By Christopher Wolfington
Due to the frequent fluctuation happening in the healthcare industry, I’ve found it’s important to stay ahead of the curve and prepare for the year ahead.
2019 may have barely begun, but I’ve taken note of some trends we can expect throughout the year that are already firmly asserting themselves in the healthcare sector. Recent advancements in the industry lean primarily towards improving care, overall experience, and outcomes.
Based on these advancements and the current atmosphere, there are two main things we should expect to influence the healthcare industry in 2019: the continuation and development of value-based care models, and the growing applications and innovations of healthcare technology.
Value-Based Care Strengthens
The shift from service-based to value-based care is the most influential agency for change in the healthcare industry. Its impact will continue to spread throughout 2019, when we will see the fee-for-service model of care become increasingly obsolete.
What started as a reimbursement model has turned into an overarching approach to patient care that’s being further driven by increasing consumerization. Healthcare providers are creating comprehensive and enhanced patient experiences, and focus on long-term outcomes instead of short-term procedural goals.
The growth of value-based care is pushing providers to implement services that share and analyze data across systems. While digital patient information and systems were previously lacking, technological advancements are enabling greater interoperability that is a driving force for value-based care.
Technology Forges Ahead
Technology has always been a key driver in the healthcare industry, particularly when it comes to physician skill advancement and the ability to treat, solve, and understand complex and previously unknown or misunderstood diseases and injuries among professionals.
The influence of technology continues to grow throughout the healthcare industry. 2019 will see the growth of new applications, especially those that enhance consumer experience, usability, and efficiency.
Chief technological advancements in 2019 will include more usage and creation of: cloud computing, telemedicine, wearable tech, virtual care, IoT, augmented and virtual reality, and artificial intelligence, among others.
The only foreseen risk to the spread of technology appears to be cybersecurity and privacy concerns and increases in healthcare data breaches, which are being mitigated by, you guessed it, technology.
While it’s impossible to predict exactly what will happen in 2019, we can be sure that the healthcare industry is constantly focused on improvement, and value-based care and technological advancement are two great tools currently enabling its progression. Regardless of what will happen this year in the healthcare industry, there is one thing we can expect - the future is promising.
Christopher Wolfington, Chairman and CEO of FinPay, LLC, is a business leader and entrepreneur with over 29 years of experience in consumer and financial services. Mr. Wolfington is currently living in Philadelphia, PA and continues to use his entrepreneurial talent to identify key opportunities and solutions in high growth markets.