“Issues” is one of my favorite songs by Julia Michaels. As I sat down and started writing this article, the lyrics kept wandering in my head “I’ve got issues. You’ve got them too.”
Although it is such a romantic love song, it’s got me thinking about the not-so-romantic problems you are facing as a healthcare provider.
Have you completely aware of the current market trends in the healthcare industry in 2019?
Or, have you thought about it?
Well, you wouldn’t be here if you have not thought about it 🙂
Everyone has issues, and it is unavoidable to various companies, including healthcare providers.
In this article, I will cover an overview of the healthcare industry and some of the industry’s upcoming trends in 2019.
So, shall we begin?
A Quick Snapshot
Researchers projected that healthcare industry spending is going to climb up at an astounding rate of 5.4% annually in the period from 2018-2022. The projected spending on healthcare services ranges from $7.724 trillion to $10.059 trillion.
That’s a significant number, isn’t it?
Then, what causes such a remarkable number like that?
Well, the more advanced the medical treatment, the more life expectancy lasts longer. The number of older adults aged more than 65 years old is more than 668 million people, which account for nearly 12% of the world population. Also, the advanced treatment in infectious diseases such as AIDS and malaria has reduced the death rate tremendously over the past few years. Moreover, the fight against chronic diseases continues to increase as more and more people get heart sick, cancer, diabetes, etc. resulting in higher spending for healthcare services.
But high spending is not the only trend need tackling. The following patterns also attract the attention of healthcare providers. They are:
- Financial sustainability
- A shift in healthcare delivery model
- More and more investment is poured in digital innovation
- Adapting to new policies and maintaining
cybersecurity Recruitingand retaining top talents
Let’s dive in each provider one by one. First off,
1. Financial Sustainability
Running a hospital with cost-effective and high-quality services in an ever-changing economy is not an easy task for most people. One of the financial aspects that makes hospitals experience profit loss is the new entrants of the competitor. But not just any ordinary competitor, the top-notch tech giant ones. They are increasingly adopting the new and latest technology to their ecosystem and disrupt the healthcare sector over the years.
For example, Apple is working with multiple health tech companies to integrate with hospital, lab-testing and imaging centers to give iPhone users the tools to store, review and share their medical information. Another noble example is Philips’ “Connected Care Solutions.” It is AI-based service that gathers patient data and allows doctors to deliver medical advice in real-time. To some extent, it works like EMR and EHR.
Some healthcare institutions find such rapid penetration of big tech companies pulls threats to their financial performance. Therefore, to ensure business growth, lots of healthcare providers turn to M&A, and partnership agreements. Nobly in the United States, healthcare insurance companies and pharmacy chains are merging to provide the best value for consumers. In term of the partnership agreement, we can leave out two of the most outstanding ride-hailing apps in Southeast Asia which are Grab and Go-Jek. They are both aiming to integrate e-health into their platform to deliver the most personalized healthcare experience for their users.
2. A Shift in Healthcare Delivery Model
Many experts in the industry have stated that healthcare providers are transitioning from the volume-based model to the value-based model over the years. The trend is expected to continue to spread widely to more institutions. And to assist this transition, I can’t help but mention the support of technology which includes virtual health service, wearable technology, sensors, and biometric devices.
Specifically, virtual health or telehealth. It has a lot of benefits to physicians and patients such as improving patients access to care, patient’s satisfaction, and most of all, connecting patients and caretakers.
It is undeniable that the transition will blow fresh air into the healthcare industry.
3. More and More Investment Is Poured in Digital Innovation
The technology mentioned above is not the only advancement that is supporting the healthcare system toward the patient-centered model. Some of the techs that are rampaging the healthcare industry are the Internet of Things, Cloud-based software, Artificial Intelligence, etc.
The support that these technologies give
But keep in mind that these technologies are not replacing the doctors but instead offering them more opportunity to give the most valuable healthcare for patients.
4. Adapting to New Policies and Maintaining Cybersecurity
In marketing, there’s a saying: “content is the king, data is the god.”
Owning data is now one of the most strategic assets of any organizations. And I’m sure that we don’t want to experience an event like the Wanna C
I have covered lots of external factors so far so now let’s take a look at the internal element.
5. Recruiting and Retaining Top Talents
Most board of director would agree that the essential element of satisfied healthcare service is the people, primarily the staff. However, staffing can represent up to 70% of a hospital cost, and that’s not the only staff’s problems which are increasing workload, declining morale, poor work/life balance, well-being concerns.
Therefore, leaders of healthcare institutions should divide the workload into three different blocks:
- which work can be automated
- where the work is done
- who does the work
You know what trends are happening
You know what you must do
But the thing is where to begin or who can give you a hand if you need one?
That’s why EnvZone is here for you
EnvZone gives you tools and services to better compete in the modern business environment
- We offer affordable services which are critical to the growth of your business.
- We have a dedicated team of talents who make it their business to know your product and services.
- We provide a trusted solution to manage overhead costs of handling your business
- We drive results which focused on your business goals and values.
If you need a medical software program, you know EnvZone is ready to help you.