The healthcare industry today is facing changes that bring challenges. With change, however, comes an opportunity for growth, as well as an opportunity to delivery better patient care. Healthcare providers will need employees who are committed to patient-centered care, can work well in a consumer driven, transactional model, and embrace new technology. At HealthcareSource, our research identified the following five key trends driving change in the healthcare industry:
1. Greater Transparency Will be the Norm
Without clear pricing information, patients have no way of comparing healthcare costs between different providers. This issue has become increasingly important as many consumers pay for more of their healthcare costs. Greater transparency will become the norm. In October 2014, for example, Massachusetts became the first state to require health insurers to publish the price of healthcare procedures. As of January 2015, physicians and hospitals are required to provide similar information. This information will influence where and how healthcare consumers seek care. With the competition for healthcare consumers heating up, providers will need employees who can deliver a great patient experience.
2. Demographic Trends Suggest Healthcare Demand Will Continue to Grow
By the year 2020, there will be ten million additional people over the age of 55. Researchers expect there to be three million nursing jobs in senior care alone, compared to 2.4 million today, which means healthcare providers will be competing for the same labor pool.
3. Healthcare is Becoming a Consumer Market
Patients are evolving into consumers of medicine. Over the next few years, most people will have an online relationship with their primary care physician’s practice. In addition, primary care is being delivered more frequently through consumer channels, like drug stores. This consumer model will only make the experience patients have with healthcare workers more impactful — a great patient experience could be the difference between profitability and lost revenue.
4. There’s More New and Complex Technology Than Ever Before
Healthcare providers and physicians are harnessing new technology to improve medical procedures and to deliver better pharmaceuticals and medical devices. Meanwhile, outside of direct patient care, the technology for managing data, such as electronic medical records (EMR), is improving rapidly in order to enable more meaningful use. Healthcare organizations will need an increase of highly-skilled workers to successfully utilize this new technology.
5. The Industry is Moving From a Transactional Model to a Wellness Model
Healthcare CFOs and financial teams are balancing the old “fee for service” model with new payment options (bundled, contracted, population, and risk). In this new patient-centered global healthcare environment, healthcare providers will be more financially accountable for the patient experience, which means employees have to deliver the kind of patient experience worth paying for and coming back to.
These shifts are having a significant impact on talent management. Healthcare providers will need employees who are committed to patient-centered care, can work well in a consumer driven, transactional model, and embrace new technology. Competition for competent, talented healthcare professionals is likely to increase. Talent management best practices can facilitate recruiting the best talent, a better candidate experience, employee goal achievement, employee engagement and development, as well as higher retention.