A Snapshot of the Global Healthcare Sector

The healthcare industry as we know it is changing… fast. From AI and Big Data, to government deregulation, increased competition and consumer flexibility, there’s a lot to comprehend! All of this activity and chatter can be extremely confusing, so we thought we’d provide a brief overview of one of the best resources we’ve found that dives into the current issues and predictions for the global health care sector. Here are our key takeaways from Deloitte’s 2018 Global Health Care Sector Report:

  1. Compressed profit margins and increasing costs are expected to endure into the future. Additionally, demand is predicted to increase in almost all segments, which will cause substantial pressure on businesses and infrastructure on a global scale.
  2. As a direct consequence, rising costs will negatively impact the accessibility of healthcare services to consumers without government intervention.
  3. Businesses are seeking solutions that aid with the reduction of administration and supply costs, whilst also focussing on generating new sources of revenue.
  4. Healthcare providers are focusing on value rather than volume. By adopting operational efficiency, technology and other innovative solutions, providers are adopting value-based business models in order to maintain a competitive edge in an ultra consumer-focussed market.
  5. Global policies and regulations call for the highest levels of confidentiality and patient safety. Healthcare businesses will need to be ready for further regulatory change in these areas, and should be prepared to invest in privacy and safety-related infrastructure.
  6. Technology enables the best of both worlds: a reduction in operating costs and an increase in profit margins. Providers should invest into systems and processes to ensure they maintain quality, cost-effectiveness and relevance in the changing environment.
  7. A major trend is the move towards improved customer experience through digital solutions. These include customer apps, patient self-check-in portals, online information kits, and improved social media interaction. The new world of healthcare is a customer-centred world.
  8. New and innovative technology has an inherent ability to improve the key workforce challenges that the healthcare industry faces. Business should look to adopt solutions that allow them to streamline workforce management processes in order to provide cost-effective and high-quality services to their customers.

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