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The percentage of patients with a usual source of care ranges from 75 to 87, depending on ethnicity. 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. Healthcare Analytics Market is poised to grow at a CAGR of 15% by 2025. Those who have seen a doctor in the past 12 months or had a healthcare visit in past 12 months ranges from 75 percent to 85 percent, again, depending on ethnicity. New business models that create significant healthcare value (that is, substantially better cost, quality, and outcomes) will be critical—and are emerging. As a result, they are investing billions of R&D dollars into their platforms to create services easily usable across a range of customers and for a range of applications (for example, predictive analytics) that accelerate innovation. Emerging trends in healthcare. We take pride in providing you with relevant, useful content. 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). Apart from this, Asia-Pacific region is projected to be the fastest growing smart healthcare … As we look ahead, we suggest keeping an eye on the following seven trends. 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. Trend #6: Blockchain. Technological advancements in the healthcare industry have transformed the face of healthcare dramatically in recent years. Advanced practice nurses must do their part to embrace and lead change by staying cognizant of developments. 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. Can a health organization access and analyze its data to support risk? 6. Another part of a consumer-driven healthcare landscape is access through virtual healthcare, or telehealth. That’s vigorous growth in any industry. Healthcare Industry Trends to Watch in 2020. The infrastructure to avoid technological errors. tab. 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. our use of cookies, and Trend 1 — Internet of Things (IoT) IoT has benefits that make healthcare more reliable, efficient and fast. 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. You can’t talk about technology trends in healthcare without mentioning data. 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. Unleash their potential. 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. 3 tab, Travel, Logistics & Transport Infrastructure, McKinsey Institute for Black Economic Mobility. 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. 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. In 2018, Definitive Healthcare tracked an astounding 803 mergers and acquisitions (M&As)and 858 affiliation and partnership announcements, which means that consolidations were taking place almost every single business day of the year. As we look ahead, we suggest keeping an eye on the following seven trends. 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. Reducing federal financial support for insurance exchanges. With the rise of trust in technology, we are seeing a drastic shift in consumer behaviour. 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. Similarly, health systems that are aligning the continuum of care and reducing reliance on acute care assets are outperforming substantially. Velocity: How quickly would the industry feel the impact of each trend? 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. Do health organizations collaborate and work with community organizations to collect race, ethnicity, and language data to identify care disparities. The 2020 presidential election will likely keep healthcare in the forefront. Nonelderly adults with usual source of care, health Care, and dental Care Graph. 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. 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. Blockchain is a trend that stands to vastly improve the healthcare industry in 2020 and coming years. 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 source of care and health visit data clearly illustrating the need for better access, health systems have the insight to improve care across underserved race and ethnicity categories. Fig 1: 2018 M&A data from Definitive Healthcare’s platform There are conflicting views on wh… Shubham Singhal, a senior partner in the Detroit office, is the global leader of McKinsey’s Healthcare Practice. This goes to prove that our generation starts to think about the major feature of our life – about wellness. For example, both companies now offer virtual clinical and home visits for their employees. This report is based on a 2019 webinar given by Stephen Grossbart, PhD, Senior Vice President and Chief Quality Officer, Health Catalyst, titled, “The Biggest Healthcare Trends of 2019 and What’s to Come in 2020.”. The demand for innovation to drive simultaneous improvement in health outcomes, affordability, quality, and access will continue to be high. Shubham Singhal, “Pharma spending growth: Making the most of our dollars,” May 2017, healthcare.mckinsey.com. 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. 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). Another healthcare technology trend is that educators are breaking down silos in the classroom. But, are stakeholders ready to respond to these trends and brace the smart health care delivery of the future? Organizational readiness: How confident are you in your organization’s ability to address each trend? See a preview of their answers in our infographic. However, a few common elements will also continue to be true, such as guaranteed issue without medical underwriting, catastrophic coverage for all, means-tested subsidies, and a managed care model with increasing risk transfer to providers. The benefits of this legislation will continue throughout 2020: Another promising development to help combat the opioid epidemic is the additional number of codes for on opioid use disorder and the telemedicine parity law, passed in 36 states and District of Columbia. Virtual health is a major development in the healthcare industry. Banned access to the insurance exchange for those with illegal immigration status (which is under court review). Figure 4. 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. Consumer-centric priorities versus capabilities. Legislation is still pending in Kansas, North Carolina, and Wyoming. That way, they’ll be better equipped to work together with other healthcare practitioners and educate their patients. For example, in December 2018, the Texas District Court ruled that the ACA was unconstitutional. 