Looking ahead to the future of healthcare, we acknowledge that the industry is constantly evolving and facing new challenges and opportunities. As we approach 2024, we can expect to see the continuation of several trends that are significantly impacting the industry.
Coping With Financial Pressures
One of the most notable trends we will see continue is the battle of overcoming significant financial pressures in the face of inflation and the rising costs of goods and human capital. With over 50% of U.S. hospitals losing money, providers will have to adopt innovative strategies to remain financially viable. In 2023, we saw organizations attempting to improve their revenue cycle output, but the real shift of direction was toward patients. Organizations have and will continue to focus on attracting and retaining patients to increase revenue and improve payor mix. Healthcare organizations will need to implement targeted approaches that focus on specific services with opportunities to increase volume and revenue. Additionally, identifying patients with need–and engaging with them in a proactive manner–can serve a broader population, leverage underutilized resources, and reduce costs to serve. Emerging technologies can assist, using digital outreach and Ai-based intelligent solutions that assure better ROI for patient initiatives.
Dealing With Workforce Shortages
The shortage of healthcare workers has been an ongoing issue that is likely to persist through 2024. As a result, many hospitals and health systems have relied on contract staffing firms, which led to a 258% surge in contract labor expenses from 2019 to 2022 just to fulfill patient demand. The COVID-19 pandemic additionally compounded the problem as patients delayed preventive care, now making it difficult for clinicians to keep up with the backlog. Moreover, around 30% of nurses in the United States are considering quitting their jobs due to the pandemic, and there is a significant shortage of primary care physicians in the country–adversely affecting the quality and accessibility of healthcare services. We will start seeing a redefinition of credentialing, and a proactive investment in certifying a next-generation workforce that is better prepared to support the needs of patients and aging populations in the coming years.
Leveraging technology to digitize communications, automate administrative tasks, and reduce paperwork will also lead to more efficient workload management and time for patient care.
Differentiating to Stand Out
Healthcare providers have become increasingly aware that traditional methods of attracting new patients are no longer effective. In today's healthcare industry, attracting and retaining patients requires more than just providing quality care. Health systems must consider various factors such as quality rankings, reputation, and transparent pricing to remain competitive and attract customers. In addition, providers who remain engaged with patients throughout the various stages of their healthcare journey have the potential to increase patient satisfaction and retention rates.
Prioritizing Patient-Centric Care
The healthcare industry is currently experiencing a shift towards digital and virtual models, with new entrants disrupting traditional care models. By 2024, we can expect to see a blend of traditional and digital healthcare becoming more commonplace. This trend is expected to continue in the coming years, with more and more patients opting for virtual consultations and remote monitoring. Outpatient settings are also becoming more common, with major retail chains bringing urgent and primary care to neighborhood drug and grocery stores.
As technology advances and the demand for all forms of healthcare services increases, hospital occupancy will no longer be the sole measure of success. Consumers are becoming more discerning and are looking for healthcare services that offer digital convenience, affordability, and accessibility. Healthcare systems will need to adapt to meet these changing expectations in order to remain competitive.
Increasing Access to Care
Despite advances in healthcare, many people still face significant challenges in accessing affordable care, particularly those living in rural or low-income areas. Improving access to healthcare is a multi-faceted issue, but telemedicine and virtual visits will continue to be valuable resources for those who are unable to visit a traditional healthcare provider. However, telemedicine alone is not a solution. In order to truly address the modern needs of patients as healthcare consumers, we need a broader digital landscape that can support patients' needs across the care continuum. This requires digital capabilities that go beyond the EMR to ones that are patient-centric and address transitions of care as well as information that empowers patients with the agency to make informed decisions. Additionally, expanding Medicaid and investing in community health centers have been shown to help provide patients with affordable access to care. Although implementing these solutions on a larger scale is a complex and challenging task, we can anticipate these areas to experience further growth in the coming year as they become more widely adopted.
Conclusion
As we look ahead to 2024, the healthcare industry will continue to face several challenges. To both sustain and remain competitive, healthcare providers will need to shift from the “safe” status quo way of operating and proactively look for ways to successfully evolve.