare systems evolve amidst the prevailing uncertainties?

Enter scenario planning. What is Scenario Planning?

As humans, we tend to believe that the future will reflect the past—and make decisions based on the impact of our past experiences. At times, when faced with unprecedented uncertainties, organizations become brash and make hasty decisions.

There is no predefined strategy specific to COVID-19. However, scenario planning helps us rethink plans while being well-equipped to respond to potential disruption, such as COVID-19. Scenario planning can help healthcare systems prepare for future uncertainties and act promptly across the respond, recover and thrive phases.

Scenarios are circumstances that aim to illustrate the future. These scenarios are formulated through well-orchestrated processes to broaden thinking, challenge conventional approaches, and foster thoughtful decisions. Situations are not predictions of the healthcare landscape. They are hypotheses that can help leaders assess, manage and mitigate risks to design a holistic strategy that can sustain significant value over the long term.

Four Key Post COVID-19 Challenges

No one can give accurate predictions on exact market uncertainties—post the COVID-19 situation. However, they will identify the scenario that may be the closest to the future reality. At SolvEdge, we have identified the top four COVID-19 related uncertainties critical in the current environment. Remember that these uncertainties could evolve or vary with different organizations.

1. Regulatory changes: Will the new regulatory changes help or harm innovations to enable better patient care and outcomes?

2. Socio-economic Impact: How long will the economic implications last, and how will it affect patients’ affordability to care and the business aspect?

3. Patient Expectations and the Paradigm Shift of Care: How the global pandemic has fostered new consumer behaviors (like social isolation, shelter-in-place) and changed consumer expectations like telemedicine services?

4. Population Health Impact: How the global health crisis will impact different populations and will the stakeholders manage increased inequalities?

How the global health crisis will impact different populations and will the stakeholders manage increased inequalities?

1. Gridlock. Resources decline across the healthcare landscape as regulatory restrictions slow down progress and healthcare organizations are severely impacted financially and struggle operations and sustenance.

2. Return to the Status Quo. The healthcare ecosystem has managed to survive the pandemic. However, they are skeptical about making innovative investments as they strive to cope with the new normal.

3. Transform Healthcare Models. The global pandemic has highlighted the importance of challenging conventional approaches while emerging regulations and consumer expectations align to transform healthcare models.

Indeed, these scenarios will continue to change across different market segments. To assess which situations are gaining momentum over time, organizations need to keep a tab of critical insights and signposts to gather a pulse of how to adapt. Alternatively, organizations can design a broader strategy that will be applicable in any of the scenarios above. By formulating such a comprehensive plan, organizations can redefine roadmaps to mobilize those universal success factors. Despite roadmaps, organizations need to adopt dynamic planning methodologies to remain robust and responsive to future uncertainties.

To learn more about global healthcare trends, stay tuned to our blogs section, updated twice every week!