Artificial Intelligence, Integrated Health Systems and Government Policies Will Shape the Industry’s Trajectory and Transformation
LOUISVILLE, Colo., July 16, 2024 /PRNewswire/ — A new survey conducted by Global Healthcare Exchange (GHX) sheds light on the prevailing attitudes and expectations regarding the future of the U.S. healthcare system. The survey, which tapped senior healthcare executives for their insight, indicates that the industry will continue to undergo significant changes due to various internal and external forces, including technology adoption, government policy, market competition and global economics.
Despite the uncertainty ahead, there is more optimism than pessimism regarding healthcare’s future. Seventy percent of survey respondents said they expect public trust and confidence in the U.S. healthcare system to improve gradually during the next five to 10 years.
“Healthcare is in the midst of generational change, and I’m inspired by the prevailing sense of optimism expressed by senior healthcare leaders in this survey,” says Tina Vatanka Murphy, president and CEO, GHX. “The way I see our industry mobilizing now is a testament to its deep and abiding commitment to affordable, quality healthcare for all.”
Key Takeaways
Artificial Intelligence Will Have a Profound Impact
The implementation of AI solutions in hospital operations is projected to accelerate and emerge as the industry’s most disruptive force. The accelerated adoption of cloud-based ERP systems has led to centralized, unified data repositories where technologies like AI and machine learning (ML) can flourish. Automating administrative tasks that don’t add value, combined with AI and ML-driven industry data and intelligent analytics, is propelling healthcare’s digital transformation. This shift promises significant improvements in cost efficiency, quality of care and patient outcomes.
“Responsible use of AI will have the most profound impact on healthcare in a generation—bringing new possibilities for better patient outcomes, operational efficiencies and data-driven decision-making,” Murphy adds. “Supply chain automation, trusted data and clinical integration are converging to become the foundation for the AI-powered supply chain of the future and the path we’re forging with our customers today will revolutionize the industry for decades to come.”
Dominance of Integrated Health Systems
The healthcare industry will continue to adopt models that promote health equity and that address the issues of access, cost and outcomes. Integrated health systems are anticipated to become the primary model for providing and funding care because they offer flexibility and consistency in delivering affordable care across patient populations. The ongoing shift to integrated models is expected to improve patient outcomes, reduce administrative costs and ensure easy access to care regardless of a patient’s zip code. In particular, the emergence of the ‘payvider’ model will help bridge the gap between the cost of health equity investments and the value of making affordable, high-quality care available to all.
Government Exerts Influence Through Policy Shifts
Government policy and influence is expected to have a measurable impact on industry operations.
“Hospital and health system leaders do not believe their future is a repeat of their past. They are adapting their organizations to industry changes that impact their long-term sustainability while adjusting near-term priorities to enhance operating efficiencies and performance. They’re not paralyzed by change: they’re intentional and focused,” said Paul Keckley, managing editor of The Keckley Report.
Financial Pressures Will Drive Consolidation and Competition
Rising costs, financial pressures and anticipated industry consolidation are expected to drive several shifts, including fewer suppliers serving providers.
While demand for medical devices, equipment and supplies is strong, the COVID-19 pandemic profoundly impacted supplier and provider operations.
Survey Methodology
GHX surveyed U.S. hospitals, health systems and manufacturers in April 2024. The survey yielded responses from various C-suite roles and senior supply chain executives representing various organization sizes and entity types. The questions were developed in concert with Paul H. Keckley, healthcare policy analyst and managing editor of The Keckley Report.
About GHX
Building on decades of collaboration among providers, manufacturers, distributors and other industry stakeholders, Global Healthcare Exchange, LLC (GHX) is leading the charge in helping organizations run the new business of healthcare. By automating key business processes and translating evidence-based analytics and data into meaningful action, GHX is helping the healthcare ecosystem to move faster, operate more intelligently and achieve greater outcomes. With the support of GHX, healthcare organizations have removed billions of dollars of wasteful healthcare spend. For more information on GHX’s suite of cloud-based supply chain solutions, visit www.ghx.com and The Healthcare Hub.
CONTACT: Eileen Flynn, eflynn@wearetierone.com
SOURCE Global Healthcare Exchange (GHX)
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