Delayed Care in the Past Year by Race/Ethnicity Graph, 2016. Healthcare is an industry that is currently being transformed using the latest technology, so it can meet the challenges it is facing in the 21 st century. Although Medicaid expansion legislation was passed in 2018 and took effect in 2019, referendums and legislation are still pending in many places throughout the United States: The Medicaid expansion legislation intensely affects healthcare organizations and patients because Medicaid expansion means more people have access to healthcare than before. Figure 1. Provides funding for residential treatment programs for pregnant and postpartum women. This report examines the healthcare industry’s ongoing transition to value, including trends in payment reform, consumer choice, mergers and acquisitions, and innovation that are transforming the healthcare business model. Top Healthcare Trends from 2019 Trend #1. Do health organizations collaborate and work with community organizations to collect race, ethnicity, and language data to identify care disparities. 2) The importance of big data in healthcare. They also cause major disparities in health and healthcare. Alternative payment methods—including ACOs, shared savings, shared risk and bundled payments, and population-based at-risk contracts—are just some examples of new payment models that link cost and reimbursements to quality as the fee-for-service model continues to diminish. Lowering the cost of short-term insurance plans. Medicaid expansion allowed people in remote communities, such as throughout the Mountain West, to access care that was previously unavailable. Organizational readiness: How confident are you in your organization’s ability to address each trend? Global health's new entrants: Meeting the world's consumer. Leading players will need a clear view of their intended role in these ecosystems of the future; investigate partnerships, alliances, and acquisitions; and find how they want to organize their programmatic M&A and innovation capabilities. These organizations can adapt quickly to patient needs without compromising the quality of care. Figure 2. Something went wrong. Health systems have more opportunity than ever before to leverage data and technology to deliver the best care to all patients, no matter where they live. As healthcare organizations scramble to respond to changes from 2019, they need to look forward and prepare for changes in 2020 that could imminently impact procedure pricing protocol, reimbursement rates, and patient satisfaction. In May 2019, the Trump administration and justice department, which is historically responsible for defending a federal act or statute in the courts, chose to support the repeal of the ACA. Fig 1: 2018 M&A data from Definitive Healthcare’s platform There are conflicting views on wh… hereLearn more about cookies, Opens in new Figure 4. People create and sustain change. Inside the Deloitte consumer surveys. Would you like to learn more about this topic? Healthcare leaders will need to focus on how to drive this practical innovation and scale it even beyond what they’ve done in prior years. In large part payers, providers, and other service players who are operating successfully in Medicare Advantage will have an advantage in most future scenarios. That’s why the focus on data security and privacy is a growing concern in the healthcare industry. But now, eligible physicians are starting to feel the penalty phase of CMSs quality reporting and Meaningful Use initiatives. As the push for virtual healthcare continues, so does the pressure for health systems to develop these programs, which requires a major overhaul for some organizations. The new telemedicine parity law requires private insurance companies to cover telehealth the same way they cover in-person visits, making opioid disorder support services more affordable. Today, 9 out of 10 prescriptions are filled with generic drugs. This goes to prove that our generation starts to think about the major feature of our life – about wellness. Social determinants of health (SDoH) impact mortality, morbidity, life expectancy, healthcare expenditures, and health status and functional wellbeing, to name a few. In 2019, new entrants and biopharmaceutical and medical device companies will bring to market new digital therapies and connected health services that can help patients make behavioral changes, give providers real-time therapeutic insights and give insurers and employers new tools to more effectively manage beneficiaries health. 2019 was a tumultuous year for healthcare. 2020 Survey of US Health Care Consumers: Since 2008, the Deloitte Center of Health Solutions (DCHS) has surveyed a nationally representative sample of US adults (18 and older) about their experiences and attitudes related to their health, health insurance, and health care in general. Anywhere from 10 percent to 22 percent, depending on race and ethnicity, did not see a doctor because of the cost, and anywhere between 19 percent and 35 percent delayed needed medical care because of the cost (Figure 3). 