Quality healthcare is one of the most important factors in how individuals perceive the quality of their lives. In most countries, healthcare is a major political issue and in some countries, like the United States, the healthcare industry plays an important role in the economy of the country itself. According to the World Health Organization (WHO), current evaluation put US healthcare spending at around 15% of GDP. Statistics further suggest that the United States per capita healthcare spending is now more than twice the average of other developed countries. This is aptly depicted in the graph below.
Based on these statistics, it is obvious that the healthcare sector is robust and growing, with a value of $3.2 trillion in the United States. With the dust finally settling on the Affordable Care Act, more than 10 million newly insured Americans are bringing significant revenues to an industry shifting to more retail-like business, clinical, and operating models. Concurrently, the industry is witnessing some game changing trends that are set to bring disruption in the market ecosystem.
In this article, Quatrro outlines some of the top game changing trends for the Healthcare Industry in 2018
Trend # 1: Healthcare will be mobilized
Mobile health application adoption rates are going through the roof with more than double the application downloads as compared to previous years. Nowadays, patients and consumers not only use their smartphones to keep tabs on their health, but they also receive expert diagnosis in the comfort of their own homes which is helping the elderly to live better lives and busy families to maintain a healthy balance and schedule.
According to seed fund Rock Health, $3.5 billion was invested in 188 digital health companies in the first half of 2017 alone and it is predicted to hit 34 million by 2022
Trend # 2: The Increasing importance of security
While technology adoption is on the rise in the healthcare industry, healthcare organizations deal with a tremendous amount of critical and confidential information. It is not just about the health information of patients, it also extends to credit card information and digital footprints. As the overabundance of devices and systems storing information grows in size, focus on ensuring safety of the information becomes extremely vital.
In the coming years, the healthcare Industry is expected to become more proactive when it comes to security
Trend # 3: Blockchain-based systems
A blockchain is a continuously growing list of records, called blocks, which are linked and secured using cryptography. As, it is essential for the healthcare organizations to have well organized and transparent processes and systems in place. Therefore, blockchain ensures that essential data is more easily accessible to healthcare providers which, in turn, leads to better and faster treatment for patients. In the future, it would solve many problems the industry faces today to create a common database of health information that doctors and providers could access, no matter what electronic medical system they use, so that there is more time to focus on patient care.
Trend # 4: Patient financial experience and affordability
Patient financial experience has been a key issue as patients take on a greater financial responsibility and they increasingly want to see price transparency. The need to meet this price transparency demand will only become greater in 2018 because patients are educating themselves more about their healthcare choices. As a result, the various departments of healthcare organizations can no longer operate in silos - they need digital advancements and tools to offer financial transparency to their patients.
Trend # 5: AI & IOT is taking on a central role
Artificial intelligence is leading to advancements in healthcare treatments, while the Internet of Things (IOT) ensures that proper care is given to patients, healthcare costs are brought down and the outcomes of the treatments are improved, as it constantly offers new tools and efficiencies. AI and IOT will not only help in increasing accuracy and security but also be beneficial in reducing manual redundancies and ensuring fewer errors in the healthcare industry.
Each of the five trends, as highlighted above is powerful on its own and collectively they will redefine what it takes to be successful in the healthcare industry
In the long run, industry players who will evolve themselves to adapt to these trends will be successful and the others who cannot, will lag behind. Therefore, it is pertinent for healthcare leaders to focus their time and attention on making strategies for the future in order to remain relevant in this dynamic market ecosystem.
However, the day-to-day operational tasks such as managing the accounting, payroll and IT support takes away a lot of time and day and week for healthcare professionals, thereby deviating them from focusing on preparing their organization for these trends and what they mean to the future of the organization.
Is your healthcare organization ready to experience the rapid business growth that allows you to focus on patient care?
At Quatrro, we are committed to helping you remain focused on creating strategies around these trends by taking the burden of your day-to-day operational tasks, such as accounting, IT and payroll, off your shoulders. We possess 25+ years of experience in offering tailored business support services, keeping in mind the needs of our healthcare clients while ensuring efficiency and utmost quality in all that we do.