What You Should Know:
– The US healthcare system is undergoing a period of significant transformation, driven by factors such as consolidation, digital transformation, and the rise of empowered consumers, according to Deloitte’s 2024 Health Care Industry Outlook survey.
– Healthcare organizations face several challenges in 2024, including talent shortages, workforce challenges, rising costs, and affordability concerns. To navigate these challenges and succeed in the future, healthcare leaders should consider strategies such as outsourcing, offshoring, and adopting digital technologies.
5 Factors Likely to Shape Healthcare in 2024
Deloitte’s annual Health Care Outlook Survey outlines five factors that are likely to shape the healthcare in 2024:
1. M&A, consolidation, and convergence: The healthcare industry is witnessing a wave of mergers and acquisitions, as organizations seek to gain scale and efficiencies. This convergence is leading to the disruption of traditional healthcare stakeholders and the emergence of new players, such as retailers and tech companies.
2. Generative AI and digital transformation: Generative AI is poised to revolutionize the healthcare industry, with applications in areas such as predictive analytics, patient care, and drug discovery. Healthcare organizations should continue to invest in digital transformation to ensure they can keep up with the pace of change.
3. Workforce talent challenges: The healthcare sector is facing a shortage of skilled workers, particularly in areas such as nursing and IT. Healthcare organizations need to develop strategies to attract, train, and retain talent in order to meet the needs of their patients.
4. Outsourcing and offshoring: Rising costs and labor shortages are driving some healthcare organizations to consider outsourcing and offshoring as a way to reduce expenses. However, it is important to carefully evaluate the potential risks and benefits of these strategies.
5. Affordability and empowered consumers: Consumers are becoming increasingly price-sensitive and are demanding more convenience from their healthcare providers. Healthcare organizations need to develop strategies to make their services more affordable and accessible.
Recommendations for Healthcare Leaders
– Determine your organization’s strategic goals: As the healthcare landscape continues to change, it is important for healthcare leaders to have a clear understanding of their organization’s strategic goals.
– Adopt new technologies: Healthcare organizations need to adopt new technologies, such as generative AI, in order to stay competitive and improve their operations.
– Address workforce challenges: Healthcare organizations need to find ways to attract and retain qualified staff, and they should also consider investing in training and development programs.
– Explore outsourcing and offshoring: Healthcare organizations should evaluate whether outsourcing or offshoring certain functions could be a viable option for reducing costs and improving efficiency.
– Focus on affordability: Healthcare organizations need to find ways to make care more affordable for consumers, such as offering virtual health options or digital tools.