In the recently released report The Marketplace Revolution, Oliver Wyman shares insights on next-generation business designs and describes how multiple industries are converging to create the new consumer health, wellness, and better-living marketplace. We have invited Health Market 2.0 pioneers to share their approach to the emerging consumer-centric market. First up is Dr. Grace Terrell, president and CEO of Cornerstone Health Care, a North Carolina-based group of more than 320 physicians and advanced practice providers. Back in 2011, Cornerstone transitioned from the traditional fee-for-service model to a patient-centered medical home system. Since 2012, Cornerstone has participated in the Medicare Shared Savings Program. Earlier this year, Cornerstone was one of only 21 ACOs in the country invited to participate in phase two of the ACO process called the Next Generation ACO. Wake Forest Baptist Medical Center has signed a letter of intent to acquire Cornerstone. Here, Terrell provides a glimpse “inside the revolution:”
Oliver Wyman Health: Are you working to become a consumer-centric company? If so, describe your top three initiatives.
Grace Terrell: We have created “Convenience Care Clinics” throughout our market where patients have walk-in, same day appointments from 7am in the morning until 9pm seven days a week, with access to primary care, lab, imaging, and IV infusions at the cost of the office visit co-pay, rather than at an urgent care or ER cost. We have a patient advisory committee that meets regularly to get direct feedback from our patients on how we can best improve their service and experience. We have partnered with consumer-facing entities (FastMed Urgent Care, Rite Aid health coaching) to provide seamlessly integrated convenient access for services that we do not effectively deliver on our own.
OWH: Consumers’ needs often span well beyond a single company’s value chain. How are you connecting the dots for consumers and becoming a multi-chain company?
GT: We have focused upon partnering with multiple other stakeholders: Rite Aid and FastMed above, as well as Livongo Health, TouchCare, the local faith community, a clinically integrated network (CHESS ACO), and an academic medical center to provide a new ecosystem of healthcare delivery.
OWH: Being a world-class consumer company these days requires unique DNA and many new competencies. How are you leveraging partnerships to flex your consumer know-how?
GT: As above, partnering with other portions of the healthcare ecosystem, both traditional and non-traditional, has been our approach. Now that we are a Next Gen ACO, we are also reaching out to home health partners, hospital-at-home companies, and patient-centered SNFs to create a value-chain of providers that can offer high quality, lower cost services as part of an integrated solution.
OWH: Sick care + better living seems obvious when you are a consumer. What are you doing to stop the sick-care only cycle and help consumer live better?
GT: The partnership focused on health coaching with Rite Aid is about leveraging behavioral change. The efforts in the faith community are also about focusing upon the social determinants of health by interacting directly with our patients in their home environments.