Top Healthcare Predictions For 2016

By Jessica Parker, consultant, MedicalBillersandCoders.com

With the technological transformation currently taking place in healthcare, organizations need to revolutionize the way they operate. Rapid digitization of medical records and similar technological innovations are paving the way for the transformation of important data into insights that are not only meaningful, but actionable as well. Following are three trends that will help shape the way healthcare is going to be revolutionized.

1. Wearables
   The next generation of medical wearables will feature sophisticated applications and advanced analytical functionality, contributing to a wearables market predicted to hit a whopping $6 billion. According to a Frost & Sullivan study, over 24 percent of current customers are tech savvy and using mobile apps for tracking health and wellness, and over 16 percent of the surveyed group use wearable sensors. Of these, 29 percent find it easier to use electronic health records, with a sizable number considering switching to wearables sooner than later.
    
2. Mergers And Acquisitions
   Last year saw a flurry of activity leading to several mergers and acquisitions in the healthcare industry, a trend expected to continue this year according to Bret Schroeder, a healthcare expert representing PA Consulting Group. Stiff competition amongst hospitals has led to healthy mergers and, with declining revenues plaguing the healthcare industry, the current flux of mergers is a logical solution to handling the inevitable cost structures and demographics. The Affordable Care Act (ACA) has only accelerated this as a result of inevitable changes in reimbursement leading to a decrease in revenues.
    
3. Apps
   With customers becoming more tech savvy, healthcare apps will prove to be a boon for low-income patients. With the advent of Smartphones, most ow-income patients find they have access to technology that helps them remain connected to healthcare through medical apps. Whenever there is a failure in the system, medical apps come to the rescue by offering access to speedy healthcare at marginal costs. In addition, thanks to medical apps, healthcare is available on demand. This means a lot of low-income families that would otherwise have to go without healthcare can now receive it.