In the latest of our Predictions series, we take a look at what the future of healthcare will look like. Tweet; Never has there been a more dynamic time in healthcare, and the pace of change is extraordinary. 0. Telehealth Is Here to Stay Telehealth adoption has soared during the pandemic with 94%[1] of practices offering telehealth during the pandemic. After four days of open discussion and collaboration among HIM professionals, three themes emerged as the future of healthcare: security, integration of patient data via electronic health records (EHRs) and virtualization of patient engagement. The use of locum tenens — where medical providers work temporary assignments — has risen steadily over the past decade and will continue to be an avenue for providing relief from the shortage moving forward. The World Economic Forum predicts that AI will be widely used to reveal currently unknown patterns in disease, treatment and care by 2030. As we are on the verge of entering a new decade of change globally, 2020 will be a reality check for long-pending national healthcare policies and regulatory reforms that must reinvigorate future strategies. Want more insights on healthcare trends and predictions for 2020? A surgeon’s 3 predictions for the future of healthcare design COVID-19 will fundamentally change the experience of getting treatment when we’re sick. The future of healthcare will be filled with robots: TUG-like mechanic structures will carry around medication and equipment in hospitals, Pepper-like humanoid creatures will greet patients at hospital … Editor's Note: In a recent webinar, two industry veterans from Welltok and Oliver Wyman shared new predictions on how 2020 may unfold regarding partnerships, politics, personalization, and technology. Every year, our team of futurists, analysts, and consultants at Frost & Sullivan's Transformational Healthcare Group comes together to brainstorm and predict the themes, technologies, and global forces that will define the next 12 to 18 months for the healthcare industry. Like the people behind them, they stand at the vanguard of health care. For example, between 2014-2019 (Q1), there have been 576 M&As compared to just 15 IPOs in the digital health space (despite IPOs in the digital health space performing comparably to their peers). Here’s how. Prediction 8: 2020 will be a year of ‘Retailization’ for the healthcare industry, promoting the ‘Comparison Shopping’ consumer mindset. We believe 2020 will be the year of new or expanded health services offerings from new “entrants.” For example, CVS and Walgreens from the pharmacy perspective; Walmart, Costco, and Best Buy from a retail store perspective; and Amazon and Ali Health from a digital marketplace all are areas where we will continue to see major developments happening throughout 2020. I also focus on looking at reverse innovation, issues of convergence and new business models. The future of healthcare: Three predictions from AHIMA 2016. The US government will take significant steps forward to force the industry to enable interoperability in patient medical records, reigniting the shift to personal health records versus enterprise health records. Connect with us! There are two reasons we expect increased IPO activity in the next 12 to 18 months. With over 25 years of healthcare consulting experience spanning numerous countries in Asia Pacific, Latin America and Eastern Europe, I have developed a passion for bringing best practices and shared learnings to other parts of the world. Now a little more than halfway through 2016, it’s time to look at trends in the industry and how they will shape the relationships among stakeholders for the years to come. In the next 2-3 years, telehealth will have full regulatory approval and clinician support. The future of Healthcare IT demands that organizations look to find talent with a digital mindset if they hope to keep up with growth in the healthcare IT market. Opinions expressed by Forbes Contributors are their own. Matt Hawkins, CEO. While AI applications in the medical imaging market are projected to cross $400 million in 2020, start-ups and innovators will be forced to rethink data use and training, validation, and implementation practices to convince the community of fair, ethical and no-harm use. I am a partner and Senior Vice President of Healthcare and Life Sciences at Frost & Sullivan, a global growth consulting and research firm. Second, in the past few years, M&A has been the preferred exit option when compared against IPOs. For example, the average life expectancy has reached 80 years in the OECD (Organisation for Economic Co-operation and Development) countries, while developing markets are expected to increase their spending on healthcare to 32% by 2020. The landscape looks a little different now, just a short 100 or so years later. The benefits of locum tenens can have a particular impact in medically underserved areas. Let’s take a look at some interesting points. The future of healthcare payments: Predictions for 2021. Here are five predictions to watch out for in 2018: 1. In the European region, interoperability solutions will garner strong