According to “National Health Expenditure”, spending growth of hospitals is projected to accelerate to 5.7% per year on average over 2020-27 due to increase in spending growth of all payers (and medicare in particular). Also contributing to faster growth over 2020-27 is somewhat higher price growth arising from expected increases in wage growth and tighter labour markets for healthcare professionals.
Over 2020-27, physician and clinical services spending are projected to grow by 5.4% per year on average. During this period, growth in Medicare spending on physician and clinical services is expected to be faster than growth in private health insurance spending largely due to the continued shift of the baby-boom generation from private health insurance into medicare. Also contributing to the overall trend is faster-projected growth in prices for physician and clinical services due to anticipated rising wage growth related to increased demand from the ageing population.
Hospitals may not have total control over revenues, however, they can control operating expenses, which comprise all the costs of taking care of patients: labour, supplies, utility, equipment, buildings, property, and capital. Healthcare organizations are leveraging technologies such as artificial intelligence, machine learning, big data and the internet of things to look beyond and find out solutions to tackle the rise in cost.
This e-book focuses on the ways that a healthcare institute can leverage technology to provide better patient engagement while not abdicating to the rise in the cost of healthcare professionals.