Aging populations bring the likelihood of greater healthcare requirements – but at the same time, higher labor cost pressures will need to be managed by increasing efficiency in this sector. Tracking and reporting clinical data for individual patients will be increasingly be a priority for healthcare providers, as will the need to assess the risk of patient populations. As such, there will be a growing need for companies to take advantage of data analytics capabilities.
In order to prepare for the future, healthcare providers should be taking part in pilots and leveraging technologies such as AI, digital engagement and ecommerce. There will be greater opportunities for healthcare providers to target customer satisfaction and quality outcomes in order to differentiate themselves.
Company specific thoughts:
A number of companies in this sector are positioning themselves effectively to take advantage of emerging opportunities, with notable examples including UnitedHealth, Cigna, Anthem, Amedisys and LHC Group. By investing in data analytics capabilities, these companies are taking steps to enhance their quality, cost efficiency and patient satisfaction – all of which will become higher priorities in the year ahead. Conversely, other companies such as Community Health Systems, Quorum Health Corporation, Tenet Healthcare and Genesis Healthcare have highly leveraged balance sheets which may stand in their way when it comes to taking advantage of these opportunities in the years ahead.
Healthcare: Up close
The future will be determined by those who are willing to reinvest, adapt and turn future threats into opportunities.