5 Senior leaders will have to rethink their talent, organization structures, operating model, and reskilling of their employees and leaders. Although some courts have fought the legislation, it has yet to be repealed entirely. all affect an individual’s health and clinicians should include this information throughout the care process. Employers also had to deal with the new 1.9 million new beneficiaries added to Medicare Advantage in 2019, representing 34 percent of the total Medicare population. Rabah Kamal, Cynthia Cox, and Daniel McDermott, “What are the recent and forecasted trends in prescription drug spending?” Peterson-KFF Health System Tracker, February 2019, healthsystemtracker.org. As the fight to combat , so does the legislation to overcome it—the Substance Use Disorder (SUD) Prevention that Promotes Opioid Recovery and Treatment for Patients and Communities Act was passed in 2018. Additionally, many organizations are taking a closer look at their employer-sponsored health benefits with increased sensitivity to employee affordability. An agile operating model, mostly applied in IT/digital to date, will become de rigueur for all management process, from planning to execution. Telehealth allows people who live in hard-to-reach places to access the same opioid addiction recovery services that are offered in an urban area. Subscribed to {PRACTICE_NAME} email alerts. You can’t talk about technology trends in healthcare without mentioning data. Learn about Changes in demographics Chronic diseases and conditions Depleting resources The distrustful consumer The empowered consumer mHealth. As we look ahead, we suggest keeping an eye on the following seven trends. © Behavioral health disorders affect one in five Americans, and 70 percent of those with a behavioral health disorder also have a physical health condition. Healthcare is an essential, dynamic, and opportunity-rich industry. FDA, “Generic Drugs,” US Food and Drug Administration, last reviewed November 21, 2019, fda.gov. Three major characteristics will separate these winners from the rest: they will secure their balance sheets ahead of the downturn and shore up performance; they will move faster to drive a step-change improvement in operating costs, particularly through automation and analytics, before the downturn, and investment in growth during the downturn; and they will purposefully shape their portfolios by divesting before the downturn and acquiring afterward, as appropriate. . The impact of digital technology and artificial intelligence/machine learning (AI/ML)-driven change will scale up. AI is changing our outlook of modern day healthcare delivery. Major Trends in Healthcare. We take your privacy very seriously. Health Care Industry Pay Trends Updated October 12, 2020 From chronic disease prevention to routine care, those working in the health care industry cover a … Moreover, U.S. is the dominating country in this region owing to presence of large healthcare industry along with presence of key vendors of smart healthcare products. Speed of execution will become a major source of advantage fueling this shift. Advanced practice nurses must do their part to embrace and lead change by staying cognizant of developments. Between 2000 and 2015, the percentage of workers whose health plans included three or more drug tiers rose from 27 percent to 81 percent. tab. In fact, CMS revealed that more than 257,000 eligible professional providers who are not meaningful users of certified EHR technology would have their Medicare Fee Schedule cut by one percent in 2015. That’s vigorous growth in any industry. Similarly, health systems that are aligning the continuum of care and reducing reliance on acute care assets are outperforming substantially. Healthcare organizations will expand their aperture to take a holistic view of the well-being of patients and consumers. 4. Google is hiring physicians from and to develop new healthcare solutions that could possibly threaten current healthcare organizations by taking patients away from traditional hospitals and clinics. Press enter to select and open the results on a new page. We'll email you when new articles are published on this topic. In the following post, I will shed some light on a few healthcare trends that I see coming in 2019. Please use UP and DOWN arrow keys to review autocomplete results. However, if the Supreme Court votes to repeal the ACA, the effects will be far-reaching for patients and health systems, as 21 million Americans will lose insurance coverage. Value-based purchasing programs are solidly in place for hospitals. The ACA was enacted in March 2010 and was still one of the top 2019 healthcare trends. The healthcare industry, in particular, had been adopting trends at a slow and steady pace. Given the high uncertainty, impact of technology, and the very large institutional investor-funded market for innovation, programmatic M&A to build capabilities and new businesses will become the order of the day. Pharmacy costs and pricing continue to generate debate. How do prescription drug prices impact a health system and its patients? Rather than simple horizontal or vertical consolidation, programmatic M&A will be used to develop new business models and refine existing ones. These add more cost burdens for employers and healthcare organizations as they strive to provide care for this increasing population with limited financial resources. For example, in December 2018, the Texas District Court ruled that the ACA was unconstitutional. According to Dr. Kristen Zulkosky, director of the center for excellence and practice at the PA College of Health Sciences; more, health systems are collaborating across disciplines or specialties to create teams of care. For example, both companies now offer virtual clinical and home visits for their employees. Flip the odds. These trends are easier for organizations that already follow Agile principles in problem-solving. Multiple forces (including the mitigation of