Navigating the Future: Key Insights from GHX's Healthcare Executive Survey - 2024

Introduction:?The future of healthcare is shaped by the confluence of technology, policy, and organizational structure changes. At Global Healthcare Exchange (GHX), we recently conducted a survey of senior healthcare executives to gauge their expectations for the next decade. The insights from this survey paint a picture of an industry at a pivotal juncture, driven by innovation and regulatory dynamics.

Core Findings:

1. Profound Impact of Artificial Intelligence (AI):?AI is poised to revolutionize healthcare by improving operational efficiencies and patient outcomes. The survey highlights that over half of the respondents anticipate AI to reduce operating costs by 5% annually starting next year. AI's capability to analyze vast datasets can streamline administrative tasks and enhance decision-making processes, setting the stage for a more efficient healthcare system.
2. The Rise of Integrated Health Systems:?Integrated health systems are becoming increasingly vital due to their ability to provide comprehensive and consistent care. With 84% of leaders predicting these systems will be the dominant model within ten years, it's clear that the future of healthcare will be characterized by more cohesive and patient-centered care delivery models.
3. Influence of Government Policies:?Policy shifts, particularly around bundled payments and potentially a move towards a single-payer system, are expected to significantly impact the healthcare landscape. These changes will necessitate adjustments in how healthcare providers operate financially and administratively.
4. Economic Pressures Leading to Industry Consolidation:?Financial strains are anticipated to cause considerable consolidation in the healthcare industry, affecting the number of suppliers and potentially leading to a more streamlined but competitive market environment.

Reflections and Implications:?The survey results suggest a cautiously optimistic outlook among healthcare leaders despite the challenges ahead. As Tina Vatanka Murphy, President and CEO of GHX, points out, this optimism underscores a commitment to transformative change that prioritizes quality and affordability.

The embracing of AI and integrated health systems indicates a shift towards more technologically advanced and patient-centric healthcare models. Meanwhile, policy changes and financial pressures will likely catalyze significant structural changes in the industry.

Conclusion:?At GHX, we are committed to supporting this evolution by providing solutions that enhance efficiency and effectiveness in healthcare operations. Our role in this transformation is not just as a provider of services but as a partner in helping the healthcare community navigate these changes.

Engagement Call:?I invite you to share your thoughts on these findings. How do you see these developments influencing your strategies and operations in healthcare? Let’s discuss the opportunities and challenges that lie ahead in this dynamic landscape.

About GHX:?With decades of experience in automating healthcare business processes and a deep understanding of the healthcare supply chain, GHX is ideally positioned to help drive the future of healthcare. For more information on GHX's suite of cloud-based supply chain solutions, visit www.ghx.com ?and The Healthcare Hub .

SOURCE Global Healthcare Exchange (GHX)

Full Press Release: https://www.prnewswire.com/news-releases/ghx-survey-reveals-healthcare-executives-top-four-expectations-for-the-next-decade-302198246.html

GHX Survey Reveals Healthcare Executives' Top Four Expectations for the Next Decade

NEWS PROVIDED BY

Global Healthcare Exchange (GHX)

Jul 16, 2024, 10:44 ET

Artificial Intelligence, Integrated Health Systems and Government Policies Will Shape the Industry's Trajectory and Transformation

LOUISVILLE, Colo., July 16, 2024 /PRNewswire/ --?A new survey conducted by Global Healthcare Exchange ?(GHX) sheds light on the prevailing attitudes and expectations regarding the future of the U.S. healthcare system. The survey, which tapped senior healthcare executives for their insight, indicates that the industry will continue to undergo significant changes due to various internal and external forces, including technology adoption, government policy, market competition and global economics.

Despite the uncertainty ahead, there is more optimism than pessimism regarding healthcare's future. Seventy percent of survey respondents said they expect public trust and confidence in the U.S. healthcare system to improve gradually during the next five to 10 years.

"Healthcare is in the midst of generational change, and I'm inspired by the prevailing sense of optimism expressed by senior healthcare leaders in this survey," says Tina Vatanka Murphy, president and CEO, GHX. "The way I see our industry mobilizing now is a testament to its deep and abiding commitment to affordable, quality healthcare for all."

Key Takeaways

Artificial Intelligence Will Have a Profound Impact

The implementation of AI solutions in hospital operations is projected to accelerate and emerge as the industry's most disruptive force. The accelerated adoption of cloud-based ERP systems has led to centralized, unified data repositories where technologies like AI and machine learning (ML) can flourish. Automating administrative tasks that don't add value, combined with AI and ML-driven industry data and intelligent analytics, is propelling healthcare's digital transformation. This shift promises significant improvements in cost efficiency, quality of care and patient outcomes.

• More than half of the respondents expect AI to reduce operating costs by 5% annually beginning next year.
• More than 50% of healthcare executives surveyed say AI's impact will likely be felt in the next one to three years.
• AI will create a high level of disruption, with 60% of respondents indicating AI will have a significant impact on the healthcare industry.

"Responsible use of AI will have the most profound impact on healthcare in a generation—bringing new possibilities for better patient outcomes, operational efficiencies and data-driven decision-making," Murphy adds.?"Supply chain automation, trusted data and clinical integration are converging to become the foundation for the AI-powered supply chain of the future and the path we're forging with our customers today will revolutionize the industry for decades to come."

Dominance of Integrated Health Systems The healthcare industry will continue to adopt models that promote health equity and that address the issues of access, cost and outcomes. Integrated health systems are anticipated to become the primary model for providing and funding care because they offer flexibility and consistency in delivering affordable care across patient populations. The ongoing shift to integrated models is expected to improve patient outcomes, reduce administrative costs and ensure easy access to care regardless of a patient's zip code. In particular, the emergence of the 'payvider' model will help bridge the gap between the cost of health equity investments and the value of making affordable, high-quality care available to all.

• 70% of healthcare executives surveyed say that competition among integrated health systems will heat up during the next seven years.
• 84% of respondents believe integrated health systems will be the dominant structure in ten years, and 47% indicate they will significantly impact the healthcare industry.

Government Exerts Influence Through Policy Shifts Government policy and influence is expected to have a measurable impact on industry operations. ?

• More than 80% of respondents expect bundled payments to become the standard for most hospital inpatient services in the next ten years, and 50% of all respondents expect bundled payments to have a significant impact on the industry.
• Looking beyond the next decade, 74% of respondents think U.S. voters will likely approve a single payer/Medicare for All system, with 42% of all respondents indicating it will severely impact the healthcare industry.

"Hospital and health system leaders do not believe their future is a repeat of their past. They are adapting their organizations to industry changes that impact their long-term sustainability while adjusting near-term priorities to enhance operating efficiencies and performance.? They're not paralyzed by change: they're intentional and focused," said Paul Keckley, managing editor of The Keckley Report.

Financial Pressures Will Drive Consolidation and Competition Rising costs, financial pressures and anticipated industry consolidation are expected to drive several shifts, including fewer suppliers serving providers.

• Most of the healthcare executives surveyed (70%) say that it is very likely that national health spending will increase by at least 4% annually for the next three years.

While demand for medical devices, equipment and supplies is strong, the COVID-19 pandemic profoundly impacted supplier and provider operations.

• Fifty percent of respondents expect the number of suppliers to decrease during the next one to three years as financial pressures on hospitals increase, which will have moderate industry impact.

Survey Methodology GHX surveyed U.S. hospitals, health systems and manufacturers in April 2024. The survey yielded responses from various C-suite roles and senior supply chain executives representing various organization sizes and entity types. The questions were developed in concert with Paul H. Keckley, healthcare policy analyst and managing editor of The Keckley Report.