Articles January 30, 2024
Healthcare Trends 2024: Runaway Costs and Patient Demands are Driving a Rush for New Solutions
The history of medicine has been written as an epic of progress, but it is also a tale of social and economic conflict.
Paul Starr
The Social Transformation of American Medicine
Executive Summary
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.
Download the 2024 Healthcare Trends Report
Download
Jason Leonard
Principal, Healthcare and Public Services Portfolio Lead
Leading our Healthcare and Public Services portfolios, Jason has 15+ years of experience driving growth and client satisfaction. He specializes in integrated digital solutions to improve customer experiences and drive operational excellence. In healthcare, he focuses on actionable data solutions, AI acceleration, cloud adoption, and end-to-end product development to enhance patient outcomes. In public services, he helps modernize legacy systems, enhance citizen engagement, and optimize data strategies to streamline public services. A former CapTech client himself, Jason is passionate about achieving extraordinary stakeholder results.
Adam Hofheimer
Principal, Public Services
With 20+ years of technical expertise and visionary leadership, Adam has been instrumental in designing and building customer and citizen experience platforms that significantly reduce friction in healthcare and government services. His strategies and solutions prioritize enhancing user self-service and transparency through human-centered design, resulting in more intuitive and streamlined interactions. Adam's commitment to reducing fraud, waste, and abuse remains at the forefront of his work, ensuring that systems are not only efficient but also secure and trustworthy. His overarching goal is for CapTech to be the most reliable and effective partner a client could have, driving long-term success and meaningful improvements in service delivery.
Adam Auerbach
Director
Adam is passionate about drawing new insights from health data and building digital experiences that simplify access to meaningful healthcare. Clients rely on his 10+ years of expertise to guide and oversee strategic initiatives ensuring that systems are efficient, scalable, and aligned with stakeholder objectives. A life-long learner and Health Systems Subject Matter Expert (SME), Adam is dedicated to solving complex problems through tech-forward solutions.
Jordan Cichon
Director, Management Consulting
Jordan has over a decade of consulting experience, with a proven track record of driving successful outcomes and implementing performance improvements. His expertise across initiatives enables him to provide tailored solutions that address specific client needs.
JoEllen Lamoureaux
Director, Management Consulting
JoEllen is a seasoned Program and Project Manager, holding over 15 years of experience in steering large-scale programs, primarily in health and life sciences domains. Her expertise has contributed significantly to organizational growth and innovation.
Andrew Novokhatny
Director, Data and Analytics
An analytics practitioner with 10+ years of experience, Andrew helps healthcare clients generate insights out of large and complex datasets. With a master’s in biomedical and health informatics and a concentration in public health, Andrew is proficient in deploying complex ML and analytic solutions. He is also an adjunct professor within the healthcare concentration of UNC Chapel Hill's MBA program.
