Top 5 Predictions for 2023
By Maria Kordit, VP, Community Engagement, The Garage
As an industry leader in healthcare technology innovation, we constantly reflect and evolve as the industry around us changes with the times. The pandemic has dramatically accelerated how technology reshapes a patient's journey. The proliferation of digital tools and data presents us with a huge opportunity to use technology to empower and make care accessible for all. Typically, our industry overestimates the short-term impact of change and underestimates its long-term impact. With that, we share our Top 5 Predictions for what we expect to experience in the healthcare industry in 2023 to help us achieve the Quintuple Aim.
The issue with aging and the opportunity with aging in place.
Increasing life expectancy and declining childbirths have significantly impacted the global population. The number of older adults within working age per 100 will triple in the next 10 years. Combined with social and economic impact, the strain on pension systems, a shortfall in workforce supply, and rising costs, we expect an overall economic slowdown. With increasing regulatory and policy incentives to handle the aforementioned, lies a massive opportunity around driving more aging-in-place solutions such as home-based care and hospital-at-home. This strategic focus in 2023 is expected to be driven by 55% of aging baby boomers who are tech savvy. We at The Garage look forward to continuing to drive more proactive engagement with this population cohort through our digital-front-door solutions.
Calibration of digital health capitalization.
The healthcare sectors' digital health and information technology applications are expanding at a staggering pace, led by circumstance and necessity. More than a trillion dollars have been invested in 8000 healthcare transactions in the last 10 years, of which more than $100 billion has been on digital health. With current increased rates and costs of capitalization, we hope to see a shift from easy money to earned money in digital health. Necessary calibration and consolidation of this will take place in many ways such as specialization within the market. In 2023, we expect this calibration to empower opportunity for real impact as opposed to potential impact.
Digital front door strategy as normalization of telemedicine.
The digital-front-door is a shift toward a new and dynamic way of managing the patient experience. Today, over 70% of U.S. consumers go online for health needs such as reviewing provider ratings, buying wellness products, and making health decisions. The digital-front-door must leverage strategies that allow patients to interact with healthcare providers via telemedicine for the best consumer digital experience. At the Garage, we are accelerating our digital-front-door strategy to optimize the patients' journey through synchronous and asynchronous interactions at every touchpoint. This will allow for disruption in primary care by big tech and other innovative models that come into play.
Hot spotting and segmentation with a purpose.
Previous designs on medical utilization pattern analysis had focused on disease-specific models. This has come under examination as it misses up to 80% of factors that determine health and wellness outcomes. Now, we are seeing policy and payer models transition to population analysis and segmentation with a more holistic purpose. This provides the opportunity to identify growing risks more effectively, such as heavy users of the systems in a timely manner, so that targeted intervention programs can be instituted. Forthcoming payer models serve patients differentially based on age, ethnicity, race, or sex. While long-term sustainability is questionable, we are excited to see and measure its short-term impact on inclusion, equity, and social health.
Dawn of a new era of digital-first, data-first solutions to democratize Value-Based Care.
The Garage has built a model for achieving the Quintiple Aim through our Data-First-Digital-First (DFDF) approach. Every day, our DFDF posture defines not only who we are but is leveraged across various organization entities to make care more accessible and affordable. This empowers our partners to overcome macro trends like inflation, staff shortages, consumerism shifts, compliance regulations, and security risks at scale. As a result, various entities, from FQHCs to Managed Care Organizations, can experience solutions in heterogeneous service models but function under commonality as all factors demand a data-driven experience.
In conclusion, through intended or unintended consequences, we as an industry are better positioned than ever before to leverage technology and data to change healthcare for good...one community at a time. We look forward to overcoming challenges, spearheading innovation, and bringing meaningful impact to deliver Quintuple Aim with our partners in 2023!