5 Healthcare Business Trends to Watch in 2021
The healthcare industry underwent a significant transformation in 2020, owing to the impact of the pandemic. As we move into 2021, certain healthcare business trends are set to gain momentum. Are you ready to embrace them?
1. Telehealth and Virtual Care
The advent of COVID-19 and social distancing guidelines forced healthcare providers to adopt telehealth, and it has revolutionized healthcare delivery. Telehealth refers to the use of technology to facilitate virtual visits, consultations, and diagnoses, among other medical services.
The rise in telehealth adoption is attributed to several factors such as:
– Reduced costs
– Increased convenience
– Improved patient satisfaction
– A wider patient reach
– Reduced wait times
The telehealth market size is expected to grow from $45 billion in 2019 to $175 billion in 2026. If you haven’t yet implemented a telehealth strategy, now is the time.
2. Data Analytics and Artificial Intelligence
Data analytics and artificial intelligence (AI) are no longer new concepts in healthcare, but their application has been limited. In 2021, data analytics and AI will play a more significant role in healthcare business.
For instance, AI can be used for predictive analytics in patient care, such as identifying patients at risk of certain diseases, forecasting patient outcomes, and predicting disease progression. Data analytics can identify trends and insights from large health data sets to inform healthcare decision-making, such as identifying cost savings opportunities or optimizing treatments.
3. Patient-Centered Care
Patient-centered care is not a new concept, but it hasn’t been uniformly adopted. However, patients now have increased access to health information online and demand more control over their care.
In 2021, healthcare providers need to focus on providing patient-centered care by:
– Improving communication and collaboration with patients
– Personalizing treatments based on individual patients’ needs
– Incorporating patient feedback in healthcare decision-making
Adopting patient-centered care can lead to improved patient outcomes, increased patient loyalty, and better healthcare quality.
4. Remote Patient Monitoring
Remote patient monitoring has become increasingly popular, especially for patients with chronic diseases. It involves using sensors and wearables to collect and transmit health data to healthcare providers in real-time, leading to better care management.
Remote patient monitoring has several advantages:
– Improved patient outcomes, especially for chronic diseases
– Reduced healthcare costs
– Reduced hospital readmissions
– Increased access to care
In 2021, remote patient monitoring is expected to continue its growth trajectory, and healthcare providers should adopt this technology.
5. Value-Based Care
Value-based care is an approach that focuses on delivering high-quality, patient-centered care while reducing costs. It is a departure from the traditional fee-for-service model that incentivizes quantity over quality.
Value-based care emphasizes preventive care, early diagnosis, and patient outcomes, leading to:
– Improved patient outcomes
– Reduced costs
– Increased patient satisfaction
Healthcare providers are expected to shift towards value-based care in 2021 to remain competitive and provide better care to patients.
In Conclusion
Healthcare providers need to stay vigilant and adapt to changing healthcare business trends to remain competitive and provide high-quality care to patients. Telehealth, data analytics, patient-centered care, remote patient monitoring, and value-based care are five healthcare business trends that are set to gain momentum in 2021. It’s time to embrace them and stay ahead of the curve.
