⚕️ Heathcare Outlook 2024

Good Morning. 2023 was transformative for HealthTech and we are grateful for the place we’ve earned in your inbox this year.

We look forward to continuing delivery of the latest advancements in the field of healthcare technology in 2024.

As we wrap this year up, here’s what we’re covering in today’s newsletter:

• Ultimate Guide To Text Analytics For Health

• Healthcare Outlook 2024

• Deep Dive: Health Information Management

See you in the new year!

ANALYSIS
Ultimate Guide To Text Analytics For Health

A vast amount of health data is unstructured in the form of clinical notes and patient records. Text analytics can help us take a deep dive into this treasure trove of data.

Natural language processing (NLP) and machine learning techniques can derive meaningful information, identify patterns, and improve decision-making processes by transforming textual data into actionable knowledge.

Text analytics approaches:

1. Topic modelling

2. Named entity recognition

3. Text classification

4. Word frequency

5. Text extraction

6. Clustering

Read the full feature that covers the use cases of text analytics and how to get started with text analytics in healthcare here.

TOP STORY
Healthcare Outlook 2024

Digital Transformation, Generative AI, ESG, Margin Pressures: These were a few of the health care headlines we saw in 2023, and they will likely continue to be used frequently in 2024. Here is what healthcare executives predict coming year will likely have in store for the healthcare industry.

Five factors likely to shape health care in 2024:

1. M&A, consolidation, and convergence: 86% of health system executives surveyed said M&A would have a significant impact on their 2024 strategy.

2. Generative AI and digital transformation: Majority health executives believe Generative AI has the potential to address many of the sector’s most vexing issues like access, patient wait times, claims, staff burnout and expect the accelerated adoption of digital tools will impact their strategy in 2024.

3. Workforce talent challenges: 57% health system executives expect talent shortages and workforce challenges will impact their organization’s strategy in 2024, down from 68% in 2023. The focus remains on trying to attract and retain clinical staff while continuing to work on reducing clinician burnout.

4. Outsourcing and offshoring: Health organizations are considering moving some back-office functions overseas where labor costs can be significantly lower. Revenue cycle, billing, claims, finance, human resources, clinical administration, and supply chain are areas that could be entirely or partially outsourced

5. Affordability and empowered consumers: Healthcare finance leaders expect consumer health care expenses will increase in 2024. 50% health plan executives say affordability issues will most likely impact their strategy in the year ahead.

Read the complete 2024 Outlook for healthcare report by Deloitte here.

DEEP DIVE
What is Health Information Management (HIM)?

• The compound annual growth rate of healthcare data is estimated to reach 36 percent by 2025.

• This is 6 percent faster than manufacturing, 10 percent faster than financial services, and 11 percent faster than the media industry.

Healthcare Information Management involves the systematic organization, storage, retrieval, and secure handling of health-related data.

It involves the use of technology to manage patient records, ensure data accuracy, facilitate efficient communication among healthcare professionals, and support decision-making for improved patient care and overall healthcare system effectiveness.

Key components of Healthcare Information Management include:

1. Electronic health records(EHRs)

2. Data privacy and security

3. Interoperability

4. Health information exchange

5. Data standardization

6. Analytics and reporting

This article dives deep into the benefits and techniques of health data management.

SNIPPETS
What else is making news

• Kroger Health, the healthcare division of grocery store chain Kroger, is partnering with medtech company Soda Health to improve health and nutrition security. The newly launched smart benefits program allows Medicare Advantage, Medicaid and employer program recipients to receive pharmacy and nutrition services at Kroger.

• Samsung Electronics has added a medication tracking feature to its Samsung Health app. When a user enters the name of the medication in the app, Samsung will warn users of the side effects and provide a general description of the drug. Additionally, users can set up alerts to remind them to take their medication.

• Mayo Clinic's new 94-bed hospital in La Crosse, opening in fall 2024, will include 24/7 remote patient monitoring services. Wireless medical equipment will be the standard and will help Mayo bring telehealth to the forefront of its services.