demand as progressive health systems in the European Union plan to achieve EU eHealth Action Plan 2012-2020 (EHAP) milestones, including cross-border exchanges of patients' health data and General Data Protection Regulation. Waystar. In the next 2-5 years, 5G wireless will increase the potential for telehealth by adding more capabilities beyond the home. There was a time when measles was a death sentence, but not anymore. With the opening of the reimbursement door for telehealth services in these major countries, the outlook has improved sharply, and the landscape is changing with several projects being conducted in recent months. I am a partner and Senior Vice President of Healthcare and Life Sciences at Frost & Sullivan, a global growth consulting and research firm. No one can predict the future, but a good guess can come from the innovations coming out of the medical field. Incentives, like creating new educational programs and providing greater government subsidies for schooling, will help build and maintain a high quality of healthcare staff as new technologies continue to evolve the industry. Data security will be less of a concern Can Getting The Coronavirus Vaccine Lead To Bell’s Palsy? Greater coordination across arms of the healthcare industry will help refine the processes and progress toward better team-based healthcare. In his lecture , Dr. Merson shared his top 6 predictions for the future of global health: the rise of chronic and non-communicable diseases (NCDs), continued growth of infectious diseases, climate change influencing health, refugee migration, health technology, and increased … Prediction #1: 15% of global healthcare spending will be tied to Value-based Models During 2019, the healthcare industry will continue to transit to the … More on Future of Health and Healthcare View all How China pays for its COVID-19 medical bills During a pandemic, how medical costs are shared among the state, insurers and patients has a profound impact on individual wellbeing and welfare. Prediction #3: Annuity-based model to catapult gene therapy commercialization. Despite AI’s performance becoming more advanced with accuracy rates for diagnosing and detecting disease, a question still remains: What happens if something goes wrong (especially from the radiology community)? Most of the emerging countries in regions such as Asia and Africa are often know to be “data-rich but information-poor.” Many of these countries are developing their national eHealth policies (e.g., India) and are likely to embrace interoperable systems from the beginning stage to ensure future scalability. The top 8 predictions for 2020 are as follows: Top 8 Predictions That Will Disrupt Healthcare in 2020, Prediction #1: SDOH analytics platform gains traction during 2020. In coming years, the adoption of team-based medicine will continue to rise. Here's more on what they had to say. The profitability of many technological advances will continue to be an obstacle – Medicare currently reimburses telehealth services only for patients in underserved areas, for example. Prediction: Total spending on healthcare in the U.S. will pass $4 trillion annually and will consume at least 20 percent of GDP within five years. Alongside leading private insurance companies such as Cigna and CVS, leading gene therapy manufacturers like Novartis, Bluebird Bio, and Spark Therapeutics will continue to explore annuity-based specialized reimbursement programs to ease the burden of high out-of-pocket spending by patients. Although the tools continue to advance, the foundation of caring for patients has not changed in thousands of years. The market will change to solutions that leverage AI tech of some kind in their solution versus thinking about AI direct as a purchase. Before birth, scanning will take place in the womb which will create a basic profile of a person’s health and create treatment plans from the very start. Email rdas@frost.com to have a discussion about the healthcare market. To gain a better understanding of what the future of healthcare technology might look like, here are five predictions from healthcare and technology experts. Health scanning and data will become ever present in our lives – even from the very start of life. First, as of mid-year 2019, there are about 38 VC-backed healthcare unicorns worth a combined valuation over $70 billion, and the cohort’s total valuation in 2019 continues to grow as a result of continued mega-rounds to existing unicorns, such as 23andme, Tempus and Doctolib (in the US); BenevolentAI and Oxford Nanopore Technologies (in the UK); Ottobock (a German prosthetics company); United Imaging, Yitu, Henlius, iCarbon X, and We Doctor in China, and others. Proactively engaging the right patients based on their SDOH can improve health outcomes and help healthcare organizations meet quality standards. Here are five predictions for the future of healthcare in America that will play out over this decade as Americans finish casting their votes in what may be one of the most pivotal elections in U.S. history. Prediction #2: AI develops more use cases and faces more ethical challenges, beginning with