Key Trends in Healthcare To Watch Out For in 2024

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For most organizations, December calls for a time for reflection and planning ahead. Within the constantly evolving healthcare industry, it is vital to keep pace with the changing trends and plan ahead. 2023 revealed hints toward future opportunities.

Earlier this year, Definitive Healthcare conducted a comprehensive survey involving 195 leaders from healthcare provider organizations. The aim? To unearth the strategic goals and initiatives shaping the future of healthcare delivery.

In this newsletter, we’ll explore the takeaways from the survey and provide you with inspiration to plan for the year ahead.

Reflection on 2023

  • Shifting Dynamics in Care: Over the past two years, 70% of organizations witnessed a noteworthy shift towards outpatient settings. This signals a need for growth strategies that not only respect patient preferences but also fortify financial resilience.
  • Network Utilization in Focus: High on the priority list for healthcare organizations is the optimization of networks. Those adept at increasing in-network referrals and aligning services with patient demand are positioned for success in navigating the evolving healthcare landscape.
  • Data Deficiency Challenges: Alarmingly, less than half of the respondents reported having the necessary data and insights to support their strategic goals. Many organizations are in dire need of data partners to make informed decisions regarding resource allocation, service line optimization, and more.
  • Service Line Growth Highlights: Behavioral health emerged as a frontrunner in growth (52%), followed by cardiology (37%) and orthopedics (35%). Interestingly, growth patterns varied across organization types, with physician groups particularly focusing on behavioral health (47%).
  • Anticipated Growth Areas: Looking forward, the next two years are expected to see most growth in behavioral health (37%), women’s health (37%), and geriatrics (33%). These projections reflect the ongoing mental health crisis, evolving priorities in women’s health, and the increasing healthcare needs of an aging population.

Projections for 2024

  • Top Priorities for HCOs 
Healthcare leaders have outlined their top priorities for the coming two years. Improving in-network referrals for patient retention takes the lead, with 60% expressing their intent. Aligning facilities and services with patient demand closely follows, also at 60%.   Additionally, over half of the organizations (51%) plan to analyze local markets for service line expansion opportunities. 
  • Technology Adoption Challenges 
While the potential of new technology in healthcare is immense, high costs pose a challenge. Only a third of respondents plan to offer expanded telehealth options, and a mere 13% aim to invest in imaging technology advancements like artificial intelligence within the next 24 months. 
  • Data-Driven Decision-Making Imperative 
Many healthcare organizations are still grappling with inadequate data, hindering their ability to make informed decisions. Whether it’s physician recruitment, patient leakage understanding, or competitor dynamics, lacking healthcare commercial intelligence can be detrimental. 

Conclusion

In conclusion, the success of healthcare delivery in the next two years and beyond hinges on embracing opportunities to optimize network utilization, improving in-network referrals, and strategically expanding service lines. In this data-driven era, organizations equipped with the right information will undoubtedly be at the forefront of shaping the future of healthcare. 

If you need any help with planning for 2024 or need more information relating to implementing new patient-centric initiatives like Remote Patient Monitoring, contact us today, and let’s work on making your organization thrive together.  

Stay tuned for more insights and transformative trends as we venture into 2024 

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