Ten Trends Redefining Healthcare in 2018
March 21, 2018
The healthcare industry is in a time of great uncertainty, but also great innovation. In the article this blog post excerpts, Robin Rose, Vice President, Healthcare Resource Group at HealthStream, breaks down ten trends that are redefining healthcare.
What are some big picture trends in healthcare? Three of the ten discussed here include:
1. Artificial intelligence is hot
Amazon, Apple, Google, IBM, Microsoft, and many other large companies are eyeing the $2.7 trillion dollar healthcare market as fertile ground for technological disruption. It is commonly felt that healthcare is ready for AI transformation.
- Physicians and patients are frustrated with legacy medical systems.
- Smart devices that collect informative data are ubiquitous in American society.
- Physicians and patients are comfortable with at-home AI services provided by consumer technology companies.
2. There is great financial anxiety among healthcare organizations
Healthcare organizations are straddling two canoes when it comes to finances. The smaller Value- Based Care canoe, and the larger Fee-for-Service canoe. Heading into 2018, healthcare organization’s will face these financial crises.
- Strategically moving business model from volume to value
- Sustaining positive margins
- Boosting use of electronic health records
- Improving efficiencies through virtual care, including telehealth
- Winning the hearts and minds of patients and families
How are these challenges going to impact the Healthcare industry?
- Uncertainty is sending financial shockwaves through the healthcare sector.
- All scenarios lead to more uncompensated care.
- Hospitals are hunkering down—cutting costs and delaying expansion plans.
- More than 135 hospital had layoffs in 2017.
- Vulnerable hospitals may not make it.
3. Sometimes not enough nurses, sometimes too many employees
In a HealthStream 100 poll, 7 in 10 panel members believe it will be harder to recruit nurses one year from now. Here are a few reasons:
- Nurses are working later in life, dispelling the outdated idea of retiring at 60.
- In the next 5-7 years, there will be many knowledgeable nurses that will be retiring, affecting not only at the staff level, but management as well.
- In 2025, states on the east and west coasts will likely have nursing shortages, while states in the middle of the country will have a surplus of nurses.
- In addition to nursing issues, healthcare organizations are facing increasing challenges to their bottom line, including, job elimination and service reduction due to flat reimbursements and escalating costs for salaries, medicines, and supplies
Download the full article here.