radiology. Payment models, including outcomes-based, reinsurance, income-based or dynamic pricing, are being experimented world over, but shortcomings such as improper monitoring, long-term therapeutic impact of therapies and involvement of multiple insurance payers have prevented their widespread usage. The COVID-19 vaccine will … Prediction #6: Telehealth will gain mainstream adoption in the overall mix of healthcare services and will expand beyond the current focus on chronic conditions. It’s impossible to predict what the next century will bring as the medical industry continues to evolve, but one thing will remain a constant: the need to provide the best possible care for patients. © 2020 Forbes Media LLC. Prediction: Sales of financial instruments to help people address their care needs in the future, such as annuities and hybrid Life-LTC-Critical Illness insurance policies, will continue to grow. The doctor's office waiting room could soon be a thing of the past — here are other predictions about the future of healthcare Created by Insider Studios with Deloitte Digital Consumer-driven care delivery models such as telehealth, e-pharmacy, retail care, price transparency, D2C tests, and care at the point of the person, among others, will achieve high market traction in the coming decade. The Deloitte Center for Health Solutions has revealed a bold vision for the Healthcare and Life Sciences sector in 2020. A recent national study of the challenges facing modern nurses validated these findings, with 91 percent of respondents saying their facility was understaffed. Healthcare is set to undergo a significant data revolution, as artificial intelligence (AI), predictive analytics and business intelligence are set to drive efficiency and optimise better health outcomes. Technology will transform the patient experience and the medical practitioner’s business. Posted On 11/06/2018 by Haley Nuckols. Health & Fitness. From data and analytics, to patient empowerment, the advancements from the past year may indicate the industry is finally about to reach its most pivotal moment yet. Our research suggests medical care accounts for only 10%-20% of health outcomes while the other 80%-90% are attributed to demographics, environment and socioeconomic factors. Digitization of products, services, and commerce models is democratizing current healthcare systems, manifesting the concept of the “Comparison Shopping” consumer mindset. Part of ‘The World in 2040’ futurology series, Hammond’s report outlines five main ways the healthcare landscape might change: personalised medicine, stem-cell medicine, nano-scale medicine, gene therapy and editing and digital health. The Future of Healthcare: Predictions for the 2020s. Perhaps unsurprisingly, younger patients tend to be more comfortable communicating with AI-driven healthcare assistants. Top 8 Predictions That Will Disrupt Healthcare in 2020. As a public health crisis continues to loom, many healthcare provider organizations stand on the verge of new case surges and health insurers face threats to future financial performance. Today, much of my work is identifying the disruptions, transformation and collapses in the healthcare ecosystem in wide ranging countries and the implications of this for stakeholders. In the pharma sector, AI investment deals will continue to pick up, especially for drug discovery applications. Eric Yablonka, Stanford Health. Although the use of these tools has increased significantly, they are still relatively small parts of the healthcare industry, with a lot of room to grow. Team-based healthcare is quickly becoming the standard, and patients will greatly benefit from collaboration between caregivers and family members, lower overall costs, having more time with healthcare providers and drawing from greater resources. And now, with that disclaimer (and perhaps a grain of salt), I present my top 10 predictions for the healthcare industry in 2021. But with that said, there are a handful of medical milestones, demographic shifts, and advances in healthcare that we can anticipate. Prediction #5: Interoperability by pure-play solution vendors will gain ground against standalone systems. To gain a better understanding of what the future of healthcare technology might look like, here are five predictions from healthcare and technology experts. Predictions for the future of the NHS Access to healthcare via smartphone apps ID Medical has predicted that 2020 could see the advent of smartphone apps providing therapy for mental health conditions — such as depression and anxiety — more widely in the UK. This Deloitte Centre for Health Solutions’ report builds on its 2014 report Healthcare and Life Sciences Predictions 2020: A bold future? Building team-based healthcare programs, adopting technology that improves patient outcomes and finding new solutions for personnel shortages will help medical providers continue to succeed in the coming years. 3 Predictions for the Future of Healthcare. During everyday life, as they grow and age, people will be constantly monitored and have da… While 2020 has been a … This relative explosion is being driven by greater demand for healthcare from an aging population, and it contributes significantly to a nationwide healthcare provider shortage. 