Healthcare in 2020: 7 Predictions for the New Year
Healthcare is constantly changing and evolving. Some of that change comes from technological advances, while some are patient- and market-driven. With the start of a new year, it’s always good to start thinking about the trends and changes that will be most prevalent. So let’s take a look at seven of the biggest predictions for healthcare in the new year.
1. Big Box Retailers
Best Buy is slowly but surely making its way into the healthcare market, moving into remote monitoring of patients. Their next move is to bring insurance into the equation. They aren’t alone, though. Other big-box retailers like Amazon and Walmart are also moving into the healthcare space, and others are sure to follow soon. Chances are these stores will roll out products and services before they’ve done the research.
2. Telehealth Will Grow
It’s no surprise that telehealth is expected to grow this year. In fact, up to 4% of visits are expected to be virtual this year. If you haven’t already incorporated telemedicine into your facility, now is the time.
Patients enjoy the convenience of not having to physically travel to the office and then spend time in the waiting room while in a lot of cases, patients need an appointment right away and telehealth is the quickest option to see a doctor when in-person appointments are booked. There are also patients that have a hard time traveling to the office and by doing virtual visits, it allows them to stay on top of their health.
Telehealth allows physicians to increase efficiency and improve health outcomes. If you’re unsure about whether your patients will be open to these practices, consider using psychographic segmentation to analyze their behaviors and predict their likelihood of adoption.
3. Price Transparency
We talked about price transparency quite a bit in 2019, and it’s going to remain a large part of the conversation in 2020, too. As patients become more comfortable “shopping” for their healthcare, price transparency will become critical. What this means for competition between providers remains to be seen, but investing in a price transparency software solution is likely a wise idea.
4. Social Determinants of Health
Health drivers, or social determinants of health, continue to be important to the healthcare industry. The social and economic conditions of a patient contribute to their health and help providers predict their risks. Unfortunately, up to this point, most of the talk around social determinants of health has been just that — talk. Perhaps 2020 will include some actionable breakthroughs and advancement.
5. Mental Health
It’s no surprise that mental health will continue to be a focal point of the healthcare industry. Expect to hear more about substance abuse and mental health conditions throughout 2020. Join in the conversation as much as you can, either online or in real-world situations, to keep up with the trend. By becoming a thought leader you can not only help make a difference but also increase your market share.
6. Transparency & Data Privacy
7. Home-Based Care
Hospitals are expensive, as are other in-clinic treatments. To counter this, many patients are pressing the need for home-based care in many forms, from urgent care to palliative care to primary care, as well as treatments like dialysis. While this is a great option for patients and gives providers a chance to provide intimate, one-on-one care, it can also result in much “wasted” time for caregivers who would spend much of their days traveling. But a recent research study done by Brigham and Women’s Hospital found that hospital-level care at home can not only be cheaper, but also lead to better health outcomes.
Now you know seven of the biggest healthcare trends for 2020. Embracing these changes can be difficult, but if you stay up with the trends, you’ll likely be able to grow your market share and make a bigger difference for the patients you serve.
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