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.
- More than half of the respondents expect AI to reduce operating
costs by 5% annually beginning next year.
- More than 50% of healthcare executives surveyed say AI's impact
will likely be felt in the next one to three years.
- AI will create a high level of disruption, with 60% of
respondents indicating AI will have a significant impact on the
healthcare industry.
"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.
- 70% of healthcare executives surveyed say that competition
among integrated health systems will heat up during the next seven
years.
- 84% of respondents believe integrated health systems will be
the dominant structure in ten years, and 47% indicate they will
significantly impact the healthcare industry.
Government Exerts Influence Through Policy
Shifts
Government policy and influence is expected to have a
measurable impact on industry operations.
- More than 80% of respondents expect bundled payments to become
the standard for most hospital inpatient services in the next ten
years, and 50% of all respondents expect bundled payments to have a
significant impact on the industry.
- Looking beyond the next decade, 74% of respondents think U.S.
voters will likely approve a single payer/Medicare for All system,
with 42% of all respondents indicating it will severely impact the
healthcare industry.
"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.
- Most of the healthcare executives surveyed (70%) say that it is
very likely that national health spending will increase by at least
4% annually for the next three years.
While demand for medical devices, equipment and supplies is
strong, the COVID-19 pandemic profoundly impacted supplier and
provider operations.
- Fifty percent of respondents expect the number of suppliers to
decrease during the next one to three years as financial pressures
on hospitals increase, which will have moderate industry
impact.
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
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SOURCE Global Healthcare Exchange (GHX)