The Changing Face Of The Healthcare Industry

Last Updated: October 10, 2022 By

There is a lot of room for improvement and change in the conventional healthcare delivery model as a result of technological advancements.


During the COVID epidemic, when access to healthcare providers was severely limited, the use of telemedicine services increased dramatically and has remained high even as the pandemic has abated. Fortune Business Insights estimates that by 2028, the worldwide telehealth industry would be worth US$636 billion, up from an initial value of US$90 billion in 2021. This would represent a CAGR of 32.

In this context, one of the primary concerns of healthcare management is the management of change; healthcare professionals have a responsibility to both develop and maintain the knowledge and skills they need to perform their jobs effectively, and everyone in the field has a responsibility to limit their efforts to those that are within their areas of expertise.

Additionally, our environment is constantly evolving. It’s possible that we’d like to back it, feel neutral about it, sit on the sidelines, or even take part in it. Rapid transformation is becoming the norm.

Why the health industry needs a change

We’ll all need medical attention at some point. However, for certain people, it can be difficult to finance quality medical treatment.

In a report released in December, the World Bank and the WHO found that at least half of the world’s population lacked access to basic medical care.

The study also indicated that 800 million people spend at least 10% of their household income on healthcare for themselves, a sick kid, or a family member. To put it another way, such costs were deemed “very high” for roughly a hundred million individuals, putting them into poverty.

Thus, these considerations are essential to making and maintaining a healthcare reform. Policy changes are gradual and difficult, but other external forces, such as advances in science and medicine, also have a role in shaping the healthcare system. Our healthcare system is evolving as a result of several factors, including changes in the prevalence of diseases, the composition of the medical community, and advances in medical technology. Naturally, as our culture develops, so do our healthcare needs.

Alterations to Healthcare Infrastructure: A Look-Back and Ahead

Over the course of the last century, there has been a transition toward a more patient-empowered model of treatment as a result of cultural shifts, rising costs, and revised policies. The evolution of the patient-centered healthcare system is facilitated by technological progress.

As cutting-edge electronic healthcare tools like 3D printing, smart biometric sensors, and GPS tracking are refined and implemented in clinical settings, this pattern is likely to continue. Although the timing and method of implementation of new technologies may be constrained by institutional policies and processes, state-of-the-art equipment is anticipated to take on a greater role in the delivery of healthcare in the United States in the near future.

Between 2017 and 2025, hospital utilization is projected to increase dramatically due to the influence of new laws and shifting demographics in the healthcare industry. This expansion is predicted to result from the rising number of Medicare recipients over the next decade. Hospital costs are projected to more than double from their current level of 2.4% of GDP to 6% of GDP by 2025, highlighting the need for efficient management and well-trained staff.

The Effects of Change on Healthcare Facilities and Resources

Whenever there is a shift in the healthcare business, it is typically at the legislative level. However, if passed, these shifts have an immediate effect on how facilities are run and the resources they have at their disposal. In healthcare, for instance, new laws have altered how patients and providers make use of programs like Medicare and Medicaid. Managing healthcare facilities and allocating scarce resources have been profoundly altered by technological advancements in recent years. It may cover:

1. A transition in health services from hospital to outpatient settings

The trend toward moving healthcare away from hospitals and towards community settings like clinics and health centers will continue. Today, many diagnostic and surgical procedures that used to necessitate an overnight stay in the hospital can be completed successfully and expeditiously on an outpatient basis. Ambulatory surgical centers, primary care clinics, retail clinics, urgent care centers, nurse-managed health centers, imaging facilities, emergency departments, retail clinics, and patients’ homes will all see an increase in the number of outpatient care they give.

Many factors, including technological advancements, patient preferences, financial incentives, the spread of electronic medical records and telemedicine, and a heightened emphasis on enhancing clinical results, have contributed to this shift. This change is driven, in part, by the rising popularity of value-based payment models, which aim to lower healthcare costs while simultaneously enhancing the quality of life for patients.

2. A Change in Medical Facilities

Changes in healthcare providers reflect broader shifts in policy and technology. Changes in provider education, contentment, or demography may have an impact on the quality of care patients receive.

Medical students of the future are increasingly likely to major in business. Researchers have found that there has been a significant increase in the number of MDs pursuing MBAs over the past decade. More doctors’ offices and medical bureaucrats could open as a result of this expansion.

3. The Application of Robotic Process Automation to the Medical Industry

No longer are robots used solely for administrative work, data storage, or instantaneous response. Now, hospitals may hire robots to do surgery, answer patients’ questions, and take care of other jobs. This has resulted in the healthcare industry’s increasing reliance on robotic automation of processes due to the precision and reliability it provides. In addition, robotic process automation has made it possible to perform mundane but essential activities, such as retrieving data to aid surgeons in performing procedures.

According to the World Health Organization, there will be a shortfall of 15 million healthcare personnel worldwide by the year 2030. This has opened up numerous possibilities for the use and integration of robotic process automation within the healthcare industry. Robotic process automation aids in less invasive surgeries deliver smart therapies and connect lonely old people with others.

Conclusion

The market for healthcare services is projected to increase as a percentage of global GDP over the next years due to an aging population and improving living standards.

As a result, technological advancements are continually changing the health care industry and making it harder for patients to talk to their doctors. The healthcare industry’s dedication to disrupting the status quo and embracing technological advancements is facilitating its own growth.

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