5 Healthcare Predictions for the Year 2030. Most of the challenges of team-based care lie with medical professionals, including the struggle to function within the framework of a team and allocating cost benefits. Healthcare has long been just on the cusp of massive change and futurists’ favorite subject for predictions. We distil the information for you – saving time and keeping you up to date on your interest areas. We also anticipate the first molecule discovered using AI to enter early phase clinical trials in the next 12 to 18 months. Although not every area is feeling the same pinch in provider shortages, even small personnel decreases in a facility can have a big impact on the wellness of medical care providers. The Bureau of Labor Statistics has predicted that the employment of healthcare occupations will grow 18 percent from 2016 to 2026, well above average for all occupations. Following are some predictions and what organizations can do to navigate. A precision medicine SaaS-based cognitive insight platform with desired interoperability, security, and multi-modal functionally in an intertwined ecosystem of payers, providers and pharma will gain market traction. I spend my free time practicing yoga, travelling and learning from other cultures. Three years later, the pace and scale of innovation has meant that some of these original predictions are already a reality while some are still a … In coming years, the adoption of team-based medicine will continue to rise. We also retrospect how we did each year, and each year we are becoming more accurate in the predictions we make. In 2018 alone, 55 new drugs were approved by the FDA. Healthcare Predictions For The Future. We find the perceived safest way for physicians to use AI, from a liability perspective, is more as a “confirmatory tool” for existing best practices, rather than as a way to improve care with new insights. We anticipate during 2020, interoperability will finally take a major step forward in terms of government policies, vendor acceptance and strategic focus by healthcare IT buyers. 3. Team-based care has been shown to improve patient outcomes and may benefit physician well-being by reducing burnout. Both plug-in application providers and vendors with integrated analytics solutions tied to popular EHR or PHM platforms are expected to gain market acceptance, as large health systems, in the shift to value-based care, are compelled to utilize multiple analytics partners for comprehensive patient data analysis at an enterprise level. Bringing in doctors and nurses on short-term contracts lets hospitals and facilities bridge temporary absences, improve patient care and try new programs with a minimum of investment. The healthcare industry strives to expand the use of open systems and frameworks, including standards such as APIs and platform integration, to solve HIT system interoperability and data integration challenges. The Deloitte Life Sciences and Health Care Practice has issued a report predicting the future direction of healthcare. Its predictions may surprise. Four predictions for the future of healthcare. Companies offering tools and infrastructure for handling real-world data and real-world evidence (RWD/RWE) will see high growth potential during 2020 and robust solutions that can reliably stratify patient populations and recommend treatment plans that will succeed in the long run. With over 25 years of…. Frost & Sullivan. Below are six predictions for healthcare in 2020, according to Frost & Sullivan: 1. Some of this has to do with technology. Prediction #1: SDOH analytics platform gains traction during 2020 No one can predict the future, but it can at least be glimpsed in the dozen inventions and concepts below. The top 8 predictions for global healthcare for 2019 are as follows: Prediction #1: 15% of global healthcare spending will be tied to Value-based Models During 2019, the healthcare … From healthcare-retail partnerships to the introduction of apps, wearables and data-driven AI applications, disruption and innovation are now central to healthcare. 1. A passion of mine includes mentoring and inspiring young women to take on leadership roles and focus of STEM based careers. For the 2019 predictions that were released in November 2018, six out of eight predictions realized as anticipated, while the two remaining predictions have not panned out exactly the way we thought. Team-based healthcare will grow significantly. 2. Here are five predictions for the future of healthcare in America that will play out over this decade as Americans finish casting their votes in what may be one of the most pivotal elections in U.S. history. Telehealth and virtual care have exploded in the past decade, growing over 260 percent between 2015 and 2017 alone. China will continue to catch up to the US on some important health metrics as it strives to become the “world’s best and cheapest health system.”. Emerging payment models are encouraging more proactive care, demanding greater collaboration and rewarding value. 