additional funding from the Affordable Care Act) are combining to form headwinds against profit pool growth in healthcare. The potential that the technology has in changing the industry has placed it in the list as one of the prominent healthcare app trends 2019-2020. Emerging trends in healthcare. Pamela L Owens et al., “Inpatient stays involving mental and substance use disorders, 2016,” Statistical Brief #249, Healthcare Cost and Utilization Project, March 2019, Agency for Healthcare Research and Quality, hcup-us.ahrq.gov. Healthcare Analytics Market is poised to grow at a CAGR of 15% by 2025. For example, in December 2018, the Texas District Court ruled that the ACA was unconstitutional. Our flagship business publication has been defining and informing the senior-management agenda since 1964. Reducing federal financial support for insurance exchanges. With increased information available to consumers, payers and providers are incentivized to improve quality and cost, driving down healthcare prices without compromising the level of care. Practical resources to help leaders navigate to the next normal: guides, tools, checklists, interviews and more. Trend #6: Blockchain. Referendums for expansion are expected on the 2020 ballot in at least four states. As health organizations continue to evolve in an everchanging landscape, digital health, alternative payment models, and better data, including social determinants of health, are key pieces to the puzzle. Expands the use of opioid-focused telehealth services. Digital ledgers can enable healthcare providers to distribute transaction records to patients securely and will greatly improve data security.Blockchain’s peer-to-peer system allows large numbers of users to securely have access to a common ledger. Here are some articles we suggest: Join our growing community of healthcare leaders and stay informed with the latest news and updates from Health Catalyst. Digital upends old models. Healthcare industry trends. Six percent of hospitalizations in the United States in 2016 involved a principal diagnosis of Mental Substance Use Disorder (2.2 million stays) while 22 percent had a secondary diagnosis (7.7 million stays). Innovate Six Trends Shaping the Future of Health Care The health care industry is an ecosystem. The White House endorsed the Senate’s bipartisan Prescription Drug Pricing Reduction Act, sponsored by Chuck Grassley (R-Iowa) and Ron Wyden (D-Ore), in November 2019. For the healthcare industry, big data can provide several important benefits, including: Big data aggregates information about a business through formats such as social media, ecommerce, online transactions, and financial transactions, and identifies patterns and trends for future use. Shubham Singhal, “Pharma spending growth: Making the most of our dollars,” May 2017, healthcare.mckinsey.com. What will health organizations do if the ACA is repealed? Ownership of the consumer relationship, and therefore the ability to add and derive value, has the potential to shift. Please click "Accept" to help us improve its usefulness with additional cookies. Price transparency is a trending concept in today’s healthcare landscape. Shubham Singhal, “Pharma spending growth: Making the most of our dollars,” May 2017, healthcare.mckinsey.com. The ACA was enacted in March 2010 and was still one of the top 2019 healthcare trends. Private sector companies are also playing a part in healthcare on an unprecedented level. 4 Health systems need have the following capabilities: Although implementing virtual healthcare and telemedicine programs is challenging, many health systems are proving they’re up to the task: While there have been many notable mergers in the past few years—for example, the merger of HCA Healthcare and Mission Health, and Mercy Medical Center joining Cleveland Clinic, to name a few—it is unclear how these newly created companies will impact the future of health systems and insurance companies. Collaboration between hospitals and clinics and other health systems to create contracts that address payment, liability, and transportation if a provider is traveling to provide care. This year, I consulted three well-known Venice Beach astrologers, two reputed Chakra healers, and an old Ouija board to arrive at 10 healthcare industry … As the business of providing healthcare becomes more complex, so does the process of treating individual patients. The top healthcare industry trends to watch are all related to technology in some way. Nonelderly adults with usual source of care, health Care, and dental Care Graph. Apart from this, Asia-Pacific region is projected to be the fastest growing smart healthcare … For example, the healthcare industry is slowly trying to make this often-complicated service easier for people to use. Although some courts have fought the legislation, it has yet to be repealed entirely. 2. Technological advancements in the healthcare industry have transformed the face of healthcare dramatically in recent years. Technology giants are locked in a trillion-dollar battle to win share in the public cloud and to retain consumer mindshare and engagement. Lastly, this disparity also appears among those who have seen a dentist in the last 12 months; between 54 percent and 68 percent (Figure 4). collaboration with select social media and trusted analytics partners The goal is not only to survive a recession but also to emerge differentially stronger from it than one’s peers. our use of cookies, and The healthcare industry is consolidating rapidly as it moves toward value-based care. Although the Prescription Drug Pricing Reduction Act bill establishes a $3,100 cap on annual out-of-pocket spending in Medicare Part D, starting in 2022, its main objective is to create incentives for payers to manage costs throughout all phases of the Medicare Part D benefit journey. Patients notoriously have to see many different doctors for the same issue, an… In addition to mergers and private sector activity, dramatic changes in healthcare costs occurred in 2019—an increase in family coverage plans, increases in overall insurance costs, worker/employer share, etc.