Top Challenges for the Healthcare Industry in 2018

Oct 11, 2017

The healthcare industry has come a long way over the last few decades, thanks to the technological advancement and innovation that has given rise to new growth opportunities in the global market. Being one of the most complex and expensive markets, the healthcare industry has several layers and costs to manage and maximize revenue opportunities effectively. The organizations in the healthcare industry are faced with dynamic market conditions and plagued with constant trials and testing to ensure quality levels and regulatory compliances. With only three months to go, the healthcare sector is inundated with challenges that need to be addressed to effectively develop risk mitigation strategies.

Speak to an analytics expert for unprecedented insights on the role of predictive analytics in healthcare.

Prediction Issues in the Healthcare Industry

The technological innovation will continue to impact every function in the healthcare industry. As a result, the healthcare executives must identify these issues and devise an effective strategy to retain their market share and thrive in the global market landscape. Data security, cybersecurity, and integrating m-health technology are among the top challenges for the healthcare industry. Let’s have a look at the top challenges that the healthcare executives will have to address and devise effective risk mitigations strategies.

  • For the healthcare executives, leveraging big data and advanced analytics to gain clinical evidence and use it to improve patient engagement and service outcomes will be a major challenge
  • The organizations in the healthcare industry are moving away from a fee-for-service payment model to a more strategized value-based payment system. This transition from the legacy system to a modern approach will be challenging but guarantees to minimize costs and enhance medical service and health care quality
  • With the new payment structures and approaches, there is an increase in the pressure from regulatory authorities and legal organizations to drive cost transparency in their transactions
  • The recent cyber-attacks have raised concerns over the data privacy and security of consumer information. As a result, the healthcare service providers are burdened with the responsibility of ensuring the patient information is secure and safe
  • The digital technologies will be another roadblock to overcome for the healthcare industry. The mhealth technology will help the healthcare service providers to improve data collection and enhance disease management

To know more about the challenges facing the healthcare industry, request for more information from our industry experts.

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