Top 10 Healthcare Market Trends in 2023 Shaping the Future of Health

Top 10 Healthcare Market trends

Transformational Healthcare trends in 2023: Generative AI, FTC’s Evolving Views on M&As, and Vertical Collaborations in the Industry

With disruptive forces like GenAI and the strategic shifts in Mergers and Acquisitions shaping vertical business relationships, we are at the cusp of redefining the future of healthcare”

— Dr. Purav Gandhi

AHMEDABAD, GUJARAT, INDIA, February 22, 2024 / — In times of unprecedented transformation in the healthcare industry, amidst technological advancements and evolving patient needs, several key trends are set to shape the future of health care delivery. Industry leaders aim to address ongoing challenges like cost reduction, improved access to care, and availability of skilled workers, and hope to leverage technology to optimize both, administrative functions and care delivery.

Healthark Insights’ report on the “Top 10 Healthcare Trends in 2023” analyzes the intricate intersections of Generative AI, its reliability and security , revised M&A directives, primary care expansions, and strategic vertical relationships that are defining the future landscape of healthcare.

Impact of AI in healthcare is not confined to theory – practical applications of Gen AI in healthcare operations range from Doximity’s ChatGPT tool for drafting letters to Google Cloud’s AI-enabled Claims Acceleration Suite. Healthcare entities are increasingly incorporating AI to streamline processes, reduce documentation burdens, and enhance patient care.

Gen AI including LLMs have captured the attention of healthcare leaders with 75% of health system executives believing it has reached a turning point in reshaping the industry. Despite this, only 6% have a strategy in place, showcasing a significant opportunity for growth. From drafting preauthorization & appeal letters to enhancing call center experiences, healthcare organizations are leveraging AI tools for operational efficiency. Companies like Doximity, HCA Healthcare, Epic Systems, and Google Cloud are at the forefront to reduce documentation burden and accelerate prior authorization processing.

In the realm of M&As, the Federal Trade Commission (FTC) has broadened its view on potential consumer harm, challenging established norms. New guidelines scrutinize transactions for impacts on labor markets, labeling them harmful if post-merger market share exceeds 30% or specific concentration measures are breached. Also, non-traditional players including tech giants and private equity firms are reshaping the industry through substantial investments and vertical partnerships. Also, transparency is reshaping the pricing landscape. Coverage Rule mandates health plans to disclose negotiated rates and historical payments. While larger insurers make strides toward compliance, the report sheds light on challenges faced by smaller healthcare plans.

Against the backdrop of an ever-changing industry landscape, leading healthcare providers and payers have announced voluntary commitments to ensure the safe and secure use of AI in healthcare. These commitments aligning with FAVES (Fair, Appropriate, Valid, Effective, and Safe) principles marks a significant step towards responsible AI governance in the industry. The Coalition for Health AI, with members like Duke Health and Google aims for responsible AI systems to improve healthcare access and affordability.

As more and more vertical business relationships among insurers, PBMs, specialty pharmacies and providers are strengthening, companies like CVS Health, Elevance Health, and Centene are actively shaping the industry by prioritizing value, accessibility, and cost savings. Driven by innovation, sustainability, social care integration, and cost management as its core principles, the future of the healthcare industry looks promising for investors, providers and consumers alike!

About Healthark Insights

Healthark Insights is a global management consulting firm developed by a team of experts from diverse fields such as consulting, pharma, medicine, medical devices, digital health, public health, and management with a common vision to cater to the healthcare and life sciences industry, along with a relentless focus on delivering executable solutions.

Healthark Insights team helps customers make critical decisions every day through expertise that combines deep domain knowledge, rigorous research, and analysis, understanding of markets, technology, and experience. With the right experience and expertise, the team not only provides insights but also works closely with clients to execute the strategy that they have helped to develop.

About Healthark Insights Top 10 Research Report Series

Healthark Insights annually tracks the top events and trends in the healthcare and life sciences industry, and publishes reports at the end of each year summarizing the top 10 trends in healthcare industry, life sciences industry, health tech, the top 10 innovations and drug approvals and so on, with an objective of summarizing the key events and industry shaping forces during the previous year, and shares a view-point on how the sector will evolve in the coming year.

Purav Gandhi
Healthark Wellness Solutions LLP
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