—and those changes are likely to continue well into 2020 (Figure 2). With pending legislation, health systems must prepare for the changes to come in 2020. Virtual health is a major development in the healthcare industry. “Behavioral health care is high-value care,” American Hospital Association, May 2019, aha.org. Of course, healthcare technology will continue to influence the industry, but the real healthcare trend to watch is the inevitable change in consumer and patient behavior. We use cookies essential for this site to function well. Also, the report offers latest trends, growth factors, top players, value/supply chain, Forecast to 2024. As companies from both the private and public sector join forces to solve health care’s biggest problems, health systems should ask themselves if they are ready to compete in this new landscape. Most transformations fail. Stakeholders that can remain alert for innovations and leaps in best practices will have the potential for greater impact and improvement. May we use cookies to track what you read? Healthcare Industry Trends to Watch Out in 2020. Unleash their potential. As prescription drug prices skyrocket, and pharmaceutical companies and politicians continue to debate who should pay, a new bipartisan bill appears to offer at least some of the answers. Rabah Kamal, Cynthia Cox, and Daniel McDermott, “What are the recent and forecasted trends in prescription drug spending?” Peterson-KFF Health System Tracker, February 2019, healthsystemtracker.org. Wearable devices to advanced cloud to radiofrequency identification are some of the advancements that help to improve healthcare quality and build a good patient-doctor relationship. Legislation is still pending in Kansas, North Carolina, and Wyoming. Top 5 Medical & Healthcare Industry Trends for 2020. by Christina Elroy. The only way for health systems to remain successful, and flexible, is to be willing to try new ways of healthcare delivery and to never lose sight of the reason the organization exists—to provide the care to each patient, when, where, and how they need it. From Healthcare Tech Trends to Saving the Humanity Health information technology trends thick with technology implementation for upgrading the medicine and literacy project of ordinary people. 3 Top Healthcare Industry Trends to Watch in 2018 and Beyond Archived The healthcare industry is going through a transformation, and to succeed in this increasingly competitive environment, organizations need to make significant investments in processes and technologies to cut down costs, increase access to care delivery, and improve medical care. With the amount of healthcare based AI deals having increased from 20 in 2012 to 100 in 20… For example, small hospitals throughout southern Utah, southeast Idaho, and southern Wyoming with University of Utah Health and Intermountain Healthcare to provide specialty care to patients within their communities. Unlike the House’s titled the Elijah E. Cummings Lower Drug Costs Now Act, the Senate Bill does not give the Department of Health and Human Services (HHS), the government body with jurisdiction over public health, the ability to negotiate drug prices or target private insurance. Banned access to the insurance exchange for those with illegal immigration status (which is under court review). Eligible professionals may also se… “Behavioral health care is high-value care,” American Hospital Association, May 2019, aha.org. Never miss an insight. Additionally, institutional investors have pumped more than $80 billion into health tech in the last five years. For example, a diabetic patient will stop taking insulin or use less insulin than they need to survive because of the high cost of this prescription drug. That way, they’ll be better equipped to work together with other healthcare practitioners and educate their patients. HC Community is only available to Health Catalyst clients and staff with valid accounts. After a year full of change and many topics competing for the headlines in 2019, politics and reform, the Affordable Care Act (ACA), prescription drug access and pricing, and price transparency were major areas of focus politically. Health IT. Latest Developments and Trends Impacting Healthcare (Graphic: Business Wire) The US healthcare industry is striving to strike the perfect … Healthcare is an essential, dynamic, and opportunity-rich industry. Leaders will innovate to integrate behavioral and physical health as well as address access to social care. After that year, healthcare job growth has been robust, reaching a single-month growth record of more than 45,000 new jobs filled. IoT enabled devices make remote monitoring possible, unleashing the potential to deliver superlative care. New business models that create significant healthcare value (that is, substantially better cost, quality, and outcomes) will be critical—and are emerging. 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