New healthcare industry trends are developing drastic changes in the US healthcare landscape in 2024 and beyond. These healthcare trends are changing the environment for healthcare systems, payers, and healthcare services and technology (HST). In this blog, we will discuss the different healthcare industry trends and their effects on various fields of the healthcare industry.
The impact of Healthcare Industry Trends for Payers
Technology Advancements:
AI Intelligence:
AI is changing the healthcare industry in many ways, especially for payers who are responsible for reimbursing and managing healthcare costs.
- AI can speed up the claim process with less manual intervention and errors. Machine algorithms can quickly analyze the data to detect any abnormalities.
- AI also helps detect fraud, which reduces financial losses.
Telehealth Reimbursements:
Telehealth growth has helped payers such as insurance companies and government programs to expand their coverage and cover a wider range of services. These services include mental healthcare and chronic disease management.
- Telehealth services are accessible, financially workable, and evolve according to the needs of patients and providers.
Transformation Efforts:
Healthcare industry trends involve shifting towards VBC (Value-Based Care) and Member Engagement
Value-Based Care (VBC):
- It is the health care delivery model where providers are paid according to the quality of care they provide and the patient’s health outcomes.
- The goal of VBC is to improve patient health. Value-based care (VBC) models are set to expand, with 90 million lives expected to be covered by VBC models by 2027.
Member Engagement:
- Different mobile apps and tools are helping in member engagement by providing personalized healthcare information and communication options.
- This is a major step toward the healthcare industry’s growth, allowing patients to access educational resources and track healthcare metrics through these enhanced tools.
- Patients can contact their providers directly with ease.
Challenges and Opportunities:
The challenge that payers face is that if the person is no longer eligible for Medicaid care, then the payers might lose revenue. However, as more people join Medicare Advantage and the individual insurance market, this can offer new growth opportunities for payers.
Payers create integrated care models for the people who are eligible for both Medicare and Medicaid to meet their complex needs.
The impact of healthcare market trends on the health systems
Now, we will talk about the healthcare market trends and their impact on health systems.
Technology Advancements:
Healthcare systems are following the healthcare trends by using telemedicine platforms, electronic health records, and remote patient monitoring to enhance patient care.
Telemedicine Platforms:
This is a new healthcare trend that is allowing patients to connect with their providers through video calls.
Remote Patient Monitoring:
RPM tools allow continued tracking of the patient metrics such as blood pressure level and glucose level.
Electronic Healthcare Records:
This is a digitalized healthcare record of the patient that can be stored, accessed, and transferred easily which results in reduced paperwork and fewer human errors.
AI in Clinical Settings:
Healthcare settings are using AI for diagnostic accuracy, predictive analytics, and producing personalized plans for patients.
Transformation Efforts:
Increase Operational Efficiency:
Automated scheduling helps to reduce administrative burdens, which results in operational efficiency.
Site of Care Shifts:
Outpatient care is another healthcare trend where surgeries are performed that do not require a stay. This becomes more convenient and cost-effective for the patients.
Ambulatory Surgical Centers:
New healthcare market trends include ambulatory surgical centers. At ASCs, surgeries are performed that do not require a hospital stay. This helps with fast recovery and is cost-effective.
Challenges and Opportunities:
Healthcare systems are using different strategies to overcome labor shortages. Due to cost inflation, the healthcare system is negotiating higher impairment rates to improve its sustainability. The financial performance of health systems is expected to recover, with an estimated 11% CAGR from 2023 to 2027.
Healthcare trends in healthcare services and technology (HST)
Now we will discuss the healthcare trends and their impact on healthcare services and technology.
Technology Advancements:
Healthcare software technology is increasing rapidly.
Patient Engagement Platforms:
This platform includes features like appointment scheduling, messaging, and secured access to health records.
Clinical Decision Support System:
CDSS tool is another innovation in the healthcare industry that helps to provide evidence-based recommendations and alerts during clinical decision-making.
Health Information Exchange:
HIEs tool helps to share patient information with the health care organization and facilitates easy and secure access.
Transformation Efforts:
Healthcare systems are using automation to reduce costs and improve their service quality. This automation process reduces errors and increases efficiency.
Challenges and Opportunities
Companies are working together to give more comprehensive solutions. This trend helps them to increase their market presence. Companies must make sure that their prices are within the client’s budget and, at the same time, provide advanced patient care.
Conclusion
The evolving health care trends in 2024 are reshaping the US healthcare system. These advancements in technology are improving patient outcomes, payers and healthcare services and technology. Trending AI technologies are helping in fraud detection and cost management. As these trends are continuing to develop it is creating a path for more innovative and patient centered healthcare environment.
