Your web browser is out of date. Update your browser for more security, speed and the best experience on this site.

Update your browser
CapTech Home Page

Articles January 30, 2024

Healthcare Trends 2024: Runaway Costs and Patient Demands are Driving a Rush for New Solutions

CapTech
Author
CapTech

This duality seems even more stark today, as last year’s trends continue to accelerate.

On one hand, advancements like machine learning (ML) and artificial intelligence (AI) promise to optimize care models and interoperability. On the other hand, runaway healthcare costs are exacerbating challenges from the patient’s perspective, amplifying demands for improved satisfaction and most importantly, healthcare delivery quality.

To answer the call, the healthcare industry is in a frenzy of innovation, pivoting to address rising costs and expectations. These shifts, fueled by the need to bridge the gap between conflict and progress, are igniting new trends and reshaping the healthcare landscape. 

See below for a few highlights from our 2024 healthcare trends and click the link to read the full report.

Download the 2024 Healthcare Trends Report

The history of medicine has been written as an epic of progress, but it is also a tale of social and economic conflict.

Paul Starr

The Social Transformation of American Medicine

Executive Summary

Our dive into the healthcare landscape reveals that last year’s trends show no sign of slowing down. Fueled by the catalytic power of emerging technologies like AI, these trends are poised for growth, and a deepening urgency for accessible and affordable quality healthcare is pushing the boundaries of innovation.

Rising Costs Will Continue Widening the Health Equity Gap, But AI Can Help

  • Healthcare costs will increase between 6.5% and 8.5% by 2028.
  • Cost drivers include inflation, labor shortages, tech advancements, and drug prices.
  • AI could save billions through optimization and automation.

Legislation Will Focus on Price Transparency

  • Most hospitals don’t post complete pricing information.
  • Few hospitals are fined for transparency noncompliance.
  • Congress will push for more transparency in procedure costs.

Interoperability and Integrated Care Models Will Grow in Importance

  • Interoperability improves outcomes by enhancing care coordination, empowering patients, and driving innovation.
  • Lack of interoperability hinders decision-making and personalized treatments.
  • Most hospitals now use electronic methods for exchanging patient information, but it’s not enough.

New Technologies Will Continue to Drive Advancements

  • AI can streamline vital tasks and enhance diagnostics to mitigate human error.
  • Augmented and virtual reality are improving accessibility, costs, and care delivery.
  • AI-powered 3D printing will improve prosthetics, surgical implants, and surgical training.
  • The race to integrate generative AI into healthcare products will accelerate.

Micro-services Will See a Significant Expansion

  • Declining profits are pushing hospitals to focus on outpatient and alternative care models.
  • These more accessible services are addressing staffing challenges, financial viability, and regulatory hurdles.
  • Insurance companies play a big role in steering consumers toward these services.

Attrition Will Worsen, But New Solutions Show Promise

  • Shortages of primary care physicians and nurses are worsening.
  • Employee attrition analytics can improve retention.
  • Telehealth and remote patient monitoring is easing the burden on overstretched providers.
  • AI-powered diagnostics are supplementing providers’ capabilities.
An optimal digital patient experience is built on: Intuitive design, accessibility, secure and private access to data, personalization and integration, feedback mechanisms, interoperability

Companies Will Ramp Up Innovation in Digital Patient Experience

  • Consumers expect a frictionless digital healthcare journey.
  • Omni-channel approaches are providing immediate access to primary care.
  • Life sciences companies have begun driving patients to treatments directly.

To read our full 2024 predictions for the healthcare industry, download the report below.

Download the 2024 Healthcare Trends Report

Download

Jason Leonard

Principal, Lead for Healthcare and Public Services

Jason co-leads CapTech’s healthcare and public services portfolios, empowering consultant and client teams to innovate and develop scalable solutions that improve the customer experience and produce extraordinary results for our clients.

LinkedIn Envelope
Adam Hofheimer

Adam Hofheimer

Principal, Lead for Healthcare and Public Services

Adam co-leads CapTech’s healthcare and public services portfolios, supporting strategy, relationship and business development. His deep technical experience and industry expertise drive solutions and growth for our clients.

LinkedIn Envelope

Adam Auerbach

Director

Adam is a Director at CapTech and a leader in our healthcare portfolio. He specializes in healthcare innovation, digital transformation, and implementing best practices across our client partners. Additionally, as a thought leader, Adam brings novel solutions to help clients solve their most complex business challenges.

Envelope

Jordan Cichon

Director, Management Consulting

Jordan has over a decade of consulting experience, with a proven track record of driving successful outcomes and implementing performance improvements. His expertise across initiatives enables him to provide tailored solutions that address specific client needs.

LinkedIn Envelope

JoEllen Lamoureaux

Director, Management Consulting

JoEllen is a seasoned Program and Project Manager, holding over 15 years of experience in steering large-scale programs, primarily in health and life sciences domains. Her expertise has contributed significantly to organizational growth and innovation.

LinkedIn Envelope
Andrew Novokhatny

Andrew Novokhatny

Sr. Manager, Data and Analytics

Andrew’s background includes clinical work as an Emergency Medical Technician, Analytic Chemist in a biomarker detection laboratory, and most recently a Data Scientist supporting a variety of healthcare focused clients.

LinkedIn Envelope