Articles January 30, 2024
Healthcare Trends 2024: Runaway Costs and Patient Demands are Driving a Rush for New Solutions
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
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.
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.
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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.
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.
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.
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.
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.
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.
