Healthcare & Life Sciences
Over the past decade, providers have seen dramatic changes in overall market dynamics, customer behavior, the delivery of care, and the use of advanced technology.
Healthcare spending typically accounts for more than 10% of GDP in developed nations, but in the US, this figure approaches twice that amount. The US has the largest and costliest medical infrastructure in the world. One of the main reasons for increased spending is due to an aging population. In 2011, baby boomers started turning 65, and for the next 20 years, 10,000 Americans will turn age 65 each day. Advanced medical care and healthier lifestyles are helping more people live longer, and the average life expectancy is now approaching 80 years old.
Healthcare service delivery also continues to evolve. Emphasis on standards of care and best practices has placed more of a role on preventive measures to support healthy lifestyles and disease management, and using less invasive measures on an outpatient basis. This is a drastic shift from traditional hospital-based acute care that was focused on episodic/symptomatic treatment with more invasive procedures. Employer-based health insurance now places more emphasis on prevention, health education, better nutrition, healthier eating, and fitness and wellness programs.
Current and future trends indicate tremendous business opportunities. As modern service models increase efficiency with the advanced use of technology, medical and administrative costs will be addressed at the business level. More business-focused approaches to healthcare delivery key in on process standardization and the implementation of new service models. Online record-keeping and consultations will increase convenience and reduce patient costs, while mobile lab and diagnostic imaging centers make testing more accessible to consumers. Medical record-keeping is particularly interesting, as web and mobile technology will make it easier for doctors to access, update, and share patients’ case histories and prescription drug details. This communication will only enhance diagnoses while reducing the likelihood of complications.
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