Providence CEO's top 10 predictions for 2024

On Jan. 23, Rod Hochman, MD, president and CEO of Renton, Wash.-based Providence, released his sixth annual list of healthcare predictions for the year ahead.

Dr. Hochman partnered with his C-suite to compile the predictions based on research and analysis of current trends and developments in the sector, Providence spokesperson Michael Connors told Becker's.

The list covers topics ranging from artificial intelligence and treatment options to sustainability.

The 10 predictions, per a news release from Providence:

1. Generative AI "will be fast-paced and ubiquitous," resulting in innovative partnerships and a new era of healthcare transformation.

2. Clinicians will lead the charge in the ethical use of AI. This includes advocating for patients and prioritizing governance to ensure guardrails around patient data and privacy.

3. Innovative care models, tested at health systems as pilot projects in 2023, will shift to broader adoption in 2024 to provide relief for the nation's healthcare workforce and ensure care access.

4. Healthcare spending in the U.S. will exceed $4.5 trillion annually, leading to a shake-up in payment models and costs. 

5. Fortune 500 insurers will face increased pressure to prioritize adequate, timely coverage for needed care and to help ensure healthcare workers receive market-competitive wages.  

6. As hospitals and health systems continue to pursue health equity, collaborations to improve maternal health outcomes among people of color will gain significant strength.

7. Health systems will focus on ensuring access to care, particularly for people living in rural areas of the county. This may include health systems partnering to fill the local talent pipeline, increase mobile offerings and create more virtual access to care.

8. Health systems will join forces to build secure, de-identified data sets that will lead to clinical breakthroughs and better health outcomes.

9. Organizations will also collaborate more on administrative functions, such as IT support and cybersecurity, instead of duplicating resources to allow clinicians to stay focused on direct patient care.

10. Health systems will increasingly strive to reduce their carbon footprint. They will also focus on sustainability practices such as energy use and waste reduction.

Read more about the trends here

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