Report on 2019 Trends and Developments in Healthcare Industry

This report provides an overview of the key trends that shaped the healthcare industry in 2019. It highlights the increasing prevalence of mergers and acquisitions within the healthcare sector, leading to potential improvements in patient care and cost efficiency. The report also discusses the rise of consumerism, with patients prioritizing convenience, cost transparency, and online reviews, and the growing adoption of telehealth, particularly among younger generations. Furthermore, it examines the increasing reliance on artificial intelligence to manage patient data, enhance care delivery, and reduce costs, as well as the growing concerns around cybersecurity due to data breaches and the need for ethical practices and government regulations. Finally, the report touches upon the adoption of smart health approaches and the need for new staffing models to address workforce shortages and deliver value-based services. The study emphasizes the importance of technological innovation and customer-centric approaches in the evolving healthcare landscape.

Trends in Healthcare
Industry
2019
Student’s Name
5/25/2019

Trends in healthcare industry 1
Trends in the healthcare industry
Due to the growing age population and the prevalence of chronic health diseases, it
develops the emerging need for growing health care industries. The US health care system is
moving towards the financial model that is based upon the value and is able to generate more
revenue when the volume of the patient's increases. This, in turn, leads to increasing trends in
the healthcare industry. Further paragraphs will provide an outline of the trends in the
healthcare industry (Rodriguez, 2017).
It is analyzed that the consolidations in the health care industry are increasing rapidly.
In the year 2018, there is a merger and acquisition of 803 healthcare systems and 858
affiliations and partnerships were announced. It leads to better care by providing low cost
enhanced services to the patients (Rodriguez, 2017).
The millenials prefer personalization treatment and consider convenience and cost at
the highest priority. The consumerism trend is increasing and 65%of the health care
consumers focus upon the cost of the insurance. The millenials are analyzing the online
reviews and the demand for the retail clinics have increased from 9% to 24%. The younger
generation focuses on transparent pricing and prefers urgent care for the treatment (Kelly,
Blake & Plunkett, 2016).
The use of telehealth among the millenials is growing at a fast pace. It accounts for
$22 B in the year 2017 and will reach to $ 93.45 B by the year 2026. It is analyzed that 70%
of the consumers are using telehealth for urgent care rather than going to a primary care
provider (Groves et al, 2016).
The dependence upon artificial intelligence is increasing because it helps the hospitals
to collect the patient, financial and organizational data. It is recorded that 2.5 quintillion bytes

Trends in healthcare industry 2
data is generated every day. The use of artificial intelligence will help in providing better care
to the customers and will decrease the cost of the treatment (Groves et al, 2016).
The increasing rate of mergers and acquisitions has shaped increased vulnerabilities in
information sharing and has tracked various data breaches that resulted in the exploitation of
healthcare records. This has led to the increasing demand for the cybersecurity. The attacks
are done for financial motives and are suffering from the high stake of personal and sensitive
data. It develops the need to adopt ethical practices and government regulations to ensure
safety at the macro and micro level (Kruse et al, 2017).
The adoption of smart health approaches by adopting innovative technologies to
allows the health care industries to deliver improved services that are affordable and valued.
The aging workforce creates the shortage of the talented staff and develops the emerging
need to adopt new staffing models to increase the clinical workflows and adopts the new
technologies and innovation models to deliver high care services to the healthcare customers
(Kruse et al, 2017).
From the above discussion, it is critical to note that an increase in the techno savvy
healthcare customers has developed the emerging need to use the innovative technologies and
deliver value-based services to the customers. The healthcare industry must deliberately use
artificial intelligence to understand the needs of the customers.

Trends in healthcare industry 3
References
Groves, P., Kayyali, B., Knott, D., & Kuiken, S. V. (2016). The ‘big data’ revolution in
healthcare: Accelerating value and innovation.
Kelly, N., Blake, S., & Plunkett, A. (2016). Learning from excellence in healthcare: a new
approach to incident reporting. Archives of Disease in Childhood, 101(9), 788-791.
Kruse, C. S., Frederick, B., Jacobson, T., & Monticone, D. K. (2017). Cybersecurity in
healthcare: A systematic review of modern threats and trends. Technology and Health
Care, 25(1), 1-10.
Rodriguez, D. H. (2017). Emerging Healthcare Trends & IT Advancements: Key
Combination for Future Success.