ArticlesJanuary 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.
The Social Transformation of American Medicine
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.