The US healthcare industry is endeavoring to find a balance between value-based care and fee-for-service. But this smart step is not going to come easy for companies because of the ever-changing policies, processes, capabilities, and complexities impacting the US healthcare industry. Moreover, factors such as increasing revenue pressure, consistently deteriorating margins, demand for the latest equipment and technology, and limited financial resources have put healthcare providers in a difficult and challenging position.
US Healthcare Industry Overview
Current estimates put the US healthcare industry’s spending at approximately 15% of the total GDP, which is considered to be the highest in the world. The US spends the highest on health care costs for pharmaceuticals in the world. In this region, approximately 85% of the citizens have the privilege of health insurance, availed through their employer, or purchased individually. The federal government in the United States does not guarantee universal health care to all of its citizens. The healthcare programs that are publicly funded help provide for some of the disabled, the elderly, and the poor. Federal laws in the US ensure public access to emergency services regardless of their ability to pay. Those who don’t have health insurance coverage are expected to pay for medical services privately, which is costly. The most common reason for personal bankruptcy in the US is expensive health insurance and medical bills. But the emerging trends in the US healthcare industry are going to bring about significant changes to the market landscape.
With the transitioning healthcare landscape and growing focus on technology, stakeholders across the entire continuum of healthcare are seeking information regarding the cost of care and quality of services. Get in touch with us for comprehensive insights.
US Healthcare Industry Trends
Challenges to the Pharmaceutical Industry by Real-World Evidence
A recent report says that Food and Drug Administration (FDA) changes will drive the pharmaceutical and life sciences companies to change their approach to collecting and using real-world data, doing which could potentially help in saving millions of dollars. Additional uses of real-world evidence in drugs and medical devices will be given great importance. This is one of the US healthcare industry trends that can bring about a revolution in the US healthcare industry.
Artificial Intelligence (AI) is Going to be a New Coworker
AI has become the face of the evolving world and is considered the most significant technological advancement. AI and machine learning can be of great help when it comes to repetitive tasks, and this is one of the US healthcare industry trends that can replace or supplement interaction by a human. When we analyze the healthcare industry overview, it can be easily realized that healthcare companies are highly investing extensively in bringing AI to speed up their administrative tasks such as streamlining financial processes, screening drug candidates, and much more.
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Enhancing Patient Experience Will Occupy Center Stage
Today, the US healthcare industry has become more focused on enhancing the experience of patients. Analysis of the US healthcare industry overview reveals that healthcare companies are putting consumer experience on their priority list to match the sophisticated experiences they get from retailers while shopping online. This is one of the US healthcare industry trends that shows that healthcare providers need to shift their focus from paying more for volume to paying more for the value of services.
Securing Internet of Things (IoT) Will Be a New Agenda
Cybersecurity has become one of the major challenges that healthcare companies need to face. There is a drastic increase in the cybersecurity of medical devices that have been reported recently. So, the need of the hour says that hospitals will have to prepare themselves to take and follow on the quick and decisive actions for maintaining the data privacy of the patients. This is one of the emerging US healthcare industry trends that is going to be very important in all spheres of healthcare.