The healthcare industry constantly evolves as it faces new challenges every decade. From new diseases to unforeseen surges in care, the industry must remain vigilant to care for the population successfully. But the future of the healthcare industry is at risk. Without the right leaders at the helm, the industry will falter. We share the issues the industry is facing, solutions to get back on track, and how we can help navigate the transition.
The issues at hand
Aging population: As we witness a sizable portion of our population age, we will start to experience more of a strain on our healthcare system. As we age, we typically incur more health issues and require more care. Care ranging from issues related to mobility, dementia, and hospice will see a rise in demand as the Baby Boomer generation (1946-1964) continues to age.
Talent shortage: The talent shortage in healthcare is glaring. Burnout has been one of the most commonly cited reasons for the healthcare exodus in recent years. Data indicates that the continuing departure will lead to a 2.1 million gap in nursing over the next three years, creating a burden in care. Overworked and underpaid, healthcare workers are fleeing for a more balanced and less stressful career.
Increase in Chronic Diseases: Chronic disease cases are rising worldwide due to a lack of access to healthcare and education. The UN estimates that, “by 2030, the proportion of total global deaths due to chronic diseases is expected to increase to 70% and the global burden of disease to 56%.” As a result of these vast increases, chronic diseases will strain healthcare as the demand for care increases.
Cost of Care: The aging population, talent shortage, and an increase in chronic diseases contribute to rising prices throughout the healthcare industry. A recent survey revealed that benefit costs will rise by around 1.2% by 2024. As the cost of care increases, we will witness patients postpone their care resulting in worsening health conditions.
Working towards a solution
The healthcare industry leaders have long known about the current and future crisis affecting the industry and, as such, have slowly been chipping away at the solution. But what is the answer? It begins with embracing transformation. Positive changes within healthcare require leaders to invest in tech and their people.
Tech: It’s no secret that technology has advanced beyond our wildest dreams, recently transforming industries, and healthcare is no exception. The healthcare industry can now predict care with advancements in AI and predictive analysis.
When big data is pulled together, physicians and scientists can predict global surges such as pandemics and foresee patient outcomes and dial-in treatment creating a more efficient operation.
AI programs can assist in taking over redundant administrative tasks, such as billing and admissions, amongst other tasks. Programs of this nature can optimize outcomes and free employees to focus on more critical issues.
Big data can also give insight into employee engagement and turnover rates allowing leaders to identify patterns and trends and make adjustments to optimize their operations.
Telemedicine: Due to unforeseen surges in care in recent years, we have seen an uptick in telemedicine. This transformative way of caring for patients has increased access to care and reduced wait times for in-hospital patients. Patients will continue to demand telemedicine as it helps alleviate costs.
Retention: In recent years, mental and physical burnout has led to an unprecedented exodus of healthcare talent. Implementing strategies that can reduce burnout will be essential for the success of the healthcare industry. Leaders who focus on worker flexibility, culture, childcare, and employee engagement will be the clear winners in the race to retain talent within the industry.
Identifying the right partner in a time of need
The healthcare industry is at a crossroads. Industry leaders must make quick and effective decisions to prepare themselves for the future, which will be turbulent and challenging. To succeed in their endeavors, healthcare leaders must identify partners to help them cross the finish line.
Volt has repeatedly proven to be an effective and efficient talent solutions partner in healthcare. We possess the unique ability to assist our clients with their ever-growing needs in talent, retention, and deploying modern technology to gain the upper hand in transformation. We partner with payer, provider, and digital health organizations, helping modernize, optimize, and transform clinical, operational, and financial platforms better to enable the evolving demands of the healthcare ecosystem.
Contact us today if you seek a partner to progress your healthcare business strategies.