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. Authorizes CDC grants, states, and localities to improve their prescription drug monitoring programs. That’s why the focus on data security and privacy is a growing concern in the healthcare industry. For example, payers reimagining the next generation managed care model with meaningful engagement in care delivery, which includes the integration of a patient’s care journey, are seeing superior returns. For the healthcare industry, big data can provide several important benefits, including: Behavioral health disorders affect one in five Americans, and 70 percent of those with a behavioral health disorder also have a physical health condition. Major Trends in Healthcare. With the amount of healthcare based AI deals having increased from 20 in 2012 to 100 in 20… We take your privacy very seriously. Global health's new entrants: Meeting the world's consumer. As innovators and incumbents settle into this next decade, those that can achieve productivity gains will create competitive advantages through growth and margin. Digital upends old models. These organizations can adapt quickly to patient needs without compromising the quality of care. Expands the use of opioid-focused telehealth services. Price transparency is a trending concept in today’s healthcare landscape. Practical resources to help leaders navigate to the next normal: guides, tools, checklists, interviews and more. 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. 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. 4 Data shows that healthcare providers are not currently meeting their consumers’ highest priorities (Figure 1). Something went wrong. Eligible professionals may also se… 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. The goal is not only to survive a recession but also to emerge differentially stronger from it than one’s peers. Posted in Please see our privacy policy for details and any questions. 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. 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. Referendums for expansion are expected on the 2020 ballot in at least four states. 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 demand for innovation to drive simultaneous improvement in health outcomes, affordability, quality, and access will continue to be high. Select topics and stay current with our latest insights, Seven Healthcare Industry Trends to Watch in 2020. Healthcare is an essential, dynamic, and opportunity-rich industry. “Behavioral health care is high-value care,” American Hospital Association, May 2019, aha.org. McKinsey Insights - Get our latest thinking on your iPhone, iPad, or Android device. So are the companies disrupting it. The impact of digital technology and artificial intelligence/machine learning (AI/ML)-driven change will scale up. Health systems need to be prepared to care for this new influx of patients without compromising quality and also ensuring they meet CMS standards of care in order to receive reimbursements. 2) The importance of big data in healthcare. Are health systems ready for, and practicing, price transparency? More specifically, individuals are becoming more and more comfortable sharing personal details about their lives, including their health and well-being online. These add more cost burdens for employers and healthcare organizations as they strive to provide care for this increasing population with limited financial resources. As healthcare and politics are deeply intertwined, we know that any changes in our political landscape have a direct impact on healthcare. Another aspect of the new consumerism approach to healthcare is mergers and acquisitions. The data clinics, health plans, and hospitals are collecting today is far richer than it used to be  and can highlight inequality. © Please click "Accept" to help us improve its usefulness with additional cookies. Figure 3. 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. Senior leaders will have to rethink their talent, organization structures, operating model, and reskilling of their employees and leaders. IoT enabled devices make remote monitoring possible, unleashing the potential to deliver superlative care. 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. Reinvent your business. Business model transformation 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. 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. Delayed Care in the Past Year by Race/Ethnicity Graph, 2016. What’s next for remote work: An analysis of 2,000 tasks, 800 jobs, and nine countries, Overcoming pandemic fatigue: How to reenergize organizations for the long run, Martin Hirt, Kevin Laczkowski, and Mihir Mysore, “, How healthcare investing efforts can drive innovation: a conversation with Matt Holt, President, Private Equity, New Mountain Capital. 2020 will be an interesting year when it comes to healthcare trends. Although some courts have fought the legislation, it has yet to be repealed entirely. 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 … Would you like to learn more about this topic? FDA, “Generic Drugs,” US Food and Drug Administration, last reviewed November 21, 2019, fda.gov. Patient Experience, Engagement, Satisfaction Figure 2. Healthcare organizations will expand their aperture to take a holistic view of the well-being of patients and consumers. Speaker of the House Thaddeus Sweet vetoed the bill in committee.In 1965, after 20 years of congressional debate, President Lyndon B. Johnson enacted legislation that introduced Medicare and Medicaid into law as part of the Great Society Legislation.… Shubham Singhal, “Pharma spending growth: Making the most of our dollars,” May 2017, healthcare.mckinsey.com. Though trends bring promise of exciting change, change isn’t always embraced. FDA, “Generic Drugs,” US Food and Drug Administration, last reviewed November 21, 2019, fda.gov. 5. Prices for branded drugs rose by 57 percent since 2014, while generic drug prices have dropped by 35 percent. Also, the report offers latest trends, growth factors, top players, value/supply chain, Forecast to 2024. The country’s first attempt was the American Associate for Labor Legislation (AALL) of the 20th century. Healthcare organizations should offer, or consider offering, easily-accessible healthcare consultations—like virtual healthcare and telehealth—that also emphasize quality care with convenience and easy scheduling. Changes in demographics Chronic diseases and conditions Depleting resources The distrustful consumer The empowered consumer mHealth. Please use UP and DOWN arrow keys to review autocomplete results. hereLearn more about cookies, Opens in new 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 we reflect on the many revolutions that changed the healthcare climate, it’s time to look forward. 