Every year, industry predictions are made based on studies completed during the last year. According to experts, seven important healthcare industry segments will get larger in 2020. They fall into several important categories, including growth and expansion efforts, as well as costs and control. Read on to learn more.
Seven Key Predictions
“Based on their experience advising clients in the healthcare industry, the attorneys and advisors who authored the report predict the aging baby boomer population, advances in technology and the goal of reducing healthcare costs will drive transformation in the healthcare industry this year. According to the report, the following seven sectors will see growth, consolidation and increased investments in 2020.”
Expansion Efforts and Industry Growth
Hospitals and health systems will expand both regionally and nationally to increase capital and achieve economies of scale in connection with investments in new facilities and services as well as advanced capabilities to better manage care. Also, because physicians act as “key quarterbacks” in controlling healthcare costs, they’ll see more competitive offers from hospitals, health plans and other organizations.
On top of this, the aging baby boomer population will drive increased demand for long-term care services. At the same time, funding for behavioral health services, including those to treat substance use disorders and mental health illnesses, will increase.
Costs and Control
While expansion efforts are underway in 2020, other changes will take place, particularly those concerning overall healthcare costs. Health information technology, including analytics, artificial intelligence, and mobile apps, is poised for growth because of its key role in helping providers deliver high-quality healthcare at a lower cost. Growth in the medical device and pharmaceutical sector will be driven by new scientific discoveries being developed to treat certain conditions more effectively at a lower cost. Enrollment in Medicare Advantage plans will increase as the number of Medicare enrollees grows and the Medicare program adopts bundled payments, risk-based initiatives and other models of care.
What Can You Do?
While these are just predictions and are not indicated to come true, there are some things that you can do right now, such as gain control over your aged claims. We specialize in using Federal ERISA appeals to get commercial health insurance companies to pay aged claims – those that have gone through their three state appeals and remain unpaid. Even if these take up a small amount of your overall claims, it’s always a good idea to get them paid, because you never know when those additional funds will be needed. If you’re ready to take care of your aged claims, contact us today.
