Top 10 Health Care Trends
Dec 31, 2019
Everything changes year to year, but few industries endure the scope of change like the health care industry. This year promises to be no different, which means Concorde will be busy keeping up.
Soaring expenditures around the world, evolving demographics, and other ongoing industry challenges guarantee the constant need for change.
Throw in the development of clinical innovations, growing demand for treatment of chronic diseases and an unsure health insurance economy, and there's the promise that, while the health care industry will continue to grow, it will face challenges and changes as it does.
The website BizVibe.com published a blog that listed 10 top health care industry challenges and solutions for 2018. It was identified by leaders from major health care industry companies around the world.
The data was collected from the latest survey conducted by the HealthCare Executive Group. Health care expenditures are projected to reach $8.7 trillion by 2020, according to the blog, increasing from $7 trillion in 2015.
Health care not only continues evolving and changing at a rapid pace, but it also continues to be one of the largest industries in the world.
Top 5 health care industry challenges and solutions for 2018
- Clinical and data analytics. Big data and clinical evidence will increasingly be utilized to improve patient outcomes. Offering services that help patients collect, analyze and understand their own health will be a new emphasis on patient engagement.
- Population health services organizations. All sectors of the industry will be looking closely at the determinants of health. To better manage rising costs, there needs to be added social determinants of health and wellness.
- Value-based payments. There is a shift away from fee-for-service. To find new ways to lower costs and improve quality of care, value-based payment models that are outcomes-based are being tested.
- Cost transparency. The demand for more transparency in the costs of health care services and products is gaining support from both legislation and consumers.
- Total consumer health. Health care now encompasses peopleâs overall well-being as well as their social and financial environments. Health organizations are focusing on nutrition and physical activity as ways to prevent costly medical problems.
Second 5 health care industry challenges and solutions for 2018
- Organizations need ways to keep patients' information safe and secure. The U.S. government's Report on Improving Cybersecurity in the Health Care Industry identified six key imperatives to tackle.
- Health care reform. As government officials constantly making plans for repealing, replacing or modifying the current health care laws, it's important to have a standardized, consistent approach to compliance in today's highly-regulated health care environment.
- Harnessing mobile health technology. Digital technologies can be of use in improving disease management and data collection. Health care companies should learn to embrace changing technology and evaluate new revenue sources.
- Addressing pharmacy costs. Companies should commit to being transparent and refrain from frequent price increases to help rebuild trust with consumers, physicians, and health insurers and demonstrate goodwill to legislators.
- The engaged digital consumer. Health and Safety Assurance Services (HSAs), patient portals and wellness education materials are key to improving patient engagement. Health care companies should invest in tools and processes to better understand their target market and customer segments and improve the patient experience to engage more effectively with today's informed health care consumers.
Telemedicine biggest trend in the health care industry
Nancy Jones, MA, Senior Director - Student Affairs at Concorde, concurred with this last trend and said telemedicine is the biggest trend our National Advisory Board is discussing.
"We had a teledentistry employer discuss how they are really reaching the underserved via their mobile units," Jones said. "They can examine patients and connect with a dentist via telephones."
With continued growth potential, it is expected 2018 will have a few obstacles and industry challenges ahead. How these challenges are dealt with will have a tremendous impact on the quality of health care available and how affordable that care will be.