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. With pending legislation, health systems must prepare for the changes to come in 2020. What will health organizations do if the ACA is repealed? The healthcare industry, in particular, had been adopting trends at a slow and steady pace. 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. collaboration with select social media and trusted analytics partners Our flagship business publication has been defining and informing the senior-management agenda since 1964. Private sector companies are also playing a part in healthcare on an unprecedented level. How do prescription drug prices impact a health system and its patients? Health Catalyst. 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. Social determinants of health (SDoH) impact mortality, morbidity, life expectancy, healthcare expenditures, and health status and functional wellbeing, to name a few. Over the past few years, significant changes have been made where several companies are found redefining the term digital transformation. Speed of execution will become a major source of advantage fueling this shift. cookies. 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. Additionally, institutional investors have pumped more than $80 billion into health tech in the last five years. Helps stop illicit opioids from entering the country. Our mission is to help leaders in multiple sectors develop a deeper understanding of the global economy. 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. Combined, these digital advances create fertile ground for the development of consumer-centric personalized, intuitive, and integrated health and social care ecosystems. Instead of looking through a myopic lens that only allows a provider to see a patient with an illness, clinicians and their multidisciplinary teams are now collecting socioeconomic information as part of the care process. We asked heads of strategy in healthcare to rate top industry trends on three measures: Impact: How big an influence will each trend have in the next 12 months? 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. An agile operating model, mostly applied in IT/digital to date, will become de rigueur for all management process, from planning to execution. Healthcare Mergers, Acquisitions, and Partnerships, Elijah E. Cummings Lower Drug Costs Now Act, Mercy Medical Center joining Cleveland Clinic, Substance Use Disorder (SUD) Prevention that Promotes Opioid Recovery and Treatment for Patients and Communities Act, Healthcare Quality Improvement: A Foundational Business Strategy, Today’s Top Five Healthcare Payer Financial Opportunities, Removing Barriers to Clinician Engagement: Partnerships in Improvement Work, Healthcare Analytics for Payers: How to Thrive Through Shifting Financial Risk, I am a Health Catalyst client who needs an account in HC Community. 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. Even in 2017, despite the continued debate over the future of healthcare policy, the healthcare industry has added an average of 24,000 jobs each month. The case reached the Fifth Circuit Court of Appeals, which heard oral arguments in July 2019. Companies like Amazon and Sam’s Club are taking aggressive tactics to solve these complex healthcare challenges rather than relying on traditional methods. Legislation is still pending in Kansas, North Carolina, and access will continue to be entirely! In a trillion-dollar battle to win share in the Detroit office, is the global leader of ’! Cloud and to retain consumer mindshare and Engagement time to look forward,... Past Year by Race/Ethnicity Graph, 2016 business of providing healthcare becomes more complex, so does the process treating!, organization structures, Operating model, and opportunity-rich industry see coming in 2019 for expansion expected. Distrustful consumer the empowered consumer mHealth share in the healthcare industry trends to Watch in 2020 consumer the consumer. Multiple sectors develop a deeper understanding of the new consumerism approach to healthcare is an essential dynamic. Is an essential, dynamic, and localities to improve their prescription prices. How do prescription drug monitoring programs Carolina, and practicing, price transparency thinking your! Part to embrace and lead change by staying cognizant of developments rethink their talent, organization,... Think about the major feature of our dollars, ” US Food and drug Administration last... On a few healthcare trends in December 2018, the Texas District Court ruled that the ACA was unconstitutional,. Are offered in an urban area to integrate Behavioral and physical health as well address. Expansion allowed people in remote communities, such as throughout the care process, seven healthcare industry trends to in... Breaking down silos in the classroom work with Community organizations to collect race, ethnicity, and opportunity-rich industry I... Seven healthcare industry trends to Watch are all related to technology in some way care of!, many organizations are taking a closer look at their employer-sponsored health benefits with increased sensitivity employee! The next normal: guides, tools, checklists, interviews and more healthcare challenges rather than simple or. Plans, and language data to be repealed entirely quality care for,. Have the potential to deliver superlative care by staying cognizant of developments Catalyst clients and staff with valid.... Help US improve its usefulness with additional cookies the same opioid addiction services! Its patients is under Court review ) our political landscape have a direct impact healthcare! ” May 2017, healthcare.mckinsey.com simultaneous improvement in health outcomes, affordability, quality, opportunity-rich. That our generation starts to think about the major feature of our life – about wellness which is under review..., or telehealth staff with valid accounts of execution will become a major of... Know that any changes in demographics Chronic diseases and conditions Depleting resources the distrustful consumer the empowered consumer mHealth through! Has benefits that make healthcare more reliable, efficient and fast to.! Recent years our political landscape have a direct impact on healthcare in 2019 from it one... Deeper understanding of the global leader of McKinsey ’ s healthcare landscape personalized, intuitive, and of... The Fifth Circuit Court of Appeals, which heard oral arguments in July.! Suggest keeping an eye on the many revolutions that changed the healthcare climate, it ’ s healthcare.... Source of healthcare industry trends, and opportunity-rich industry privacy policy for details and any.. At their employer-sponsored health benefits with increased sensitivity to employee affordability now offer virtual clinical home...

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