As we close out the end of 2022, the healthcare industry is preparing for what promises to be an eventful 2023. Deals of all sizes, as well as increased regulatory scrutiny, are sure to make next year one to remember. These are some predictions for 2023 that are based on market forecasts and logical conclusions drawn from trends observed in this past year.
1. Medicare Advantage Plans Will Face Continued Scrutiny in the Coming Year
With the rollout of Medicare Advantage in 2020, the program has experienced tremendous growth in recent years. This has led to an increase in costs for Medicare Advantage plans and this demand is likely to keep the program under a microscope. As scrutiny over these increasingly expensive plans continues, federal authorities will continue to focus on potential waste, fraud, and abuse that may be occurring. Healthcare providers should prepare for greater monitoring and oversight as they offer these plans to more individuals than ever before - a sign of the times that comes with providing such an important service.
2. A Private Equity and Venture Capital Craze Unlike Any Other
Now more than ever, companies are looking to take advantage of new markets while staying on top of the latest technologies and trends. With investors jostling for market share and challenging traditional business models, we are witnessing a realignment of global economic dynamics – one that is likely to bring with it significant opportunities. As competition intensifies, now is the perfect time for companies to act on their plans for growth; those keen to capitalize on these changes have the potential to reap considerable profits in the coming years. With countless opportunities emerging within the private equity and venture capital space, we're confident that it won’t be long before we start seeing some major disruptors in the healthcare market.
3. Utilizing More Customer Segmentation
The healthcare industry is undergoing a major transformation as more customer segmentation is being utilized. By customer segmentation, companies are able to divide the customer market into groups based on attributes like location and lifestyle habits. This helps providers tailor treatments and services specific to each segment's needs. The advantages of customer segmentation range from improved patient experience and satisfaction to better cost-effectiveness for the provider.
4. Increased Consideration for Home-Based Care
As the healthcare landscape continues to evolve, it is becoming increasingly important to explore home-based care options for those in need of assistance. This type of program allows individuals to maintain their independence and dignity while receiving the support they require. Home-based care has been utilized in an increasing number of settings, with studies showing that it provides improved outcomes and better patient satisfaction than traditional care center models. As such, its importance cannot be overstated and thus merits a closer look so that its advantages can be fully realized by individuals seeking quality medical attention in the comfort of their own homes.
5. Advances in Technology and Retail in the Healthcare Industry
Technological advancements in healthcare delivery have been pivotal in transforming the industry into a more agile and efficient one. Retail technology is expected to be increasingly strategic and continue to drive healthcare services as well. With big tech companies investing heavily in medical-related services, it's becoming easier than ever for patients to access information digitally, which has further impacted the overall patient experience. This new approach to healthcare will make it much simpler for patients to find, access, and pay for needed medical services. Additionally, retail clinics can offer a convenient way for those without regular doctors to get the care they need. Retail centers such as pharmacies, grocery stores, and department stores are now offering their own healthcare offerings, blurring the lines between retail and care. As technology enters into this space at an even greater velocity, it's expected that both retail and tech will continue to play major roles in reshaping how care is delivered throughout our lifetime.
The healthcare industry for the coming year is ripe with opportunities and challenges. While these are educated guesses for the healthcare industry in the coming 2023 year, it will be beneficial to have these predictions in the back of your mind.