Here are some of the key trends we have identified that will be impacting Healthcare in 2016:
Merger Fascination: Merger fascination should continue in 2016. Unconventional partnerships across the industry should rule 2016 as well, according to PwC’s HRI. Industry will see more high-profile mergers and acquisitions in 2016. Consolidations will generate larger health systems and insurers, so branding will become critical in 2016.
Drug Cost Control Quest: Industry will be on a quest to control mounting drug prices involving collaboration among insurers, patients and new value-assessment groups. Biosimilar drugs will emerge as a lethal weapon to kill skyrocketing prices, such substitutes for branded biologic drugs will offer substantial resistance to rising drug prices.
The New Conscious Controllers: Consumers will be the money managers; taking greater responsibility for their health, engaging in a model of guidance & preventions resisting medicalization. Adoption of health-related apps on mobile devices like Strava, RunKeeper and SleepCycle, wearable devices both consumer and medical grade has almost doubled in the last two years already. More and more people will be adopting digital health apps to monitor and manage their health care. Connected devices will go well beyond a fitness tracker. Technology and financial incentives involved hands over care to actual consumers.
Outcome-Based Medicine Structure: Outcome-based Medicine structure will overtake existing fee-for-service model in healthcare. Healthcare systems will probe deeper to calculate the real cost of services and ways to improve efficiency as well as care. As care plans is a key element in outcome-based medicine model; exhausting manual designing of care plans will come to a halt, automated care planning will evolve eventually mutating into adaptable care plans.
Virtual Care Model: Era of real time virtual monitoring for diagnosis and treatment has already begun. Value-based payment models will prompt healthcare systems to invent lower-cost settings leading to establishment of bedless hospitals and virtual care centers. Telemedicine pops out as an innovative way to manage patient care remotely especially for cases requiring daily monitoring and interventions to manage conditions. Telemedicine app Teladoc has made its debut on the public markets. Teladoc’s membership boomed to 8.1 million in 2014 from 1.9 million the year prior and continues to grow. Over the next five years, remote patient monitoring will result in cost savings of up to $36 billion worldwide, according to a recent report on the mHealth market from Juniper Research.
Next Generation EHR Systems: Regardless of all the potentials to improve quality of care and reduce healthcare costs, advantages of Electronic Health Record (EHR) has yet to be realized completely. Considering how foundational electronic health IT has become, EHR performance should improve dramatically in 2016 resulting in the evolution of next generation super-efficient EHRs. Interoperability demand will be seen skyrocketing in 2016 demanding comprehensive resolutions.
Harmony between Commercial & Federal Payers: Presently there are dozens of payers, multiple commercial plans, Medicare and Medicaid interacting with a health system with their own measures for assessing performance. 2016 should also bring huge efforts to smoothen stridency among commercial and government payers.
Behavioral Healthcare: PwC’s HRI also predicts behavioral health will be a key issue in 2016, as one out of every five American adults experiences a mental illness every year. These conditions cost businesses across the nation more than $440 billion annually. Employers and healthcare organizations may address behavioral healthcare more seriously to keep costs down, productivity up and consumers healthy, according to PwC’s HRI.
Cybersecurity: 2016 seems to be dragging cybersecurity concerns to medical technology. With more usage of digital health apps and services, data privacy and cybersecurity will become critical.
New Cutting-Edge Databases: 2016 should produce new high-tech databases. New advanced database tools and the resulting comprehensive data analysis should provide valuable insights necessary to improve patient care and consumer health, according to the reports. High hopes surrounding big data investments in healthcare still floats.
Written BY –
Divan Dave, CEO, OmniMD and Hitender Soni, Vice President, OmniMD
Divan Dave, CEO of OmniMD a leading provider of innovative Cloud EHR, Practice Management and Medical Billing solutions that transform the operational and clinical workflows of healthcare practices of all sizes. They have ranked among fastest growing INC. 500:5000 private companies for two years in a row. Today over 12,000 health care providers have improved their clinical operations, patient care and collections by using OmniMD solutions. OmniMD is a division of Integrated Systems Management Inc. (ISM), also founded by Da’ve in 1989. Both are global companies with clients in the United States, India and the Middle East, seeing rapid expansion.
Dave’s commitment to excellence can be seen beginning with his education. He came to the United States, from India, with two Master’s Degrees (Organic Chemistry and Computer Science) and attained yet another Master’s in Computer Science from CUNY in 1986. Da’ve spent a few years with Thomson Financial Group where he quickly rose to an executive leadership role on a mission-critical application, prior to launching ISM.
Dave’s belief in the 360 degree complete growth of his employees – career, spirituality, financially and physical well-being – stems from his own personal commitment to feeling fulfilled in every aspect of life. An avid Yogi, he provides free Yoga classes to all employees as part of the company’s enrichment program which also offers, among other things, language classes, career development workshops, art & music lessons.