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K stands for Klynveld. Piet Klynveld founded the accounting firm Klynveld Kraayenhof & Co. in Amsterdam in 1917.
P is for Peat. William Barclay Peat founded the accounting firm William Barclay Peat & Co. in London in 1870.
M stands for Marwick. James Marwick founded the accounting firm Marwick, Mitchell & Co. with Roger Mitchell in New York City in 1897.
G is for Goerdeler. Dr. Reinhard Goerdeler was for many years chairman of Deutsche Treuhand-Gesellschaft and later chairman of KPMG. He is credited with laying much of the groundwork for the KMG merger.
Current Perspectives on Healthcare Reform and Market Transformation
Our view is that there is an ongoing transformation of the healthcare industry – particularly on a local market basis in anticipation of new economic models for financing healthcare and despite the uncertainties at the Federal and State levels.
The Four Imperatives Remain The Same
The need to be agile around cost structures
The need for greater size and scale
The need for strong governance and greater transparency around quality and pricing
The need to continue to be vigilant around compliance
Today’s transformation is inward looking – assembling the component parts, experimenting with new payment models, monitoring employer and consumer trends and understanding the role of new entrants.
Health plan, physician, or health system-led integrated delivery models through mergers and acquisitions, joint ventures, management agreements, etc.
Alternative payment models coupled with increasing employer and consumer engagement
Emerging role of private equity, retail health, life sciences companies, etc.
Tomorrow’s transformation will be defined by collaborating with others, coordinating care across the continuum and developing extended operating models, which we call Convergence.
The next stage in the evolution of the healthcare industry reflects a convergence of interests among providers, payers, and life science companies
Utilizing advanced analytics, enabled by new technologies to change the practice of medicine and the business of healthcare
Convergence is currently expressing itself through data and analytics collaboratives, innovative public private partnerships, and previously siloed stakeholder groups working together in new ways.
Convergence of roles, responsibilities and relationships drive new business models.
“[Our] promise will really come to fruition when other great groups, large academic medical practices, research universities, biotech, pharma and device companies, other insurers and health policy groups, all come together and help us use informatics to pull out the data here that will really define value… the potential is almost limitless and really should change the way we design healthcare systems in the future.” – Dr. John Noseworthy, CEO Mayo Clinic, April 2013
The Risks Around Convergence At The Enterprise Level
Acknowledging continuing margin compression in the cost shift
Evaluating the opportunity to disrupt or the risk of being disrupted given the velocity of local market changes, including physician and other provider alignment
Preparing for revenue transformation as new revenue streams emerge around public and private exchanges, narrow networks, and other value-based arrangements
Monitoring employer and consumer attitudes/acceptance
Evaluating “make or buy” decisions on the necessary tools, technology, and talent
Becoming agile around cost structures given declining volumes coupled with clinical transformation
Conducting scenario planning, predictive modeling, and war gaming around market transformation and the impact on financial performance
Assuring the integrity of clinical reporting and developing new metrics for the transition from volume to value
Converting unstructured data into information for decision making to enable clinical, operational and financial benchmarking across the continuum of care along with real-time predictive clinical surveillance systems
Managing increasingly complex compliance regimes and enhancing transparency in reporting
For more information, visit the KPMG Healthcare & Pharma Institute @ http://www.kpmghealthcarepharmainstitute.com
The information contained herein is of general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation.