The healthcare industry is in a constant state of evolution, developing new tools and strategies to enhance physician performance and patient satisfaction. These ongoing industry trends can also facilitate physicians’ tasks, allowing them to focus on patients while ensuring proper revenue collection.
The year 2024 is no exception. The ongoing effects of the COVID-19 pandemic, coupled with financial pressures on medical practices and the rapid adoption of technology and digitalization, are continuing to reshape the healthcare landscape for both physicians and patients.
Therefore, the use of technology and new care models, aided by new regulations, encourages physicians to be on top of these latest trends in the industry. By understanding and implementing these trends, medical practices can identify areas of opportunity to:
- Grow their businesses
- Improve quality care
- Reduce the administrative burden
- Optimize processes
Health Prime has compiled the top 5 healthcare trends that are poised to significantly impact the healthcare industry in 2024
1. Telemedicine evolution: Beyond the pandemic era
Telemedicine, once seen as a response to the challenges posed by the COVID-19 pandemic, is now firmly establishing itself as a permanent fixture in healthcare delivery. In 2024, we anticipate further evolution of telemedicine, with increased integration into routine care practices.
According to Global Market Insights Inc., the telemedicine industry is expected to grow at a CAGR of 12.5% between 2023 and 2032. This growth is led by a growing number of smartphone users and technological advancements.
Specifically, medical providers must invest in robust telehealth solutions to facilitate virtual consultations, remote patient monitoring, and seamless patient communication. The focus is shifting significantly from mere video consultations to comprehensive virtual care experiences.
The future of telemedicine will look brighter than ever in 2024. The easy follow-up of patients using telemonitoring solutions and the augmented access to internet services will continue increasing telemedicine delivery.
Learn more about this in our blog Optimize your telemedicine appointments with these best practices.
2. AI and Machine Learning in medical billing: Streamlining processes
In 2024, Artificial Intelligence (AI) is expected to continue its upward trajectory in the healthcare sector. AI is one of the leading healthcare trends that have the potential to impact the industry significantly. From streamlining healthcare system workflows to patient care improvements with data-driven clinical decision-making, artificial intelligence revolutionized care delivery.
A recent report estimates that AI applications could reduce annual US healthcare costs by as much as USD 150 billion by 2026.
Overall, AI uses algorithms and ML to analyze and interpret data, deliver personalized experiences, and automate repetitive and expensive healthcare operations. According to a Deloitte article, AI-enabled solutions can provide immediate returns through cost reduction, help with new product development, and lead to better consumer engagement.
Currently machine learning is the most widely used technology to achieve AI capabilities. Recent advancements in this field have made substantial strides in predicting and identifying health emergencies, disease populations, disease states, immune responses, and more. Machine learning can be applied in most healthcare fields, including radiology, genetics, electronic health records, and neuroimaging. Therefore, it is expected that this technology will continue growing this year.
3. Patient engagement and experience: A holistic approach
In 2024, patient engagement must go beyond appointment reminders and online portals. Healthcare providers must focus on delivering a holistic patient experience, leveraging technology to enhance communication, education, and overall satisfaction.
Patient engagement encompasses a spectrum of interactions between patients, their families, and healthcare providers. In order to achieve this collaborative approach, patient engagement empowers patients to participate actively in their recovery journey, fostering improved outcomes.
When engaged, patients are more likely to:
- Understand their conditions
- Adhere to treatment plans
- Communicate effectively with their healthcare team
This year, personalized health apps, virtual health coaching, and proactive communication strategies will play a pivotal role in fostering stronger patient-provider relationships. For healthcare providers, patient engagement is a multifaceted process that requires strategic implementation. Read more in our blog 5 strategies to enhance patient engagement.
4. Value-Based care: Shifting the focus to outcomes
The shift from fee-for-service to value-based care continues to gain momentum. According to a FPM Journal article, as healthcare costs spiral higher, more payers are looking to replace the fee-for-service (FFS) system with value-based payment models focused on quality (rather than quantity) care.
In 2024, medical providers will increasingly be rewarded based on patient outcomes and the quality of care. McKinsey & Company stated that growth in value-based care has accelerated from creating approximately $500 billion in enterprise value today and may be on track to reach $1 trillion as the landscape matures.
Therefore, healthcare organizations must implement comprehensive data analytics and reporting tools to accurately track and measure patient outcomes. Billing processes should align with these value-based models to ensure fair compensation for high-quality care.
Some benefits of implementing value-based care for patients and healthcare providers are:
- Improved quality outcomes
- Cost savings and efficiency
- Enhanced patient-centered care
- Collaborative care and care coordination
Learn more about value-based care in our blog Why prioritize value-based care over volume?
5. Cybersecurity: Safeguarding patient data in a digital era
With the increasing reliance on digital platforms, cybersecurity remains a top concern for healthcare providers. In 2024, the industry will witness a heightened emphasis on robust cybersecurity measures to protect sensitive patient data from cyber threats.
The HHS Office for Civil Rights (OCR) reports a rise in cyber incidents within the healthcare sector. From 2018-2022, there has been a 93% increase in significant breaches reported to OCR (369 to 712), with a 278% increase in large ransomware breaches.
Medical practices must prioritize data security, implementing encryption, access controls, and regular security audits to ensure compliance with evolving regulations and safeguard patient information. Read more about this in our blog 4 steps to reduce HIPAA breaches within your medical practice.
Another safety measure that medical practices can implement is counting with a healthcare-focused partner. Medical practices’ IT, technology, and data security requirements differ significantly from other businesses.
From interfaces to labs, devices, and medical equipment to medical records data retention laws – it is critical to partner with an IT company specializing in the healthcare industry.
Overall, counting on a healthcare-focused IT partner can help your practice:
- Stay up to date and comply with industry regulations
- Enhance your processes
- Protect your patient’s information
Learn more about the benefits of partnering with a healthcare-focused IT company in our whitepaper Healthcare-Focused IT: Why is it the Best Option for your Medical Practice?
Stay on top of healthcare industry trends
At Health Prime, we understand the importance of staying on top of healthcare trends and updates to maximize reimbursement, assist patients properly, and optimize your medical practice to succeed.
If you want more information about how we can help you stay on top of these 2024 healthcare trends, email us at [email protected]. Our team will schedule a meeting to discuss how Health Prime can optimize your workflows by cutting costs and saving you time!
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