1. Team-based healthcare will grow significantly. August 8, 2016. Although the concept of multiple healthcare providers collaborating on a patient’s care is not new, many within the healthcare industry are advocating for greater growth of a formalized system, including pushing for regulatory legislation to aid in patient adoption. Tweet Share Share Email More. But as the technology continues to advance, and advocacy drives changes, telehealth and virtual care will become significant growth areas for care in the coming five years. We project that by the end of 2020, progressive health systems will start to view telehealth as a standard of care option for primary care virtual consultation. 3 Predictions for the Future of Healthcare Posted On 11/06/2018 by Haley Nuckols Never has there been a more dynamic time in healthcare, and the pace of change is extraordinary. While last year didn’t present the type of industry overhaul that some may have been expecting, 2019 was full of new healthcare trends and legislative changes that helped reshape the operating landscape. Prediction 1: Continued disruption and innovation will dictate the need for creative solutions. The social determinants of health (SDOH) account for a larger portion of overall health outcomes than medical care determinants. One of the momentum shifts we are starting to see in the healthcare industry is “healthcare consumerism,” where patients/consumers demand a retail-like buying experience for availing healthcare services and products. While the launch of UniQure’s gene therapy Glybera created a lot of buzz, its high cost, extremely low demand and lack of a sustainable reimbursement model (reimbursement only available in Germany and Italy) led to a below-average performance and a simultaneous withdrawal. DistilINFO is media company that publishes Industry news, views and Interviews. The report, which launched at the 2014 FT Global Pharmaceutical and Biotechnology Conference, set outs ten provocative predictions for 2020. Medical science is using stem cells to grow new organs, a surgeon in New York City removed the gall bladder of a patient in France using remote robotic arms and Dutch surgeons 3D-printed a replacement section of a woman’s skull. All Rights Reserved, This is a BETA experience. For healthcare professionals, keeping up with the complexity of modern care is incredibly overwhelming. Perry Price, President, Chief Executive Officer and Founder, Revation Systems. Burnout, in particular, drives everything from lowered job satisfaction to diminished quality of patient care, and can even negatively impact the mental health of providers. Covid-19 Is Preventing Sustainable Investment In Developing Nations. Print. As practices within the healthcare industry become increasingly specialized, team-based medicine is a system that can provide the best quality care for both patients and teams. What we know today about global healthcare is essential for predicting its future. As presidential hopefuls jockey for position leading up to election day, healthcare is set to be perhaps the most hotly debated topic in 2020. Finding a permanent solution to the medical care provider shortage will require new solutions. Likewise, digital assistants with integrated artificial intelligence (AI) are some of the fastest-growing consumer technologies, and are increasingly popular with people who use them to help manage their health. As innovations reach into the medical industry and begin to transform experiences, practitioners and patients alike will need to prepare for unexpected benefits and consequences of change. Telemedicine promises to solve the most challenging problems in the healthcare system in the years to come, allowing access to care in a cost-effective way. By Steve Smith On Nov 14, 2020. For more information, watch sessions on the Global Economic Outlook, the Global Science Outlook and The Future of Consumption from our Annual Meeting 2017. As more medical specialties become available online with telehealth and virtual care, these services can provide significantly better outcomes for patients, particularly in medically underserved areas, like rural communities. We believe the US healthcare payers will offer patients more out-of-network options, whereas China plans to cover 70% of the nation’s public hospital under the government-backed telemedicine program by 2022. What does the future hold for our health? Now a little more than halfway through 2016, it’s time to look at trends in the industry and how they will shape the relationships among stakeholders for the years to come. The inventions listed here are at the bleeding edge of the healthcare industry and will leave a mark on the world. There was a time when malaria was a deadly disease, but not anymore. August 8, 2016. Prediction #7: Precision medicine-led approaches will pave the way for next-gen health data analytics solutions. By the end of 2020, 40% of the US health systems and commercial payers will utilize "social determinant" data of some type in making risk assessments, patient outreach, and business decisions. 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