US healthcare is amidst a storm of rising concerns regarding costs. The storm isn’t surprising to many who have followed the industry for years. According to Centers for Medicare and Medicaid Services (CMS), US spending on healthcare grew to $3.5 trillion in 2017. This amounted for 17.9% of the GDP with costs as high as $10,739 per person. Additionally, at least 47% are not covered by private insurances schemes. This puts an additional burden on both the end-consumer and hospitals. This forms a major concern for hospitals as they have to engage in time-consuming paperwork in order to coordinate with government agencies and consumers.
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Moreover, nearly 33% of nation’s complete spending of $3.5 trillion were spent in hospital care. Healthcare finance solutions can also be ideal for physicians and clinics also who accounted for 20% of the total spending. Services like debt-financing, credit checks, and regulatory compliance are also expected to rise as 10% of the overall spending is out-of-pocket. Hence, the rising costs of healthcare, rising concerns associated with financing and recovery options, and growth of the healthcare industry.
Digital Channels to Drive Tremendous Growth
Growing digitalization promises tremendous opportunities for the healthcare sector. Increasingly, agencies like CMS are typing up reimbursement with digital adoption. Moreover, the administrative paperwork results in significant delays in procedures, and forms a chunk of the costs in the healthcare sector. Additionally, digitalization can speed up the process of submission of coverage information to disburse finance quickly both for patients and hospitals alike.
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Moreover, technology giants like Amazon and Google are increasingly competing to get a larger share of the pie through medical services. Amazon recently integrated technology in its famous personal AI assistant Alexa to order prescriptions and also receive medication reminders. Improvement in other services like finance for healthcare, and recovery through digital means can provide major growth for the healthcare sector in the near future.