Healthcare providers and payers, life sciences companies and governments are all making investments to transform the global 10 trillion healthcare market. Moreover, competitors outside the traditional healthcare space, such as Amazon, Google and Apple, have each announced plans to enter the market to reinvent healthcare as the patient-first movement helps consumers select the most convenient and effective means to both manage and prevent illness.
Patient centricity will fuel better outcomes
Leaders across the healthcare industry are investing in patient-centric administrative and clinical systems as the industry transforms its business model toward patient outcomes versus the quantity of services delivered. As hospitals and clinics embrace this trend, executives are also stepping up their use of data, digital and agile service design to reimagine the registration, admissions, clinical service delivery, discharge and post-discharge patient journey.
Over the next decade, we expect more investment priority toward making the patient experience highly personalized, seamless and transparent across every physical and digital touchpoint.
Hospitals and clinics will also invest in digital tools to help patients find a provider that meets their precise needs, make payments from any device and calculate costs not covered by insurance (in real time). As all of these trends mature, insurers will leverage their legacy databases to build digital platforms around all aspects of health and wellness, particularly in the management of chronic conditions.
Care will happen anywhere and everywhere
We believe digital transformation will enable a vastly more efficient service environment, attacking one of the industry’s leading cost issues. For example, a recent U.S. study found that healthcare travel and wait times are higher than any other service industry, resulting in $89 billion in lost opportunity costs. Long wait times are encouraging all consumers, especially millennials and the elderly, to place more value on convenience as they become comfortable using alternate service types such as telemedicine, in-store medical services and on-premises health clinics provided by their employers.