Healthcare Trends 2024: Runaway Costs and Patient Demands are Driving a Rush for New Solutions

Rising Costs Will Continue Widening the Health Equity Gap, But AI Can Help

• Healthcare costs will increase between 6.5% and 8.5% by 2028.
• Cost drivers include inflation, labor shortages, tech advancements, and drug prices.
• AI could save billions through optimization and automation.

Legislation Will Focus on Price Transparency

• Most hospitals don’t post complete pricing information.
• Few hospitals are fined for transparency noncompliance.
• Congress will push for more transparency in procedure costs.

Interoperability and Integrated Care Models Will Grow in Importance

• Interoperability improves outcomes by enhancing care coordination, empowering patients, and driving innovation.
• Lack of interoperability hinders decision-making and personalized treatments.
• Most hospitals now use electronic methods for exchanging patient information, but it’s not enough.

New Technologies Will Continue to Drive Advancements

• AI can streamline vital tasks and enhance diagnostics to mitigate human error.
• Augmented and virtual reality are improving accessibility, costs, and care delivery.
• AI-powered 3D printing will improve prosthetics, surgical implants, and surgical training.
• The race to integrate generative AI into healthcare products will accelerate.

Micro-services Will See a Significant Expansion

• Declining profits are pushing hospitals to focus on outpatient and alternative care models.
• These more accessible services are addressing staffing challenges, financial viability, and regulatory hurdles.
• Insurance companies play a big role in steering consumers toward these services.

Attrition Will Worsen, But New Solutions Show Promise

• Shortages of primary care physicians and nurses are worsening.
• Employee attrition analytics can improve retention.
• Telehealth and remote patient monitoring is easing the burden on overstretched providers.
• AI-powered diagnostics are supplementing providers’ capabilities.

Companies Will Ramp Up Innovation in Digital Patient Experience

• Consumers expect a frictionless digital healthcare journey.
• Omni-channel approaches are providing immediate access to primary care.
• Life sciences companies have begun driving patients to treatments directly.