Our Acute Healthcare System Crisis - Healthcare Trends 2024
As we enter 2024, the state of the US Healthcare system persists in a condition of crisis and turmoil, propelled by escalating economic pressures affecting both individuals and institutions. Contributing to this challenging landscape are critical factors such as clinical labor shortages; the concurrent disruption caused by non-traditional entrants and the consolidation among traditional industry players; and the proliferation of AI technology.
Within this overarching upheaval lie tremendous pockets of opportunity. The potential transformative impact of AI and precision medicine cannot be overstated. Yet, the realization of these advancements face formidable challenges. Current fiscal constraints will impede the organizations’ capacity to fund essential upgrades and to do so expediently enough to make a meaningful impact. Connecting patients with these innovations will be a near-impossible challenge without addressing affordability and access. Without substantial improvements in the overall industry fundamentals - care access, care affordability, clinical employee retention, workforce throughput, etc. - the system will continue to crack faster than the new technologies can demonstrate benefit. A strategic and comprehensive approach to these challenges is imperative for sustained progress in the face of the evolving healthcare landscape.
As experience strategists, the following realities will be critical considerations for developing strategies and experiences that will engage patients, caregivers, and clinicians and improve this ailing industry.
Trend 1 – Spiraling Healthcare Costs - Healthcare is less affordable than ever for an increasing portion of the population decreasing engagement in preventative and acute care, and increasing the incidence of pre-chronic, chronic, and severe illness.
Trend 2 – Getting health care is harder than ever - Physician and clinician shortages remain high, as do hospital closures and drug shortages.
Trend 3 – Retail & non-traditional health players exacerbating an already fragmented care system – This is creating a closed-care loop for acute illness, lengthening time to severe diagnosis, and contributing to the physician shortage.
Trend 4 – More and more burden is falling on individuals to manage their own health - From collecting, aggregating and sharing health information, coordinating care across systems (or insurers as jobs and insurance plans change), and advocating for a cohesive care plan from providers that are often too time-constrained to develop one
Trend 5 – AI holds promise, but it isn’t being implemented fast enough to solve the acute problems facing the US healthcare system - From switchover costs to regulatory and policy barriers, the speed at which AI can be implemented to ameliorate staffing shortages and other key challenges is still too slow.
Bonus Trend 6 – GLP-1 – The drug with effects across the healthcare industry & beyond - The rapid, exponential growth of this drug for weight loss is largely driven by off-label use. Demand for the drug and its high cost is directly affecting commercial healthcare insurance premiums across the board for all members. With its limited long-term study data and a noticeable rate of side effects, is it going to be the miracle weight-loss support patients seem to think it is, or will we have a crisis on our hands in a few years?
While these are gloomy predictions, the evidence is there, and we have to consider the new healthcare realities of our patients, caregivers, and providers in order to develop strategies and experiences that help to fix this broken system and champion the health of the patients we serve.
Want to learn more about these challenges and the opportunities to fix them?
Download the report HERE and join us at our webinar on January 11, from 12 pm to 1 pm EST. Register to attend HERE.