In the recent past, the global healthcare industry is witnessing a steady growth as healthcare demands and expenditures continue to rise across the world. The current forecasts predict that the global healthcare expenditure is expected to be approximately USD 8.7 trillion by 2020. The main driving factors for this growth are rise in numbers of an ageing population, patient awareness, medical technology innovation, information accessibility and an increasing demand for treatment of chronic ailments. Simultaneously various factors influence the trends of the evolving healthcare sector. This includes
In spite of this remarkable progress, there are many healthcare industry challenges and hurdles in 2018 that inhibit further growth.
Patient satisfaction contributes to healthcare bottom line. Patients today increasingly seek quick and reliable healthcare services and insurance companies offer additional incentives for providers who deliver better patient engagement. So healthcare industry should be able to meet and deliver these sophisticated demands of both patients and insurers for its sustenance.
Solution: Hospital Consulting Firms should focus on better patient engagement by using Business Intelligence and Data Analytics tools on Big Data and Clinical Outcomes and implement Digital Communication Tools. This can be used for developing comprehensive patient care database, user-friendly portals and for providing health and wellness education.
Current business models in healthcare are based on fee-for-service delivery. Changing this to a value-based care system involves significant investments in infrastructure, workflows and existing data restructuring.
Solution: Healthcare Management Services should revamp existing processes to build new outcome-based financial models and data infrastructure to maximize reimbursement pathways for ensuring value-based care.
Thanks to efforts at government’s efforts in making public healthcare reforms, an uncertainty prevails in the healthcare environment with additional compliance challenges and unanswerable questions about foreseen impacts.
Solution: It is important to have a consistent and standardised strategy to address compliance issues in the prevailing highly regulated global environment. Healthcare executives must help their organizations in navigating the changing health policy landscape by emphasizing on compliance programs and advocacy efforts.
There is a looming shortage of healthcare professionals including physicians, nurses, pharmacists and technicians. This is because of the growing aged population and provider retirements. Additionally high incidence rates of burnouts and staff attrition burden the workload of the existing workforce.
Solution: Hospital Administration and Healthcare Administration departments should take the help of experienced healthcare consultants for hiring, recruiting, remunerating, training and retaining staff that best fits their respective organizations. They should also ensure employee satisfaction to reduce elevated turnovers and burnouts.
The increased cost of prescription drugs and other medical supplies continues to be a major cause of concern. This is because affordability becomes a huge hurdle to poor patients and those without health insurance coverage.
Solution: Pharmaceutical companies should have a strong commitment to cost transparency and refrain themselves from frequent price hikes. This builds a trustful relationship with healthcare chain stakeholders.
Thanks to data breaches and cyber attacks, protecting the confidentiality of patient information and healthcare intellectual property is extremely challenging.
Solution: Healthcare Cybersecurity organisations should imperatively improve medical device and healthcare information technology security and resilience and promote related governance, training, awareness and research.
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