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What Risk Managers Can Learn From the Health Care Industry

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The COVID-19 pandemic had the silver lining of accelerating the digital transformation of countless industries, and as the dust settles over health care’s own evolution, risk managers will need to navigate an ever-more complex web of challenges to enable the path forward.

We believe it was harder prior to the pandemic’s disruption to imagine the sort of health care landscape that research and advisory firm Gartner® is projecting in just a few short years. By 2025, 40% of healthcare providers will shift 20% of hospital beds to the patient’s home through digitally enabled hospital-at-home services, improving patient experience and outcomes and reducing the cost of care.

Supporting this delivery model will be technologies that not long ago were relatively uncommon – think of the biometric sensors many of us now wear every day in the form of a smartwatch. Where a video appointment with a primary care physician was once rare, it increased 38-fold from a pre-COVID-19 baseline by February 2021, according to research published by McKinsey & Company.

Yet the business risks intrinsic to these evolving health care delivery models, fueled by the expansion of operations to new technologies and third-party relationships, are also profound. Fifteen of the top 20 life […]

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